The past few days in the Bitcoin and crypto market have had a forceful impact from the bears. The prices of most of the crypto assets have been tolling to the south beyond expectation. In addition, the entire market is experiencing a decline due to the collapse of the FTX exchange.

The outcome of the recent events has raised more doubts in the crypto space. Bitcoin is dipping drastically and has gone below the $16K region. However, the altcoins are not left in the bearish trend. Lots of the assets have gone below their critical resistance levels, signifying a potential emergence of draught in the crypto market.

Following the continuous decline, the crypto market has lost about $60 billion in just two days. This has pushed the cumulative market cap to dip below $800 billion. The value sits at $785.71 billion at the press time, indicating a 1.53% drop over the past 24 hours.

For the past fortnight since the FTX fiasco, the crypto market has lost approximately $300 billion. This brought the market cap down from its coveted region of $1 trillion.

Bitcoin Price Drops

The performance of the primary cryptocurrency has been less impressive in the declining crypto market. Bitcoin has failed to surpass the limitation at the $17K region throughout last week. Without volatility, the weekend was suppressive for the token as it stagnated around $16,6000 for two consecutive days.

Monday marked a different dimension for Bitcoin as the token price dropped to $16K. Gradually, BTC has been moving to the south to finally hit a new two-year low of $15,660.

A blockchain analytics firm, Glassnode, reported that Bitcoin’s current price had caused unrealized losses for whales.

At the time of writing, BTC is trading at $16,142, marking a growth. Its market cap is $308.23 billion, and its dominance over altcoins is 38.69%.

Altcoins Stuck In The Bad Trend

The story is not different for the altcoins as well. Ethereum has suffered in the prevailing situation. The past 48 hours saw a loss in value for the second-largest crypto asset. Though Ether was slightly above the $1,200 level on Sunday, the token has plummeted since Monday.

ETH has finally hit a new multi-week low as it went below $1,100 during early trading hours of today, November 22. At the time of writing, Ethereum is hovering sideways around $1,121.

Other altcoins with smaller daily declines include Cardano, Binance Coin, Polygon, Dogecoin, Tron, Shiba Inu, and Polkadot. However, Chainlink and Litecoin have recorded some gains despite the trending decline in the market. The two tokens witnessed up to a 3% surge over the past 24 hours.

Featured image from Pixabay, chart from TradingView.com

Cryptocurrency, Defi Kings, continues to develop, announces plans for its second major service designed to provide passive income to its token holders.

UNITED STATES, August 10, 2022 /EINPresswire.com/ — Defi Kings has announced plans to develop an online gaming platform incorporating 3D NFTs as characters. The first game on the platform will be boxing and will be called ‘NFT Boxing Kings’. The game itself will be free to play and players will be able to win prizes based on matches won and tournament play. Each player will have their own NFT character, which Defi Kings says will be part of the free play, but they plan to offer exclusive NFTs and other in app add-ons to generate revenue. They say profits will be delivered back to their DFK token holders.

Defi Kings co-owner, Chris Hughes, explained, “Online gaming is a fast-growing industry exceeding 60 billion USD per year, with some projecting it to be as high as 130 billion by 2030. We will tap into that opportunity by creating engaging games and bringing people together from all over the world. Revenue will be generated by offering custom 3D NFT characters that players can incorporate into the games, in-app add-ons, and ad space. As with all our products and services, the profits will be shared with our DFK token holders that stake in our King’s Ransom staking platform.”

Defi Kings says they will network with other projects in the crypto space, as well as organizations outside of crypto to bring in additional characters and build the community. The idea, they say, is to create a way to bring people together with many different passions that can compete against each other using their own custom character for bragging rights and entertainment. That’s not all, though. Players will have a chance at winning prizes based on wins and tournament play.

They say the platform will be profitable for other organizations that get behind the idea and incorporate their communities into it. Although the games will be free to play, and everyone will have their own player, they will create custom 3D NFT collections specifically designed for different communities. Defi Kings says with that option, players will be able to select a character they truly feel is their own. The characters will be able to have further customization via in-app purchase options or from rewards earned in the games. Defi Kings plans to sell these custom characters and profit share with the different organizations they partner with.

Hughes said, “People love a good competition and, nearly 3 billion people worldwide love gaming. By strategically creating these opportunities built directly into the platform, and offering it up as free play, we expect to onboard users at a rapid pace. Profit sharing with organizations that choose to incorporate their characters or mascots is something we believe will impact our growth exponentially as well.”

Defi Kings says they will be releasing the gaming platform sometime in Q4 2022 with their themed boxing game releasing first and plan to add several others in the months that follow. They plan to market to other crypto projects they deem a good fit, as well as organizations beyond crypto, where they say the potential is limitless. Additional marketing will be directed to different gaming communities worldwide.

“As far as communities to reach, the Shiba Inu token community will be the first we target our marketing to. They have one of the largest and most engaged communities I’ve ever seen in the crypto space, and I believe they will jump on the chance to come in and try to have their Shiba Inu beat our King. Who knows, Dogecoin has an amazing community as well. We may just have to try and bring them in with the Shiba Inu crowd and see what happens there,” Hughes jokingly said.

Defi Kings hasn’t released details on the other games they have in development but have said they have partnered with one of the best gaming developers in the industry that gives them the opportunity to create just about anything they can think up.

Defi Kings is a cryptocurrency project on the Binance Smart chain. They say their mission is to provide passive income for their token holders by operating the project as a legitimate business offering products and service both on and off the blockchain. It is owned by two United States based individuals with lengthy careers in business and marketing. Both have been third-party verified and doxed. More information on the project and how to buy DFK tokens can be found on their website. They also have an active community that can be found on Telegram.

Chris Hughes
Defi Kings
info@defikings.io
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