Riding The Wave News Summary #3
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News
Table of Contents
Crypto Attracts More Money in 2021 Than All Previous Years Combined
Crypto Barrels Toward 2022 After Adding $1.5 Trillion in Value
Asian Sellers Weighing on Bitcoin Price, But Possibly Not for Much Longer
Wyoming Sen. Lummis to Propose New Crypto Regulator, Clear Guidance in 2022 Bill
Paraguay moves a step closer to regulating digital currency
Just 1.3 million Bitcoin left circulating on crypto exchanges
Cardano users can now spend ADA at 40,000 US stores via Flexa network
Bitcoin’s ‘One Percent’ Controls Lion’s Share of the Cryptocurrency’s Wealth
An investor earned about $5,000 after a few hours of playing in a metaverse. He explains the top 3 ways to rake in crypto from these new platforms, and which metaverses to do it in.
Crypto Attracts More Money in 2021 Than All Previous Years Combined
Venture Capitalists are rushing to cover all of their bases with Crypto now that it’s become clear that Crypto isn’t just about coins.
Need more proof that this is the year digital assets went mainstream? How about the fact that venture capital funds have poured about $30 billion into crypto, or more than in all previous years combined for the little more than decade-old technology.
“We’ve moved beyond just digital gold. We’ve got financial services, art, gaming as a subcategory of NFTs, Web 3.0, decentralized social media, play-to-earn — all of that made investors think, `We don’t have enough exposure,’” said Spencer Bogart, general partner at San Francisco-based Blockchain Capital LLC, one the largest investors in the industry after financing more than 120 companies since its inception in 2013.
“Investors are funding anything and everything,” PitchBook analyst Rob Le said.
Usually, Venture Capitalists focus on funding start-ups, the shift to including Crypto reinforces the odds that Crypto is taking on the same energy & potential that early Silicon valley had.
This also shows that retail buyers aren’t the only group vulnerable to FOMO (Fear of Missing Out)
Crypto Barrels Toward 2022 After Adding $1.5 Trillion in Value
Bitcoin Dominance within the Cryptocurrency space has seen a drop throughout this Bull run. Bitcoin Dominance refers to the Bitcoins market cap versus the Market cap of Cryptocurrency as a whole.
Bitcoin, the world’s largest cryptocurrency, began the year with a 70% share of the market. That has fallen to less than 40%, in part as Ether’s popularity increased. But money has flowed into other tokens too, and for some that trend could be a sign of potentially destabilizing speculative froth.
As the bull market continues, this trend will likely continue as more and more projects and new development directions are taken within Crypto due to all the new projects starting up. When we eventually crash and enter a bear market, the weaker projects are usually abandoned with the hype that led to their temporary success within the bull market. The bear market then leads to Bitcoin reclaiming its place as a more stable store of value within the Crypto space and regaining market cap dominance. (Chart demonstrating this behavior during the previous bull market and bear market Link)
Overall this growth is excellent as dominance in either direction fluctuates depending on where the market is at on a macro scale.
Crypto market cap roughly tripled in 2021, at one point nearing $3 trillion
Asian Sellers Weighing on Bitcoin Price, But Possibly Not for Much Longer
The bitcoin (BTC) price on average moves markedly lower during Asian business hours than it does during the European and US business hours, indicating that significant selling pressure is coming from Asian investors, new data from on-chain analytics firm Glassnode suggests.
This behavior shows that Crypto’s ban within China is still negatively impacting Crypto as they continue to enforce their mining ban. Those who have decided to continue mining secretly are also being forced to sell & shut down as it becomes more challenging to mine covertly due to the wet season having already ended. (More info relevant to this in previous news update Link)
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