Tuesday, August 16

Bitcoin crash leads market to red balances, Beam and Gnosis top weekly top

From November 29 to December 5, 2021 the market registers red balances. About 99% of cryptocurrencies have lost value since Saturday, December 4. This, after the drastic fall in the price of bitcoin (BTC) that dragged about 98% of the altcoins taking them to a general decline.

The few crypto assets that are on the rise for this Sunday, December 5, have weekly gains of up to more than 30%, according to Live Coin Watch statistics.

Against this bloody backdrop, this week’s top cryptocurrencies have been down. It is headed by beam (BEAM), which launched a new marketplace for non-fungible tokens; and gnosis (GNO), voting on a plan to merge with xDai, Ethereum’s sidechain.

They follow him solana (SOL), which entered Grayscale’s list of cryptocurrency-based funds; and waves (WAVES), whose decentralized exchange rebounds with the increase in liquidity funds for its new token WX.

The price of bitcoin experienced a sharp drop this weekend, reaching as much as $ 42,000, a sudden drop that occurred in the early hours of last Saturday and is attributed to market manipulation. A fact to which is added the general nervousness of investors.

Although in the following hours the pioneer cryptocurrency managed to exceed its values ​​above USD 47,000, the average weekly loss is estimated at 8.8%.

In this regard, analyst Willy Woo pointed out that, before the drop, important purchase orders were entered on large exchanges, encouraging bullish sentiment in the market. But since they were not supported, these orders had to be canceled before being executed.

Additionally, according to other analyzes, the downturn also occurred as a result of the uncertainty generated by the possible effects of the omicron variant of covid-19, together with the growing discomfort of the Federal Reserve Board (FED) over high inflation that the United States economy lives and that affects the rest of the world.

The president of the organization, Jerome Powell, spoke about this issue a few days ago, acknowledging that it was time to withdraw the word “transitory” to refer to the rapid pace with which the prices of products and services are increasing.

As reported by CriptoNoticias, the director of the institution believes that prices will also rise due to concern about the variant of the covid. The nerves generated by the possible effects of these two events They have had a negative impact on the stock markets.

Ether (ETH), the cryptocurrency of Ethereum, also lost value amid Saturday’s widespread decline, but it has managed to go up in price in the last hours. Its weekly average is shown in green, with a growth of 1.8% in these seven days.

The cryptocurrency traded between $ 3,696 and more than $ 4,700, as the Ethereum network takes a new step in the transition to version 2.0. The blockchain began to experiment in the testing phase of The Merge (“The merger”), a stage that includes the union of the original block of the new network, called Beacon Chain, with the current chain of blocks.

Other relevant cryptocurrencies by market capitalization they are also in decline. Cardano (ADA) depreciated 10%; and polkadot (DOT) at 14%. This, while litecoin (LTC) falls by 18%; dogecoin (DOGE) falls by 14%; and XRP loses 13% of its value.

Beam launches new marketplace for NFT commerce

Through a message posted on his Twitter account this December 2, the Beam team unveiled the launch of a new marketplace for tokens no fungibles (NFT) within your network.

The new virtual space has been named BeamNFT and its goal is to offer a variety of collectibles for users of the blockchain, who must connect the site to their BEAM wallets to make purchases.

According to what the official site of the marketplace points out, so far 286 pieces of art have been sold for a total amount of 124,283 BEAM (equivalent to about USD 96,000 at current exchange rates). The most expensive sale was 2,999 BEAM (about $ 2,300).

The news about the new trading space for NFT led to the immediate rise of the platform’s native cryptocurrency, which rose almost 100% in a few hours. The BEAM cryptoasset, known to be one of the currencies based on the MimbleWimble privacy protocol, It went from $ 0.607 to a peak of $ 1.155 on December 2.

Despite slight corrections in the following days, BEAM remained with green balances at the time of the widespread decline caused by bitcoin. its average weekly advance It is 34%, although it tends to fall in the last hours.

The market capitalization is USD 70,157 million and the daily trade volume is USD 29.3 million.

BEAM rose almost 100% following the announcement of the launch of BeamNFT, reaching a peak of more than a dollar. Source: Live Coin Watch.

Gnosis Votes Plan to Merge with Ethereum Sidechain

In mid-November, Martin Köppelmann, founder of Gnosis, presented a plan that would allow the merger of the well-known Ethereum-based predictive markets platform with xDai, a developer sidechain and one of the oldest Layer 1 alternatives on the network.

On November 30, according to reported the same Köppelmann on Twitter, started the voting process on the GnosisDAO platform to approve or disapprove the project.

The goal of the merger, which up to now has more than 60% approval, is to combine technical know-how and funding to create “Gnosis Chain”, a combined blockchain that could lead to further development of the two chains.

The founder of Gnosis adds that expectations of plan implementation are very high, highlighting that it is one of the largest-scale decisions that is put to the vote in the DAO (launched at the end of 2020). This, considering “the impact in the future that the plan will have on 2 large projects that operate on Ethereum.”

With the dissemination of this information, the price of the Gnosis token, GNO, began to rise substantially, in a steady rise that took its value to a high of $ 478 on November 30. The advance was also hurt by Saturday’s bitcoin crash, although GNO began to rally almost immediately, bringing weekly growth reached more than 5%.

As of press time, the market capitalization is $ 621 million and the daily trade volume is $ 2 million.

The price of GNO peaked at $ 478 on November 30. Source: Live Coin Watch.

Solana Enters Grayscale Fund List

The announcement, published on December 2, according to which cryptocurrency investment firm Grayscale He had included solana in his product list generated an increase in the price of the token that that same day reached a peak of USD 242.

Information was released by the Grayscale team on Twitter, stating that Grayscale Solana Trust becomes the 16th fund based on crypto assets that they offer to their investors. They highlight, as reasons for Solana’s inclusion, the fact that blockchain is becoming popular with decentralized finance (DeFi) projects.

“The price of its token has skyrocketed in recent months from $ 50 to more than $ 200 today, as the blockchain has gained traction and demand has skyrocketed among retail and institutional investors,” they comment in a post from Blog.

With the spread of the news, the network’s cryptocurrency, SOL, began to rise in price the same day. The growth was constant until the next day.

On average the cryptocurrency posted an average rise of more than 5% , maintaining a slight rise after the general fall of the market. However, that percentage it is trending down in the last hours due to market traction. SOL’s market capitalization is USD 53,274 million and daily trade volume is USD 2,999 million.

SOL’s price peaked at $ 242 on December 2. Although it rebounded after the general market fall, in the last hours it has tended to decline. Source: Live Coin Watch.

Increase liquidity funds for new Waves token

In a tweet published this december 2, Waves founder Sasha Ivanov, highlighted the growth of Waves.Exchange (formerly Waves DEX), decentralized trading environment for the exchange of assets based on Waves and other supported cryptocurrencies.

In recent days the DEX has been boosted by the increase in WX’s liquidity funds (new token of the platform), which already reached USD 140 million according to Ivanov’s statistics.

As the Waves team explains, WX has been designed for the development of the DeFi environment of the blockchain and the first tokens began to be unlocked on November 25, at block 2,871,851. This unlocking process it will continue gradually over the next year.

Within the framework of these advances, the WAVES cryptocurrency reached increase about 2% in seven days, after reaching a peak of USD 23 on December 2. It is a growth that –like that of the rest of the cryptocurrencies of this top– it has been diminished by the general decline of December 4.

At press time, the market capitalization is USD 1,849 million and the daily trade volume is USD 112 million.

WAVES is trending lower in the last hours after experiencing an average weekly advance of 2% and reaching a maximum of USD 23 on December 2. Source: Live Coin Watch.


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