The crypto market crashed amid a rising inflation rate. BTC, ETH and others lose the market cap
The crypto markets have hit a new low for the year, with the market capitalisation plunging below the $1 trillion mark for the first time since February 2021. Bitcoin has dropped below $23,000, its lowest point since December 2020. And BTC isn’t the only one, nearly every top coin is now worth half or less of its all-time high.
The total market capitalisation of the market at the time of writing stands at $963 billion, a drop of around 4.1 percent since yesterday. Bitcoin (BTC), the most valuable crypto by market capitalisation, dropped sharply, and its market dominance fell to 45 percent, registering a decrease of 2 percent over the day. Ethereum, the second-largest crypto by market cap, slipped below the $1300 mark, with a total valuation just above $149 billion.
Both tokens are roughly down by 70 percent from their November peaks.
According to Kunal Jagdale, founder of BitsAir, investors have lost around $2 trillion due to the recent market carnage. “The risk aversion sentiments have weighed hard on the digital assets and the new investment asset class,” he added.
Data released on Friday showed that the annual inflation rate in the US accelerated to a 40-year high of 8.60 percent. The bears maintained their dominance in the global crypto market over the weekend. It is important to note here that the US Dollar Index (DXY) is also at a six-month high, having gained 2 percent in a single day and causing a drop in the stock and crypto markets.
“The crypto market has been under pressure from the Federal Reserve, hiking the interest rates to combat inflation over the past few months. Bitcoin, Ethereum, and most cryptos suffered losses over the weekend after a broad sell-off following the data showing US inflation hitting a 40-year high,” Edul Patel, co-founder and CEO of crypto investment platform Mudrex, said in a statement.
Besides the high inflation rates, several intramural and extramural factors have adversely impacted the crypto market. The market hasn’t yet revived completely from the Terra-UST crash and might face another in the form of Celsius’s looming shutdown.
“The tightening of monetary policy is denting the appeal for riskier assets like crypto and equity. Other than this, rising inflationary worries and looming recession concerns are also hurting the market for digital assets, which is quite in the nascent stage,” Jagdale said.
Despite the pessimism in the crypto market, some experts advise investors to buy the dip in order to average out their costs and make long-term gains. Based on current market sentiments and statistics, the recovery will be slow, according to Anndy Lian of BigONE Exchange. He added, “This could be a start to another crypto winter which could last for another 2 years.”
Among the intramural factors, there is a lot of talk about regulatory actions from various global governments, making the industry and investors nervous. Furthermore, Terra’s LUNA fiasco is a major contributor to the fallout. It is rumoured that Luna has wiped out $40 billion from investors’ bank accounts. Last week, digital assets worth approximately $102 million were sold by US crypto funds ‘in anticipation of hawkish monetary policy from the US Federal Reserve.
Despite the fact that the crypto market has tanked, NFT trading volumes have increased. Top NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), and Crypto Punks have increased by 100 percent in the last 24 hours.
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
GameStop NFT Marketplace Rumors Swirl — What It Means for the Future of the Meme Stock
GameStop is going meta. The company, which reached a somewhat cult status among the Reddit army with its meme stock, has posted a slew of NFT-platform and Web3 gaming jobs on its career page this week, and rumors are flying as to what and when the company will launch.
The company also has a barebone website dedicated to an NFT platform, which says “We welcome exceptional engineers (solidity, react, python), designers, gamers, marketers, and community leaders. If you want to join our team, send your profile or something you’ve built to: nfteam@gamestop.com.”
“Just like we saw with Amazon hiring for crypto and blockchain specialists earlier this year, we’re seeing more and more companies looking to integrate crypto and blockchain into their roadmaps,” Stephen Stonberg, CEO of Bittrex Global, told GOBankingRates. “The future includes crypto as well as its underlying technology blockchain — which has proven to be a catalyst of innovation in so many sectors outside of its well-known home base. Blockchain is really the key to a metaverse-esque future for gaming, retail, the medical sector, and other industries. It’s exciting to see frontrunners in each market category push for the integration of blockchain within their respective sector.”
The job postings include three director of marketing- NFT platform positions; three senior software engineers- NFT platform positions; and two product owner- Head of Web3 gaming positions.
Tobias Batton, Founder and CEO at Ex Populus, an entertainment brand and publishing platform built entirely on Ethereum, told GOBankingRates that “GameStop holds a very special place in the heart of the game and investment community and it’s encouraging to see the company leverage its resources to create an innovative new platform that drives the industry forward.”
Batton added that it is inevitable that smart contracts will become ubiquitous and commonplace in the commerce of games and even within the games themselves. NFTs in video games are the likely species of blockchain technology to lead the way in the mass adoption of crypto and its various appendages.
“We are cheering for GameStop and are eager to meet them in the arena as a competitor,” Batton said.
Anndy Lian, Chairman, BigONE Exchange and founding member of NFT studio and marketplace INFLUXO, echoes the sentiment, telling GOBankingRates that “it is good to see another mainstream listed company heading into the crypto space.”
“Many of my friends think that this is a bullish sign for investors. I also see Redditors are claiming that they will buy more GME Shares when the marketplace happens. There will be an overflow to the crypto markets, too. From our exchange’s perspective, we have received more inquiries about listing of NFT Marketplaces in the last 24 hours, Lian added. “With the added publicity, I believe more companies will ride on the waves and take this as a chance. This would also mean that we will see more blockchain and crypto adoption through storefront locations, for example. Web 3.0 marketplace will be greater when more people are talking and using it.”
GameStop started getting in the news last January, when retail traders on the subreddit group WallStreetBets, who were intent on taking down hedge-fund short sellers by buying shares of stocks that didn’t seem to have much of a chance of success, sent stocks, including GameStop, soaring (and then crashing). This led to a slew of events, including a record 400% weekly gain for the week ending Jan. 29, which triggered intense regulatory scrutiny. Last week, the Securities and Exchange Commission (SEC) released its much-anticipated report on the GameStop frenzy, “the most famous meme stock, which raised questions about market structure and investor protections at the beginning of the year.”
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
Thanks for capturing my comments on Twitter. Personally, I think this post from Mark Zuckerberg, CEO of Facebook is a hint to us that he is open to having bitcoin on the balance sheet. As for ditching his stocks, well that would not happen. If he joins Twitter, Square, PayPal, Tesla and all in accumulating bitcoins with his $20 billion of cash, we might really see a pro-longed bull run.
Will Facebook’s Mark Zuckerberg Kill or Save Bitcoin (The Goat)?
Perhaps tired of the likes of Elon Musk and Mark Cuban dominating the crypto press, Facebook supremo Mark Zuckerberg has emerged from the shadows with a headline-grabbing move of his own – naming his new pet goat after the world’s biggest cryptoasset: bitcoin (BTC).
Bitcoin the Goat has become the talk of the net after Zuckerberg posted a photo of the animal frolicking in what appeared to be a hay-lined barn, with a playmate named Max, on his Facebook page.
Source: facebook.com
The BTC community has been debating the significance of the goat and its moniker. On Twitter, Madelon Vos, a Dutch columnist and bitcoiner, indulged in some wordplay, quipping that the secret message behind the naming was that Bitcoin Max(imalists) are GOATs (greatest of all time). In fact, a number of other Bitcoin fans also very similar puns – a welcome distraction, perhaps, to the token’s somewhat erratic slide below the USD 55,000 mark in recent hours.
Crypto advisor and investor Anndy Lian was another to jump on the Bitcoin Maxi joke bandwagon, but also asked if the choice of name indicated that Zuckerberg was prepared to abandon stock investment in favor of a crypto portfolio.
Another crypto enthusiast, the CEO and co-founder of CoinCorner Danny Scott, asked if Zukerberg’s Bitcoin love meant that he had fallen out of love with Libra, his firm’s stablecoin project now known as Diem.
Among the mirth and excitement, a few sober souls clamored to make themselves heard. Bitcoin trader and crypto tweeter @BitBitCrypto appealed for reason, writing:
“Zuckerberg knows about bitcoin and it’s not on Facebook’s balance sheet yet. Instead, he named his goat Bitcoin. Guys? I’m not sure this is a market buy signal.”
But such voices of reason were not to be given much airtime today, with Francis Pouliot, the CEO and Founder of Bull Bitcoin, replying jestfully:
“Why would [Zuckerberg] want to put it on Facebook’s balance sheet instead of suppressing the price long enough to stash up like an emperor?”
The timing of Zuckerberg’s post suggests that he may have been paying close attention to Cryptonews.com, which late last month outlined three compelling reasons why his firm should take up a position in bitcoin.
But there was a macabre twist to all this goat-themed fun – as posters with good memories recalled the bizarre tale of how Zuckerberg once killed a goat he owned…and then served it up to the Twitter boss Jack Dorsey.
Back in 2019, Rolling Stone carried an interview with Dorsey, where the latter explained that Zuckerberg had killed a goat that he had raised “probably with a stun gun and a knife,” before sending it to be butchered.
“Evidently in Palo Alto, there’s a rule or regulation that you can have six livestock on any lot of land, so he had six goats at the time,” Dorsey was quoted as saying.
The meat from the slain goat was then put in the oven, but didn’t quite come out as planned.
Dorsey continued:
“We go in the dining room. He puts the goat down. It was cold. That was memorable. I don’t know if it went back in the oven. I just ate my salad.”
Will Zuck kill Bitcoin? Will he eat it for lunch? Or will Bitcoin The Cryptocurrency appear on the balance sheet of Facebook? Stay tuned to Cryptonews.com to find out!
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
![Anndy Lian tells Yahoo Finance “It is good to see another mainstream listed company [GAMESTOP] heading into the crypto space”](https://anndy.com/wp-content/uploads/2020/12/yahoo_finance.png)
