Crypto Flipsider News – Crypto Market Sell-Off, Aave Institutional DeFi Pool, Ethereum Could Lose Defi Dominance, Gas Fee Spike on Polygon, NASCAR Reject Crypto Sponsorship, Whales Move $176 Million Doge

Crypto Flipsider News: Cryptocurrency market sell-off, Aave institutional DeFi group, Ethereum could lose Defi’s dominance, polygon gas rate hike, NASCAR rejects crypto sponsorship, whales move $ 176 million of Doge

Read in the abstract

  • Kazakhstan or the Fed: What’s behind the cryptocurrency market sell-off?
  • Aave Launches Institutional DeFi Groups That Could Loses Dominance to DeFi – JPMorgan (NYSE 🙂
  • NFT Players Are Driving Polygon Network Gas Rate Hike
  • NASCAR rejects LGBcoin sponsorship of ‘Let’s Go Brandon’
  • Whales move $ 176 million DOGE, Musk reached 69 million followers on Twitter (NYSE 🙂

Kazakhstan or the Fed: What’s behind the cryptocurrency market sell-off?

In a replay of the first week of December, cryptocurrencies have been hit by a major sudden drop, with the market losing more than 12% of its overall value, hitting its lowest point since September 2021.

The total market capitalization for the last 6 months. Source: TradingView

The slide started with equity markets after the Federal Reserve’s December FOMC session notes reconfirmed plans to hike their rates. The shock was soon felt in the crypto market, dropping below $ 43k.

Another reason for the drop could be attributed to the mining of Bitcoin in Kazakhstan. Following mounting protests over fuel costs in Kazakhstan, the government cut off the country’s internet access.

As it happened, more than 18% of the world’s Bitcoin hashrate disappeared, with some theorizing that this is the cause of Bitcoin’s crash. At the time of writing this report, the country currently has more than 100 registered mining companies.

Flipsider:

  • The criticism has been raised again that Bitcoin cannot become a store of value due to its volatility.

Aave launches institutional DeFi pools, Ethereum could lose DeFi dominance – JPMorgan

As institutional investors’ interest in decentralized finance grows, Aave looks forward to welcoming them with an Aave Arc authorized DeFi group. Aave described Arc as “a DeFi liquidity market designed to comply with AML regulations.”

Aave Arc will enable institutional investors to participate in DeFi securely as liquidity providers and borrowers. Working with the asset manager, Fireblocks, Aave Arc will gain 30 new institutions participating in the ecosystem since launch.

Flipsider:

  • Aave Arc is gaining popularity and dominance as the first chain to support DeFi.
  • While Ethereum dominates two-thirds of the DeFi sector, JPMorgan thinks it could lose this domain
  • According to JPMorgan, the late launch of sharding, an essential feature for Ethereum’s improved scalability, could mean the DeFi pioneer catching up in an industry with several competitors offering better.

Why should you care

Aave is driving the widespread adoption of decentralized finance as it seeks to accelerate DeFi to a $ 1 trillion industry.

NFT Players Are Driving Polygon Network Gas Rate Hike

Ethereum’s Layer 2 scaling solution, Polygon is experiencing an increase in its gas rates, a problem that has plagued Ethereum for a long time. As with Ethereum, gas rates have increased due to network congestion caused by Sunflower Flowers.

Sunflower Flowers is a money-making NFT game that incentivizes players to compete fiercely to cultivate as many token rewards as possible. Released in late December, the game now has over 385,000 players and is the most active dApp on Polygon.

The rapid rise of the game has caused Polygon’s gas rates to increase by more than 16 times, from roughly 30 Gwei to more than 700 Gwei. The increase in gas rates has caused Double Protocol, an NFT rental protocol, to postpone the launch of its Alpha Pass.

Flipsider:

  • According to security analyst Thomas Kerbl, the incentivized farming game may have attracted a “ton of bots trying to extract value.”

NASCAR rejects LGBcoin sponsorship of ‘Let’s Go Brandon’

The share of cryptocurrencies in the sports industry was one of the top trends we saw take off in 2021. On December 30, LGBcoin.io, a newly created meme currency, announced a sponsorship deal with the NASCAR driver on fast growth Brandon Brown.

The partnership was to see Brandon Brown in his livery etched with the LGBcoin logo and wordmark for all 33 races of the NXS season. However, top NASCAR officials rejected the sponsorship deal.

The sponsorship was rejected because of “Come on, Brandon,” a veiled insult to President Biden that found greater popularity among some Republican supporters.

According to an earlier meeting, NASCAR clarified that “no form of derogatory and vulgar euphemism would be allowed in any paint scheme or sponsorship.” Brandon’s freshly painted Brown-LGBcoin car was scheduled to debut next month.

Flipsider:

  • LGBcoin was discarded from any attack on President Biden. The crypto website clarifies that it is “not inherently political.”

Why should you care

Brandon’s sponsorship is another example of NASCAR cutting off anything deemed highly political.

Whales move $ 176 million in DOGE, Musk reaches 69 million followers on Twitter

Since Elon Musk announced that Tesla (NASDAQ 🙂 would accept DOGE, crypto has seen an increase in whale activities. The recent torrent of whale movement saw more than 1 billion DOGEs (worth $ 176 million) moved in the last 24 hours.

According to whale transaction tracker, DogeWhaleAlert, Robinhood (NASDAQ 🙂 was used in the majority of whale transactions. Musk’s praise was shown once again when a whale paid $ 3.12 in fees for a $ 6,844,529 transaction.

Tesla and SpaceX founder Elon Musk, who has become an integral part of the cryptoverse and the richest man in the world, has reached another milestone. On January 6, Elon Musk’s official Twitter account reached 69 million followers.

Musk, who is an avid Dogecoin supporter, now has the fourteenth largest number of social media followers in the world. Musk had previously joked about quitting his job to become a full-time social media influencer; now you have the means.

Flipsider:

  • As Dogecoin support rises, DOGE’s value declines, having lost 75% of its value in the past eight months.

Why should you care

While gaining popularity as a meme currency, Dogecoin continues to prove its worth in transaction processing.

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