Bitcoin lags behind other cryptocurrencies despite price recovery Bitcoin, despite attempts to recover its value, fell behind other cryptocurrencies last week. The world’s largest cryptocurrency started below $ 37,400 a week after seven days on the eToro platform, aiming to rise to $ 41,847.
In the article you will learn, among other things:
Bitcoin didn’t take a chance to bounce back?
BTC is currently priced at around $ 40,700, which is about 9% of seven-day earnings. Ethereum, meanwhile, had a stronger week and started below $ 2,500 on Saturday before rising to $ 2,951 on eToro. It is currently trading just below $ 2,900 and has gained about 18% in the last seven days.
Major cryptocurrencies saw various rate hikes last week, including the first year of the Federal Reserve System. Due to important events in the Ethereum blockchain community in the next few days, the market can still be managed with additional technical updates.
The cryptocurrency community is waiting for a “merger”
The cryptocurrency community is closely following a major update to the Ethereum blockchain called “merger”. The merger is a network upgrade in which ETH will move from the Proof of Work Consensus (PoW) mechanism to the Proof of Participation (PoS) consensus mechanism. Last week, the Furnace Test Network was successfully tested, which made the traffic more likely than ever.
The merger will have several serious implications for the Ethereum blockchain and therefore its ETH token. The transition to the PoS model will result in a protocol that rewards players instead of miners, and will also make the blockchain 99%. more energy saving. This is especially important given the global energy crisis and the problem of long-term climate change.
The transition to the PoS model will significantly reduce Ethereum’s overall blockchain emissions, eliminating one of the biggest criticisms of the blockchain and its crypto-assets. The ETH price responded to last week’s events and could have a more positive effect on the price, potentially increasing the likelihood of cryptocurrency deflation by changing the protocols.
Gamestop plans to launch the NFT market
Gamestop says it intends to launch the oil market by the end of the second fiscal quarter of 2022
Earlier this year, there were rumors that such a project could be implemented, and the latest results of the company confirmed this. The company has already partnered with an Australian gaming startup to raise funds for NFT developers. The partnership with Immutable X will provide up to $ 150 million in funding through cryptocurrency tokens.
However, the details of the oil market are little known. The oil market has been hit hard by sales in the wider market in recent months, making the offer even more difficult.
However, the technology behind NFT is sound. It is not uncommon for cryptocurrencies to experience significant volatility in the early stages. This happens when measuring market value and investors are looking for winners from many different projects, but not all of them will be successful.
When HSBC takes the land, the SAND rises
The price of the SAND token has risen as there have been more and more reports of space seizures in the Sandbox metaverse.
Sandbox last week partnered with major banking firm HSBC, part of which was the company’s takeover of a plot of land in the metaversion. The Bank intends to present innovative brand practices and participate in other sectors such as espor and gaming through the media. This move means a certain amount of repayment for a company that has long advertised its anti-cryptocurrency policies, such as blocking cryptocurrency payments. It is also not the first major financial institution to jump into the meta-world – JPMorgan set up a virtual showroom at Decentraland last year. More and more large organizations are involved in crypto-metaverse projects, so you can see that the technology continues to expand. While these are just the beginning, more users and market growth could also be positive for its tokens.
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