Crypto News Jan 24: Whales didn’t buy bitcoin dips in the last recession with Core Scientific, BabyDoge, Azuro, CBDC, NFT News
Based on the claim that whales are not buying bitcoin dips, the Central Bank of Korea has completed the first phase of its CBDC pilot program. Here are some highlights from the crypto market.
Morgan Creek co-founder Digital Anthony Pompliano examines key on-chain indicators to determine whether or not Bitcoin (BTC) whales are accumulating the highest crypto asset trading near $30,000.
In the latest episode of the Best Business Show, Pompliano said Bitcoin whales largely stood on the sidelines during the sharp correction, causing BTC to lose more than 50% of its value in two months.
“There is still a lack of large customers. On-chain whales, units with more than 1,000 bitcoins, they just don’t buy. Basically, purchasing power is just moving sideways… So even though prices are going up and down, we’re still only seeing sideways movement.”
Bitcoin Bull Says Whales Must Start Accumulating BTC for Price to Start Climbing
“Normally, for BTC price to trend up, whale activity has to trend up. Whales start buying, and then the price follows. This means that we should not expect BTC price to rise until we see increased whale buying activity.”
Pompliano also examines actual profit/loss metrics that track whether bitcoin holders are selling at a loss or making a profit. According to Morgan Creek CEO, Bitcoin’s abandonment phase seems to be coming to an end.
Pompliano is also tracking Bitcoin’s supply on the yield metric and says there are blinking signs that BTC may be bottoming out.
Bitcoin is currently changing hands at $33,900, down more than 18 percent from its seven-day high of $43,308.
BTC price chart | Source: TradingView
Scientific core news
Follow report Recently by Bloomberg, blockchain infrastructure provider Core Scientific Inc is set to complete an estimated $4.3 billion merger with the acquisition of Power & Digital Infrastructure Acquisition Corp (Ticker XPDI).
XPDI stock price is in a downtrend after hitting an ATH of almost $15 in November 2021. Since then it has lost about 32% of its value.
The Texas-based company is America’s largest company by mining capacity, generating 6.6 exahashes late last year, well ahead of its peers.
For comparison, Marathon Digital Holdings has 3.5 exahashes as of December 2021, while Riot Blockchain ranks third with 3.1 exahashes.
Analytical data service WhaleStats has reported that the BabyDoge community has set another record as the number of wallets holding the token has increased to 1,325,042 ATH.
That’s a significant increase from the record of 1,205,517 set on January 15; The community continues to grow rapidly as more investors hoard this cryptocurrency.
🏆 New record: #BabyDoge Reaches a staggering 1,325,000+ owners.
Current number of holders: 1,325,042
💹 Top 1000 BNB wallets include 952,152,167,365,039 #BabyDoge (US$4,137,865)
Source: https://t.co/Uc1nehV7Jr#BabyDoge #BabyDogeCoin #BabyDogeArmy
— WhaleStats – The Top 1000 BSC Rich List (@WhaleStatsBSC) January 23, 2022
According to recorded data, BabyDoge outperforms Shiba Inu holders with a total number of wallets as of January 23 of 1,155,141, despite the higher SHIB price and greater awareness and acceptance.
Also, 952,152,167,365,039 BabyDoge tokens worth more than $4.1 million currently stored by the largest BNB whales.
Decentralized protocol Azuro announced the successful completion of a seed round that allowed the company to raise $3.5 million with the help of Gnosis, Flow Ventures, Arrington XRP Capital and others.
We are very excited to announce that we have completed our seed round, raised $3.5M and are demonstrating outstanding support for azuro! 🚀
Who did we work with and why?
— azuro (@azuroprotocol) January 19, 2022
In addition, SevenX, OP Crypto protocol is endorsed by David Gan, David Post and other angel investors. The companies, VCs and Angels participating in the round are experienced players from Web3, GameFi, DeFi, Blockchain and others.
The Central Bank of Korea has Completely successfully completed the first phase of its CBDC pilot program last December. During this time, the central bank studied the most basic functions of the financial product, such as issuance, distribution in a cloud-based virtual environment, and production capabilities.
An ongoing second phase is investigating the technology required to make it work. An offline remittance and payment system as well as digital asset trading are now being tested.
The bank expects to complete the project by June this year. They then plan to discuss the actual launch and commercialization of CBDC with Korean authorities. The organization also plans to expand the scope of the test through partnerships with financial institutions.
Have the NBA NFT Top Shots by DapperLabs growth starting June 2021, following a $305 million investment round in early 2021.
NFT is still booming despite the recent plunge in the crypto market. OpenSea had revenue of $3.5 billion in January 2022. The Dapper Labs NFT NBA Top Shot Collection launched in October 2020. Top Shot was originally aimed at people who would buy it in USD. In other words, collectors don’t need to know the intricacies of cryptocurrency and blockchain to own these NFTs.
According to recent data from CryptoSlam, Top Shot NFT raised $53.8 million, up 72% over the past 30 days. A media and television campaign featuring NBA star Kevin Durant was launched this week. First-time purchasers of Top Shot will receive a free Durant NFT moment.
User converted McDonald’s job application to NFT collection
While crypto holders are “on the sidelines” while the market sells, someone has turned applications from McDonald’s employees into a collection of NFTs.
Anyone who has been interested in crypto for a while and has been involved with Twitter or any other crypto community must have come across these McDonald’s memes. Most memes about the American fast food chain usually suggest that if prices continue to fall, crypto traders will have to work at McDonald’s or get a job.
Interestingly, a particular meme about McDonald’s sharing job applications with crypto traders during last June’s market crash became an NFT.
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