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Cardano ADA Could Be the Best Cryptocurrency Investment in 2022 

Albert Brown
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Cardano ADA Could Be the Best Cryptocurrency Investment in 2022 

Since November, the cryptocurrency market has shredded nearly 50% of its valuation of over $3 trillion.



While many have chosen to stay away from investing, the bear season is always considered the perfect time to invest in digital currencies in preparation for an inevitable bull market, and Cardano (ADA) could be your best bet for the year. 

Although the sixth-largest cryptocurrency by market capitalization is down 65.3% from an all-time high (ATH) of $3.09, according to Coingecko, the token seems set to become the hottest cryptocurrency in 2022. 

The team overseeing the Cardano project is already doing a remarkable job of putting the cryptocurrency in the limelight. 

One of the team’s efforts to put Cardano in the limelight includes navigating the project into the world of decentralized finance (DeFi). 

Road to Decentralized Finance 

Last year, Cardano officially began its journey into the world of decentralized finance (DeFi) by deploying smart contract functionality. 

The development puts Cardano in the perfect spot to compete against top networks like Ethereum and Solana, which have been a hub for decentralized application developers. 

While it may initially seem difficult for Cardano to usurp Ethereum and Solana to become a favorite for dApp developers, it is worth noting that developers have faced significant challenges using Ethereum and Solana. 

Developers building on Ethereum are forced to pay a significantly higher fee on transactions as a result of network congestion. 

Similarly, dApp developers in Solana have not been left out as the blockchain has suffered network outages on several occasions 

Since it has not been long since smart contract compatibility was deployed on Cardano, the blockchain is less congested and could see widespread adoption from dApp developers in the coming months, thus causing ADA prices to surge. 

Aside from dApp developers choosing Cardano as their favorite, several decentralized exchanges are also looking forward to launching on the network following the integration of smart contract compatibility.

Cardano’s Upcoming Upgrades

Interestingly, a number of upgrades have also been lined up for Cardano this year. Cardano will roll out peer-to-peer (P2P) testnet, a feature that will usher in P2P staking in the coming months. 

In addition, Cardano’s upcoming Hydra layer-2 system will also be unveiled later this year to further enhance the network’s speed, with Cardano expected to process a whopping one million transactions in one second. 

Following efforts by the Cardano team to put the project in the path of decentralized finance and the upcoming upgrades that will be unveiled in the coming months, it is expected that ADA’s value will surge significantly. 

The article is for informational purposes only, please do your research before investing in any financial assets. Read full disclaimer.

 

Is Bitcoin and Ethereum Reversal Confirmed? Expert Views

Albert Brown
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Is Bitcoin and Ethereum Reversal Confirmed? Expert Views

Is Bitcoin and Ethereum Reversal confirmed after the latest price surge?



Yesterday was a good day for cryptocurrency investors, as bitcoin (BTC), ethereum (ETH), and other digital currencies reached high levels. 

In the last 24 hours, bitcoin and ethereum are up 5.1% and 10%, respectively, with BTC hitting a high of $39,000 while ethereum peaked at nearly $2,800. 

With bitcoin and ethereum trading high, many traders have sought to know whether both cryptocurrencies have confirmed reversal, to help them determine whether it is safe to invest in the assets heavily.  

However, contrary to what may seem like a reversal from last week’s market dip, some crypto experts believe the world’s largest cryptocurrency is far from confirming a reversal. 

According to a tweet by Michaël van de Poppe, Amsterdam-based famous cryptocurrency analyst, bitcoin would need to reach its previous support level of $41,500 before a reversal for the asset class can be confirmed. 

Despite BTC yet to reach its previous support level, Poppe urged crypto traders to only opt for short trades if they are eager to make quick profits. 

“The good move of today, reversal not confirmed at all. It’s still fighting resistance and it’s still beneath the previous support at $41.5K.”

Similarly, Justin Bennett, a cryptocurrency analyst, said that bitcoin’s relative strength index (RSI) respects last week’s trendline. He added that it would be interesting to see how BTC’s RSI correlates with the $40,000 resistance area in the next few days. 

“BTC RSI respects the trend line mentioned last week. It’ll be interesting to see how this correlates with the $40,000 resistance area in the coming days.”

Bennett also weighed in on ethereum, saying that the second-largest cryptocurrency by market capitalization has continued its consolidation between the range of $2,000 and $4,000. 

“I don’t think we are headed for a year-long crypto winter. I think we are in a bear market, and lengthening cycles will prevail for Bitcoin and Ethereum,” Bennett added.

Cryptocurrency analyst Altcoin Sherpa said Bitcoin’s consolidation in the $30,000 to $40,000 range should provide solid support. He is fully confident that Bitcoin will see a high of $50,000 in the next six to eight weeks.

“I have extremely high confidence we see high 40ks-low 50ks in the next 6-8 weeks;”

At the moment, it is not clear whether bitcoin and ethereum have confirmed reversal. However, long-term investors can take advantage of the market to load their bags in preparation for a bull season. 

Crypto Became Legal In India, India Introduces 30% Tax On Digital Assets Income And Launch Of Digital Rupee

Albert Brown
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Crypto Became Legal In India, India Introduces 30% Tax On Digital Assets Income And Launch Of Digital Rupee

Finance Minister Nirmala Sitharaman on Tuesday announced that the Reserve Bank of India (RBI) would introduce its digital currency in the new financial year.



To boost the Indian economy, Bloomberg Reports, the Reserved Bank of India (RBI) will be issuing a digital rupee using blockchain and other technologies in the Financial Year 2022-23, Finance Minister Nirmala Sitharaman told the Parliament on Tuesday.

Nirmala Sitharaman said:

“It is, therefore, proposed to introduce digital rupee using blockchain and other technology to be issued by the Reserve Bank of India starting, 2022-2023.

The introduction of a digital rupee using blockchain technology will help in reducing the financial and physical efforts required for money management.

The central bank is weighing many factors related to the planned CBDC’s scope and regulatory structure, which would likely coexist with cash and digital payment methods.”

 

Cryptocurrency will be taxed.

On Tuesday, Finance Minister Nirmala Sitharaman proposed tax gains from the transfer of virtual assets at a flat rate of 30 percent in her Budget speech. She suggested that no deduction would be allowed on these gains. The loss arising from the sale of the virtual assets cannot be set off against any other income, the government cleared. Also, gifting of crypto tokens and virtual assets would be taxed at the hands of the recipient.

“I propose to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30 percent. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition,”

 

 

Over 1.32 Billion Shiba Inu (SHIB) Burned In January 2022

Zabi
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Over 1.32 Billion Shiba Inu (SHIB) Burned In January 2022

Shiba Inu’s (SHIB) token burn rate, along with some significant developments in play, is warming up the holders for the next Bull Run.



The official Twitter handle of Shibburn recently released the figures of SHIB burn for January, and they are looking massive.

Reportedly, 1,321,145,209 SHIB tokens have been taken out of circulation forever in January with 293 transactions.

The final day of January contributed a burning of 56,610,790 SHIB tokens with 11 transactions.

The recent figure indicates that the burn rate for SHIB fell considerably, i.e., 36.27%, compared to the last month where 2,072,852,914 tokens were burned in December with 349 transactions.

But looking into the big picture, we can see that the SHIB community has already managed to burn a total of 410,301,843,009,529 (41.03018%) tokens from its initial supply of 1 quadrillion.

Although fewer SHIB tokens were burned in January compared to the last month, the SHIB Community is coming up with new ideas to burn the Shiba Inu token almost every week, if not every day.

Recently Steven Cooper, an owner of Bigger Entertainment, came up with the unique vision to burn the Shiba Inu token quickly and make SHIB’s price hit the 1 cent mark.

Steven Cooper has recently clarified his vision to his followers, saying his idea is not limited to burning SHIB token only, but he is focused on “Entertainment.” He wants to build an ecosystem where people continue to burn SHIB tokens without even knowing it. This can be possible only if we, together with the community, spread music, YouTube videos, merchandise, NFT’s, etc., to audiences outside of Shiba Inu holders.

He believes that only a true entertainment ecosystem could burn in the millions of dollars per month and makes the SHIB price go parabolic and hit the 1 cent mark in the future.

Bigger Entertainment is currently building a pot for its upcoming SHIB Burn Party, scheduled on Valentine’s Day, i.e., 14th February 2022. The company wants this burn party to be historic and largest, and their goal is to burn 400 Million tokens. The company has already reported over 100 Million in the burn pot for Feb. 14th.

‘Fidelity’ American Multinational Financial Services Corporation Says ‘Bitcoin Is The Superior Form Of Money’

Albert Brown
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‘Fidelity’ American Multinational Financial Services Corporation Says ‘Bitcoin Is The Superior Form Of Money’

Fidelity Digital Assets Says Bitcoin Is Sound Money.



Fidelity Digital Assets (FDA) stated that Bitcoin, the world’s largest cryptocurrency, is a superior form of money, urging investors to consider the nascent asset class separately from other digital currencies. 

The digital asset arm of Fidelity Investments stated that the 26-page report titled Bitcoin First is published to guide new investors who are considering which cryptocurrency is the perfect choice to put their money into. 

While the FDA believes that bitcoin’s first technological breakthrough is not a superior payment method, Bitcoin is a superior form of money to other cryptocurrencies, and it is widely considered a store of value. 

The FDA argues that no cryptocurrency will supersede bitcoin as a monetary good because bitcoin is considered by many to be more secure, scalable, decentralized, and sound digital money than all existing digital currencies. 

The report added that BTC should be evaluated from a different perspective because it has, in recent times, become the entry point for traditional investors seeking to gain exposure into cryptocurrencies. 

The report writes:

“Bitcoin’s first technological breakthrough wasn’t as a superior payment technology but as a superior form of money. As a monetary good, bitcoin should be considered separately from other digital assets.

Bitcoin is best understood as a monetary good, and one of the primary investment theses for bitcoin is as the store of value asset in an increasingly digital world.

Bitcoin is fundamentally different from any other digital asset. No other digital asset is likely to improve upon bitcoin as a monetary good because bitcoin is the most (relative to other digital assets) secure, decentralized, sound digital money and any “improvement” will necessarily face tradeoffs.”

A good number of investors have recently turned to bitcoin due to its prowess of being a hedge against inflation and a better store of value than most financial instruments. 

Aside from retail traders, Bitcoin has been widely adopted by institutional and corporate clients in recent times. 

More so, bitcoin was recently declared a legal tender by El Salvador, with the country subsequently purchasing several units of the cryptocurrency. 

Last month, following the massive cryptocurrency dip, El Salvador took advantage of the market to purchase an additional 410 BTC. 

20,000 Bitcoin Worth $767M On The Move From Bitfinex 2016 Hack

Mark Brennan
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20,000 Bitcoin Worth $767M On The Move From Bitfinex 2016 Hack

Hackers Transfer Stolen Bitfinex 20,000 Bitcoin Worth $767 Million to Unknown Wallet.



More than $767 million worth of bitcoin (BTC) stolen from popular cryptocurrency exchange Bitfinex in 2016 has been transferred to an unknown wallet. 

Advanced cryptocurrency tracker Whale Alert disclosed in two tweets today that the perpetrators of the Bitfinex hack, in one single transaction, moved 20,000 units of bitcoin worth around $767M at press time in two different transactions. 

Second transaction:

 

 

Bitfinex Hack

The recently moved funds represent 21.97% of the total bitcoin stolen from the Hong Kong-based cryptocurrency exchange. 

Recall that in 2016, hackers evaded the Bitfinex trading platform and stole a massive 119,756 bitcoins from users’ accounts. The stolen assets were worth $67.47 million at the enormous crypto heist. 

However, the asset class’s value has grown significantly as the cryptocurrency continues to be adopted as a hedge against inflation, among other benefits. 

Hackers’ Antic 

Although the hack was carried out in 2016, the hackers have not been able to sell the bitcoin on cryptocurrency trading platforms because crypto exchanges blacklisted the attackers’ addresses and prevented them from converting the coins into fiat. 

As a result of the move, the stolen funds were mainly left in the hackers’ address, with the hackers moving some units of the BTC to different unknown addresses on a few occasions. 

In 2020, the attackers transferred 1,200 BTC to an unknown wallet address. However, the transfer was conducted in over four transactions, which has always been the tactic. 

Bitfinex Still Poised on Recovering the Funds

Bitfinex has also not relented in its efforts to recover the stolen funds. 

Two years ago, the Hong Kong-based exchange announced a reward of 30% of the total stolen funds, shared between the hackers and anyone who links up Bitfinex with the hackers. 

Unfortunately, the announcement has not yielded any positive results. 

 

Here’s Why Missing Shiba Inu Is Probably Costing Robinhood Millions in Revenue

Zabi
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0
Here’s Why Missing Shiba Inu Is Probably Costing Robinhood Millions in Revenue

Shiba Inu (SHIB) is listed on all major centralized exchanges, including Binance, Kraken, Crypto.com, Bitmart, except Robinhood.



Investors are waiting for Robinhood listing anxiously and keep asking Robinhood the same question again and again. When is Robinhood going to list Shiba Inu (SHIB)?

During the Q&A session held on 27th January, the same question was asked by one of the Shiba Inu community members from the trading app’s co-founder and CEO, Vlad Tenev.

CEO Vlad Tenev has given a round-about answer to this persistent question and said they had heard loudly from customers. Still, an American no-commission investing platform is yet not ready to list any new coins to its app, including the second-largest meme token SHIB anytime soon due to regulatory concerns.

During the Thursday earnings call, Robinhood CEO Vlad Tenev said:

“I wouldn’t say that we’ve been prevented from adding any coins. We have been proactively engaging with the regulators. They are concerned that many of these platforms that are adding a lot of coins may be adding unregistered securities… We are being deliberate. We want to avoid triggering SEC registration requirements.”

Robinhood is consistently ignoring the Shiba Inu token and its Community’s voice. Following this ignorance, Robinhood recorded a massive loss in its crypto revenue in the fourth quarter of 2021.

The trading platform has published its earnings report on 27th January.

According to the Q4 earnings report, Robinhood recorded crypto income of $48.0M in the fourth quarter of 2021, plunges 6% compared to the previous quarter, missing the $55.0M average estimate of analysts surveyed by Bloomberg.

Following the earnings release, Robinhood shares nosedived more than 14% as Wallstreet investors were forced to digest lower than expected earnings.

The shares of the online investing platform are still up 300% compared to 2020; its stubborn reaction towards listing more cryptocurrencies, especially Shiba Inu (SHIB), can further hurt the share price and possibly keep its shortfall trend.

Following Dogecoin (DOGE) meteoric rise, Shiba Inu (SHIB) comes into play and has become the most loved cryptocurrency of investors across the world, as the second biggest meme coin and the 14th biggest cryptocurrency of the world using market capitalization has shown whopping gains of 425669.4% till now, since its launch.

Even in October 2021, Shiba Inu (SHIB) flipped Dogecoin (DOGE) to become the 7th biggest cryptocurrency in the world by market cap, when the token price skyrocketed 1,000% within a one-month timeframe.

This parabolic move and looking into the day-to-day developments in the Shiba Inu (SHIB) ecosystem prompted investors to ask for its listing by Robinhood continuously. SHIB investors went as far as launching an online petition on change.org to garner 1 million signatures. At the press time, the petition has received over 550,000 signatures.

Why Shibnobi (SHINJA) Token Soared More Than 123% In Jan Ignoring the Global Crypto Market Selloff

Zabi
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0
Why Shibnobi (SHINJA) Token Soared More Than 123% In Jan Ignoring the Global Crypto Market Selloff

Following Dogecoin (DOGE) and Shiba Inu (SHIB), Shibnobi (SHINJA) is the newly emerged community-driven token that is gathering massive attention of investors these days – especially those who seek a phenomenal return on their investment in a short period.



Why Shibnobi (SHINJA) Token Soared More Than 5367% In January Ignoring the Global Crypto Market Selloff

This newly emerged token is receiving support from the SHIB community, which keeps its price driving up and makes it able to reach all-time high prices (ATH) every week, consistently ignoring the overall widespread selloff in the global crypto market.

Since its launch in November 2021, The SHINJA token price showed eye-popping gains of 600% in December and is now up more than 5367.7% from its earliest known price, and 123% up in January 2022 when the crypto market dumped badly.

Shibnobi (SHINJA) is the token with massive circulating supply of 69,000,000,000,000,000,000,000 i.e., 69 Sextillion.

Despite this vast circulating supply in play, on December 17, SHINJA was able to breach the 1 Billion USD Market Cap for the first time. This marks history as the token achieved this massive milestone of Billion dollar market cap in the period of fewer than 30 days; currently, the price containing almost 13 zeros is standing at $0.0000000000000233.

Following this milestone, the token started gathering investors’ attention, which increased by buying pressure and eventually drove its price to new weekly highs.

James Harvey Kennedy, an American actor, screenwriter, stand-up comedian, and television producer, seems to be a die-hard supporter of this new meme coin in the town. He believes in SHINJA, as they build out a blockchain and the community is insanely interactive and engaged. In one of his tweets, he entitled the SHINJA token as “Cryptos Most Wanted” coin.

SHINJA is also the first token listed on four well-renowned Centralized exchanges in very little time; SHINJA is available for trading on LBank, Bitmart, Hotbit, and ProBit Global.

Following the LBank listing announcement, Shibnobi (SHINJA) team made two announcements back to back; one on January 28 and the other on January 30 via their official Twitter, saying they have taken out 2 Sextillion tokens from circulation forever. In this way, the team said they had burned 45.64% of the total Shibnobi supply.

The token was listed by Hong Kong-based leading exchange LBank on January 29th. Most traders have taken an early position in the token as they believe the token could be the next Dogecoin (DOGE) or Shiba Inu (SHIB) and generate big profits during the next Bull Run.

SHINJA token is new to the market, and the gains are based on hype. Suppose the token can maintain the publicity for an extended period and does not fizzle out. In that case, this token could outperform SHIB or DOGE in the future by considering the recent price action and craze of investors. Moreover, the SHINJA community is also developing fast as the official Twitter handle for Shibnobi reached 91K followers in less than two months.

All crypto users must be extraordinarily cautious and do their research when dealing with meme coins, as the majority are based on hype without any use cases.

NBA Star LeBron James Will Now Teach Children About Cryptocurrencies

Mark Brennan
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NBA Star LeBron James Will Now Teach Children About Cryptocurrencies

NBA star Lebron James from the Lakers has recently partnered with cryptocurrency exchange Crypto.com to teach children about cryptocurrencies and blockchain technology.



Under the partnership, the nearly 1,600 pupils at LeBron James’ I Promise School will learn about how the nascent technology could impact their lives from experts provided by Crypto.com. 

Speaking in a statement published by Akron newspaper, the four-time champion said blockchain technology is currently revolutionizing different sectors of world economies, including sports, entertainment, art, and the way people interact with each other. 

The announcement adds that the initiative will also include the I Promise pupil’s families, a holistic approach to helping people with effective career planning and acquiring job opportunities. 

“I want to ensure that communities like the one I come from are not left behind,” James commented. 

While major details of the partnership were not stated in the announcement, it is expected that the deal will run for years. 

Commenting on the development, Kris Marszalek, co-founder, and CEO of Crypto.com, said: 

“We are excited to work with them to develop new educational resources and job training opportunities, which can then be replicated in other communities.” 

I Promise, a public elementary school launched in 2018 and is financed by the LeBron James Family Foundation.

Crypto.com Acquires Staples Center Naming Rights: Interestingly, the deal comes two months after Crypto.com purchased the naming rights to Los Angeles Staples Center, the home venue of LeBron James’ NBA team, the Lakers. 

As reported, the popular exchange paid a whopping $700 million to rename the Lakers home stadium to Crypto.com arena, and the deal is expected to run for 20 years. 

 

BitMEX Released Light Paper For Its Upcoming Platform Coin ‘BMEX’, With Buy And Burn BMEX Tokens Every Quarter

Mark Brennan
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BitMEX Released Light Paper For Its Upcoming Platform Coin ‘BMEX’, With Buy And Burn BMEX Tokens Every Quarter

Cryptocurrency Derivative Exchange BitMEX Gives More Details About Its Native Token.



Popular cryptocurrency derivative exchange BitMEX has released the light paper for its first native token, BMEX. 

According to the exchange, BMEX will be used as an incentive to reward both old and new users, allowing them to get trade fee discounts, lucrative ROI on BitMEX Earn deposits, and early access to BitMEX newly launched services, among others. 

In addition, large BMEX holders will be given better benefits in the form of getting invites to exclusive events such as BitMEX merchandise and VIP tickets to specific sports events, the light paper stated. 

BitMEX Airdrops 1.5M BMEX to Users

At the time of writing, BitMEX has already airdropped 1.5 million units of BMEX to users based on their previous activities on the exchange. 

However, Users will not be allowed to withdraw BMEX until the second quarter of the year, when spot trading of the token will officially commence. 

In the meantime, BitMEX users can increase their BMEX holding from Feb 1, 2022, by engaging in more activities on the platform, such as staking and trading, the exchange disclosed.

BMEX Tokenomics 

BMEX is an Ethereum-based (ERC-20) token developed to enhance BitMEX users’ experience on the cryptocurrency trading platform. The tokens, which have a maximum supply of 450 million, will be locked into a five-year vesting contract. 

BitMEX has designed an appropriate tokenomics solution for the BMEX token to help preserve its value. 

Disclosing how the tokens will be distributed in its light paper, BitMEX noted that out of the 450 million BMEX tokens, 30% would be allocated as marketing rewards, while 25% would be kept as a long-term reserve. 

In the same vein, 20% of the supply will be kept to provide liquidity, 20% will be allotted to BitMEX employees, and 5% for future airdrops.   

As part of efforts to increase the token’s utility, BitMEX said it would be launching an initiative that will see it buy and burn the BMEX tokens every quarter. 

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