This Week In Crypto | 13th January 2022

Hello everyone!

A Happy New Year to you from us at Nigeria Bitcoin Community.

2021 was a mixed year for crypto, and we welcome you to 2022 with another week’s episode of Crypto Weekly.

 

We would be here with you throughout the year to serve you with those juicy crypto reports making the rounds.

In today’s episode of your juicy crypto stories, we have the following;

  • Ethereum is now most oversold in almost 2 years according to RSI
  • Tencent adds digital Yuan support to WeChat Pay Wallet
  • Bitcoin’s inflation is now more than 3x lower than the U.S. dollars’, etc.

1. Cardano Leads Pack With Most Developer Activity in 2021

A recent report detailing developer activity for different tokens was released by Santiment, which can be an essential indicator of how successful a project will be in the long term.

The top 20 projects by aggregated development activity for 2021 include Cardano, Kusama, Polkadot, and Ethereum.

The number of active contributors to any project’s GitHub reports gives insight into the reach of that project’s developer network.

2. Over $467,000,000 Worth of Bitcoin leaves Coinbase in just one week

New data from a crypto intelligence platform reveals that nearly 10,000 Bitcoin left US-based crypto exchange Coinbase in the last seven days.

The analytics firm also shows that Seychelles-based digital asset exchange OKEx recorded outflows of 2,196 BTC worth $103.12 million over the same timeframe.

Coinglass shows that users of the global crypto exchange Binance deposited 10,880 BTC worth $510.94 million in just one week.

These could be part of the reasons for the current fluctuation of Bitcoin prices.

3. Final Fantasy Developer talks Metaverse, reaffirms further focus on AI and Blockchain Games

Yosuke Matsuda, the President and Representative Director of Japanese game developer Square Enix has ambitious plans involving NFTs and the metaverse.

The pandemic has reshaped social behavior in ways unimaginable. In 2022, the tech giants will continue to push the envelope even further – into the Metaverse.

Just like last year, NFTs remain at the helm of the cryptocurrency and blockchain revolution.

Square Enix President, Yosuke Matsuda, for one, understands that the two sectors are not just mere buzzwords: instead, they are here to stay.

4. Bitcoin’s inflation is now more than 3x lower than the U.S. dollars’

With 90% of existing Bitcoin already in supply, the cryptocurrency’s inflation has hit a new low of 1.8%.

Elsewhere, U.S. inflation has continued to skyrocket, hitting 6.8% in 2021, the highest value since 1982.

Furthermore, the halving nature of Bitcoin means that the asset’s inflation will likely drop further.

5. Tencent Adds Digital Yuan Support to WeChat Pay Wallet

Chinese technology conglomerate, Tencent, has added support for the country’s digital Yuan to its WeChat Pay wallet.

WeChat users now have the option to pay using China’s central bank digital currency (CBDC) via a new access point in the messaging app’s payment service, the state-run China Daily reported Thursday.

6. Ethereum is Now Most Oversold in Almost 2 Years, according to RSI

The global cryptocurrency market sell-off continues, with the majority of assets on the market losing up to 20% during this bearish week.

The strong correction has created conditions in which most assets have reached “extreme oversold” levels.

That suggests that the majority of the market is selling too much, and short-term bullish movements might happen again quite soon.


Heads up!

If you want to learn how to trade cryptocurrencies profitably, then enroll in our Crypto Trading Mastery Course by going to www.ctmastery.com.

You can also join us on Telegram to get more details


Conclusion

“The strong correction has created conditions in which most assets have reached “extreme oversold” levels.

That suggests that the majority of the market is selling too much, and short-term bullish movements might happen again quite soon.”

The statement above just reminds us of how exciting the crypto market is. It’s all going to get better very soon.

Till then, HODL on.

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