The crypto world is ever happening with the change in prices in the market to new promising projects. It’s that time of the week when we take a quick recap of the latest that happened over the past week.
Bitcoin is the highlight of the crypto ecosystem, and what better aspect to start than this. Recently Bitcoin has been a victim of several incidents that shot its price down considerably. From massive whale manipulation to China banning Bitcoin mining, the past weeks haven’t been kind to it.
Currently, Bitcoin is trading at about $32,780, which is significantly lower than its highest price of $63,729.5. Even the price of its competitor Ether has dropped down considerably to $2,000. Unfortunately, China does not have any plans on slowing down and is looking to implement new measures soon. As a result, Bitcoin miners are shifting their operations overseas, which could potentially lead to Bitcoin surging at a new high.
Altcoins, on the other hand, are starting to rise after a long slump. Dogecoin recently gained 8% after Elon Musk tweeted, stating his support for $DOGE over $BTC and $ETH.
“BTC & ETH are pursuing a multilayer transaction system, but base layer transaction rate is slow & transaction cost is high.
There is merit IMO to Doge maximizing base layer transaction rate & minimizing transaction cost with exchanges acting as the de facto secondary layer.”
Musk has been seen constantly putting in the effort to boost the use of $DOGE and its price. He even brought it up on his Saturday Night Live show apart from his social media fiascos.
Decentralized Finance is a happening sector, and lot of new exciting projects announced new exciting plans for the community, such as:
- Kyber Network launched the Rainmaker Liquidity Mining Program on Polygon. The company used its Kyber Dynamic Market Maker Framework to create interoperability between different DEXs.
- Perpetual Protocol announced the launch of V2 on Arbitum, which will use Uniswap v3 to reduce slippage.
- Nansen, a Blockchain analytics program, closed its $12 million funding round. The funding round saw participation from a16z, Skyfall Ventures, Coinbase Ventures, and QCP Capital.