Weekly Crypto Market Review

Positive News for Mass Adoption (Overall):

PayPal recorded the largest volume in a day on the 11th of January with $242million in crypto sales going through, which is almost double the previous record. However, there is no indication on whether these were buy or sell transactions.

There is large news in the crypto market, with the banking giant Goldman Sachs, entering the crypto space after releasing a request for information into crypto custodies.

Recently, another option to Crypto.com visa card users came from the partnership formed between Crypto.com and Booking.com. This partnership will allow crypto.com visa card users to benefit from 25% off on booking.com. The accommodation platform is just one of many beginning to see the benefits of working with cryptocurrency. Travala, a U.K. and blockchain based travel booking platform, allows 30 types of cryptocurrency payments for bookings while AirBNB announced they are looking to incorporate blockchain technology back in November 2020. The accommodation booking platforms are beginning to show alot of interest in blockchain technology, and cryptocurrency!

Bakkt, a crypto marketplace,  has found its way onto the New York Stock Exchange (NYSE) through a merger with VPC Impact Acquisition Holdings. The listing aims to raise a further $532 million to support the exchanges application, wallet and rewards app development with the planned release in March. Bakkt’s submission to the SEC comes with a prediction of the cryptocurrency market hitting $3 trillion in 2025, which is triple to what it is now. This news shines light on potential for further crypto companies entering the stock exchange as the finance sector is becoming more accepting of cryptocurrencies.

Tether has hit a massive milestone last week, with 2 Billion USDT printed to support the demand for the stablecoin. This news is influenced by many factors such as the ability to use USDT as collateral for derivative products, the increasing distrust in local banks and currencies and the selling of BTC into USDT. 

Negative News in the Market:

You may have heard back in 2020, that ledger, one of the top and well known hardware wallets had been breached a couple times. Just recently, a shopify leak increased the at risk ledger users to an additional 20,000. 

The incoming new SEC Chair stated back in 2018, that the implications of Ripples’ legal battle with the SEC may impact further cryptocurrencies. The continuing lawsuit has also continued exchanges (such as Kraken) to halt XRP to manage the risk of a potentially unregistered security being traded on their platform. With the uncertainty An action needed in these unsettling times. Grayscale has also reported that their XRP trust will be removed. Following the SEC lawsuit and news of crypto exchanges suspending trading of XRP, it is increasingly difficult to convert XRP into the U.S. dollar.

Apps continue to drain BTC from users with a virus, called ElectroRat, infecting application functions of apps known as Jamm​, eTrade, and DaoPoker. If you have these apps, be sure to follow the advice given by Intezer, the security firm who first was known of the virus.

Upcoming Events in Crypto (DON’T MISS IT!):

Validators welcomed to join and participate with a planned launch by end of Q1 2021 according to Crypto.com telegram.
According to CRO’s whitepaper, the Chain Mainnet launch also means the EcoSystem Grant (one of three CRO wallets each holding 20% of CRO Token supply) will be unfrozen. Which means an additional 20% of CRO’s token supply will be available.
CRO has a total of 100 billion coins which are distributed via secondary distributions (with five different purposes). The CRO token cannot be mined, and was not listed as an ICO nor public or pre-sales.

Source: https://crypto.com/images/crypto_com_whitepaper.pdf

The decentralised version of Paypal and next step for mass adoption coming end of January 2021!! Maiar is a secure account on the Elrond Blockchain using a cryptographic hash of the user’s phone number. Some say Maiar will become the decentralised version of the popular apps such as PayPal. While being decentralised, a large positive is that it does not collect your personal information. The world will soon get a glimpse of Maiar on January 31st at the official launch.

  • Alpha Finance – Alpha Homora V2 launch

With the launch of Alpha Homora V2, Alpha Finance has partnered with Cream Finance, SushiSwap, Curve and Balancer. The positives of this partnership from Curve’s perspective is that their Cream v2 users get higher yields from alphas homora V2 leveraged yield farming. SushiSwap has also stated that not having the reinvestment function is a plus! Alpha Token holders will also be able to earn higher yields and unlock special features on Alpha Homora V2.

  • BNB – Quarterly BNB Burn

BNB aims to burn a total of 50% of their supply with each quarter burning between 0.41 – 1.74% of the supply. Binance, as of the 13th BNB burn, have burnt approximately 13% of their supply, with a remaining of 37% to come.

Upcoming with ADAPT Crypto:

This week we provided our community with a blogpost on XRP and the SEC lawsuit, a HOW TO use MetaMask and UniSwap, NORD Finance GEM review and a review of crypto in 2020 podcast by the team. Not to mention our daily TA from our very own Tradesharpe.

With a huge interest in NEW GEM videos, we aim to provide a review of Kylin Network – thanks for the heads up and submission from our community members Crypto Candy and Mr Miyagi.

For a quick wrap up of the week ending 17th January 2020, check out our video below: