Bitcoin Investors In Buying Spree As Prices Dip; SHIB Loses Despite Good News

The global crypto market reported losses throughout New Year’s Day. The market cap at 4.01 pm was $2.22 trillion, down 1.65 per cent, showed coinmarketcap data. Trading volume is also down by 11.45 per cent at $83.24 billion which might be a mixed signal considering a weak market start for 2022.

In what could be the first such instance in South Korea, ruling democratic party representative Lee Kwang-Jae announced that people can make donations for his political campaign using crypto tokens like Bitcoin, Ether, and other Korean crypto tokens. He added that the receipts of these donations will be issued in the form of non-fungible tokens (NFTs) to those contributing. His office was quoted as saying in the Korean Herald, “We are currently reviewing a selection of local (virtual asset) wallet providers, we will reveal our wallet address on our blog soon.”

Bitcoin (BTC) was trading at $46,862.24, down 3.19 per cent at 4.01 pm. Although bears managed to bring down the price of the world's oldest crypto significantly, investors kept buying the dip, which can be seen from the 3.04 per cent rise in its trading volume at $34,449,837,394. Also, Bloomberg reported that long-term bull, Microstrategy, too utilized this dip and bought roughly $94 million worth of Bitcoins in December. 

Rival Ethereum continued to trade in red at $3,715.91; down by 2.78 percent. 

Cardano (ADA) was down by 3.82 per cent at $1.32, while Algorand, which is known as the Ethereum killer, was down by 6.77 per cent at $1.64; its market cap now stands at $10,443,693,571.

Among other major coins, Binance Coin (BNB) was down by 2.14 per cent at $513.26, while Solana (SOL) fell 2.46 per cent at $172.06.

Surprisingly, the coin which was the top loser 8 hours ago has now become the top gainer. SORA Synthetic USD (XSTUSD) was 99.81 per cent down in the morning and is now up by 4,182.11 per cent at $0.9894. The top loser was Safe Trip Finance (STF), which is down by 95.36 per cent at $0.004421.

Meme Coins And DeFi

Dogecoin (DOGE) was trading with a loss of 1.86 per cent at $0.1711. Its volume to market cap ratio stands at 0.02401.

Despite a positive development for Shiba Inu (SHIB), which launched a beta version of its Decentralized Autonomous Organization (DAO), it was trading with losses. As of 4.01 pm, it was down 2.33 per cent at $0.00003366. Announcing this on their blog, the developers said, “This is a crucial first step, orienting our Decentralized Exchange to grow, while promoting all the benefits to the #ShibArmy from such pairs.”

ELON is trading with a gain of 4.25 per cent at $0.000001585, Floki Inu is up by 0.34 per cent at $0.0001063, while Samoyed Coin (SAMO) is trading with a loss of 2.04 per cent at $0.03643.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 7.67 per cent at $33,456.43, Terra (LUNA) was down by 2.54 per cent at $87.85, Avalanche (AVAX) gained 3.11 per cent at $109.29, but Uniswap (UNI) continued to bleed, currently down by 7.56 per cent at $17.03.

Latest Updates

The world’s largest Bitcoin Fund, Grayscale seems to have significantly cut down on its crypto-asset holdings as per their latest tweet. Coindesk reported their holdings to be about $61 billion worth of crypto back in November and now as per Grayscale’s tweet, it's $43.6 billion as of December. From this, we can formulate that they have significantly trimmed down their holdings in crypto.

Canada-based Bitfarms, a Bitcoin mining company with over 3,300 Bitcoins in their portfolio has got a $100 million secured (by BTC) credit facility with blockchain financial services provider Galaxy Digital Holdings, reported coindesk. From this $100 million credit facility, they have already raised $60 million at an interest of 10.75 per cent as per their press release. CFO Jeff Lucas was quoted as saying, “Our new $100 million BTC credit facility adds another component to our diversified financing strategy and contributes significant non-dilutive capital to fund our global growth initiatives.”