2022-02-14 12:42:25
COIN BUREAU NEWSFLASH! – (14/02/22)
Here are some of today’s most important headlines:
Happy Valentine’s Day everybody!
Those HODLing Injective Protocol’s INJ may well have received an early Valentine’s Day gift too as the last few days saw INJ shoot from lows of $4.66 to just above the $9.5 mark – a more than 100% gain within a week.
The upward price movement comes alongside the announcement of the successful implementation of Injective Bridge V2 providing cross-chain compatibility with the Ethereum and Cosmos networks.
Injective is a layer 1 network geared toward the creation of cross-chain defi applications.
With centralised exchanges facing an increasing number of obstacles like regulation and KYC, the coming years could prove very interesting for their decentralised counterparts.
Two key limiting factors when it comes to DEXs is a lack of liquidity alongside a lack of fiat currency on and off ramps.
The former could be addressed by a rise in adoption and the latter is being developed by some big names in the space, including Square of Jack Dorsey-fame.
Either way, it’s interesting to see some positive price action from INJ in times of market stress.
https://cointelegraph.com/news/injective-protocol-inj-rallies-100-after-launching-cross-chain-support-for-cosmos
I hope everyone that watched enjoyed the Super Bowl last night between the LA Rams and the Cincinnati Bengals.
You may have noticed Coinbase’s very bold advertisement during the broadcast that featured nothing but a QR code floating on screen for around a minute. The ad also included a link to claim a free $15 in BTC if investors signed up to the platform in the coming 48 hours.
However, the advertisement was quite simply too successful. The level of traffic experienced actually caused a site outage - though Coinbase’s site was up and running again just a few minutes after.
Despite the creative advert’s success, however, it doesn’t seem to have prompted recovery in the ill-looking blue-chip crypto markets that we’ve seen this week!
What’s more, Coinbase was not the only cryptocurrency exchange to get involved in the game last night. One of their rivals, FTX, aired their own advertisement and commercials from Bud Light and Turbo Tax featured cryptocurrency too!
Only time will tell whether or not such significant US consumer exposure to crypto will have a long-term impact on digital asset uptake and understanding.
https://decrypt.co/92856/coinbase-super-bowl
This time last year, back in 2021, Bitcoin was hovering around the $47,000 mark and held a daily trading volume of around $62 billion. This amounted to a full 8% of BTC’s market cap of approximately $840 billion.
Last Wednesday however, BTC was around $44,000 with a market cap of $837 billion. Despite this, daily volume was just $29 billion – less than half of the 8% seen this time last year.
The yearly decrease in trading volume is even sharper in the case of Ethereum which saw a drop from around a full 20% in February of 2021, to just 4% at present.
Similar reductions have been seen across other altcoins too. The likes of ADA, SOL and AVAX saw drops from 25%, 9% and 17%, to just 5%, 6% and 4% respectively.
The result is a thinner market.
That is, a lower degree of buy or sell pressure is needed to shift the price of these multi-billion-dollar cryptocurrencies.
Any significant price movement we see in the coming months, therefore, may well be sudden and large…
https://www.coindesk.com/markets/2022/02/13/youre-not-imagining-it-markets-really-are-thinner-now/
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