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bitcoin price: Crypto Week at a Glance: Crypto market in consolidation as Bitcoin reaches 90% milestone

bitcoin price: Crypto Week at a Glance: Crypto market in consolidation as Bitcoin reaches 90% milestone
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By Analytics Team, Giottus Cryptocurrency Exchange

As Bitcoin struggles to cross $50,000, the community celebrated the completion of 90 percent of the total supply of Bitcoin mined this week. It only took 12 years for the first 90 percent to be mined while the remaining 10 percent will be mined slowly over the next 120 years making the supply and demand situation favorable for Bitcoin in the future.

Bitcoin (BTC) in December has been boring so far with prices between $46,000 and $50,000 for the most part. The market is in a consolidation phase as BTC is struggling to regain the key level of $52,000 which will reconfirm its rally towards the previous highs. On a weekly basis, Bitcoin is down 3 percent and is trading at $47,000 levels. Avalanche (AVAX), Terra (LUNA), Polygon (MATIC), and Solana (SOL) gained more than 5 percent in the past week among the top 20 cryptocurrencies.



Meanwhile, Yearn Finance (YFI) emerged as one of the top performers in the cryptocurrency market this week, rising 46 percent in just four days to reach a two-week high above $29,100. This comes after Yearn Finance announced a buyback of YFI tokens since November to improve its token economics.

News from the cryptocurrency world continued to tilt towards optimism from around the world.

Elon Musk’s Dogecoin push continues as institutions invest in building new products.

Dogecoin gained 25 percent on Tuesday as Elon Musk announced Tesla’s plans to accept DOGE as payments for goods, the only cryptocurrency that Tesla will support. Previously, Tesla ended support for Bitcoin payments due to environmental concerns. The DOGE rally did not continue during the week as traders are likely to benefit from the news rather than long-term investors buying.

Polygon and Alexis Ohanian (Co-Founder of Reddit), the venture capital firm Seven Seven Six, have announced a $200 million initiative to support projects that leverage the power of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms built on the Polygon infrastructure.

SBI Group, the largest financial services company in Tokyo, will now allow Japanese investors to purchase cryptocurrencies via its newly launched “Crypto Asset Fund.” The fund consists of seven cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Chainlink and Polkadot.


Governments are considering regulations on cryptocurrency


While India awaits the presentation of its crypto-asset bill in Parliament, Thailand is reported to be preparing a similar framework to improve investor protection and reduce crypto risks. However, Thailand has ruled out allowing cryptocurrency as a form of payment. Its neighboring parallel government in Myanmar has announced the use of Tether (USDT), a stablecoin pegged to the US dollar, as the official currency. The Finance Minister claimed that USDT will provide efficiency in trade and transactions.

Meanwhile, the US Securities and Exchange Commission has postponed a decision on Bitcoin ETFs in the US to early February.


Brands continue to rush into the metaverse and NFTs


Sportswear manufacturer Nike acquired virtual sneaker brand RTFKT this week, confirming its entry into the world of athletic footwear. RTFKT will help Nike deliver next-generation collectibles that combine culture and gaming.

Competitor adidas Originals announced the launch of its “in the metaverse” NFT collection this week.

Meanwhile, Instagram’s ban of a 9-year-old account with the username “@metaverse” led to a backlash that eventually led to the account’s platform being reinstated. Instagram’s parent company Facebook recently renamed itself Meta.

This week’s top gainers

  • Yearn.finance (YFI): 47.9%
  • Avalanche (Afax): 33.9 percent
  • OKB: 31.9 percent
  • Earth (Moon): 25.95 percent
  • HEDERA (HBAR0: 22.3 percent

This week’s biggest loser

  • Gala (Gala): -23.8%
  • BitTorrent (BTT): -19.3 percent
  • NEAR Protocol (NEAR): -19.3 percent
  • Quantity (QNT): -15.2%
  • Internet computer (ICP): -13.9 percent


(Note: Data as of 12:45 PM IST, December 19, 2021; Source: Coinmarketcap.com)

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