Dogecoin, an Elon Musk popularised meme coin, has rebounded from its record low without the billionaire intermittent comments.
The meme coin gained 12.27 percent in the last 24 hours to extend its gains in recent weeks to $0.340376 a coin. Dogecoin has returned 6,996.38 percent so far this year.
Investors transacted Dogecoin worth $1.31 billion in 26,145 transactions at an average transaction fee of $0.8555814 in the last 24 hours.
The coin plunged to $0.1693 on July 21 when the Federal Reserve signals it could raise interest rates earlier than previously projected. However, the decline in consumer sentiment to 10 years low on Friday could force the U.S central bank to change that position given rising COVID-19 infections and other factors weighing on the world’s largest economy at large.
Bitcoin appreciated by 2.76 percent to $47,394.45 a coin. Ethereum, the second most capitalised crypto-asset rose by 4 percent to $3,290.74 per coin.
The value of cryptocurrencies started falling when Elon Musk and Tesla decided to halt Bitcoin as payment for the company’s products. However, institutional investors jumped back in immediately the U.S Senate approved the $1 trillion infrastructure fund. Suggesting that crypto investors are anticipating a surge in capital inflow into the crypto space.
Shiba Inu Coin Burn: Bigger Entertainment Adds 10 Licensed Games To Burn More Shiba
Bigger Entertainment a crypto entertainment company and a strong supporter of the SHIB community has added 10 licensed games on its website to aid more burning of Shiba Inu coin. Data on the websites showed that a total of 1,020,508,035 SHIB has been burned so far.
This announcement was made through the official handle of Steven Cooper, the CEO of Bigger Entertainment.
There are several amazing games in the #shib community that burn. Bigger Entertainment is joining & adding more as well. We've added a GAMES section to our website with 10 NEW GAMES to play that all burn. We'll be adding new games EVERY WEEK! #SHIBARMYhttps://t.co/6sidpPUN6C 🙂
— Steven Cooper (@iamstevencooper) January 17, 2022
The 10 licensed games on the Bigger Entertainment website are; Harvest Honours, Fireboy and Watergirl, Zombie Last Castle, Bubble Game 3, Garden, Tales, Solitaire, Bon Voyage, Bingo, and Black Jack.
Responding to a Twitter user question on why the need for multiple burning games, Steven Cooper said, “people like having options. That would be like us saying there can only be our playlists and our music, no other styles. We need a variety of things that are burning. No need to switch if you like Bricks Buster. This is just to add some variety and more options.”
Travis Johnson, the developer of the mobile game app, Bricks Buster congratulated Bigger Entertainment on their new Shiba burning venture.
Bigger Entertainment said funds generated from Ads revenue and in-game purchases will be used to burn Shiba Inu coin. The company plans to add new games to its collection every week.
“All of Our Licensed games uses Ad revenue and in-game purchases to Burn”
Data from Shibburn showed that 109,824,657 SHIB has been burnt in the last 24 hours, a 39.62 percent increase in SHIB burn rate. Data further revealed that 410,301,220,762,891 SHIB has been burnt from the initial supply.
At press time, SHIB is 4.90 percent down in the last 24 hours, trading at $0.00002887.
Merchant Use of Bitcoin As Payment Method Dropped by 27 Percent in 2021 – Bitpay
Bitpay one of the leading crypto payment service provider reported a decline in Bitcoin’s dominance in crypto payment methods in 2021. According to Bitpay, merchant use of Bitcoin has dropped by 27 percent from 92 percent recorded in 2020 to about 65 percent in 2021.
Bitpay revealed that merchants are increasing the use of other cryptocurrencies to process their payments on its platform. Ethereum now accounted for 15 percent of the total transactions, stablecoins accounted for 13 percent while two leading meme coins, Dogecoin and Shiba Inu coin with Litecoin accounted for 3 percent of total transactions in 2021.
The decline in the use of Bitcoin was partly due to the rise and acceptance of stablecoins for cross-border payment, likewise, unlike bitcoin where the price is not stable, the value of stablecoins is steady irrespective of the market trend.
Despite the volatility in the crypto market in the last quarter of 2021, Bitcoin price rose by 57.64 percent from $29,374.15 it traded on 1st of January, 2021 to $46,306.45 it closed on 31st of December 2021. However, the volatility did not deter investors from holding on to the Bitcoin in their wallets.
BitPay founded in 2011, processes an average of 66,000 transactions per month and $1 billion in annual transactions with over 80 employees. Chief Executive Officer Stephen Pair said the company’s overall 2021 payment volumes rose 57 percent year over year.
Pair Said, “our business ebbs and flows to some degree with the price, when the price goes down, people tend to spend less, we have not experienced as much of a decline in volume with this recent pullback. It’s probably just a reflection of more and more companies that need to use this as a tool to conduct payments.”
As merchants begin to accept crypto payments, more companies are also stepping in, indicating the growing adoption of crypto in the payment industry. Last week, Investors King reported that PayPal was planning to launch its own stablecoin called PayPal Coin.
Pair said, “PayPal getting into this space has been great for our business because it causes companies to start asking the question of should they accept crypto payments”.
Bitcoin is 37.87 percent down from its All-Time High of $68,789.63 traded on the 10th of November 2021. At press time Bitcoin is down by 1.25 percent trading at $42,566.12
The Fed’s Failure on Inflation is Bullish for Bitcoin: Nigel Green
The U.S. Federal Reserve’s failure on inflation will help drive the price of Bitcoin skywards, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organizations.
The assessment from deVere Group’s Nigel Green, a high-profile crypto advocate, comes as the U.S. consumer price index jumped 7% in 2021, the largest 12-month gain since June 1982. The widely followed inflation index increased 0.5% from November, exceeding forecasts.
He notes: “Last year, the Federal Reserve said that inflation in 2021 would be at 1.8%.
“However, U.S. prices soared last year by the highest level in nearly four decades, draining the purchasing power of American households.
“Inflation is everywhere, and it could be around for longer than anyone would like.
“So, why didn’t the Fed – the central bank of the world’s largest economy – not see what was coming?
“Could they seriously not see how supply chain bottlenecks and a shortage of qualified workers would drive up prices and erode people’s and firms’ spending power?”
He continues: “Surely, this must be the biggest miscalculation in the history of the U.S. central bank.
“It shows how the traditional fiat system, of which it is a key component as it is charged with maintaining price stability, is dangerously out of step with reality.
“I believe this will fuel the demand – and therefore the price of Bitcoin and other cryptocurrencies.”
Why is this so?
With Bitcoin’s fixed supply of 21 million, and institutional investors increasingly moving off the sidelines and into the crypto market, it’s going to continue to outpace gold as a safe haven for capital, says Nigel Green.
“Money flows to where it gets its best treatment, and with treasuries yielding negative in real terms, moving capital into the Fed is a clear liability for investors.
“In addition, in this current inflationary period, Bitcoin has outperformed gold which, until now, has always been almost universally hailed as the ultimate inflation hedge.”
Bitcoin is often referred to as ‘digital gold’ because like the precious metal it is a medium of exchange, a unit of account, non-sovereign, decentralized, scarce, and a store of value.
“Yet, the cryptocurrency, Bitcoin is superior to gold as a medium of exchange or form of payment,” says Nigel Green.
“Unlike gold, it is a fixed unit of account and easily divisible and transportable. Gold is not easily immediately divisible, and there are potential issues with purity and verification. Whereas Bitcoin is easily traced on blockchain technology and this is going to be a considerable advantage, especially in cross-border transactions.”
He concludes: “The Fed has lost control on prices and investors are looking for safe havens to protect their purchasing power.
“Bitcoin is primed to provide the inflation shield so many are now seeking, especially as our lives and the global economy is increasingly run on tech and digital solutions, and this megatrend is only set to become more dominant moving forward.”
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