bitcoin: Crypto Week at a Glance: Portfolios deep in red as Bitcoin plunges below $18,000

Bitcoin (BTC) has dropped over 33 per cent this week and has failed to hold support at the 2017 cycle high. It is now trading below $18,000, with the total crypto market cap hovering near $800 billion.

The volatility has been aided by the US Fed’s interest rate hikes as well as liquidation issues faced by centralized DeFi platforms such as Celsius and the possible collapse of 3AC venture capital.

Bitcoin’s demand from big investors has been decreasing, as per data. With the portfolio of most investors in deep red, the pain is likely to extend further. Micheal Saylor’s Microstrategy, Bitcoin’s biggest institutional investor, is down more than $400 million on its BTC investment. US-based exchanges have indicated a freeze in hiring for the rest of the year.

While this bear market plays out, we look at some positives in terms of adoption and other stories of the week below.

Kolkata mulls NFTs for land records

The New Town Kolkata Development Authority (NKDA) is planning to use non-fungible tokens (NFT) or cryptographic assets on a blockchain with unique identification codes and metadata to issue property registration certificates and maintain land records. This move comes after successfully utilizing blockchain technology to issue birth certificates from December 2018.

NFTs are unique and non-interchangeable units of data stored on the blockchain network, where the owner of the NFT gets a proof of ownership certificate from the digital ledger.

NKDA thinks chances of tampering are lower when land documents are recorded over the blockchain. The goal is to make land documents tamper-proof to eliminate unlawful and forged sales.

Airtel’ metaverse multiplex

has launched India’s first multiplex on the metaverse platform Partynite Metaverse. Airtel’s Xstream multiplex is an extension of the company’s Xstream Premium service. It is a 20-screen platform with content libraries from prominent OTT partners available through the app.

The Xstream multiplex provides a larger-than-life immersive multimedia experience with several engagement layers that allow Partynite Metaverse users to interact.

Essence, Airtel’s integrated media agency of record, came up with the concept, which was then developed by Gamitronics, the company behind Partynite, a blockchain-powered digital parallel universe. Xtream Premium has over 2 million subscribers currently.

OpenSea security features against NFT frauds

OpenSea, the world’s largest and most popular NFT platform, has recently come under fire for stolen NFTs.

OpenSea has announced implementation of a new feature that will automatically hide questionable NFT transfers from view on its marketplace, in response to the growing amount of NFT scams. This will help users avoid getting defrauded by ensuring that only legitimate transactions are visible.

When the NFT boom began in 2021, OpenSea saw a significant rise in business. Many investors, however, are disappointed with the platform’s attempts to recompense victims and combat theft due to frequent hacks and fraud.

Moneygram’s USDC crypto-to-cash program

Moneygram, a US-based remittance and payments provider, has announced that USDC, a dollar-pegged stablecoin, will be used as a settlement asset for its cash-to-crypto and crypto-to-cash programs.

The company will employ the Stellar network as a settlement layer to execute the USDC transactions required for the program’s operation.

Customers who need to trade USDC for fiat currencies or who would want to buy crypto with their fiat currencies will be able to do so via the Moneygram app.

Users will be able to swap USDC for cash and vice-versa in select regions, including Canada, Kenya, the Philippines, and the United States at first, with plans to expand globally later.

Bitcoin: Predictions
Analysts and investors are hopeful of a relief rally to keep the market healthy for the next couple of months. The bear market bottom is likely not yet in and given previous cycles, an 80% drop from the all-time high is possible, leading to a price range below $14,000 for the top crypto token.

However, some investors are stacking cash to buy BTC at such prices to cash in on a bull market that is likely to return next year.

Top Gainers This Week (as of 11.30 AM, June 19, 2022)

-Bitcoin SV (BSV): 15% up

-Helium (HNT): 14% up

-Theta Network (THETA): 1% up

-Kadena (KDA): 1% up

Top Losers This Week (as of 11.30 AM, June 19, 2022)
-Nexo (NEXO): 42% down

-THORChain (RUNE): 36% down

-KuCoin Toke (KCS): -36% down

-Polygon (MATIC): 35% down

-Curve DAO Token (CRV): 35% down

(Note: Analysis includes top 100 cryptocurrencies only. Source: Coinmarketcap)

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