Crypto Weekly | Ready for the Halving
Written by Oteme Eghele
Hi guys and welcome to another edition of Crypto Weekly, a weekly write-up that aims to enlighten our users on the happenings surrounding this multi-billion industry called cryptocurrency, and this week we shall once again look into Bitcoin, Ethereum, and EOS coin respectively.
After days of steady and gradual increase in the price of Bitcoin and some alt-coin, the worse finally happened as Bitcoin took a straight dip down from $9k+.
Bitcoin, a decentralized means of payment for goods and services experienced a surge in price as the digital currency climbed it’s way from $8k+ to a high of $9k+ before retracing to $8k+.
This was majorly caused by the announcement of Bitcoin halving which will hold in less than 48hours, the implication of this can be observed in the long run as it means Bitcoin is about to become more scarce than it already was.
Unlike fiat, the total supply of Bitcoin is limited and when it all becomes mined, the only means of getting Bitcoin then will be purchasing from users who already hold a certain portion of this digital currency.
While we await the halving of Bitcoin, lets quickly take a look at LIGHTNITE, a battle royale based game where users are able to earn Bitcoin by simply playing the game. The game is currently available for purchase and users can easily get it from Lightnite homepage https://lightnite.io/
Ethereum just like Bitcoin experienced a price hike over the week hovering around the price of $205 before the sudden drop taken Ethereum back to $180+ where it currently trades at the time of writing this article.
Ethereum, a good replica to Bitcoin but with a slight change, smart contract. This created different use-cases for the Blockchain which we now refer to as Dapps and it seems the Ethereum blockchain is about to experience once again the birth of another Dapp called Immutable X.
After the introduction of crypto kitties, the term NFT was quickly born, and hence a place to trade it was needed which created Opensea. Over the years, NFT’s have grown and also the introduction of different types of NFT’s market that allow users to trade these tokens within themselves have been created, Immutable X is building a non-custodial exchange in partnership with StarkWare capable of handling 200m+ NFT transactions per day.
You can read more about this new platform here https://medium.com/@immutable/introducing-immutable-x-2a27d8502150
EOS like most alt-coin took a blow as well when Bitcoin fell, EOS coin fell from its initial price of $2.8 to $2.4 where it currently stands at the time of writing this article.
While the price of EOS continues to drop, it seems a partnership or rather an addition took place, and from the look of things, not a lot of words are going out about this.
Nexo, The World’s First Instant Crypto Credit Lines which allows users to borrow more than 45 different currencies with the option to repay in Crypto added EOS as a means of repayment and this was announced via a tweet from the official twitter account of Nexo.
Exciting news for the #EOSIO community — #EOS is available as a repayment option for our Instant Crypto Credit Lines™, thus significantly enriching #EOS’ utilisation & adoption & expanding the benefits of using http://nexo.io!
You can get the official tweet from here https://twitter.com/NexoFinance/status/1257709761547599872
This addition hopes to create more use-case for the EOS coin and also a welcome development to the EOS community as a whole.
This is it for today, stay safe and I hope to meet you at the same time next week.