Keep track of the latest news from the entire world encryption Niche can help you become an investor. To help you achieve this goal, we provide you with a preview of all important events in the encrypted cluster. So, pick up your glasses and look at the data mentioned here:
1 million ETH burned since the London hard fork
When it comes to making headlines in the crypto space, no one can learn from Ethereum. As the second largest cryptocurrency network by market value, ETH has once again become a fast-paced burning news in the cluster. A report by the blockchain analysis company CryptoRank stated that since the implementation of the London hard fork in August, the company has consumed more than 1 million Ether, costing nearly $4.24 billion.
This event is also known as Ethereum Improvement Proposal 1559, which brought a huge change to the cost module of Ethereum. Through the EIP-1559 upgrade, every transaction executed will permanently eliminate a small portion of ETH from the network. This is called the basic fee, which remains the same and does not affect the currency demand on the portal. For example, block 13,689,874 runs under the modified system, costs 98 Gwei, and burns 0.68 ETH.
According to reports, the biggest catalyst for the destruction of ETH is the famous NFT market OpenSea. OpenSea contributed US$467 million, Ethereum transfer contributed US$414 million, followed by Uniswap v2 contributed $393 million in the burning process.
Another data report shows that 3.3 million ETH is burned every year, and 5.4 million ETH is issued within the same time frame. This resulted in an annual supply increase of 1.8%. Now, by setting the parameters to a 30-day span, burning has increased to 4.7 million per year, while supply growth has dropped to 0.6%. These figures reflect the future deflation of the ETH ecosystem.
The emergence of new variants makes Obscure Omicron tokens soar by 900%
When it comes to cryptocurrency, anticipating unexpected events should be your main investment rule. Recently, a token called Omicron (OMIC) marked an unprecedented surge in its value, which proved the uncertainty of the crypto industry. To everyone’s surprise, because its name is synonymous with the new COVID-19 variant, the currency became the focus of attention overnight. After the emergence of the Omicron strain, the entire encryption industry faced huge challenges, and the Omicron encryption company reached new heights. Surprising, isn’t it?
According to reports, during the Asian morning trading session on Monday, the price of OMIC tokens reached US$689. The surprising event happened on Monday when the Omicron token itself rose another 200%. The token, which traded at $65 on Saturday, rose by an astonishing 945% on the trading chart. The surge is directly attributable to the similarity between the OMIC token and the new COVID-19 variant discovered by the authorities in South Africa on Tuesday. The World Health Organization named the B.1.1.529 variant after the fifteenth letter of the Greek alphabet.
The Omicron network is a reserve token that runs on the Arbitrum, the second layer of Ethereum, to power its decentralized network. Launched in November as a branch of OlympusDAO definition Project, Omicron provides users with bond-based yield agricultural services. The token is supported by various top cryptocurrencies, such as the USDC stable currency. Data released by CoinGecko shows that the trading volume of the OMIC/USDC currency pair on SushiSwap is close to 454,000 US dollars Encrypted exchange.
The news of the new COVID-19 variant has witnessed a severe decline in the entire stock and crypto markets. The Black Friday event brought huge trade-offs, sweeping the S&P 500 and Nasdaq Composite’s November profits. However, as the new week saw the level of the crypto market soar, things have begun to improve.
Black Friday promotion led to El Salvador buying 100 BTC
Sweeping the entire encryption industry, President of El Salvador Naib Bukler Expressed his love for him again Bitcoin Purchase 100 BTC tokens during the ongoing industry crisis. The emergence of the new Omicron strain COVID-19 in South Africa has brought significant losses to the financial sector. The latest investment by the Chief of El Salvador has brought his total BTC holdings to a staggering number of 1,220 coins, valued at $66.3 million.
Since news of new variants of COVID-19 was broadcast in the media, prices of top cryptocurrencies have begun to fall overnight. The uncertainty caused by the epidemic has contributed to the global market sell-off, and stock sales have been substantially discounted. When Bitcoin was trading at $69,000 on November 10, after the Omicron variant spread, it faced a 20% drop to $54,343. Nayib Bukele has always been an ardent supporter of Bitcoin. He became the first president to introduce BTC as legal tender in the country. Obviously, Bukele strategically invested in Bitcoin during the price drop to take advantage of the discount rate.
The Salvadoran government is taking all necessary measures to expand the coverage and use of BTC in the country. Special offers in the form of incentives and rewards are being offered to those who switch to Bitcoin for transactions. The authorities are working hard to create a seamless infrastructure for a state-owned Bitcoin wallet called Chivo. In addition, the government also announced plans to launch a fully dedicated Bitcoin city funded by Bitcoin bonds worth $1 billion. The government’s recent efforts for Bitcoin have met with strong resistance from locals. Residents organized various demonstrations to express their protests against the Bitcoin law.