Crypto Highlights Week #1 – Everything from Last Week you don’t want to miss
Crypto Highlights: BTC starts 2022 at $47.2k, Shanghai drums plans for Metaverse, BTC and ETH records $32T trade volume, ProShares files new ETF: These and more in this weeks’ Crypto Highlights.
Top Headlines Of The Week
- Crypto set a record trading volume in 2022, with bitcoin and ether futures surpassing $32 trillion in 2021.
- Amidst China’s woes against crypto exchanges, Bitcoin manages to start 2022 at $47.2K.
- First, in the 14-year China development plan, Shanghai includes metaverse in its plan.
Top Stories Of The Week
ProShares, which earlier this year launched a bitcoin futures-linked exchange-traded fund, intends to create an ETF that monitors firms working on metaverse-related projects.
According to the filing on Wednesday, the ProShares Metaverse Theme ETF will track the Solactive Metaverse Theme Index if authorized. Apple, Meta (previously Facebook), and Alphabet are among the companies tracked by this index, as well game heavyweights Activision Blizzard, EA, and Take-Two, among others.
In summary, the indexed firms are those that are thought to be pioneering new business lines in the so-called metaverse, which includes virtual worlds, 3-D experiences, personal avatars, and other areas.
To be clear, the ETF doesn’t appear to be focused on cryptocurrencies or non-fungible tokens specifically. However, several of the firms on the index, such as Twitter and Meta, have already undertaken crypto-related efforts.
According to The Block Research, the total trading volume of bitcoin (BTC) and ether (ETH) futures surpassed $32 trillion in 2021.
Based on statistics as of December 27, the amount represents a huge 338 percent raise over 2020 trading volumes. The cumulative trading volume of bitcoin and ether futures was over $7 trillion last year.
With a combined value of almost $4 trillion, the month of May saw the largest trading volume in 2021 for both bitcoin and ether futures. Binance is the market leader in the trading of bitcoin and ether futures.
The year 2021 also set a new high in terms of crypto spot trading volumes. During the year, centralized crypto exchanges saw over $14 trillion in trading volume, while decentralized exchanges saw over $1 trillion in trading volume.
Mainstream Adoption Of The Week
Over the next five years, Shanghai, China’s most populated city, is exploring methods to employ a metaverse in public services. The metaverse is one of four frontiers for investigation identified in the Shanghai Municipal Commission of Economy and Information Technology’s five-year growth plan for the electronic information sector.
According to a report by CNBC, the study recommended boosting the use of the metaverse in public services, company offices, social leisure, industrial manufacturing, production safety, and electronic gaming. The commission wants to stimulate further research and development of underlying technologies including sensors, real-time interactions, and blockchain.
China’s interest in new technology has remained consistent in recent years, and its attempts to build a central bank digital currency (CBDC) and usage of digital biometric hardware wallets for the virtual yuan have solidified it as a leader in CBDC issuance.
China’s State Council unveiled its five-year growth plan in March, which includes several of these same exploratory fronts. The phrase “blockchain” was included for the first time in China’s 14th five-year plan, according to Cointelegraph. The document sets the country’s economic goals for the following five years, from 2021 to 2025.
This Week’s Market Sentiment
BTC/USD fell $2,000 to lows of $45,630 on Bitstamp hours before a slight recovery drew a line under 2021 at $47,200, according to data from TradingView. The absence of parabolic upside for Bitcoin has lately shifted explanations to exchanges, which is a bit of an anticlimax and considerably below many popular expectations.
Chinese users had until December 31 to abandon the big Chinese exchanges, which were required to deregister them after years of the government tightening the screws around crypto trading. According to Bobby Lee, the former CEO of the BTCC exchange, this is Beijing’s “final hammer,” and one that may have had a significant influence on selling activity.
“Maybe that’s why the hotly anticipated year-end bull market hasn’t taken off yet,” he argued in a series of tweets on the matter in early December.
“Waiting for the last hammer to drop in China! Expect a mini-correction when the enforcement news gets out, and then a relief rally that could bring us back on track for a real Bitcoin bull market.”
Other voices backed the hypothesis, and Blockstream recognized this week the potential pressure from dumping Chinese customers, who may be selling BTC to remove funds, resulting in growing balances. It’s also a cause for hope in the coming months since the Chinese exchange overhang will be cleared by the end of the month.
Exclusive From SaTT
The ultimate purpose of SaTT was to use blockchain technology to simplify advertising operations. SaTT’s decentralization eliminates the need for an intermediary between creators and advertisers, allowing for more efficient ad campaigns.
SaTT’s YouTube Ad Pool is also operational, with one for LinkedIn, Instagram, and Facebook coming soon. The user experience is maintained simply since they may begin by login into the wallet and selecting the Ad Pool of their choice. They can then submit a post that satisfies the criteria and reveal their wallet information.
For individuals who consider themselves early adopters, Atayen, the emerging firm, is presenting Twitter Ad Pools to illustrate this proof-of-concept. Users will be able to experience the benefits of SaTT directly by earning cryptocurrency by farming their Twitter posts. The Twitter proof-of-concept will serve as a starting point for demonstrating the token’s use while also raising awareness and rewarding the community.
The connection isn’t just one-sided; it also has various opportunities for companies seeking influencer collaborations. Advertisers may conduct complete campaigns based on a set of requirements that can be searched using APIs, guaranteeing that altered results are avoided. As a consequence, affiliates must match the requirements established by the business. This leaves the payment and return of marketing results to the oracle.
This Week’s Crypto Meme
We hope you enjoyed this week’s edition of crypto highlights. For a peek at our last edition of crypto highlights & blockchain news, click here.