Crypto

Asia’s First Mover: Bitcoin and Altcoins Rebound From ‘Black Friday’ Drop

Stablecoins

On Sunday, Bitcoin surpassed $57,500, however, investors are concerned about the spread of the coronavirus’s new, omicron version.

Monday morning’s update

Market movements: Bitcoin was trading at over $57,000, regardless of investors’ concerns over the COVID-19 omicron variant’s spread.

Due to the Thanksgiving holiday in the United States, today’s First Mover Asia will include a column rather than the normal Technician’s view.

Bitcoin (BTC): $57,254, up 4.5 percent.

$4,290 +4.5 Ether (ETH)

S&P 500: $4,594, down 2.4 percent

$34,899 -2.5 percent Dow Jones Industrial Average

Nasdaq: $15,491 -2.3 percent

Changes in the Market

Following news of a new COVID-19 variant called OMICRON, Bitcoin regained some of its losses from the “Black Friday” shopping day, when it fell by more than 8%. Bitcoin was trading at over $57,000 at the time of publication, up over 4.5 percent.

Omicron was classified as a “variant of concern” by the World Health Organization (WHO), saying that it could be more transmissible and pathogenic than the previous strain. The United States of America, along with seven other countries in southern Africa, imposed travel restrictions on South Africa, where the variation appeared initially.

On Friday, the majority of alternative cryptocurrencies (altcoins) saw their prices collapse. Despite Ethereum, the underlying blockchain, achieving a new milestone, Ether, the second most valuable cryptocurrency in the world by market value, plummeted temporarily below $4,000 on Friday and then again on Sunday. According to Dune Analytics, the number of unique Ethereum addresses – the total number of decentralized finance users on the blockchain – surpassed four million this week (Note that one user may have different addresses). The price of ether had climbed to about $4,300 at the time of publication.

The fate of the crypto market, like that of traditional asset markets, could be unsure for weeks as investors await omicron’s potential impact. On Saturday, the bitcoin Dread and Greed Index, which analyzes market emotions, fell into a “severe fear” zone for the first time since September.

Why People Still Hate Crypto: Opinion ‘Probably Nothing’: Why People Still Hate Crypto:

The backlash against Discord possibly incorporating an Ethereum wallet demonstrates how skeptical the general public is.

It came to a close with a tweet, which was pretty much how it started. Jason Citron, the founder, and CEO of Discord went out of his way yesterday to reassure customers that the popular messaging app will not be adding cryptocurrency after all. This follows a period of public outcry in which users threatened to deactivate their paid Nitro memberships or released screenshots of doing so in response to the prospect that Discord may move crypto.

Citron seemed to hint on Twitter earlier this week that someone at Discord was working on Ethereum capabilities. Along with the existing Reddit, YouTube, and Facebook widgets, MetaMask and WalletConnect, a platform used by many mobile crypto wallets, were shown as possible integrations in a screenshot.

“Probably nothing,” Citron added, referring to the satirical phrase coined by crypto aficionados to express the importance of something. It would certainly be something. Discord may soon introduce native tooling for non-fungible tokens (NFTs) and decentralized autonomous organizations, according to the comment (DAOs). Discord, which had already been chosen as the home for several Web 3 projects, appeared to be pitching the decentralized legion.

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However, not everyone was delighted with this prospective new direction, which would reflect shifting consumer behavior and even a value change in the gaming-focused industry. It’s a good reminder that, even as crypto grows in popularity, becoming a darling of venture capitalists and a huge cultural and economic field, there are still a lot of individuals who don’t appreciate what it stands for.

Slacktivists reacted angrily to Citron’s tweet encouraging others to forgo the network and cancel their paid subscriptions, which are one of the company’s key revenue streams despite its aversion to advertising. Many people repeated allegations about Ethereum’s high energy consumption and pointed out how cryptocurrency scams had spread on the network. Others have just started how obnoxious “NFT dudes” can be.

Discord was paying attention. Citron said on Wednesday that it has “no present intentions” to add cryptocurrency wallets into its job. Indeed, there was no official announcement, and the tooling was most likely developed at a hackathon.

“We’re excited about the potential for Web 3 technology and the positive ways these communities are coming together on Discord,” the company said to TechCrunch. “Especially those organized around environmentally friendly, creator-focused projects.” “However, we also understand that there are some problems that need to be addressed.” For the time being, we’re concentrating on safeguarding users against scam, spam, and fraud.”

Web 3, a blockchain-based alternative to the internet in which people own their data and have a stake in the technologies they use, is a welcome development. Crypto presents the best way to combat “surveillance capitalism” outside of legal challenges to monopolistic internet behemoths.

Crypto appears to be hyper-capitalistic, capitalism-plus, to those who haven’t sipped the Kool-Aid. When it comes to finding solutions and protecting common people, it prefers markets to the state. It’s a way for the already wealthy to make ridiculously big sums of money. It promotes the “neoliberal trend” toward financialization, globalization, and the commodity of all things.

Although crypto promises a lot – “digital sovereignty,” to use a phrase – it hasn’t accomplished much in its years of existence. (Excluding the $3 trillion market capitalization.) Last month, fans of the Electronic Frontier Foundation (EFF) were outraged when the charity focused on digital rights took a stand against the overregulation of cryptocurrency.

The Electronic Frontier Foundation shared an op-ed penned by the CEOs of two technological lobbying groups, Fight For The Future and the Blockchain Association, on Twitter, urging crypto users to “confront” the “existential threat” of regulation. People were irritated, primarily because of environmental concerns and rampant fraud. Some Pledges never to donate to the EFF again.

These are folks who might support crypto if they care about their digital rights and privacy. However, they seem to have already made up their minds about the industry, much like the enraged Discord mob. These are undoubtedly savvy internet users who aren’t dismissing crypto out of hand in either situation.

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.