: Binance Launches Mastercard Prepaid Card in Brazil, Bridging Traditional Finance & Crypto

• Binance is launching a prepaid card in Brazil, in collaboration with Mastercard.
• The card will allow users to shop, pay for bills and services, and spend in the million merchants associated with the Mastercard network.
• Users must complete a KYC process and present a valid national Identification Document (ID) to access the product.

Crypto exchange Binance is expanding its reach into Latin America with the launch of a new prepaid card in Brazil. The card, created in collaboration with Mastercard, will enable users in the country to access a wide range of services and purchase goods with crypto.

The Binance prepaid card is a financial product that will allow users to convert their crypto holdings into fiat at the point of purchase in order to make payments. This will reduce the gap between traditional finance and the new payment rails of cryptocurrencies. The card will be available to users in the coming weeks, after the product completes its beta testing phase.

To access the card, users must first complete a Know Your Customer (KYC) process. This involves presenting a valid national Identification Document (ID) in order to verify the user’s identity. Once the process is complete, users will be able to use the card to shop, pay bills and services, and spend in the million merchants associated with the Mastercard network.

In addition, users will be able to earn additional rewards and access cashback when using the card. This move is part of Binance’s effort to bridge the gap between traditional finance and the new digital asset class.

Walter Pimenta, Executive Vice President for Product and Innovation at Mastercard Latin America and the Caribbean, said of the new product: “Our work with digital currencies builds on the strong foundation of safety, security and reliability of our global payments network.”

The launch of the Binance prepaid card in Brazil follows the success of its launch in Argentina last year. It is hoped that the card will be the first of many products that will enable users to access the full potential of cryptocurrencies in the Latin American region.

Top 5 Cryptos Soar 100% in Final Week of January!

• Cryptocurrencies are still doing well in the first few weeks of 2023, with many people looking for reliable digital assets to invest in.
• For the final week of January, we have picked the top 5 cryptos that have a strong potential to maintain their double-digit gains as the month wraps up.
• Bitcoin (BTC), OKB (OKB), Ethereum (ETH), Litecoin (LTC), and Polkadot (DOT) have all amassed a total of 100% increase in the last week.

The cryptocurrency industry is still going strong in the first few weeks of 2023, and it comes as no surprise that many people are seeking out reliable digital assets to invest in. As the final week of January wraps up, we have picked five cryptos that have a strong potential to maintain their double-digit gains.

Bitcoin (BTC) is the alpha crypto, leading our list this week. The top crypto has enjoyed a significant price increase since the beginning of the year, leading many market analysts to feel optimistic about its price potential for the upcoming months. At the time of writing, Bitcoin is nearing the $23K mark with a price of $22,915, up 10.0% in the last week. The leading cryptocurrency by market capitalization has not closed above $23,000 since August, but is still a considerable distance from its record-setting end-of-day high of over $67,000 in 2021.

OKB (OKB) is an ERC-20 token owned by the OK Blockchain Foundation, and is the native cryptocurrency of OKEx, one of the largest crypto exchanges in the world. OKEx is now ranked third in terms of liquidity, fourth in terms of trading volume, and offers a wide range of crypto-related products and services. The OKB token has seen a huge price growth in the last week, rising by 20.9% in the last seven days and hitting a new all-time high of $3.76.

Ethereum (ETH) is the second-largest cryptocurrency by market capitalization and has been one of the best-performing digital assets this year. In the last week, the price of ETH has increased by 16.8%, reaching a new all-time high of $1,741. Ethereum is currently the leading platform for decentralized applications and smart contracts and is growing in popularity as more people are recognizing its potential to revolutionize the industry.

Litecoin (LTC) is the sixth-largest cryptocurrency by market capitalization and has been one of the best performers in 2021 so far. In the last week, Litecoin has seen a price increase of 15.3%, rising to a new all-time high of $220. Litecoin is often referred to as the silver to Bitcoin’s gold, and its increased adoption has resulted in a surge in its price.

Polkadot (DOT) has been one of the most popular cryptocurrencies of 2021, and its price has skyrocketed in the last week, increasing by a whopping 55.3%. Polkadot is a blockchain platform that enables users to easily transfer data and assets across different blockchains. Its interoperability and scalability capabilities have made it one of the most sought-after digital assets of 2021.

These five cryptocurrencies have all seen a total of 100% increase in the last week, and their strong momentum is expected to continue in the weeks and months ahead. With the cryptocurrency industry growing in popularity and more people looking to diversify their portfolios, these cryptos remain great investments for both short-term and long-term traders.

Former FTX US President Reveals Why He Resigned

• Former President of FTX US, Brett Harrison revealed the reasons for his resignation from the position.
• He explained that SBF had attempted to block him off from essential decisions involving FTX’s US operations after 17 months as the head of FTX US.
• Brett Harrison claimed that disagreements with Sam Bankman-Fried and his subordinates over the management methods at FTX US eventually led to his decision to leave.

Brett Harrison, the former president of FTX US, recently revealed the reasons for his resignation from the position. In a tweet thread, he detailed the unfortunate events that led him to leave his ideal career.

Harrison had previously worked with Sam Bankman-Fried at Jane Street. In late March 2021, he received an invitation from SBF for him to join FTX US. Initially, he worked independently from SBF and had a “great” time during the first few months at FTX US.

However, he soon found himself in disagreements with SBF and his subordinates concerning the management methods at FTX US. They attempted to block him off from essential decisions involving FTX’s US operations after 17 months as the head of FTX US. As time passed, the job became increasingly stressful and Harrison decided to finally walk away.

In his Twitter thread, Harrison expressed his disappointment in the management of FTX US, saying that it was not the “dream job” he had expected. He mentioned that the experience had taught him a lot and that he was ready to move on to a new chapter in his life.

Despite the unfortunate events that led him to leave, Harrison expressed his gratitude to SBF for the opportunity and to FTX US for the “incredible journey”. He also thanked the team and the community for their support during his time at the firm.

Brett Harrison’s experience serves as a reminder for us to be aware of the different management methods we are exposed to in the workplace. A great deal of caution is required when dealing with inexperienced management and disagreements should be handled in a professional manner.

Mystery of Utah’s Crypto Mining Antennas Solved

• Strange antennas have been spotted cropping from the hills of Salt Lake City in Utah, that seem to be linked to a crypto mining company.
• According to replies in a tweet, the antennas likely belong to off-grid crypto miners from Helium Network.
• These antennas provide a hotspot for users to spend HNT, the network’s native token.

In recent news, strange antennas have been spotted cropping up from the hills of Salt Lake City in Utah, leaving local authorities and residents scratching their heads. As it turns out, the antennas are likely linked to a crypto mining company.

The antennas were first spotted about a year ago, according to Tyler Fonarow, the city’s recreational trail manager. The unit consists of a solar panel, a battery box, and an antenna, Fonarow said. Michael Locklear, a reporter for KSLTV-5, tweeted photos of the units, sparking a discussion in the crypto community.

According to the replies in Locklear’s tweet, it seems to be that the antennas belong to off-grid crypto miners from Helium Network. This could be the most plausible explanation for the placement of the antennas. Helium Network sells devices that use these strange antennas to provide a hotspot for users to spend HNT, the network’s native token.

Aside from the cryptocurrency angle, there are a number of online articles showing how people can create self-sustaining miners for rural use, which would explain the presence of the antennas in the foothills. However, to this day, authorities still have no idea who is placing these antennas.

The mystery remains unsolved, but the existence of the antennas is a testament to the growing popularity of cryptocurrencies and the potential that they have to revolutionize the world of finance.

Bitcoin Billionaire Tim Draper Predicts Crypto Boom Despite $1.3 Trillion Loss

• Bitcoin suffered a 60% price decline in 2022, leading to the market losing $1.3 trillion in value.
• Billionaire venture capitalist Tim Draper maintains his forecast that the cryptocurrency will reach $250,000 this year.
• BitStarz Player Lands $2,459,124 Record Win.

The year 2022 was a tumultuous one for the cryptocurrency market. Bitcoin, the largest digital asset in the world, took a severe hit to the tune of a more than 60% drop in price, causing the market to lose a staggering $1.3 trillion in value. This massive depreciation meant that investors saw the value of their portfolios plunge, with some losing nearly all of their money.

Despite the doom and gloom, one of the primary figures in the crypto world, billionaire venture capitalist Tim Draper, remains steadfast in his long-held optimism for Bitcoin. Draper, who was one of the first investors in the cryptocurrency all the way back in 2014 when he purchased 30,000 BTC at auction from the United States Marshals Service, maintains his forecast that the cryptocurrency will reach $250,000 this year.

The tech mogul made his audacious prediction back in 2018 when one BTC was trading for around $8,000. At the time, Draper confidently stated: “I’m either going to be really right or really wrong, but I’m positive it’s moving in that direction.”

Despite the bankruptcy of the cryptocurrency exchange FTX, the venture capitalist maintains his bullishness for the cryptocurrency, which is perhaps understandable considering that the digital asset has already made significant strides in 2021.

Indeed, the year has already seen one of the greatest wins in the history of Bitcoin gambling. A lucky player at BitStarz Casino won an incredibly impressive $2,459,124. To put this in perspective, this is more than double the amount won by the previous record holder.

These developments have led to a surge of optimism in the crypto space, with many investors believing that this is just the beginning. As the world continues to move towards a more decentralized future, cryptocurrencies are expected to take center stage, and with the right conditions, Bitcoin could be the one to lead the charge.

Crypto Holiday Special: Tony Spilotro Shares His Vision for 2023

• Bitcoinist launched a Crypto Holiday Special to provide perspective on the crypto industry.
• Charles Dicken’s classic, “A Christmas Carol,” will be used to look into crypto from different angles.
• Tony Spilotro, the Editorial Director, is a proponent of the Elliot Wave Theory which has perfectly described Bitcoin and crypto’s price trajectory since the early 2010s.

With the end of the year fast approaching, Bitcoinist has launched a Crypto Holiday Special to provide the industry with some much needed perspective. Taking inspiration from Charles Dicken’s classic, “A Christmas Carol,” the series will explore the crypto landscape from multiple angles, and attempt to gain insight into its future trajectory for 2023.

At the helm of the project is Tony Spilotro, Bitcoinist’s Editorial Director. Tony has been dedicated to spreading knowledge and tools for anyone willing to listen, and has been keeping a keen eye on the market by promoting critical thinking, going against the crowd, and developing a methodical approach to trading. Tony is a proponent of the Elliot Wave Theory, which has perfectly described Bitcoin and crypto’s price trajectory since the early 2010s.

When asked about his predictions for the future of crypto, Tony said: “As a nascent technology, crypto hasn’t been as susceptive to rate cycling in the past. But as it has become a bigger part of the financial system, it now follows by that system’s rules more than the community might like. I am confident the mainstream media has it horribly wrong. In fact, the ‘magazine cover indicator’ is one of the most proven ways to pick tops and bottoms in the stock market.”

The crypto industry is currently at a tipping point, with the trajectory of its future unclear. The Crypto Holiday Special hopes to provide insight into the current state of the industry, and to gain a better understanding of where it is headed in 2023. With Tony Spilotro’s unique perspective, the project is sure to be an interesting look at the crypto market.

NFT Market Sees Upturn in Volume Despite Declining Sales

• The NFT market saw its peak trading volume at the start of 2022, but then saw a 94% decrease in volume.
• In the last month, however, there has been an upturn in NFT volume with a 42% increase in trading volume over the last 30 days and a more than 100% increase in the daily volume over the last week.
• Despite the recent surge in volume, the number of NFT sales has continued to decline, with 63,000 new sales on Thursday compared to Wednesday’s 123,000.

The non-fungible token (NFT) market has been in a state of flux in the past few years, with its peak trading volume occurring at the start of 2022. After that, the market saw a 94% decrease in volume as investors moved away from these highly illiquid assets. Recently, however, signs of life have been seen in the market with an upturn in NFT volume in the last month.

Data from IntoTheBlock shows that at the start of December, daily trading volume was at $33 million and by December 29, this figure had increased to $47 million – representing a 42% increase in trading volume in 30 days. Moreover, looking at the 7-day chart shows a more bullish movement with a more than 100% increase in the daily volume over the last week.

Nevertheless, the number of NFT sales has continued to decline, with 63,000 new sales on Thursday compared to Wednesday’s 123,000. This means that while volume in dollar figures may be up, investors are still buying fewer NFTs. This could be due to the fact that the NFT market is still relatively new and the majority of investors are hesitant to invest large amounts of money into something they don’t understand completely.

In addition, there is still the issue of liquidity in the NFT market. While some platforms have made strides in improving liquidity, there is still a long way to go before these assets can truly be considered liquid. As such, investors are still wary of investing in these assets and are more likely to wait until they can be sure that they will be able to sell their NFTs when they need to.

It is still too early to tell if the NFT bull market is truly back, but it is clear that there is renewed interest in the market. This could be the start of something big, but only time will tell. For now, investors should remain cautious and not jump into the market until they have done their due diligence.

Ethereum DeFi’s TVL Declines 76%, But Its Dominance Grows 2%

• The bear market has hit Ethereum decentralized finance (DeFi) hard, resulting in a 76% decline in the total value locked in the sector.
• The “total value locked” metric measures the total amount of capital that has been deposited by users in DeFi protocols.
• Despite the decline in the total value locked, Ethereum DeFi’s dominance has actually risen by 2% this year.

The past year has seen a significant decline in the cryptocurrency market, with Ethereum decentralized finance (DeFi) being one of the hardest hit sectors. According to Arcane Research’s 2022 – Year in Review, the total value locked in Ethereum DeFi has decreased by 76%, now standing at around $23.1 billion.

The “total value locked” (TVL) is a metric that measures the total amount of capital that has currently been deposited by users in DeFi protocols. The below chart shows how the TVL of DeFi built on the Ethereum blockchain has changed over the course of the year 2022:

Looks like the value of the metric has seen a significant drawdown | Source: Arcane Research’s 2022 – Year in Review

At the start of the year, the TVL of Ethereum DeFi was more than $95 billion, but as the bear market has grown deeper, capital has been steadily exiting the sector. This has resulted in a dramatic decline in the total value locked, with the metric now standing at just $23 billion.

However, despite the decline in the total value locked, Ethereum DeFi’s dominance has actually observed a rise of more than 2% this year. This means that while the total value locked has decreased, the percentage share of the total DeFi TVL across all blockchains has actually increased.

The decline in TVL is a reflection of the bear market that has been seen across the entire crypto space over the course of the year. Despite the decline, Ethereum remains the leading platform for decentralized finance and its dominance shows no signs of slowing any time soon.

Krugman Warns of Crypto Volatility: Tesla Stock Plunges 73%

• Nobel Laureate Paul Krugman has compared the cryptocurrency craze to the real estate bubble of the mid-2000s.
• Krugman has also compared the crypto to Tesla and its stocks, inquiring “Did the Tesla story ever make sense?”
• Tesla’s stock price has dropped 73% in response to reports of the company reducing its manufacturing output in China.

Nobel Laureate Paul Krugman has been vocal in his criticism of the cryptocurrency craze. Having compared the newfound enthusiasm for crypto assets to the real estate bubble of the mid-2000s, Krugman has now drawn parallels between crypto and Tesla and its stocks.

On Tuesday, he wrote an opinion piece in the New York Times regarding Tesla, bitcoin, and their massive market prices, inquiring: “Did the Tesla story ever make sense?” He added: “Tesla and bitcoin may have more in common than you think.”

Krugman’s remarks came after Tesla’s stock fell 11.4% in response to reports that the company reduced its manufacturing output in China. This sudden dip in stocks is indicative of the volatility of the market, as Tesla has had a period of exceptional growth in the past year.

Between the first week of January 2020, and November 2021, Tesla’s stock price increased by more than 13 times. This increase in market valuation saw Tesla become the world’s most valuable carmaker, as its market capitalization surged to almost $1.2 trillion. However, since then, the stock has dropped 73%, reducing the market valuation of the electric car firm from almost $1.2 trillion to less than $350 billion as of Tuesday’s close.

Paul Krugman is a notable author and educator who specializes in International Economics and Macroeconomics. He is a Yale University and Massachusetts Institute of Technology graduate and was awarded the Nobel Memorial Prize in Economic Sciences in 2008. His opinion is highly respected among the intellectual and business community, and his skepticism towards cryptocurrency has been shared by many.

Krugman’s warnings about the cryptocurrency market may prove to be prescient, as Tesla’s stock decline is a stark reminder of the volatility of the market. While it is impossible to predict the future of crypto assets, Krugman’s cautionary advice should not be taken lightly.

Bitcoin Supply in Loss Reaches 55% at Year-End: 2021 Was a Roller-Coaster Ride!

• Bitcoin has reached a peak supply in loss of 55% at the end of 2021, according to CryptoQuant’s year-end dashboard release.
• This metric measures the percentage of the total circulating Bitcoin supply that’s currently carrying some loss.
• The Bitcoin supply in loss has increased in value as the bear market has become longer.

Bitcoin has been through a roller-coaster of price movements in 2021. After a strong start to the year, the cryptocurrency market took a nosedive in the spring and has remained in a bear market ever since. Despite this, Bitcoin (BTC) has been able to hold on to its gains from the start of 2021, and it looks set to end the year in a strong position.

On-chain data shows that Bitcoin is about to end 2022 with a peak supply in loss of 55%. This metric is an indicator that measures the percentage of the total circulating Bitcoin supply that’s currently carrying some loss. It works by looking at the on-chain history of each coin in circulation to see what price it was last moved at. If this previous value for any coin was greater than the current BTC price, then that particular coin is carrying some loss at the moment, and the indicator accounts for it.

As per CryptoQuant’s year-end dashboard release, this metric reached a value of 60% during previous bottoms. The counterpart indicator is the “supply in profit,” and its value can simply be derived from the supply in loss by subtracting it from 100.

Now, here is a chart that shows the trend in the Bitcoin supply in loss during the last five years:

The value of the metric seems to have been going up in recent months | Source: CryptoQuant

As the above graph displays, the Bitcoin supply in loss has increased in value as the bear market has become longer. This trend makes sense as with each drawdown during a bear, more investors enter into the loss territory as a large amount of them would have acquired their coins during the higher, bull market prices.

In the current BTC cycle so far, the market has seen a significant influx of fresh money and the supply in loss is steadily increasing. This is an indication that more and more investors are betting on the cryptocurrency’s long-term prospects.

It remains to be seen how the Bitcoin supply in loss will evolve in the coming months, but the current trend suggests that the cryptocurrency could be in for a strong end to the year. With the new influx of capital, the demand for Bitcoin should remain strong and the losses should continue to diminish as the market recovers.