Gate.io Weekly Newsletter: Gate. io Seeks the 10 Millionth Lucky User who will Get 1 BTC_ Elon Musk Predicts the Official Currency of Mars Will not be Dogecoin_ Polygon Became the Fastest-gro

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Gate.io Announcement
Gate. io Seeks the 10 millionth lucky user who will get 1 BTC

The number of Gate.io users continues to grow rapidly.. Being one of the hard indicators for evaluating quasi-first-line exchanges, 10 million users has become a broad consensus and representation of success in the crypto industry. While Gate.io is about to reach this new height and starting point, we hold this special event to seek the 10 millionth user of Gate.io who will receive 1 BTC! During the event, both new and old users who have completed a series of tasks such as registration and inviting new users will have the opportunity to share up to 1 BTC in reward. Participate in the event now!

TA Highlight: Cryptocurrency markets slumped
This week, the price of cryptocurrencies dropped dramatically.

The spot price of Bitcoin fell below $50,000 on December 28th, with a single-day drop exceeding $2,700. Since then, the price has hovered at $47,000. Similarly, the price of Ethereum also saw a relatively large drop on the 28th, with a single-day drop of over $250.

The decline has been affected by the Christmas period and is the main reason for the downturn in the cryptocurrency market this week. During Christmas, cryptocurrency failed to absorb enough capital as expected, leading to continued bearishness in the cryptocurrency market. This is an important reason for this round of shorts who have been prolific in the market.

Technically, the MACD indicator showed that a deadlock appeared for the Bitcoin spot price after December 28th, and the market showed obvious bearish sentiment. The shrinking of the Bollinger Bands indicated that the volatility of BTC spot prices was lowered. This means that the Bitcoin price has decreased less sharply in recent days, but the market is still in a falling trend.

Although from December 27th to December 29th, the BTC price remained negative, the price was well within the range of fluctuations. Based on the trend of transaction volume, the bear trap that the market was worried about had not yet occurred, and the coin price was just a structural adjustment. However, the price of Ethereum fluctuated more drastically, breaking the lower limit of Bollinger Bands.

Good returns could still be gained from shorting Bitcoin volatility and long Ethereum volatility this week.

Crypto News

Elon Musk: The official currency of Mars will not be Dogecoin

Elon Musk recently explained in an interview with podcaster Lex Fridman why it is impossible for Dogecoin (DOGE) to be the official currency of Mars. He said that when Mars is colonized, it will belong to those who will live there. The laws and civilization of Mars will not be subject to the current rules of countries on Earth. Musk said, “I think Mars itself needs a different currency because you can’t synchronize because of the speed of light.” He also said, "I don't know if there will be cryptocurrency on Mars, but it is likely to be, and it will be. Something localized on Mars. I think cryptocurrency is an interesting way to reduce errors in the currency database."

YFI founder: The iteration of "airdrops" such as $SOS, with 0 rights to OpenSea, is beyond stupid

Andre Cronje (AC), the YFI founder, tweeted that the iteration of "airdrops" such as $SOS, with 0 rights to OpenSea, was beyond stupid. He said that the first $SOS token for OpenSea governance offered zero authority to OpenSea, and that OpenSea couldn’t care less, but users' who vote on $SOS would not force OpenSea to adopt anything. The creation of solid technology takes time, and it will even take much longer than what the developers who built it expected. So stop voting with attention.

Ray Dalio: Curious about NFTs; NFTs are becoming popular.

Ray Dalio, the founder of Bridgewater, said that he would like to buy NFTs, and it was obvious that NFTs were becoming popular. He indicated that he would keep a close eye on the NFT trend.

News in the Financial Market

Multicoin Capital: Its first venture capital fund has returned over 28x

According to Axios, Multicoin Capital, an investment company in the crypto sector, recently told investors that its hedge fund assets have soared 20,287% since its inception in October 2017. According to the sources who saw the presentation, its first venture capital fund has returned more than 28x (net of fees). The projects with the highest return on investment included Solana, Helium and Arweave.

Polygon became the fastest-growing blockchain by the number of on-chain addresses on the chain in 2021

According to Coin98 Analytics data, Polygon became the fastest-growing blockchain in 2021. The total number of addresses on the chain, with only 180 at the beginning of the year, had reached 129,44,295, with a growth rate of 71913397%, as of December 30, 2021. The other top-five blockchains in terms of total address growth are: Avalanche (total addresses 1,510,948, growth rate 671432%), Fantom (total addresses 1,487,483, growth rate 29158%), BSC (total addresses 125,679,260, growth rate 19,204%), and NEAR (total number of addresses 2,196,442, growth rate 10010%).

Russia’s largest bank Sberbank introduced the first blockchain-focused ETF in the country

Russia’s largest bank Sberbank announced on December 30 that Sber Asset Management would introduce a fund called "Sberbank Blockchain Economy ETF" which would be traded on the Russian stock market under the ticker "SBBE". $SBBE will track the Sber Blockchain Economic Index developed by SberCIB and the stocks of major companies related to blockchain technology. The fund will also track large crypto companies, such as Coinbase, cryptocurrency service company Galaxy Digital, and blockchain software developer Digindex.

Global Headlines
The Central Bank of Russia to Collect Data on Crypto-Related Transactions Between Individuals from 2022

According to a report by RIA Novosti on December 27, local time, the Central Bank of Russia will collect data on all inter-personal capital flows of credit institutions from 2022. It is reported that the Central Bank of Russia has updated the form of the report regularly provided by commercial banking institutions, which requires form providers to indicate the detailed information of all forms of inter-personal remittances, as well as the personal information of the remitter and the remittee. The policy may be put into effect from January 2022. The Bank also stated that the new policy will help to upgrade the services of banks, and it is also conducive to combating online gambling, cryptocurrency scams, Ponzi schemes, illegal foreign exchange transactions, and illegal business activities.

South Korea Requested Apple, and Google to Remove Crypto-Based Play-to-Earn Games From App Stores

The South Korean government has started to block the distribution of P2E games and requested that existing P2E games be deleted from Google Play and Apple App Store. Yesterday, the Game Management Committee (GMC), which is a regulatory arm of the South Korean Ministry of Culture, Sports and Tourism, required the major mobile APP market to “block any games which require in-app purchases before playing the game”. To combat the proliferation of what it considers to be speculative money-making schemes., GMC has made it almost impossible for P2E game developers to have their work listed on the most popular mobile app stores.

RBI report: DeFi is mainly for speculation, investment, and arbitrage of crypto assets, not the real economy

On December 29, the Reserve Bank of India (RBI) stated in the Financial Stability Report (FSR) that the global private cryptocurrency proliferation was what gGgovernments were increasingly concerned about because they posed a direct risk to customer protection and thus made the economy vulnerable. Private cryptocurrencies were at risk of anti-money laundering (AML) and combating the financing of terrorism (CFT). Given that private cryptocurrencies were highly speculative, they are also prone to scams and extreme price fluctuations. DeFi would incur long-term concerns related to capital flow management, financial and macroeconomic stability, monetary policy transmission, and currency substitution.

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Author: Byron. B & Charles. F & Cedar. W (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.