Despite bearishness in market, the support for Bitcoin related services are set to grow in 2022

Cardano coinPixabay
Bitcoin and Crypto Market News Friday, January 07, 2022 - 17:47

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This week Bitcoin broke down from one of the major support levels early morning turning the sentiment in the cryptocurrency market to extreme fear. Given the recent volatility in the space, most of the market participants were expecting a hard bounce from the $42,000, the lower wick formed post the December 2021 flash crash. BTC is currently trading just above $41,000 and despite the lull in the market, there was some exciting news for the cryptocurrency space and we will take a look at those in this article.

Cardano Bags Samsung deal

Samsung, a world leader in electronic products, has partnered with climate solutions platform Veritree which is powered by Cardano blockchain to manage the tree planting initiative that is slated to be launched in Madagascar. Samsung plans to plant 2 million trees by the end of first quarter of 2022 and aims to harness the blockchain technology to verify and track every step of the reforestation process. Having spent more or less six months near the $1.2 region in 2021, the Cardano believers viewed this news as a bullish sign going forward in 2022.

Terra equips arsenal

Terra (LUNA), a blockchain that supplies algorithmic stablecoins, has made a proposal to expand the interchain deployment of its UST stablecoin across five projects on Ethereum, Polygon and Solana. In the proposed deployment, Terra would deposit UST in varying amounts from $250,000 to $50 million to boost the stability of each of the partnered decentralised finance (DeFi) projects.

Five projects which will receive funds in UST are DeFi liquidity provider Tokemak, Yield aggregator Convex Finance, Lending platform Rari Fuse, Reserve currency protocol OlympusDAO (OHM) and invictusDAO, which is a fork of OlympusDAO on Solana network.

Support for Bitcoin grows

Banca Generali, an Italian bank with $87 billion in assets under management (AUM), has reportedly partnered with a Bitcoin company Conio to integrate Bitcoin services into its platform. This allows its customers to create a Bitcoin wallet directly in their bank account and get access to trading with enhanced security features like multi-signature wallets.

El Salvador’s President and a strong proponent of Bitcoin Nayib Bukele has predicted that the leading cryptocurrency will become a legal tender in at least two countries in 2022. He also believes that Bitcoin will reach $100,000 (~INR74 lakhs) by the end of 2022.

Cryptowire ties up with Google Cloud

Tickerplant has collaborated with Google Cloud to develop the Cryptowire ecosystem that will cater to all stakeholders of the cryptocurrency and blockchain industry. CryptoWire, the global crypto app which is a special business unit of TickerPlant, had launched India’s first index of cryptocurrencies, named IC15. IC15 is a broad market index by market capitalization, which tracks and measures the performance of top 15 widely traded liquid cryptocurrencies.

Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.

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