ETH is continuing to showcase strong support amidst increased investor confidence in the crypto market.
- Ethereum’s monthly profits currently stand at a whopping 27.1%.
- Social media giant Youtube is looking to release a range of products related to the crypto, NFT space over the course of 2022.
- China’s digital yuan (DC EP) has been able to log more transactions than payments giant Visa over the first day of the Winter 2022 Olympics.
After having scaled up to a relative high of AU $4,500 a little under 12 hours ago, Ethereum, the world’s second largest cryptocurrency by total market capitalization, has failed to muster additional investor support, registering a daily loss ratio of around 4%. As a result, the altcoin is now trading at a price point of AU $4,293.
Ethereum’s continued strong performance over the past fortnight seems to align with that of the digital asset market at large, with the total capitalization of the crypto sector having risen from US $1.7 trillion to around US $2.07 trillion over the past week, thereby showcasing a growth of approximately 18%.
Amidst this growth, prominent DeFi project MakerDAO revealed that it is all set to offer a bug bounty worth AU $1.4 million (US $10 million) bounty to any white hat hackers and cybersecurity specialists who are able to identify prominent security issues with the platform’s existing smart contract framework.
To elaborate, devs stand to earn anywhere between US $1,000 (for low-level vulnerabilities) upto a max US $10 million (for critical issues) if they are successful. Rewards will be doled out in the form of DAI stablecoins, a digital asset that has its value pegged to the US Dollar in a 1:1 ratio.
Youtube sees a lot of potential in NFTs, report suggests
According to a blog post released by Youtube’s Chief Product Officer Neal Mohan recently, the world’s leading content creation platform may be actively working towards integrating NFTs into its existing operational framework so as to improve fan engagement as well as improve revenue streams for its users.
The announcement comes right after the company’s CEO Susan Wojcicki noted that her team had been looking at the Web3 ecosystem for “inspiration”. In this regard, Mohan hinted that Youtube will roll out a host of new products — related to Web3 tech, blockchain, NFTs and the Metaverse — by the end of the year, adding:
“Web3 opens up new opportunities for creators. We believe new technologies like blockchain and NFTs can allow creators to build deeper relationships with their fans. Together, they’ll be able to collaborate on new projects and make money in ways not previously possible.”
DC/EP leaves Visa transactions in the dust
As per reports, the opening day of the Beijing 2022 Winter Olympics saw China’s central bank digital currency project (referred to as DC EP) register more daily transactions than traditional payments processor Visa, an impressive feat, to say the least.
To elaborate, individuals inside the Olympic village bubble have the choice of spending on goods and services via cash, Visa, and digital yuan. On the digital yuan’s impressive debut, an official was quoted as saying: “Replacing cash with digital yuan for payment can effectively reduce direct contact between people and the risk of the spread of Covid-19.”
Interested in cryptocurrency? Learn more about the basics with our beginner’s guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.
Disclosure: The author owns a range of cryptocurrencies at the time of writing
Disclaimer:
This information should not be interpreted as an endorsement of cryptocurrency or any specific provider,
service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and
involve significant risks – they are highly volatile and sensitive to secondary activity. Performance
is unpredictable and past performance is no guarantee of future performance. Consider your own
circumstances, and obtain your own advice, before relying on this information. You should also verify
the nature of any product or service (including its legal status and relevant regulatory requirements)
and consult the relevant Regulators’ websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.