PayPal Wants Stablecoin And Chainlink (Up 30%) Clear Winner Of 2022 Beginning
Last Updated on 10 January 2022 by CryptoTips.eu
A brutal start of the year saw Bitcoin, Ethereum and most major coins slump in the first week of January. It came after Wall Street investors reset their portfolio of investments, after the Federal Reserve indicated that it would probably move its decision to hike interest rates (and stop printing money) forward to mid-March of this year (whereas most speculators had expected that to come in 2023 only). And where Bitcoin miners in Kazakhstan were unable to connect to the network because the authoritarian regime shut down the internet in the country. By Monday morning, both Bitcoin and Ether seemed to stabilize though, with crypto analysts hoping that a period of consolidation will now set in.
So. much. money. patiently waiting to BTFD in bitcoin
— Barry Silbert (@BarrySilbert) January 8, 2022
Earlier last week, the market dominance of Bitcoin dropped to 37.28%, or the lowest number since 2018, which indicates that the investment portfolio reset of Wall Street investors had resulted in diversification into multiple cryptocoins, not just Bitcoin and Ethereum.
Paypal launching a stablecoin?
PayPal, the Silicon Valley fintech payment firm which embraced crypto back in 2020 already, is investigating the launch of a possible own stablecoin, according to reporting in Bloomberg.
If it were successful in doing so, PayPal would beat Facebook (now Meta) to the finish line in launching a first Nasdaq listed company stablecoin. Facebook CEO Zuckerberg, who has been trying to do this for years, must be simmering with jealousy.
Chainlink up 30% week
One of the clear winners of the first week of 2022 is Chainlink, which added 30% to its value since the start of the year.
As we pointed out last week, multiple DeFi coins were the clear exceptions in a mostly downward market.
According to Wall Street media firm Motley Fool, Chainlink sees new investment because investors figured that:
The exponential growth of Chainlink’s ecosystem as a reason to hold LINK tokens for the long term. Chainlink’s total value secured increased from approximately $7 billion at the start of 2021 to more than $75 billion at year’s end. This 10-fold increase in total value secured occurred in tandem with the crossing of a psychological barrier: More than 1,000 projects now use the Chainlink protocol via this network’s hybrid smart contracts.