Today, we will discuss all the crypto updates which have happened in week 01, Jan 2023, and you missed. This is the weekly report of Jan 2023 week 01 part 01. As per our analysis and research, you should know all the recent activity in Crypto Market and I’ll like to make sure you will definitely get lots of information from here. Let’s see Top 10 News What Happened in Cryptocurrency Jan 2023?
You should know what happened in this January 2023 from the beginning to the end of this month and this is part 01 of January’s first-week rest of the news you will get soon.
No. 01: Bitcoin to end 2022 with a 65% yearly drop
All eyes were on bitcoin to double down and continue setting new records after the enormous bull market of 2021, which saw the currency soar to an all-time high of $69,000. Remember how many people thought the $100,000 mark would come next? That’s why there were so many laser-eye profile images on Twitter.
Few could have foreseen what would happen next as the cryptocurrency entered 2022 at just under $50,000. The beginning of a “special military operation” (also known as a war) in the midst of Europe served only to add gasoline to the gigantic fire that eventually ignited the world’s galloping inflation.
When the Terra ecosystem abruptly collapsed, Crypto suffered a number of internal blows. This demonstrated how intricately entwined the sector is.
While this was going on, BTC’s price was dropping. Then, just when everything appeared to have stabilized in November, the even more unexpected FTX catastrophe occurred. Another blow to bitcoin, which has now fallen to two-year lows in a row.
Despite making various attempts to gain ground, BTC has continued to trade substantially below the targeted $20,000 mark. The asset has been battling around $16,500 for the previous few weeks, which has resulted in quite lackluster price activity. This indicates that unless a miracle occurs in the next few hours, bitcoin will close the yearlong candle with a 65% drop.
As a result, its market capitalization is still below $320 billion, and its market share over alternative investments is stable at 40.1%.
No. 02: Ethereum Defi suffered a 76% decline in total value locked this year
Value Locked Up In Ethereum Overall DeFi is currently just about $23.1 billion.
All forms of financial services performed on the blockchain are referred to as decentralized finance, or DeFi as it is most generally known. DeFi, like other blockchain companies, operates in the open without the assistance of a centralized authority.
The total amount of capital that users have currently deposited in DeFi protocols is measured by the statistic known as “total value locked” (TVL). The following graph illustrates how the Ethereum blockchain-based TVL of DeFi has evolved over the year 2022:
The Ethereum DeFi TVL was above $95 billion at the beginning of this year, as shown in the graph above. However, just like the rest of the crypto market, capital has left the sector as the bear market has gotten worse. According to the year-end report by Arcane Research, the metric now only has a value of $23 billion, implying that ETH DeFi has experienced a decline of about 76% during the year.
No. 03: Italy imposes 26% tax on cryptocurrency gains in 2023 budget
By incorporating cryptocurrency trade into its tax legislation, Italy wants to impose stricter rules on digital currency use starting in 2023. A new budget passed by the Italian parliament on Thursday, December 29, states that a capital gains tax of 26% will be imposed on cryptocurrency traders starting in 2023.
The administration of Prime Minister Giorgia Meloni has put out a measure that offers taxpayers the choice of disclosing the value of assets as of January 1, 2023, and paying a 14 percent tax in an effort to encourage Italians to disclose their holdings of digital assets in their tax returns.
Digital currencies and tokens are currently taxed in Italy like foreign currency. It is subject to less tax. Parliament may yet make modifications to the proposed measure. Additionally, it expands stamp duty to cover cryptocurrency holdings and adds transparency obligations.
1.3 million Italians, or 2.3 percent of the country’s total population, are said to be crypto owners. According to estimates, 57 percent of cryptocurrency users in July 2022 were men and 43 percent were women. The bulk of cryptocurrency users was aged 28 to 38. Prior to the European Union’s Markets in Crypto Assets (MiCA) law, Italy decided to tax cryptocurrency capital gains. It guarantees licensing frameworks and strict operational standards for the 27-member bloc’s crypto-service providers.
No. 04: Solana(SOL) price surprise with a 7% increase on the last day of 2022
In year-end trading, Solana surges 7% all of a sudden. Crypto SOL $SOL
After Ethereum creator Vitalik Buterin tweeted his support for the blockchain, SOL partially undid some of its weekly losses and partially realized that FTX’s collapse had not negatively impacted the network.
30 December 2022 Burniske claims that some Solana fans are “hardware junkies” while others are voracious network optimization aficionados who are deeply committed to improving the environment of Solana.
Before the modest price recovery, Buterin tweeted, “Some clever people tell me there is an earnest, smart developer community in Solana, and now that the nasty opportunistic money people have been washed out, the chain has a bright future.” Solana’s price dropped 97% from its peak in November 2021. The price of SOL recovered to about $10 on the daily chart.
No. 05: BMW adopts blockchain tech for a loyalty program
BMW just unveiled its newest loyalty program, which uses Binance Chain as a backbone. Customers that utilize BMW products in Thailand will receive benefits through this new scheme.
For BMW, the program represents a considerable advancement. Additionally, it demonstrates the firm’s dedication to using blockchain technology to develop cutting-edge client experiences.
With this decision, BMW joins other significant businesses like Starbucks and Walmart which have already implemented blockchain-based loyalty programs.
BMW chooses Coinweb and BNB chains for its blockchain solutions.
Thanks to its collaboration with BNB Chain and Coinweb, BMW’s loyalty program will be able to use blockchain technologies. For its blockchain solutions, BMW chooses BNB Chain and Coinweb.
The integration process will be divided into two parts, with each phase focusing on a different aspect of blockchain technology.
In the initial phase, BMW will integrate BNB Chain into its regular business operations.
In the second phase, BMW Group will work with Coinweb to totally redesign its customer loyalty program. This will be done by developing original Web3 applications.
No. 06: Indian Central Bank: Developing global crypto regulation is a priority for G20 under India’s presidency
In order to encourage responsible innovation and reduce risks to financial stability in the crypto ecosystem, regulators must establish an effective regulatory framework. of unbacked crypto assets, stablecoins, and defi.” The “turmoil in the crypto assets market” is one of the “main threats that can potentially undermine global financial stability,” the Indian central bank warned.
The Reserve Bank of India (RBI), the country’s central bank, just published its Financial Stability Report (FSR) for the end of December 2022. Decentralized finance, central bank digital currencies (CBDCs), and crypto assets are all covered in the 172-page study (defi).
According to the RBI study, once innovative business models and technical improvements have reached a systemic level, it can be challenging to govern them.
No. 07: Dogecoin foundation announces new development fund
The founding of a new development fund has just been announced by the Dogecoin Foundation and its board of directors.
To encourage the growth of the Dogecoin Core platform, the Foundation has donated 5,000,000 DOGE for this fund. Existing core developers and board director signatories oversee the development money. Throughout each release cycle, all payments will be monitored and reported on across all social media channels used by the Foundation.
A weighted system based on the current Dogecoin Core tip jar scheme will be used to issue payments.
No. 08: Robert Kiyosaki buys more Bitcoin right now
Robert Kiyosaki, the best-selling author of the business motivational book “Rich Dad Poor Dad,” revealed his current perspective in this area on the last day of the year.
First and foremost, Kiyosaki is really enthusiastic about Bitcoin. Bitcoin’s classification as a commodity, like the other investments the author cherishes, including gold, silver, and oil, is the key reason he keeps making bitcoin investments.
No. 09: Decentraland(MANA) sheds 90% in 2022 despite solid NFT volume performance
As indicated by its outstanding performance in this sector, the metaverse-based gaming platform appears to have concentrated most of its emphasis on the non-fungible token (NFT) field this year.
Decentraland said in its year-end performance report that 2.7 million different NFTs were issued on its platform in 2022.
With this amount, the project saw a year-over-year (YoY) rise in the volume of NFT assets created on its network by 440%.
Decentraland was also pleased to report that, following a 13% increase in that particular division over the previous 12 months, it will conclude 2022 with a unique active user count of 1 million.
After selling 143,900 wearable NFTs, the project was also able to increase its sales volume by 510% during the same time frame.
What holders of MANA can anticipate in 2023:
For owners of the Decentraland altcoin, there is some good news in that Coincodex anticipates a potential price rise in the near future.
For more updates and the storability of MANA coin, you can also read this article and get the complete information about Mana coin: https://finyance.com/mana-price-prediction/
NO. 10: Binance to re-enter the South Korean market with the latest acquisition
According to reports, Binance is nearing completion of a 41% acquisition of the South Korean exchange Gopax. In the event that the attempt is successful, Binance would be able to resume operations in the South Korean cryptocurrency market.
The acquisition, which has not yet been disclosed, was initially expected to close by Christmas 2022 but needed more investigation into equity calculations, according to a translated report from Decenter on January 2.
Both Binance and Gopax have remained silent over the acquisition, which still needs the North Korean government’s clearance.
During Web Summit 2022 in Lisbon, Binance CEO Changpeng Zhao (CZ) declared Binance’s intention to reenter the South Korean cryptocurrency market in November 2022. When Binance re-enters the South Korean market, CZ stated that it would adhere to all local regulatory standards.
Conclusion:
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