Crypto: Good & Bad News

Crypto: Good & Bad News

Hello there and welcome to HotNaija, your one-stop destination for the latest entertainment news, celebrity gossips and stories, lifestyle content, and cryptocurrency news. Today we've got some good news and some bad news;

• Bad News – The overall crypto market is continuing to fall. We've seen that Bitcoin's price broke below $60,000 per coin and almost every single Altcoin is in the red.
• Good News – There are now a lot of buying opportunities in the crypto market right now, for coins that could easily 10x and also, lawmakers in the United States have just introduced a bill to address the entire crypto tax provision that everyone was worried about just a couple of days ago with the infrastructure bill.

So, today we're going to be going over both of these issues. Let's get started.

Right now, the overall crypto market has taken a pretty big hit. We were once at a $3 trillion market capitalization, and all of a sudden, we've come down substantially. Since then, Bitcoin's price is back below $60k per coin.

Ethereum on the other hand is hovering around $4k per coin and most coins in the market are in the red. Although coins like Algorand (up 14%) and a few other coins are in the green, most parts of the markers witness a storm of red take place all across.

A lot of this was triggered (the market's redness) because of two main things. The first is – the President of the United States (Joe Biden), recently passed a bill that caused a crypto tax provision to be in effect and a lot of people are scared of the long-term implications of that.

The second thing that happened is that – China came out and said that they were reiterating their ban on state-owned companies involved in crypto mining and cryptocurrency activities in general.

Either way, both of these things shouldn't have really had big impacts on the market, because we already knew that both of these things are happening. Everything going on with China was already known by the entire public population – there's always fear, uncertainty, and doubt coming out of China (with regards to crypto) and we also already knew that this infrastructure bill was going to pass and the implications were known by much earlier on.

So in reality, both of these things shouldn't have caused a big dip in the market, but they have. And now, we're starting to see that there's a lot of fear in the market and it has caused a little bit of a downward spiral, causing many coins to drop.

But the good news is that – in terms of technicals and what's going on in the market right now, there's still a lot of positive news and technically the market still looks great to buy/trade-in. When you take a good study at 2017 vs 2021 market (in terms of tactics), you'll figure out how we were able to push back higher above the then prices of cryptocurrencies and move into new all-time record highs. Meaning, if can push higher into the market, there's a high chance we can be on the right track as 2017. We suggest you check out the charts on your preferred cryptocurrency price and charts tracker

Websites like “CoinMarketCap”, “CoinGecko” and “CoinTelegraph”, can easily help you track live prices, crypto charts, market cap, trading volume and generally give you a fundamental analysis of the crypto market. They also provide accurate information on rapidly growing crypto assets, trustworthy solutions to help you invest confidently, and unbiased high-quality news of the cryptocurrency market.

The second thing we need to do is to look at what is going on with the US government because the whole reason why we started to see the market fall was because of this crypto tax provision in the infrastructure bill that was recently signed into law.

But fortunately, the lawmakers introduced within the last three days, a Bipartisan bill to address the ‘crypto tax reporting requirement’. And guess what? It's something great! Why? It's because, in the original infrastructure bill (the one that has already been passed), there is a lot of controversy around how they define brokers and the problem with it is that, it includes crypto miners, crypto software developers and several other companies that don't necessarily have the right tools in place or are even capable of reporting this information to the government.

All that alone has created a lot of issues. But with this new bill that was just introduced, it's going to solve this issue and ensure that software developers and some crypto miners are not going to fall under the term “Crypto brokers” in the bill.

So basically, this would keep more innovation in America help all of these aspects in terms of crypto companies in America and also, help subside some of the fear going on in the market.

The last thing I want to go over is – the three Altcoins that have been doing really well and I think are 100% going to explode as soon as we see the market bounce back.


This one is very obvious. It's already starting to move and it's one of the only coins that has been doing really well over the last 48 hours, and that's because the “LA Staples Center” (A massive multipurpose arena for events such as sports and entertainment. It is home to the Los Angeles Kings, Los Angeles Lakers, Los Angeles Clippers and Los Angeles Sparks) just officially signed a new partnership and now they're going to be renamed as the “ Arena”. This is a $700 million deal for 20-year naming rights.

The important thing here is that, is going to be the first thing that anyone going to a ‘Lakers’ or ‘LA Clippers’ game or just driving around that stadium, is going to see the massive name display of “” and that's going to be huge for marketing and advertising, which would subsequently create more awareness to people on crypto and where to trade crypto.

So when someone sees that sign/arena, they're going to think of and this is going to help more people to sign up and make use of their exchange in the future.

(2). Avalanche:

Avalanche just recently surged dramatically, while the rest of the market was falling. It broke through $100 per coin for the first time ever, after a “Deloitte” deal. The big news here is that – Avalanche which is a competitor to Ethereum, Cardano, and Solana, just recently pushed through an all-time record high as they sign a pretty big deal with one of the big four accounting firms in the world – “Deloitte”.

They announced that they're partnering with Deloitte to build more efficient disaster-relief platforms, using the Avalanche blockchain. This is a big deal because, why are big companies like Deloitte picking Avalanche over Ethereum, Solana, Cardano, or even Polkadot. Why do they pick Avalanche? Well, the reason for this is because, first of all, Avalanche is one of the very efficient platforms there is. It brands itself as one of the fastest layer one solutions in the blockchain industry.

The second thing with Avalanche is that – they also recently established a multi-hundred million dollar fund (around $200 million) to help with DeFi projects on their platform, help push their growth to the next level and help continue to promote the Avalanche ecosystem.

Now, this is key. Not only are they investing in growing their ecosystem with this $200 million fund, but also they're signing big partnerships with some of the largest companies in the world (like Deloitte).

(3). Kadena:

The last coin on this list is Kadena. Kaden's price has been doing very well as of recently, breaking through new all-time record highs and as soon as we start to see the market turn around, I think we're going to continue to see Kadena push higher.

So, in terms of what Kadena does – it's a very fast layer one solution. Recently, it's been gaining a lot of mainstream and attraction and as regards their Twitter followers, they've grown well over 50% just in the last couple of days.

The one thing that sets Kadena apart is that, they say – they could process 480,000 transactions per second. The other thing is that their team is unlike any other team we see in the crypto space. Taking a look at their list of teams on their website, you'll find out that they have people who founded Kadena that were high-level executives at JP Morgan & Chase, Apple, Microsoft, Cardano, and many other major companies around the world.

Conclusively, they have a team unlike anyone else and they are a very fast layer one solution. I believe they're going to grow very rapidly because right now – they're one of the only layer one solutions outside the top 20. Yes. One of the big established ones outside the top 20 on the crypto market.

Right now, Kadena is at number 52 with a $3.2 billion market capitalization and I would be absolutely shocked if we don't see this reach a $20 billion market cap when the market bounces back and when we see everything turn around.

Personally, I think all these coins are must-own right now. They've been doing really well and I don't see them slowing down soon.

Disclaimer: None of these is meant to be construed as investment or financial advice. They're just opinions and we urge everyone to do more deep personal research before investing their money anywhere.

Make sure you check out our other blog posts for more information about the crypto market and trending entertainment headlines. Thanks for reading!

Alade Habeeb

I am a writer with a sense of creativity to write on multiple topics. I create engaging, thrilling and entertaining contents and I always take the time to edit my work well before publishing. I follow all the latest trends and read about recent happenings in the entertainment industry to always update my readers.

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