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Daily Crypto News Feb 1, 2022: Top 3 crypto updates for today

Crypto News

The crypto market seems to recover, however despite the dip the demand for the world’s second-largest cryptocurrency by market cap, ethereum is high. In today’s Crypto news, Ethereum’s hash rate has surpassed 1 petahash. This suggests the demand of the network. This is a great sign for the network as it continues to rise and overcome the dip. 

Everyone loves NFT and so does Justin Beiber. He is the new member of the long list of celebrities going crazy for NFTs. In yesterday’s night sale, a Bored Ape Yacht club NFT sold for 1080.69 Ethereum which was valued at $2.8 million then. This was one of the rarest NFTs having golden fur. This was definitely the highest sold NFT in terms of Ethereum. Love NFTs? Read more on this crypto news below. 

Phantom, a cross-platform Solana Wallet built for DeFi and NFT  has achieved Unicorn status in the series B funding by raising $109 million. This funding shall help the company to expand its capabilities beyond Solana and also hire potential talents.  

Daily Crypto News  Feb 1, 2022

Ethereum’s Hashrate crosses One Petahash 

The hash rate of Ethereum has risen to new heights and has crossed one petahash per second for the first time in all these years. This rise in hash rates suggests the network demand of Ethereum. Amidst all the innovations and booming DeFi and NFT market space, Ethereum’s demand has indeed surged a lot. 

However, the current state of Ethereum is where Bitcoin was in early 2017. That’s when BTC crossed 1 petahash for the first time. The current price level of ethereum is also around that of Bitcoin in 2017 which also indicates that there might be some sort of law of adoption or awareness as both bitcoin and ethereum follow an identical path. 

This summer Ethereum is all set to migrate from Proof-of-work to proof-of-stake. Does this mean we are soon to see new heights for Ethereum? Check out the latest prices of Ethereum on the CoinDCX app

Source: Trustnodes 

Bored Ape Yacht Club Hype continues with $2.8M Sale  

The hype around NFT especially the Bored Ape Yacht club continues to rise. A bored ape yacht club NFT sold for  1080.69 Ethereum on LooksRare. It won’t astonish the NFT fanatics that the cheapest Bored Apes are now on a sale for 116.9 ETH which is around $295000. After Steve Aoki, Eminem, and other celebrities Justin Beiber has also bought a red hot NFT from the club. 

The high sale price is being attributed to the scarcity of the token. This NFT has golden fur and this makes it one of the rarest NFTs and thus high price was paid for the same. Although the sale that took place last night is the highest Bored Ape transfer to date in terms of Ethereum it is definitely not the highest price that has been paid for an NFT. It was in September Sandbox bought Bored Ape #3749 for 740 Ethereum which was valued at $2.9 million then. 

Do you also want to make an NFT of your own and sell it? Read how to create and sell NFT. 

Source: Cryptobriefing 

Solana Ecosystem wallet, Phantom raises $109million 

Phantom, the cross-platform Solana wallet created for NFTs and DeFi has achieved unicorn status after attaining a valuation of $1.2 billion. Phantom, a software wallet and browser extension has raised $109 million in Series B funding to run its expansion capabilities beyond Solana. 

This funding round was led by Paradigm, an investment firm focusing on Web3 and cryptocurrency companies. Other venture firms that have supported Phantom in the earlier funding deals include Jump Capital, Andreessen Horowitz, and Variant Fund. This funding will be utilized to enhance the technical capabilities of Phantom such as better app discovery, and shall also help the company to expand its team by hiring talents. 

It was on Monday that Phantom made the big announcement of the availability of its mobile app for iOS devices. The platform currently has more than 2 million monthly active users and it has nearly doubled its user count in less than 3 months. 

Source: Cointelegraph 

Crypto Market Trend February 1, 2022

Here is a quick summary of the top crypto gainers and losers for the day. 

Top 3 Crypto Gainers 

Cryptocurrency  Price (latest by February 1, 2022)  Change in % 
Civic (CVC)  ₹23.41 18.6%
Terra (LUNA)  ₹4154.44 17.02%
Solana (SOL)  ₹8325.50 15.21%

*All prices are latest by 11:50 AM 1st February 2022.*

Top 3 Crypto Losers 

Cryptocurrency  Price (Latest by February 1,  2022)  Change in % 
USD Coin (USDC)  ₹79.29 1.36%
Binance USD (BUSD)  ₹79.31 1.34%
Flow (FLOW)  ₹540.68 1.57%

*All prices are latest by 11:50 AM 1st February 2022.*

Read: 8 Cryptos with Low transaction Fees 2022

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