Crypto News: Polkadot flips Litecoin, EOS takes a hit, and Bitcoin bear market???

If you follow the mainstream media for crypto
advice, which is not an activity that we would typically recommend, Bitcoin is in a bear
market. Never mind that it’s up almost 200% in the last three months, according to them, a quick 25% drawdown
means it’s all over.  In other other news, Polkadot is climbing
the crypto rankings, taking the rest of the alt coins down a peg. Larimer is out of EOS,
Hoskinson is big into Cardano and a Bitcoin milestone turned twelve!  Thanks for joining us everybody for the rundown
on all things that matter in this crazy ecosystem on this week’s Exodus Crypto news. 

You’ve got to see it to believe it. According to a CNN, quote, “Bitcoin plunges more than
20% in three days. It's now in a bear market.”  This headline deserves a gold medal. The amount
of mental gymnastics you’d have to go through in order to believe that Bitcoin is in a bear
market is staggering.  We’re exactly halfway through the month
of January and at the time that this article was written, on January 12th, Bitcoin was
still up 15% for the year.

For those who aren’t steeped in market wisdom, most investors expect
to earn 8% per year on their investments. That’s sort of the baseline assumption for
the kind of returns you can expect in the stock market.   So in fifteen days, even after a 20% drawdown,
Bitcoin still produced double the returns that stock market investors expect to get
in 365 days. Ooof…    From peak to trough, from $41,000 to just
over $31,000, what we saw was only a 27% decline. More importantly, that dip got bought so fast
that only a lucky few were able to catch it. Just 3 measly days after the crash started
and Bitcoin is already back up to $40,000. We’re just one 8% move away from breaking
through $42,000 and setting all time highs, again.  In a way it’s almost frustrating because
there are so few opportunities to buy the dip. That being said, if you’re like us
and you just lived through the 2018 bear market, you’re probably pretty happy to see Bitcoin
keep going up so fast. Onward and upward, orange coin, and let’s never have to think
about $10,000 Bitcoin again.  Even by crypto standards Polkadot has been
on a nice little rip.

In the last 24 hours the coin has gone up nearly 20%. But to really appreciate what’s going on you have to take a step back to the monthly
charts. In the last 90 days the Polkadot token has gone up 282%, a whopping gain that even
makes Bitcoin’s meteoric rise look a little bit sluggish.  The rankings are changing all the time of
course, but as of today Polkadot is now the number 5 crypto by market cap. Catch you later
Litecoin.  Dan Larimer is a crypto OG who has started
multiple technology companies steem and bitshares but most famously, Larimer helped to create
the popular smart contract platform EOS. Larimer has been working on the EOS blockchain since
the spring of 2017 but that’s all set to change as he’s announced his retirement
from the project.  It’s an interesting move considering that
EOS, with its $4 billion ICO, is one of the most well funded crypto projects in the world,
if not the most well funded project.  Now there may be no surprise here if we pull
back and look at his past MO so something more than money must be driving Lairimer as
he explores other options.  One factor could be the fact that despite
its massive budget, EOS has failed to build out a big community similar to Ethereum’s.
Lairimer has stated that he’s leaving EOS to work on, quote, “personal projects.”
It’ll be interesting to see what he comes up with since Lairimer’s projects have a
way of turning out to be pretty big deals before it’s all said and done.  One person who’s not jumping ship is Charles
Hoskinson, the co-founder of Cardano.

In fact Charles must be pretty pleased with what’s
going on right now as staking on the Cardano network has started to really take off.  As of January 15th, just under 70% of all
Cardano ADA has been staked. That’s 21.75 billion ADA tokens, worth about $7 billion
at today’s prices.  This is really good news for Cardano, as it
proves that their decentralized staking model is offering enough incentives to get people
staking. All of this staking does lead to an interesting question about liquidity though.
Will it be bad for network health if 70% of all ADA coins are locked up, leaving just
a 30% liquid supply on the market?  Only time will tell. For now though we’re
happy for the Cardano team as years of hard work are finally paying off.  Get a cake and bust out the candles for Bitcoin’s
birthday.

Twelve years ago this week the first Bitcoin transaction took place, when Satoshi
Nakamoto sent 10 BTC to the programmer Hal Finney.  A historic occasion, the first time in history
that money was sent over the internet using distributed ledger technology. No banks, no
centralized databases, no payments company. Just a couple of laptops and two very intelligent
individuals.  Happy birthday, Bitcoin!  Remember to smash that like button and if
you enjoyed this video subscribe to the channel for more weekly crypto news, entertainment
and education. Thanks for watching and,

Until next time, HODL on! .

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