January 7, 2022

Welcome back to the Netcoins weekly crypto news update!

This week has seen good and bad news for cryptocurrencies, some NFT updates, and more. 

To start, we cover Korean bands BTS’ decision to move forward with the creation of NFTs, despite fan backlash. 

From there, we highlight Bitcoin’s current all-time high hashrate, El Salvador’s moves to get started with the issuance of Bitcoin bonds, GameStop’s shares skyrocketing following NFT announcement, and the over $1 trillion crash seen by most major cryptocurrencies. 

All of that and more on this edition of the weekly crypto news update! 

K-Pop Band BTS to Create NFTs Despite Fan Protest

Hybe, the manager of Korean super-group BTS, plans to create NFTs based on the band, despite the environmental concerns of fans.

Complaints came after the management company announced plans to launch a range of NFTs based on its roster of artists earlier this year. BTS fans took to Twitter to protest the decision, denouncing NFTs due to their environmental impact.

However, even after fan backlash, Hybe still plans to go ahead with its plans to launch the NFTs. 

BTS and Hybe plan to launch NFT photo cards in less than six months.

Bitcoin Hashrate Reaches an All-Time High

Bitcoin’s computing power backing the network has reached its highest level ever.

As of January 2nd, 2022, Bitcoin’s hashrate soared to a new record of 203.5 exahashes per second, according to data from Bitinfocharts. 

Over the past year, Bitcoin’s hashrate has increased by 49% from the 136.5 EH/s seen on January 2, 2021. 

The increase is a staggering 199.2% more than the values seen in July last year when the hashrate plummeted as low as 68 EH/s after China banned crypto mining.

El Salvador Moves Forward with Issuing Bitcoin Bonds

El Salvador plans to send around 20 bills to Congress to get started with the issuance of Bitcoin bonds. El Salvador’s finance minister announced that the government would send the bills to Congress to begin the process, which President Nayib Bukele also confirmed via Twitter. 

They plan to have $1 billion in bonds issued this year and convert half to Bitcoin, while the other half will be used for infrastructure and Bitcoin mining. The bonds will go towards the government’s plan to build a Bitcoin city, a tax-free enclave for Bitcoin advocates in the east of the country powered by geothermal energy from local volcanoes. 

NFT And Crypto Market Plans SkyRocket GameStop’s Shares

The shares of massive video game retailer GameStop have skyrocketed after the announcement to build out a division to buy, sell, and trade NFTs. 

In after-hours trading Thursday, GameStop stock surged more than 30% after the SOPA Grapevine, Texas-based company hired more than 20 people to help build an online marketplace to trade NFTs.

The companies shares rose to around $220 Canadian a share in after-market trading within minutes of the report. 

In the past year, GameStop shares have skyrocketed around 860%, equating to the firm being valued at more than $17 billion Canadian despite falling roughly 65% from an all-time high in January.

A Near $1 Trillion Price Crash in Under 2 Months for Many Major Cryptocurrencies 

The cryptocurrency market has lost over $1 trillion Canadian due to a crypto price crash as of November.

Bitcoin’s price has seen a significant decrease from a peak of almost $90,000 Canadian to just over $50,000 Canadian in less than two months – a decline of around 40%. Other major cryptocurrencies like Ethereum, XRP, and Solana have also seen similar losses. 

According to CoinMarketCap, the crypto market has reduced from nearly $4 trillion Canadian to around $2.5 trillion.

That wraps up the news for the week. 

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