DAY LONG NEWS ROUNDUP: LATEST NEWS 29/11/21

• Avinandan Banerjee
• November 29, 2021

Keeping a track of the latest news across the crypto niche can help you become a pro-investor. To help you achieve this goal, we provide you with a sneak peek of all the important events within the crypto cluster. So, pick up your glasses and take a look at the data mentioned here:

1M ETH Burned Since London Hard Fork

When it comes to making headlines in the crypto space, no one can steal the spot from Ethereum. Shining as the second biggest cryptocurrency network in terms of market cap, ETH is once again in news for the fast-paced burning taking place within the cluster. The firm has burned an excess of 1 million Ether, costing nearly $4.24 billion, since the implementation of the London hard fork back in August, stated a report by blockchain analytics firm, CryptoRank.

Also known as the Ethereum Improvement Proposal 1559, the event brought about a drastic transformation in Ethereum’s fee module. With the EIP-1559 upgrade, a small portion of ETH is eliminated from the network permanently with each executed transaction. This is called the base fee charge which remains fixed and does not impact the demand of the currency on the portal.  For instance, block 13,689,874 was operated under the changed system at a gas fee charge of 98 Gwei and burned 0.68 ETH.

As per the reports, the biggest catalyst to burn ETH was OpenSea, a renowned NFT marketplace. OpenSea contributed $467 million, Ethereum transfers contributed $414 million, followed by Uniswap v2 that contributed $393 million in the burning process.

Another data report has revealed that 3.3 million ETH is burned every year while 5.4 million ETH is being issued in the same time frame. This results in a supply growth of 1.8% p.a. Now, by setting the parameters to a 30-day span, the burning has increased to 4.7 million p.a. whereas the supply growth has plunged to 0.6%. The figures reflect deflation in the future for the ETH ecosystem.

The new variant emergence spikes Obscure Omicron token by 900%

When it comes to crypto, expecting the unexpected to happen should be your prime investment rule. The uncertainty of the crypto industry was proved recently when a token named Omicron (OMIC) marked an astonishing all-time surge in its value. To everybody’s surprise, the currency gained the overnight limelight because of the synonymity of its name with the new COVID-19 variant. Where the entire crypto industry faced a big challenge after the emergence of the Omicron strain, the Omicron crypto firm reached new heights. Surprising, isn’t it?

According to the report, the price value of the OMIC tokens reached $689 during the morning session of Asian trading on Monday. The surprising turn of events allowed another 200% gains on Monday itself for the Omicron token. There was a stunning 945% rise on the trading charts for the token that was trading at a value of $65 on Saturday. The surge is directly attributed to the similarity between the OMIC token and the new COVID-19 variant found in South Africa on Tuesday by the authorities. The WHO has named the B.1.1.529 variant after the fifteenth letter of the Greek alphabet.

The Omicron network is a reserve token that runs on the Ethereum layer 2 channel, Arbitrum, to fuel its decentralized network. Launched in November as a fork of the OlympusDAO Defi project, Omicron offers bond-based yield farming services to the users. The token is supported by various top-tier cryptocurrencies such as USDC stablecoin. The data released by CoinGecko revealed that the OMIC/USDC pair fetched nearly $454,000 in volume on the SushiSwap crypto exchange.

The news of the new COVID-19 variant witnessed a serious slump across the stock and crypto market. The Black Friday event had a huge trade-off that swept away the November profits for the S&P 500 Index and the Nasdaq Composite. However, things have begun to settle for good as the new week saw a surge in the crypto market level.

The Black Friday sale led El Salvador to purchase 100 BTC

Taking the entire crypto sector by a storm, El Salvadoran President Nayib Bukele has once again shown his love for Bitcoin by purchasing 100 BTC tokens amid the ongoing industry crisis. The emergence of the new Omicron strain of COVID-19 in South Africa has brought a major downfall in the financial space. The latest investment made by the El Salvador chief has brought its total BTC holdings to a whopping figure of 1,220 coins amounting to $66.3 million worth.

Ever since the news about the new variant of COVID-19 was broadcast in the media, the price value of top-tier crypto coins began to fall overnight. The uncertainty created by the outbreak fueled a global market sell-off that witnessed heavily discounted stock sales. When Bitcoin traded at a value of $69,000 on November 10, it faced a 20% fall to reach $54,343 post the Omicron variant spread. Nayib Bukele has been an ardent supporter of Bitcoin. He became the first President to introduce BTC as a legal tender in the country. It is quite evident that Bukele has strategically invested in Bitcoin during a price dip so as to take advantage of the discounted rates.

The El Salvadoran government is taking all the necessary steps to expand BTC coverage and usage in the country. Special offers in the form of incentives and rewards are being given to those switching to Bitcoin for transactions. The authorities are working hard to create a seamless infrastructure for the state-owned Bitcoin wallet called Chivo. Apart from this, the government has announced its plan to launch a fully-dedicated Bitcoin City funded by $1 Billion worth of Bitcoin bonds. The recent efforts laid by the government for Bitcoin have received sharp resistance from the locals. The residents organized various demonstrations to present their protests against the Bitcoin Law.