Cryptheory: Crypto and Internet

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05.01.[News of the day] • Solana offline again, possibly due to DDoS attack • and other articles

5 min read

Welcome to today’s overview:


It can be said that BTC has recently shown no increased volatility, for which it is so often criticized. The last major swing came on December 31, when it suddenly pumped from $ 47,000 to $ 48,500, but returned even more sharply to $ 45,800 in a matter of hours.

The new year started the asset more positively and jumped back to $ 47,000, where it spent the next few days. It fell below $ 46,000 yesterday before the bulls recovered, pushing him to $ 47,500.

Nevertheless, the cryptocurrency failed at this level and after a few hours it reached $ 45,800. It is currently trading for about $ 46,600.

Most larger-capped altcoins have been just as quiet lately. The last 24 hours are no different. ETH has been struggling for $ 3,800 for several days and is now trading just above it after a small daily increase of 1.5%.

BTC analysis – what if the price flies down the sideway structure?

Cardano analysis – the price is in the accumulation zone, but we will wait for growth


Solana was offline again, possibly due to a DDoS attack

Solana, “Ethereum killer” has dropped out again for the fourth time in 12 months. According to the Solana community telegram, the main reason for the mains failure may be a DDoS attack. Users suspect that the network has overloaded by spam.

The attack was probably caused by the constant creation of empty transactions in the network, which acts as congestion material and shuts down the network.

The network resumed its operation on January 4 at 7:00 UTC + 8. It is not yet clear whether the developers have taken any measures to resurrect the network’s ability to process transactions.

Banking giant Goldman Sachs sees BTC reach $ 100,000

The US banking giant estimates that the largest cryptocurrency currently accounts for a fifth of the global market for value custodians. Therefore, the price of BTC could reach a six-digit figure if it continues to cut its market share.

In late December, Tom Lee from Fundstrat predicted that the value of the largest cryptocurrency could climb to $ 200,000. BTC evangelist Max Keizer sees the price reach $ 220,000 this year thanks to a fast-growing hashrate network.

However, legendary investor Ray Dalio sees only limited growth for BTC. In a recent interview with Lex Fridman, he predicted that the price of the largest cryptocurrency is unlikely to exceed 20% of the market capitalization of gold, which does not include jewelry and central bank shares.

Banks, crypto exchanges, companies

Samsung will join Cardano through a new partnership

According to Sidney Vollmer’s tweet from the Cardano Foundation, technology giant Samsung will now have access to the Cardano platform through its recent partnership with Veritree’s blockchain plantation management system.

The US subsidiary of the South Korean giant aims to combat climate change by planting two million mangrove trees in Madagascar, an island nation in East Africa.

It is estimated that mangrove forests store more than ten times more carbon dioxide than other tropical forests. The partnership was announced during CES’s annual consumer electronics show in Las Vegas.

Airbnb may soon add support for cryptocurrency payments

The Airbnb Internet marketplace could be on track to add cryptocurrency payments. CEO Brian Chesky recently revealed on Twitter that booking accommodation using cryptocurrencies is the number one requirement for this year.

On January 3, Chesky asked his followers on Twitter for proposals regarding Airbnb. After going through thousands of tweets, he came to the conclusion that cryptocurrencies clearly lead. This is followed by a clear display of prices, a loyalty program for guests, updates on cleaning fees and improved customer service.

Chesky says he has seen a number of token ideas, which probably means that the future line of Airbnb cryptocurrency payments will not be limited to one or two tokens. He also added that Airbnb has processed $ 336 billion in payments since 2013.

CBDC, Regulation

The SEC postpones the decision on the NYDIG BTC ETF for two months

The United States Securities and Exchange Commission (SEC) has postponed its decision on the Stone Ridge Holdings Group’s NYDIG BTC ETF, according to a notice released on January 4, 2022. It is another BTC ETF that has been deferred by the regulator. The decision will now be postponed for a maximum of two months.

The original deadline for the decision was January 15, 2022, which was fast approaching. The Securities and Exchange Commission has decided to extend the deadline for approving or disapproving the change in the rules, as has been the case in the past.

One of those that was postponed several times was the VanEck BTC ETF, which received a lot of attention. Although eventually rejected, delays were made so that the SEC could obtain public comment on the investment facility.

India follows crypto taxes, starting with WazirX owned by Binance

The Indian tax authorities are following the country’s largest cryptocurrency trading platform, WazirX, accusing it of tax evasion of 40.5 crore rupees ($ 5.4 million).

The Mumbai branch of the Commodity Tax and Services Authority (GST) is investigating the platform’s business transactions and said on December 31 that it had recovered 49.20 rupees from taxes and fines from WazirX. This is the first investigation into cryptocurrency-related tax evasion in India.

The company, which was bought by the world’s leading exchange Binance in 2019, meanwhile claims that all the alleged leaks were unintentional. However, the investigation signals a new era for the Indian tax authorities, for which the crypto is a potential source of revenue and alleged fraud.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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