Home CoinNews The Crypto Market is Out of Control (Bitcoin & Terra Luna Crash UPDATE)

The Crypto Market is Out of Control (Bitcoin & Terra Luna Crash UPDATE)

by Valhalla Team

We are in the middle of a crypto winter. How cold does it get and how long does it? Last? Yes, welcome back everybody to altcoin daily, my name’s austin. In today’s video we have huge news involving ethereum, an update on dokwan and tara luna, as well as chain link news, polygon news and much more so, like always check the timestamps down below in the video description hit the like button and, let’s jump in starting with Breaking news involving bitcoin china, as per the latest data, is the second biggest bitcoin mining nation, despite their government ban, so covert.

Chinese bitcoin miners still account for around 21 of the bitcoin network cash rate, and how do we know this? All of this, according to the latest data from the cambridge digital assets program, cdap just for a bit of history, it was back in september of 2020 that china dominated china-based bitcoin miners accounted for 67 of all network activity and then of course, a year later, in 2021, the chinese government issued a sweeping bitcoin mining ban in june. At that time, all of the chinese hash rate migrated to the u.s migrated to europe. We thought but turns out a sizeable amount, stayed in the country.

The report suggests that a sizeable portion of chinese bitcoin miners found a way to adapt to the ban using foreign proxy services to hide mining activity rather than leaving a country. So the new data shows us that china, instead of 67 percent, now only has 21, but that still puts them in second place behind the us, which now accounts for 38 and cambridge actually put out a little heat map. Visualizing bitcoin mining across the world, the darker an area is the more mining percentage. They have us, as you can see, super dark. They’Re number one followed by china number two: do you think it was possibly the government who banned everybody else, but they’re still mining bitcoin for themselves could be.

I would not put that past the chinese government next up. Let’S talk about altcoins, like i said, check the timestamps, but first, let’s go back to the bloomberg clip. We started the video with and understand that, even though the crypto market is in full blown bear market crypto winter alt coins are not dead. In fact, the hype is being flushed out and the stronger fundamental projects are rising to the top watch this okay, so i don’t think, there’s any debate. We are in the middle of a crypto winter.

How cold does it get and how long does it last? Well, look the winter is here that the tide is completely out, and i think you know this happens every couple years in in crypto, certainly and in tech more generally, but this is a big sea change. We’Re going to see now that you know these old systems that people were playing with these kind of ponzi economics a lot of d5 that never really generated any value. That was very self-referential. It’S going away and i think we’re going to return to you know this is when the scammers leave the people who are playing games, and you know that all goes away.

Everyone’S been cashed out zeroed out. If you will and we’re going to go back to fundamental networks, networks that actually drive value for their users, all right food for thought, but next up, let’s talk about polygon ernst and young unveil supply chain manager on the polygon network. So this marks the first joint project between the accounting firm and the ethereum scaling platform. So, if you like polygon, you like this here are the details for this collab big4, accounting and consulting firm ernst young has unveiled its blockchain-based supply chain manager. That is built for the polygon network and that is aimed at solving bottlenecks in tracing products as they come to market.

This product is called ey’s, ops, chain supply, chain manager, and the project is aimed at tackling choke points along supply chains, combining product traceability with inventory management. So adding some public verifiability to the supply chain, with polygon and with this organizations, would create their own tokens to represent assets and inventory, which the ops chain manager would then track across the supply chain. Network whoa, wait, wait, wait, wait a minute austin! If this is on the supply chain, some of their clients wouldn’t want their information public, well polygon, nightfall, the network combining the fruits of the two entities. Labor offers zero knowledge, proof based privacy technology, guaranteeing that only selected parties can then see the full history of the assets tracked.

So, thanks to zero knowledge proofs, the enterprises can keep the verifiability yet their privacy. So this is a big win for the polygon network. Big win for crypto adoption next up. Equally big news for ethereum major internet company, cloudflare expected to run ethereum nodes as merge event approaches. So internet company cloudflare has announced in a new blog post that it does plan to run and fully stake.

Ethereum validator nodes over the next few months, just to get ultra specific here is the direct quote. Over the next few months. Cloudflare will launch and fully stake. Ethereum validator nodes on the cloudflare global network, as the community approaches its transition from proof of work to proof of stake with the merge wow. So this is a huge sign of support and why this is so big is because cloudflare is a fundamental infra for the web, so it makes sense that they’re going to hold ethereum on their balance sheet, stake it and do their part to help ensure web 3 Functions optimally, meaning big green flag for the eth network.

So next up, let’s talk about tara. Luna do kwan is being summoned to testify in parliament, but first i do want to give a big shout out to sponsor of the channel the ftx app. Now, you probably know the ftx app as one of the most respected, fully regulated exchanges in the us, with fees up to 85 percent cheaper than competitors and is trusted by millions of users. Now there is a special promotion running right now, get up to 100 in crypto for free with altcoin daily by using code altcoin daily, when you sign up and slash or this qr code right now. So how do you do it?

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There’S a link down below that’s ftx.us partners, slash altcoin daily, take advantage link down below all right. Next up breaking news: south korean parliament has summoned dokuan to testify before a hearing on the luna and ust collapse. So here was that exact tweet. How we learned about the summons from south korea and keep in mind south korea in general is pretty bullish on cryptocurrency.

They do have a lot of their own exchanges, so korea’s conservative party has requested to have a hearing about the terror incident. The politician noted korean exchanges each reacted differently to the crash, so he wants to invite both dokwan and the exchanges just to learn more about the details of the incident. Interesting will dokwan show up, i’m not sure i mean, if he’s not in south korea. He probably probably won’t honestly, but to me this is just sort of a bigger issue, because this sort of represents what we’ll probably see from many other legislative branches in other countries. People cracking down on this industry because of terra luna, so they are trying to implement some legislation and they have summoned dokuan.

We will see next piece of bullish. News for chain link chain link has just hired the google vet, who developed the tensorflow ai system and this chain link hiring of a key ai exec could boost the reliability of chain links, oracles upon which much of the crypto world relies wow. So there was a lot of kind of big words there. First off, let’s just unpack what this means and what the tensorflow ai system is. Tensorflow is an open source software library for building artificial intelligence and machine learning programs.

That’S the best known for fostering advances in so-called deep neural networks, which is a recent field of computing, focusing on training machines to recognize patterns in massive fields of data. Yes, so the guy who developed this came from google now was sniped by chain link and what this means could mean for the chain-link network is. The upshot is that chain-link stands to reap the experience of one of the world leaders in ai and that their oracle services chain links could in turn become much faster and much more sophisticated, so do not count chain link out, they are still very much implementing and Next, quick piece of news for super farm play to earn game imposters, impostors collection, stat, update, bowler bear. We will continue building together, so the current stats over 5000 pets claimed these are nfts involved with the game. Over 7400 ufos claimed over 26 million blood burned and 91.

percent of imposters are being staked. So unless you buy pets or ufos on the open market, you can only claim them if you already hold the imposters yourself and stake them using blood – and i like this just because it shows the community is still strong and progress is still happening, which i like That is the video. My name is austin. Like always see you tomorrow,

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