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Cryptomarket Valuation and Opinion 01-17-22

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cryptocurrency news

You can view my 1 min video summary if you want to skip the reading:

NFT market highlights:

The NFT market is down along with the crypto market. That is not a good sign for the price level in the long term.

Today’s sentimental news and comments:

Bullish News ?

SpiceDAO paid $3M for a copy of Jodorowsky’s Dune.

Binance burns more of its token to support its valuation.

Bearish News ?

Crypto.com suspends withdrawals as users report funds leaving their accounts.

India’s Prime Minister calls for global unified action on cryptocurrencies regulations.

Future Trend ?

Smart Contract 2.0 is coming this week.

OCC called for the collaboration of Federal entities in crypto regulations.

Singapore prohibits crypto firms from advertising publicly.

Scam Alert ⚠️

Scam: Fake TLK token

Reason scam: scam tokens that impersonate the real token

Scam types: impersonate, rug pull potential, fake token


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ConstitutionDAO Launches Another Attempt To Purchase US Constitution

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ConstitutionDAO Launches Another Attempt To Purchase US Constitution


After missing out on the first attempt to buy the original printed copy of the United States Constitution, ConstitutionDAO is set to make another attempt in the coming days.

The piece of legislation will be auctioned on December 13 by Sotheby’s (an NFT marketplace)

Making Another Go For The US Constitution

Last year, the crypto community was left in a state of shock following ConstitutionDAO’s ambitious fundraising of close to $47 million to purchase the first-ever printed version of the Constitution of the United States. It, however, lost the bid to the CEO of Citadel, Ken Griffin.

The DAO platform made a $40 million bid during the auction, which is why Griffin placed $43.2 million, ultimately making him the historical document winner.

After the previous event, coupled with the experience from its first attempt, a core member of ConstitutionDAO has rebranded the platform to ConstitutionDAO2. With the new name, the platform consists of 13 decentralized autonomous organizations (DAOs), which include Juicebox, PeopleDAO, and Aztec Network.

Furthermore, early in November, Sotheby’s announced the new auction date to sell the last printed version of the US Constitution to private entities. The scheduled date is December 13.

According to the DAO2 platform, it would develop a private multisig to hide its fundraising move, unlike before. Donors can choose whether to donate publicly through Juicebox or other private networks.

Should ConstitutionDAO2 win the latest auction, all participating donors will earn voting rights and have a say on how the Constitution is used. Meanwhile, if the DAO loses the auction again, it will return the donors’ funds for reimbursement over a specified period.

Has ConstitutionDAO Served its Purpose?

ConstitutionDAO, also known as PEOPLE, has divided opinions in the crypto industry. Many see it as a failed project.

For some, it is a digital asset that will never die, even if the purpose for which it was established is long gone. However, the PEOPLE is relevant in the crypto space considering its latest move to purchase the printed official document of the United States.

It was founded in November 2021, following the auction house Sotheby’s move to auction off the first printed copy of the US Constitution. Since 1787, there have only been 13 original copies of the historical legislative document.

After losing the last auction, the DAO fizzled out but made a shocking comeback in January 2022. Time will tell whether the PEOPLE will fizzle out after the next auction or if it will remain relevant.


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UK Extends Crypto Tax Break for Investment Managers in Financial Reforms

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UK Extends Crypto Tax Break for Investment Managers in Financial Reforms



In a package of financial services reforms unveiled today, setting out how to replace European Union banking and financial-market laws, the Treasury said it would extend an existing tax break, which allows investors to use a U.K.-based manager without drawing extra tax liability, to the crypto sector. The change will be made via regulations this year.



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Turkey has an obsession with crypto — specifically Dogecoin: Study

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Turkey has an obsession with crypto — specifically Dogecoin: Study



The crypto market slump doesn’t mean interest in crypto is also down. A new study from the cryptocurrency education platform CryptoManiaks revealed that many countries are still scouring the internet, hungry for crypto-related information.

According to the study, the Netherlands and Turkey take the top two spots, with 8.2% and 5.5% of the population, respectively, searching for crypto-related terms. Turkey particularly accounted for 4.7 million searches, leading the searches with sheer numbers.

The study analyzed the combined number of searches for a select set of popular cryptocurrencies into a percentage of the population for each country in order to calculate the percentage of locals searching each month.

While it was in second for overall searches, Turkey came in first place for searches related to the memecoin Dogecoin (DOGE), with 812,000 monthly searches. This is nearly double that of Ethereum (ETH), the country’s third most searched crypto.

A spokesperson from CryptoManiaks commented on the DOGE curiosity, particularly over the last 12 month:

“Dogecoin’s popularity has surpassed that of Ethereum in a significant number of countries, with nearly 2 million more monthly searches worldwide for the coin.”

The cryptocurrency DOGE has remained a popular digital asset and crypto cultural phenomenon after it was adopted as the poster crypto for internet icon Elon Musk.

Some of the cryptocurrencies included in the search terms were Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB), among others. 

Following the Netherlands and Turkey in the ranks were Germany, Canda and the Czech Republic.

Related: DeFi sparks new investments despite turbulent market: Finance Redefined

While the United States and the United Kingdom are major players in the global cryptocurrency industry, neither ranked in the top spots due to the number of searches equivalent to their population sizes. The U.S. ranked 15th with 1.9% of the population searching for these terms, while the U.K. takes the 12th spot with 2.6%.

Recent research from Cointelegraph also revealed that despite market conditions, major institutions still remain interested in the industry and continue to pour millions into crypto-related projects.



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