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Solana Slides 17% to Lead Losses Ahead Crypto Market Plunge

Solana Slides 17% to Lead Losses Amid Crypto Market Plunge

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Major cryptocurrencies fell as much as 17% in 24 hours as the crypto market followed a broader decline in U.S. stock index futures on Monday. Bitcoin, the world’s largest cryptocurrency by market capitalization, fell to under $33,700 at the time of writing after trading above $34,000 in Asian morning hours.

Tokens of Solana (SOL) were down 17%, changing hands at $84.17, data from analytics tool CoinGecko showed. Solana was among the top performers in 2021, rising from $3 at the start of last year to over $259 in November. It’s down 67% from its all-time high, and 42% lower than last Monday.

Similar losses were seen on ether and the tokens of Cardano (ADA), Polkadot (DOT) and Binance Coin (BNB), which fell nearly 10% each in the past 24 hours. DOGE, the tokens of Dogecoin, fell 7% in the same period, among the smallest declines of the top 10 cryptocurrencies by market capitalization.

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Monday’s drop caused a plunge in the broader crypto market and over $240 million in liquidations since Asian morning hours, data from analytics tool Coinglass showed. Liquidations refer to the forced closure of long or short positions by exchanges due to margin shortage. These lead to exaggerated price moves, as has been seen several times over the past 12 months.

Liquidations on bitcoin futures, which reached their lowest price levels since July 24, exceeded $63 million at the time of writing. This was exceeded by ether futures, with over $64 million in liquidation losses. Losses on altcoin futures were smaller, with SOL futures seeing $5 million in liquidations and XRP futures just $2.15 million.

Crypto markets saw $240 million in liquidations since Asian morning hours on Monday. (Coinglass)

Nearly 81% of all traders were long, or betting on higher prices, as some technical indicators suggested bitcoin was oversold and a price rally could be expected.

Meanwhile, some analysts said the market could see a further drop.

“Alarmingly, the sharp reversal on Friday was not followed by any meaningful bounce,” said Alex Kuptsikevich, senior financial analyst at FxPro, in an email to CoinDesk. “Some observers point out that this is a worrying signal, suggesting further market declines, as we have not seen a final capitulation. Without capitulation, the markets will remain with an overhang of sellers.”

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“Events are developing in a bearish scenario, so far broadly repeating what we saw in 2018 in terms of overall sentiment,” Kuptsikevich said.

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Algorand Has Appointed JPMorgan high-flyer Staci Warden As Its New CEO.

Algorand appoints new CEO Staci Warden

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Warden has been a member of the Algorand Foundation Board since September 2021 following a glittering career with JPMorgan, the Nasdaq stock exchange, and the US Treasury Department.

Algorand is actively targeting ecosystem growth in niches such as global crypto payment platforms, DeFi and NFTs. It is hoped Warden’s appointment will catalyse this expansion.

Speaking on the ALGO appointment, Staci Warden highlighted opportunities in the developing world alongside a commitment to the future of DeFi.

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“I am excited to build on everything the Foundation has achieved to date, and will be focused on scaling our commitment to our community and our global partners,” she said.

“1.7 billion people in the world do not have access to finance, and the Algorand protocol has the speed, the security, and the decentralisation to address the problem of global financial inclusion at scale.

“By both ratcheting up our global ambitions as well as doubling down on our commitment to the DeFi ecosystem, I know that we will deliver tremendous value for both the Algorand ecosystem as a whole and the end-users it supports.”


The appointment of a new CEO marks an end to the leadership of outgoing Algorand CEO Sean Lee.

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Lee served as CEO of the blockchain for 18 months and played a pivotal role in cementing Algorand’s market position throughout the sensational explosion in crypto markets in 2021.

During his time at the helm of Algorand, Lee prioritised community governance and sewed the seeds for the future of the ALGO ecosystem through the Accelerated Vesting program and launch of Viridis and Aeneas DeFi funding programs.

Commenting on his departure, Lee revealed he will be moving on to other projects in the crypto industry.

“I’ve decided to leave the Algorand Foundation to pursue new opportunities in the blockchain space,” said Lee.

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“Seeing the transformative potential of the applications being built on Algorand, now is the time for me to explore those avenues.

“I have deep confidence in Staci’s ability to lead the Algorand Foundation and the Algorand ecosystem through its next growth phase.”

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Manchester United selects Tezos as official blockchain partner

Manchester United selects Tezos as official blockchain partner

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Manchester United has today announced a landmark multi-year partnership that will see Tezos featured on the Club’s range of men’s and women’s training kits.

Tezos-branded training kit will be worn by the first team squad prior to this weekend’s match against Southampton, introducing Manchester United fans to the partnership and Web3 technology through the Tezos blockchain.

Victoria Timpson, Manchester United’s CEO of Alliances and Partnerships, said it was an exciting partnership for Manchester United “because it aligns us with one of the most advanced, reliable and sustainable blockchains in an area of technology which promises to truly revolutionise the way that everyone, including the club and our fans, can interact”.

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“We are especially pleased to be partnering with one of the most eco-friendly blockchains, using technology that is energy-efficient, limits carbon emissions and lowers costs, consistent with the Club’s wider efforts to promote environmental sustainability,” she said.

“Partnerships are at the core of our strength as a club, supporting the drive for success on the pitch, and we are delighted to welcome Tezos as the latest industry leader to join our family of partners.”

Edward Adlard, Head of Adoption and Business Development, Tezos Ecosystem added that, throughout its history, Manchester United had constantly evolved, with the support of its global community of fans and partners.

“Tezos will enable Manchester United to use blockchain and Web3 to transform fan, player, team, and partner engagement,” he said.

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“The decision by the world’s greatest football club to select Tezos as its blockchain of choice is further validation that thoughtful design paired with strong security, low gas fees, and community-led innovation are the essential factors driving the next wave of adoption in the new digital revolution.”

In addition to the Tezos branding on the club’s training kit, the partnership will also include several new fan experiences built on the Tezos blockchain and a pledge to support Manchester United Foundation with ongoing donations in TEZ – the native currency of the Tezos blockchain – to train, educate and inspire young people within the local community.

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Shiba Inu Announces Virtual Real Estate on Shiberse Ecosystem

Shiba Inu Announces Virtual Real Estate on Shiberse Ecosystem

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In an attempt to enter the metaverse in 2022, the meme coin Shiba Inu has unfurled its virtual real estate ‘Shiba Lands’. The new realm of real estate will be available for public auction or purchase soon.

In this new venture, SHIB token holders can own a part of the Shiberse metaverse. Meanwhile, the meme coin has yet to confirm the advantages of owning the lands in its metaverse. So far, the project said that people owning land in Shiba Real Estate would gain a lot of benefits.

As tweeted by Watcher Guru, a media covering crypto news, Shiba Inu will declare the purchase period of virtual real estate soon.

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To prevent high gas fees, which happened in the Shiboshi NFT launch 2021, the Shiberse ecosystem will create a queue system for its land release. The queue system can process the sale more smoothly and in a much fair manner for customers.

LEASH coin holders will get priority access to the queue in the first period of land release. Afterward, the queue will be open to the public.

Shiba Inu has stated in its blog ShibaSwap:

This queue allows exclusivity by requiring interested parties to hold “$LEASH“, which gives priority and exclusive access to this first selling phase of the land plots in our Metaverse. In addition to the queue, we also have worked on an anti-dump system in order to protect $LEASH holders. The remaining lands will then unlock, and become available for the public after this exclusive selling process finalizes.

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To highlight, the Shiba Land properties will initially be auctioned. Here, users can bid their land and location soon after the project announces the date of auction.

Earlier, virtual platforms like Decentraland, Gala Games, Sandbox, and Axie Infinity had fixed their position in the metaverse. Now, Shiberse has marked its growth in the metaverse which plows for more competition among other meta platforms.

Despite being the latest entry to the metaverse, Shiba Inu has gained wide attention from investors who believe in its developing potential.

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