Category: Cryptocurrency

DraftKings will stake the digital assets from its reserves to support Polygon after signing a partnership deal with the blockchain last October. A partnership with Zero Hash will carry out this new decision from the sportsbook operator. This move substantiates the platform’s intention to move deeper into the crypto space. However, that is not all to this new game started by DraftKings, as this endorsement could open up the Polygon to the millions of users of this sporting betting site.

Polygon is a blockchain project built on the Ethereum blockchain as Matic solutions 2017. The project intended to bring support to the Ethereum blockchain in terms of scalability and performance. After being in operation for more than three years, the project was renamed Polygon and is currently one of the fastest-growing projects on Ethereum. Polygon is also home to nearly 7000 dApp developers, and the number is still growing. Polygon’s native coin MATIC reached its all-time high of $2.92 soon after the rebranding. However, it is currently trading nearly half the value of its all-time high at $1.43. 

Now, these new developments could help push the price of MATIC to the front. These initiatives from DraftKings are considered as steps towards sustaining a long-term partnership with Polygon. The blockchain will power the DraftKings marketplace, the dedicated NFT infrastructure from the sportsbook operator. This synergy is expected to maximize the capital and liquidity of the betting platform and strengthen governance and security on Polygon. Although MATIC lost nearly 8% in the last week, the last 24 hours have been good to the coin with a 2.76% edge. DraftKings’ decision to support Polygon through its digital assets could help continue MATIC’s positive price action in the weeks to come. Check out the linked article to find more details about MATIC’s price movements in the future.

Despite the lucrative business deals and ideas, DraftKings’ shares keep sliding down in the stock market. The high-end competition from firms like MGM has subdued the value of DraftKings by 10%. Moreover, the revenue of the sportsbook operator is expected to fall significantly in 2022 as many states still are debating over permitting sports betting.

On the other end, Polygon expects to grow as a form of payment in mainstream businesses and industries in the current year. Such expansion of the project will also help DraftKings, which has opted for MATIC over coins like Bitcoin or Ethereum. Since the tie-up between the two firms has been tightened, we can hopefully expect them to work towards wider adoption of this digital coin. Polygon has already integrated dApps like Aave, Curve, Balancer, Sushiswap, and more.

Ruble went into a freefall after the western countries imposed several sanctions, including freezing Russia’s assets. The condition is only expected to get worse as the Russia-Ukraine war continues.

As of now, the geopolitical tensions between the two countries have caused Russia’s fiat currency to ruble its place in the global currency market. Bitcoin has reportedly surpassed the ruble in terms of market capitalization.

Bitcoin Overtakes Russian Ruble

The past 24 hours, or even seven days for that matter, have been crucial for the global currency market. Russia’s ruble remained at the center only to lose its place to Bitcoin.

Bitcoin was down to around $37,500 last week. It bounced back to exchange hands at the value of $44,175.04 at the time of press. The recent value is an increase of approximately 2.18% in 24 hours. The trading value of Bitcoin is estimated to touch $72,000 by the end of 2022. Click here to know more about the future price predictions of Bitcoin.

The bouncing back of Bitcoin served well for traders as it touched an overall market capital value of $838,750,177,503.

It has now come to the 14th spot of global currency while Russia’s ruble is down to the 17th position. Russia’s ruble lost its global ranking after registering a drop of 30% in the value, which now comes to less than 1 US cent.

When converted, 1 Russian ruble comes to $0.010 or ₹0.76. The loss in Russia’s ruble follows the sanctions imposed by the United Kingdom, the United States of America, the European Union, and France, to name a few western countries.

The western countries have also blocked Russian banks from the SWIFT payment system through one of their restrictions.

While the fall of Russia’s ruble has obvious reasons, the rise of Bitcoin has some interesting factors that are said to have attributed to its bounce in the market. One such factor is Russians purchasing Bitcoin to move their money out of the country.

Sathvik Vishwanath, a Co-Founder of Unocoin, told the press that Bitcoin was initially created to act as a store of value while facilitating fast and free transactions. The current usage of Bitcoin By Russians has made both these utilities more visible.

He added that the Ukrainian Government adding Bitcoin in donations was also a good way of using Cryptocurrency during such a crisis. Accepting donations in Cryptocurrency has enabled people to contribute to the well-being of Ukrainians anonymously.

Mark Mobius, a veteran investor & the Founding Partner of Mobius Capital, also issued a statement to the press saying that he would be a buyer only if he was Russian. He added that Bitcoin has now shown strength as Russians are using Bitcoin to get their wealth out.

Meanwhile, the trading volume of Bitcoin using rubles has increased tremendously. It has surged to a level that was last seen in May.