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This Week in Crypto – 8/22/22

Posted on August 22nd, 2022 by RockItCoin

In RockItCoin’s effort to empower individuals in the cryptocurrency space, we have extracted top industry stories for your Weekly Digest. Cryptocurrency continues to dominate the news and here are some key happenings you should know.

Bitcoin Reaches 1 Billion Unique Wallet Addresses
The Bitcoin network now has over 1 billion unique wallet addresses, even with the cryptocurrency’s price wildly fluctuating throughout the summer. This shows its popularity and dominance over other cryptos like Ethereum and Litecoin, which only have about 158 million and 148 million wallet addresses respectively. But with the upcoming Merge in the Ethereum network, is Bitcoin’s #1 spot in danger?

Total Number of BTC, ETH, and LTC Wallet Addresses Over Time (Source: Glassnode)

Bitcoin Miners Have Sold Almost 30% of Holdings Through Summer
Summer 2022 has been interesting for Bitcoin Miners. With Bitcoin’s price dropping and fluctuating throughout the last 3 months, miners have had to sell a large portion of their holdings to keep operations going and some had to close altogether. As Bitcoin’s price climbs higher, miners are incentivized to hold onto their coins and sell them at a later time. No one knows how long the crypto winter will last, but miners will always be around to keep the Bitcoin network going.

MTV Adds New Metaverse Performance Award Category
MTV’s Video Music Awards has a new category: Best Metaverse Performance! This year’s nominated artists include Ariana Grande, Justin Bieber, and Twenty One Pilots. The VMAs also announced their own Metaverse event, “The VMA Experience” which will take place in Roblox until September 3rd.