- Crypto analyst Lark Davis mentioned some of the latest news happening in the crypto space.
- The analyst spoke on the 500 ETH burned, the hotly-anticipated Polkadot’s parachain auctions, and the high number of signups as Coinbase announces NFTs marketplace.
In the latest video, crypto investor and analyst Lark Davis summarized the biggest and latest crypto-related news. Davis discussed the latest news on Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and crypto exchange Binance. Additionally, the YouTuber also talked about non-fungible tokens (NFTs).
In a video uploaded on his YouTube channel on the 16th of October, Davis mentioned the coming Polkadot’s parachain auctions. The Polkadot Council announced that the first of the auctions are scheduled to begin on the 11th of November. According to the proposal submitted to the governance forum, the second of the actions will start on the 23rd of December. With the debut of the parachain auctions, Davis said Polkadot is entering into a new era.
Following the announcement of the parachain auctions, the crypto analyst said he expects the value of Polkadot to react by pulling in some gains. Davis is watching out for a rise in the price of DOT as the date of the auctions approaches. In addition, the analyst revealed that he would also be participating in the auctions. Speaking further, the investor said that he may consider selling some of his DOT if the crypto surges to about $100. The Youtuber said he would be happy to cash out at $100 considering that he got the crypto assets when it was trading at $3. Currently, DOT is down 0.46 percent to $42.02.
Lark Davis on Binance news
Another crypto news Davis mentioned in his YouTube video is Binance’s launch of a $1 billion growth fund for Binance Smart Chain (BSC). When the crypto exchange announced the growth fund, it said it would be divided into four categories. They are Talent development, liquidity incentive program, builder program, and investment and incubation program. Davis emphasized Binance Smart Chain is the second most sort blockchain after Ethereum. According to him, “good things coming for Binance and obviously good things for the BNB price.”
The analyst went on to discuss Ethereum where he noted that more than 500 ETH is already burned due to EIP1559. He added:
This is an incredible mechanism. This is basically a non-stop automated perpetual stock buyback mechanism that constantly makes Ethereum just a little bit more scarce and thanks of course to NFTs and all the craziness going on in Ethereum recently.
The analyst ended by discussing the more than 1.4 million Coinbase users who have signed up for the new NFT marketplace. In the announcement of the upcoming marketplace, the exchange said it would allow users to mint, collect, and trade NFTs. Since January, the NFTs market has been seeing massive trading volume. In the third quarter alone, the market recorded $10 billion in trading volume.