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Bitcoin managed to recoup all of its losses after the Black Friday low to currently trade at $ 56,800. The global cryptocurrency market cap stands at $ 2.6 billion, with a 10% drop in total crypto trading volume in the past 24 hours, indicating a slight bearish sentiment among market players. Marlet. But the enthusiasm of companies and countries to get their hands on the cryptocurrency ecosystem continues to grow. In this article, we cover all the stories that led into the cryptocurrency world this week.
No crypto ban in India
Two weeks ago, unverified reports surfaced in Indian media claiming that the Indian government is considering launching its own central bank digital currency (CBDC) and banning all “private” cryptocurrencies. It was later clarified by the Minister of Finance, Ms. Nirmala Sitharaman, that the cryptocurrency bill had undergone changes after having had a conversation with stakeholders in the crypto industry.
In a more recent update, according to firm notes obtained by a major Indian media outlet, the amended bill would contain suggestions to regulate cryptocurrencies as assets and local crypto exchanges to be regulated by the Securities. and Exchange Board of India (SEBI). The memo also mentioned that investors would be given a certain period of time to declare their crypto holdings and had to transfer them to exchanges regulated by SEBI. However, that’s speculation at this point pending an official update on this.
Metaverse attracts businesses
Leading athletic footwear and apparel maker Adidas has announced its entry into the metaverse (virtual reality space) by partnering with Bored Ape Yacht Club (BAYC), gmoney NFT and PUNKS comic. BAYC holds 10,000 non-fungible tokens (NFTs) on the blockchain and has attracted celebrities like Jimmy Fallon, Stephen Curry, etc. Gmoney is an NFT influencer while the PUNKS comic combines NFT and physical comics to create crypto comics. The floor value, the average price at which the NFT can be bought, of BAYC crossed 50 ETH after this news.
Brewer Budweiser has launched an NFT Heritage Collection designed to celebrate the brand’s iconic history and its entry into the metaverse. The collection, which sold out in an hour, includes 1,936 pieces symbolic of the year in which the first Budweiser cans were created. He had also recently purchased beer.eth (similar to a .com name), an Ethereum blockchain-based domain name that will be truly unique.
DeFi attacks poison the ecosystem
The exploits of decentralized finance (DeFi) continue to be a major obstacle to the transition from traditional finance to DeFi in 2021. This week, more than $ 150 million was exploited in security breaches at BadgerDAO and MonoX. Decentralized Exchange (DEX) MonoX suffered a cyber attack to the tune of $ 30 million while BadgerDAO suffered a head-on attack that cost investors $ 120 million.
More ETFs are on the way
Leading investment firm Fidelity Canada has become the first in the country to launch Fidelity Advantage Bitcoin exchange-traded fund (ETF) and Fidelity Advantage Bitcoin ETF (mutual fund). The funds are listed on the Toronto Stock Exchange and seek to track the performance of the Bitcoin spot price. Fidelity currently has $ 162 billion in assets under management (AUM).
Disclaimer:This article was written by Giottus Cryptocurrency Exchange as part of a paid partnership with The News Minute. Investments in cryptoassets or cryptocurrency are subject to market risks such as volatility and have no guaranteed return. Please do your own research before investing and seek independent legal / financial advice if you are unsure about investments.