Most cryptocurrencies are down 7-10% today as global financial markets experience a red day
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Bitcoin has, for the first time in 2022, dipped below the psychological support level of $40,000 today reflecting the larger bearish sentiment among the market participants. Overall crypto market slid by more than 8% today as global financial markets reacted in the red to lingering concerns of interest rate hikes by the US Federal Reserve. Crypto market is expected to go lower in the next 2 weeks before a strong relief rally can bring positive momentum back. Investors are advised to remain patient as Q1 2022 promises to be a volatile ride. However, these prices may also indicate a great buying opportunity for the future.
In this article, we will take a brief look at the events that influenced the cryptocurrency markets this week.
Regulations and Hacks in Crypto
Russia, home to a thriving crypto mining industry, has proposed a blanket ban on the use and mining of all cryptocurrencies. The Central Bank of Russia has claimed that crypto resembles a pyramid scheme and undermines the sovereignty of monetary policy. Already having banned the usage of crypto for payments, the bank stated that mining is hurting the country’s green agenda and endangering Russia’s energy supply. It is imperative to note that more than 7 trillion rubles ($92 billion) of assets are held in about 17 million crypto wallets in Russia.
Crypto.com, a Singapore-based crypto exchange, faced a security breach this week after several users made complaints that their assets were stolen. According to estimates, around $34 million has been compromised due to transactions that were being authorized without the two-factor authentication (2FA) control being entered by the user. The exchange has credited all the lost coins to its users.
NFTs gain traction
One of the biggest challenges for mainstream adoption of non fungible token (NFTs) has been the current complexities associated with buying and selling a NFT as most of the existing NFT marketplaces only support crypto payments. To tackle that, US-based cryptocurrency platform Coinbase has announced that it is working with multinational financial services firm Mastercard to allow users to buy NFTs using cards.
Twitter launched a tool yesterday through which users can display their NFTs as their profile pictures. The feature is currently available only on iOS that allows users to connect their twitter accounts to crypto wallets that contain the NFTs. Twitter will display NFT profile pictures as hexagons as opposed to circles that are available to other users. Following suit, Meta is also looking to capitalize on the NFT craze as news sources claim they are developing ways to create, display and sell NFTs on Facebook and Instagram. Meta is also reportedly working on a marketplace to buy and sell NFTs.
Bored Ape Yacht Club (BAYC), the NFT art which had recently caught the attention of many celebrities all around the world continues to impress more as top tennis player Serena Williams and football star Neymar Jr posted BAYC apes in their twitter accounts. Neymar paid $1 million for the NFT while Serena seems to have received it as a gift.
NY Mayor Gets Bitcoin
New York City Mayor Eric Adams has announced that his first paycheck will be automatically converted into cryptocurrency via Coinbase Global. The Mayor had said last year that he would receive his first three paychecks in Bitcoin and vowed to make New York a centre of crypto innovation.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.
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