Crypto Market Highlights March 30, 2022
Crypto Market Highlights: Legal News
- The Vietnamese government is putting together a legal framework specifically for cryptocurrency. Le Minh Khai, the country’s Deputy Prime Minister, has assigned three departments to work on the country’s crypto framework. Last week, the Ministries of Finance, Justice, as well as Information and Communication, were ordered to look into the framework. The aforementioned Ministries are required to join hands with the State Bank of Vietnam, the country’s central bank to curate the framework. The details pertaining to the framework are still under the wrap.
Crypto Market Highlights: NFT News
- An unusually low-priced sale of a Bored Ape NFT for just $114.74 has NFT enthusiasts slobbering, given that the cheapest available BAYC NFT sells for 106.8 ETH, or approximately $363,654.34. According to Etherscan data, a seller is known as ‘cchan.eth’ sold Bored Ape #835 on OpenSea for 115 DAI on Monday. DAI is a stablecoin with a dollar peg, so the entity received only $114.74 while ($5.74) went to OpenSea fees. Some theorize that the seller may have mistakenly believed that the NFTs were being sold for the stated amounts in ETH rather than DAI for a variety of reasons.
- MAC Cosmetics is partnering with ConsenSys to release its first NFTs on the Polygon to support America’s National Youth HIV/Aids Awareness Day on 10 April. These NFTs use art by the late Keith Haring. There are 5,275 NFTs in the collection, divided into three kinds with varying prices and rarity. The Keith Haring red NFTs will cost $25 each, with a limited edition of 5,000 available. The blue NFTs will cost $150 each, with just 250 available. The yellow NFTs will cost $1,000 apiece, with just 25 available. The NFT collection will be available on Opensea from 10 April to 1 June.
Crypto Market Highlights: Bitcoin News
- Silvergate Bank announced it has issued a $205 million term loan to MacroStrategy LLC, a subsidiary of MicroStrategy Incorporated which is the largest independent publicly-traded analytics and business intelligence company. Under the terms of the agreement, MacroStrategy will use the loan proceeds to purchase bitcoins, to pay fees, interest, and expenses related to the loan transaction, or for MacroStrategy’s or MicroStrategy’s general corporate purposes.
- A new school in Dubai named Citizens School has announced that it would take cryptocurrencies as a form of tuition payment, making it the first in the Middle East to do so. Citizens School, which is set to open in September 2022 and is following Dubai’s recent adoption of its first law regulating virtual assets, will accept payments in the two major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), providing parents with flexible payment options, according to a statement from the school.
- Pierre Poilievre, a Conservative Party candidate for Prime Minister of Canada, has been a strong supporter of Bitcoin and recently used the flagship cryptocurrency to buy lunch at a popular crypto-friendly restaurant. Poilievre can be seen in social media videos using the Lightning Network, the cryptocurrency’s layer-two scaling solution, to send a payment to Tahinis, a small family-owned restaurant chain that has invested all of its cash reserves in BTC.
Crypto Market Highlights: General News
- The gaming-focused Ronin Network reported a loss of more than $625 million in USDC and ETH on Tuesday. The exploit affected Ronin Network validator nodes for Sky Mavis, the publishers of the popular Axie Infinity game, and the Axie DAO. An attacker “created fake withdrawals” from the Ronin bridge across two transactions using “hacked private keys.” While the Ronin sidechain has nine validators that require five signatures for withdrawals to protect against these types of attacks, the blog post mentions that “the attacker discovered a backdoor through our gas-free RPC node, which they abused to obtain the signature for the Axie DAO validator.” The losses totalled 173,600 ETH and 25.5 million USDC, which is currently worth more than $625 million.
- Polygon has revealed that it is developing a new zero-knowledge-proof-based identity solution to assist users in verifying their identities without disclosing sensitive personal information. The new Polygon ID service will use Zero-Knowledge-proofs to cryptographically confirm a user’s identity without requiring the user to share documents like a passport or driver’s license with a third party. Polygon ID is currently in development, with a full release scheduled for the 3rd quarter of 2022.
- WAVES token is gaining over 50% price increase as the Waves Labs has been announced to launch in the U.S. over 11 hours ago. The token’s price is pumping from $31 to $59.88, following the data at the time of writing. Waves protocol’s TVL has also boosted to approximately $4.34 billion. Corbital LLC has announced the launch of Waves Labs, its intention to headquarters in Miami, and several key hires in their U.S. senior leadership team. The move comes hot on the heels of the Waves Transformation plan announced in February 2022. Waves protocol has witnessed substantial growth in terms of TVL since the beginning of March 2022.
- Ripple Co-Founder Chris Larsen is starting a “Change the Code, Not the Climate” campaign alongside climate activist group Greenpeace and others. This crusade aims to persuade the Bitcoin community to change the energy-intensive means by which transactions are carried out, which already consumes as much energy as Sweden. Larsen claims that in five years, Bitcoin’s energy use will be comparable to Japan’s. He alongside Greenpeace and others was reaching out to key people and corporations in hopes of compelling the leadership to agree to change the PoW.
- Binance Labs made a strategic investment in Aptos Labs, a Layer 1 blockchain built by some of the original creators, researchers, designers, and builders of the Diem blockchain, to accelerate the adoption of the decentralized ecosystem. Aptos and Binance will work closely together in growing the Aptos ecosystem through development, code review, infrastructure building, hackathons and much more – all to come soon.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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