Crypto Market Highlights April 4, 2022
Crypto Market Highlights: General News
- Trezor, a cryptocurrency hardware wallet company, has initiated an investigation into a probable data breach in which customers’ email addresses and other personal information may have been exposed. Several users have been approached by unauthorized actors acting as the firm in the continuous operation, with the ultimate goal of stealing money by deceiving naive investors. Users were sent an email about installing an app from the ‘trezor.us’ domain, which is different from the official domain name, ‘trezor.io’.
- Oklahoma lawmakers have recently approved legislation that, if passed, would provide a tax credit to bitcoin and cryptocurrency miners who set up shop in the state. The Commercial Digital Asset Mining Act of 2022, introduced by state senator John Montgomery and state representative Ryan Martinez, intends to cut costs associated with commercial mining gear and power. The bill claims that the Legislature’s initial objective was for the Oklahoma Tax Code to acknowledge the ongoing development of new and sophisticated manufacturing and industrial processing technology, which has resulted in new industrial processes.
- The global NFT sales fell by 21% from February 2022, which generated approximately $2.92 billion in sales. The fall in sales over the last month could hurt digital collectibles, as new buyers will look to previous months’ data to decide whether or not they should invest in NFTs. Despite global NFT sales increasing 493% since March 2021, which generated around $387 million, the periodical accumulation of investor demand for NFTs has failed to attain the new high highs of the previous year.
- Binance has hired former Microsoft Vice President Rohit Wad as the company’s new Chief Technology Officer. Binance revealed that Wad has been the CTO for a month and will be tasked with engineering scalable, compliant, and fast Web3 services and solutions. Furthermore, Wad will be responsible for monitoring the continued security, stability, and liquidity of the exchange. Under his new role, the former Microsoft executive will help Binance comply with the regulatory requirements in the crypto space.
- Terraform Labs CEO Do Kwon has revealed a new alliance with Frax Finance and Redacted Cartel, a move targeted at winning the so-called ‘Curve Wars’ while potentially dealing a deadly blow to the DAI stablecoin. DeFi protocol OlympusDAO is also joining the ‘4pool‘ alliance. 4pool is a new four-token liquidity pool on Curve which also includes decentralized stablecoins UST of Terra and Frax Finance’s FRAX. It aims to dominate Curve’s stablecoin market with more than $21 billion in assets under management.
- Snoop Dogg sent ripples of excitement across Cardano with the announcement of a collaboration with Clay Nation over the launch of an NFT collection. The collaboration includes top NFT artist Champ Medici and will offer the holder rare access to the artist’s unreleased songs and other limited insignia. The post has been given the seal of approval by both Hoskinson and Snoop Dogg. The NFT project mentioned in the video “Claymations” is set to launch on April 5 and prides itself on being “original handmade Clay NFTs”. The project has since built up significant steam over the last few days.
- Piyush Gupta, CEO of Singapore’s largest bank, DBS Bank, has stated that his company will not offer cryptocurrency trading services to retail clients in the “near future.” The announcement runs contrary to the company’s earlier plans to provide such opportunities. In February this year, DBS Bank announced it will offer crypto trading to its retail consumers by the end of 2022. The bank specifically wanted to make the system more accessible by allowing for instant online deposits and transactions without the use of agents. But then the bank has made a U-turn in a recent interview, the CEO of DBS Bank stated local regulators are “rightfully concerned” about allowing digital asset services in the retail sector.
- A prosecutor in Turkey has requested jail sentences of up to 40,564 years for 21 officials of the Istanbul-based Thodex cryptocurrency exchange, almost a year after it was shut down and its CEO disappeared. The accusation charges the defendants with creating a criminal organization, committing fraud, and laundering money. Thodex was a part of the Turkish cryptocurrency bubble, which drew investors looking to secure their money from inflation and a falling currency.
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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