Crypto market update
Аfter reaching a ten-day high above $39,000, Bitcoin dipped below $37,000 upon the news that Bank of England increased its interest rates. The altcoins have also retraced today, with Solana being the most substantial loser after an exploit on a network bridge for $320 million worth of ETH. The crypto market cap is down by $110 billion since yesterday’s peak.
Bitcoin (BTC) is now trading at 36,696 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 2,615 USD
PlatonCoin (PLTC) is now for 0,470 USD
Total marketcap is currently at 1.768 trillion USD
Daily news update
Bank of England and interest rates: Bitcoin fell further today to a low of $36,400 from $37,200 before somewhat recovering to $36,700. One reason might be the decision of the Bank of England (BoE) to raise rates again by 0.25% to 0.5%. It was a unanimous decision at 5-4, with minority members wanting an even higher rise by 0.5% to 0.75%. “Further rate rises in March and May now look very likely,” says ING’s James Smith. This is the first time since 2004 that the Bank of England has raised rates.
Fortune and blockchain leader: A report by Fortune Business Insights, titled “Blockchain Market Analysis Research Report, 2021-2028,” mentions that the global blockchain market size is expected to reach a whopping $104.19 billion by 2028, exhibiting at a CAGR of 55.8% across the forecast period and that due to presence of major industry players such as IBM, Microsoft, Oracle, AWS, Digital Asset Holdings and others in the North American market is expected to have a significant impact during the forecast period.
Ubisoft and cryptocurrencies: Today Ubisoft announced that it has entered into an agreement with The HBAR Foundation to support the growth of the Hedera network. Ubisoft will join the Hedera Governing Council and have a say in the future of the network, as well as operate a node as it explores Hedera’s distributed ledger technology.
Solana and hack: SOL has dipped by more than 13.5% in the last 24 hours, triggered by the news of a $322 million hack on the Wormhole bridge. A vulnerability in the Ethereum-compatible cross-chain bridge allowed a hacker to drain 120,000 ETH locked on the Ethereum-facing smart contract at around 18:24 UTC last night. SOL was trading at $111 when the news of the hack surfaced and has plunged to $96 today.
Metaverse and church: Religious organizations have surrendered to the metaverse and virtual reality. This is so they can still carry out masses, services and even baptisms while their flock can’t leave home.