Daily news update: February 4th, 2022

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Crypto market update

As the White House has accused Russia of planning a staged attack on Russian territory by Ukrainian forces in order to gain a pretext for an invasion of the country, both traditional and crypto markets fell on the news as more uncertainty builds and the potential for military conflict increases. Bitcoin dropped as much as 1.8% on the day, and Ethereum dropped by as much as 4.33% on the day. Ethereum pushed back up as the day progressed and generaly crypto markets are in green numbers now.

Bitcoin (BTC) is now trading at 37,914 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 2,835 USD

PlatonCoin (PLTC) is now for 0,468 USD

Total marketcap is currently at 1.845 trillion USD

Daily news update

Meta and Bitcoin: Michael Saylor, Bitcoin evangelist and CEO of MicroStrategy, believes that Meta(Facebook) should integrate Bitcoin and the Lightning Network. In a recent interview, Saylor responded to this decision, saying, “Their problem was not getting into the crypto space(…), if they were to adopt and embed bitcoin into their product they could deliver a compelling offering to billions of people. I think it would be worth hundreds of billions, if not trillions of dollars to Meta.”

Mexican billionaire and Bitcoin: Bitcoin is a better option than fiat money, said Mexico’s third richest man, Ricardo Salinas, in an interview. Bitcoin, Salinas said, is unseizable and can be transferred instantly worldwide, contrary to fiat and the gold standard.

ETH and burning: Over $4.5 billion worth of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), has been burned since the implementation of Ethereum Improvement Proposal (EIP) 1559 via the London hard fork on August 5. According to data from tracking website Watch the Burn, a total of 1.747 million ether worth $4.58 billion has been burned since August, with an average of 307 ETH worth $800,000 being burned per hour, and 12,300 worth $32 million being burned per day.

GameStop and NFT: Immutable has announced a new partnership with GameStop to power its NFT marketplace. Immutable is the developer of Immutable X, a Layer-2 protocol for NFTs on Ethereum that allows for faster, less computationally-intense transactions at zero gas costs. It is also the creator of well-known blockchain games such as Gods Unchained and Guild of Guardians.

South Korea and metaverse: South Korea’s largest mobile game developer, Netmarble, is planning to release games for the metaverse following the creation of its new development unit last year. The gaming giant said it was developing a sequel to its monopoly-styled board game titled “Everybody’s Marble: Metaworld” under its subsidiary Netmarble F&C, according to a report by the Korea Herald last week. The new game is part of the company’s broader pivot into the virtual world.

Russia and crypto: Russia’s Ministry of Finance has reportedly proposed new regulations to legalize cryptocurrencies as financial assets. The regulator has suggested that banks could be authorized to provide cryptocurrency exchange services. According to multiple reports, the Russian government is leaning in favor of legalizing crypto assets rather than banning them.

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