Crypto market update
Bitcoin tried its hand at decisively reclaiming $44,000 but failed and sits just below it as of now. Most altcoins produced also significant gains and thus it seems that the crypto market cap bottomed at just over $1.850 trillion on Monday. However, it has increased by more than $200 billion since then and is just shy of $2.1 trillion now.
Bitcoin (BTC) is now trading at 43,920 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 3,381 USD
PlatonCoin (PLTC) is now for 0,394 USD
Total marketcap is currently at 2.218 trillion USD
Daily news update
Inflation in the U.S. and Bitcoin: U.S inflation rate just hit 7% — the highest in 40 years. The latest Consumer Price Index (CPI) report spurred a >3% and 4.5% rebound in price value for Bitcoin and Ethereum, moving their unit value above to $43,000 and $3,300. While past trends suggest gold as the top choice for a sturdy hedge against dollar devaluation, the response of the crypto market to current inflation reveals the willingness of many to turn to cryptocurrencies this time.
Visa and crypto payments: Almost one out of four small and mid-size businesses (SMBs) that participated in a survey by Visa said that they are planning to accept payments in cryptos like Bitcoin. In the same study, 73% of respondents stated that accepting new forms of digital payment options is a key factor that will affect business growth in 2022. 2,250 small business owners located in nine countries including the UAE, Hong Kong, the United States, and Canada participated in the study. Among these respondents, 82% said they plan to implement a form of digital payment option in 2022.
Visa works with ConsenSys on CBDC tech: Visa has teamed up with blockchain tech provider ConsenSys in order to develop new infrastructure that will support the rollout of central bank digital currencies (CBDCs). The new Visa and ConsenSys tech will be able to plug into existing payments modules, meaning companies will be able to integrate infrastructure to issue things like CBDC-linked payment cards or wallet credentials. It is designed to provide an on-ramp for existing networks.
Kardashian and pump and dump scheme: An investor is suing Kim Kardashian; boxer Floyd Mayweather, Jr.; Hall of Fame basketball player Paul Pierce, and the cofounders of Ethereum Max for allegedly colluding to promote the cryptocurrency last spring in a pump-and-dump scheme. On June 14, 2021, Kardashian promoted the newly launched coin to her then-228 million Instagram followers. Trading volume on that day jumped 35% to US$30 million. Today the price of EthereumMax has fallen by 98% from its peak.
China and NFTs on state blockchain: China’s state-backed Blockchain Services Network (BSN) is currently trending, not just in China but across the globe. As per South China Morning Post, it plans to roll out infrastructure at the end of this month to support the deployment of NFTs. It will be a major step towards creating a “Chinese NFT industry that is not linked to cryptocurrencies