Crypto market update
Another day came with another price drop from Bitcoin, as this time, Bitcoin dipped to a nine-day low of just over $41,000. However since than it has recovered and currently its price is well back above $42,000. Most altcoins were also well in the red, making slight recovery this afternoon.
Bitcoin (BTC) is now trading at 42,484 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 3,152 USD
PlatonCoin (PLTC) is now for 0,456 USD
Total marketcap is currently at 2.104 trillion USD
Daily news update
Microsoft buys Blizzard: Software giant Microsoft has announced that it has completed a deal to purchase major game publisher Activision Blizzard. The purchase was made for a staggering $69 billion and is a part of a larger push into the metaverse. The acquisition follows one previously made by Microsoft when it acquired Bethesda for $7.5 billion. Microsoft CEO Satya Nadella celebrated the acquisition over Twitter, saying that gaming is a key part of the growth of the metaverse.
Institutions moving from BTC to ETH and DeFi: Institutional investors have shifted some of their attention to alternative investment options, as a CryptoCompare report suggests. According to market analysis, Bitcoin-based product dominance dropped by 7%. While the overall growth of institutional investments in the industry took place over the course of almost a whole year, investors have notably shifted their attention to alternative opportunities like Ethereum and DeFi.
Mastercard and Coinbase on NFTs: U.S. crypto exchange giant Coinbase and multinational credit card firm Mastercard have entered into a partnership to “revolutionize” the way people purchase nonfungible tokens (NFTs). The partnership could enable Coinbase users that also have a Mastercard to buy NFTs directly with fiat. Currently, purchases on leading platforms such as OpenSea need to be made with Ethereum or other supported crypto assets.
Crypto.com still not clear about hack: Crypto.com suffered from “suspicious activity” on Monday. Analysts estimated that the exchange was hacked for around $33 million. Contrary to the on-chain data, the exchange says that all customer funds are safe. Crypto.com is yet to post a full statement regarding its Monday hack.
EU regulator and PoW: Erik Thedéen, the vice-chair of the European Securities and Markets Authority has raised concerns over the growing use of renewable energy for Bitcoin mining. In a recent interview with the Financial Times, Thedéen said that Bitcoin (BTC) mining has become a “national issue” and warned cryptocurrencies could pose a risk to climate change goals. He called upon European regulators to take special exception to proof-of-work mining which is primarily used by Bitcoin and a few other forked altcoins. He also advocated for proof-of-stake as a better, energy-efficient alternative.
Tip: Do you know, what proof-of-work is?
FCA and cryptocurrencies: The Financial Conduct Authority (FCA) – the top monetary regulator in the United Kingdom – proposed to tighten the rules on how high-risk investments such as digital assets are advertised. The watchdog said companies should not be able to promote cryptocurrencies to people who lack financial knowledge and experience.
Asia and crypto regulations: Some Asian governments have made moves to rein in cryptocurrencies in recent days. Separate authorities in Pakistan proposed rules that collectively have more than a whiff of China’s approach to crypto. In a similar move — although arguably less harsh — Singapore’s central bank has issued guidelines aimed at stopping crypto advertising and ATMs. And in Hong Kong, the city’s de facto central bank has published a document to kick-start discussions on crypto-asset and stablecoin regulation.