Daily news update: January 27th, 2022

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Crypto market update

After last week’s extreme drop by over $10,000 in days to a six-month low beneath $33,000, the markets seemed significantly more positive in the past 72 hours. Bitcoin recovered $4,000 in a day, as reported on Tuesday before another increase to around $37,000 yesterday. Today Bitcoin kept climbing and reached almost $39,000. At that moment came the most recent meeting of the Federal Reserve, where the central bank said there will be no changes to the interest rates now, but they will be increased in March. This caused enhanced volatility in the crypto and the stock markets, as BTC dumped by over $3,000 in hours. As of now, it has reclaimed $36,000, but it’s still about 3.5% down on the day.

Bitcoin (BTC) is now trading at 36,704 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 2,427 USD

PlatonCoin (PLTC) is now for 0,399 USD

Total marketcap is currently at 1.739 trillion USD

Daily news update

Tesla and Bitcoin: Elon Musk’s electric car company, Tesla, did not sell any bitcoin in the fourth quarter, according to the company’s latest financial statement. Tesla is holding bitcoin worth $1.26 billion. The company still has not resumed accepting bitcoin payments but now accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise.

Reddit and NFTs: Reddit is actively exploring adding NFT-based profile pictures, according to the company’s spokesperson. Last year, the social media site already dipped its toe into NFTs by launching its own line called “CryptoSnoos,” however the new NFT agenda has far greater potential to further the mainstream use case. Another social media giant, Twitter, rolled out support for NFT profile pictures last week.

Warner and metaverse concerts: Warner Music Group (WMG) is planning a future of virtual concerts within the metaverse, announcing today that it has partnered with upcoming Ethereum game The Sandbox to open a music-themed area within the shared online game world. The major record label will use its virtual LAND plots in the game to create a space that serves as both a music-centric amusement park and a venue for concerts from its artists. It’s the first such label to secure a location in a metaverse game.

Putin and cryptocurrencies: The President of the Russian Federation – Vladimir Putin – agreed with the country’s central bank that digital assets are highly volatile and pose several risks to the financial network. However, he sees potential in cryptocurrency mining as it could give Russia “certain competitive advantages.”

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