Crypto market update
Market leaders Bitcoin and Ethereum are still trading somewhat sideways. Ethereum has outperformed Bitcoin as to recovery rate since the drop from Jan. 1, and is trading above $3,800 now. Bitcoin, meanwhile, has only recovered less than 1% over that same time and is trading at above $46,600 at press time. It seems that the markets are now waiting how will the U.S. Federal Reserve and other central banks raise interest rates and tighten market liquidity in coming months.
Bitcoin (BTC) is now trading at 46,697 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 3,828 USD
PlatonCoin (PLTC) is now for 0,354 USD
Total marketcap is currently at 2.378 trillion USD
Daily news update
Goldman Sachs and Bitcoin price prediction: The U.S. banking giant estimates that the largest cryptocurrency currently accounts for a fifth of the global store of value market. Hence, the Bitcoin price could reach the six-figure territory if it continues chipping away at gold’s market share, $100,000.
Bruce Lee and NFT: Legends such as Jerry Garcia, Kurt Cobain, Muhammad Ali, Elvis, Tupac, and more have been featured in NFT collections. This Saturday, Ethernity and Bruce Lee’s family will be dropping the renowned martial artist’s first NFT collection dubbed “The Formless Form.”
El Salvador and Bitcoin bonds: El Salvador prepares 20 bills to provide legal framework for Bitcoin bonds. The raft of bills will help El Salvador’s government establish the legal and financial framework for the $1 billion Bitcoin bond issue, known as Volcano Bonds.
China and CBDC progress: The People’s Bank of China (POBC) recently released pilot versions of digital yuan wallets for both Android and iOS smartphones, Reuters reported. The question is how will the arrival of digital yuan, also known as e-CNY or DCEP, affect the US dollar and the crypto market.
India and crypto tax: India’s tax authorities are going after the country’s largest cryptocurrency trading platform, WazirX, accusing it of tax evasion worth $5.4 million. It is the first crypto-related tax evasion investigation in India.