This Week in Crypto – 14 May To 20 May 2022

With hundreds of new cryptos and NFTs constantly popping up, it's really hard to keep up with all the news and major updates. From 99.99% falls in price and 1000% gains, to updates about crypto regulations in different countries and the latest NFT sales, find the most recent news on the market right now.

STEPN stats
Image credit - stepn.com

Trending Coin of the Week - STEPN (GMT) - The Move-To-Earn NFT Game

STEPN is a web3 game where you may make money by physically moving around. It uses GST (Green Satoshi Token) and went live on the Solana blockchain. This lifestyle project, launched by Find Satoshi Labs, is now trending, and its native token, GMT (Green Metaverse Token), has increased from a valuation of $8 million on March 3 to an astounding $2.4 billion on April 28. GST is the currency that may be earned by using this platform. It is not a government token like GMT and has an infinite supply. It also utilizes a Dual-Token Economy and features a burn mechanism to restrict the circulating supply.

This Week in Crypto - Digital Wallets News
Image credit – Freepik | Digitalwallets.news

To start with STEPN, we need to purchase a sneaker in SOL. Then, they can earn points by walking, jogging, running and other activities. These points can later be redeemed as cash or for an upgrade. Users that engage in any form of deception, known as moonwalking, are not eligible to earn. With 5 minutes of active movement, we can earn 1 energy (GST).

Crypto News
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General

Terra (LUNA) Founder Proposes New Revival Plan for Ecosystem

After the crash of Luna and UST, Terra’s creator, Do Kwon, suggested a fresh resurrection strategy. He wants Terra’s chain to be reconstructed, with a total supply of 1 billion tokens, with 80 percent going to UST holders proportional to the period of the new network upgrade and Luna holders prior to the depegging event.

Galaxy Digital Holdings to Expect Massive $300 Million Loss in Q2 2022

Given the current performance of the crypto market, Galaxy Digital Holdings might lose up to $300 million in net comprehensive income this quarter. “Partners Capital will be reduced to $2.2 billion, a drop of 12 percent compared March 31, 2022,” according to the statement. According to the firm, it now has $1.6 billion in liquidity, “including $800 million in cash and over $800 million in net digital assets.”

TRON Founder Talks Up New Algorithmic Stablecoin, Despite LUNA Crash

TRON founder Justin Sun touts an algorithmic stablecoin reserve strategy to prevent TRON’s new stablecoin USSD from crashing like LUNA. “When USDD’s price is lower than 1 USD, users and arbitrageurs can send 1 USDD to the system and receive 1 USD worth of TRX. “When USDD’s price is higher than 1 USD, users and arbitrageurs can send 1 USD worth of TRX to the decentralized system and receive 1 USDD,” Sun said.

Elwood Technologies Courts Investment From Barclays And Goldman Sachs

Elwood Technologies, formerly known as Elwood Asset Management, has received investments from Barclays and Goldman Sachs in the hopes of attracting institutional participation. “As institutional demand for cryptocurrency rises, we have been actively broadening our market presence and capabilities to cater for client demand,” said Goldman Sachs’ digital asset head Matthew McDermott.

Solana (SOL) TVL Reaches A Huge Low; Crashes More Than $11 Billion From Its ATH

From having one of the top TVL, Solana now sunk approximately $11B, nearly 4 times from its high. Despite plummeting by more than $6 billion, Solana has maintained its position as the fourth blockchain.

Meta Files Trademark Applications for Crypto and Fiat-Focused Payment Platform

Meta filed five new trademark applications related to Meta Pay – a financial transaction processing service for providing commercial transactions and payment options.

Cloudflare to Launch Ethereum Validator Nodes With Staked ETH

With the deployment of validator nodes, Cloudflare is going deeper into Web3 and Ethereum staking. The company is also working on the Ethereum consensus layer. A total of 10.5 percent of all circulating ETH is now staked.

Exchange News

Robinhood to Take on Coinbase and MetaMask With Non-Custodial Wallet Launch

Robinhood Markets will launch a non-custodial crypto wallet by the end of this year to store and trade crypto. The wallet will be able to hold NFTs and connect to DeFi protocols with no network fees for transactions.

Coinbase Cloud Backs Figment And Alluvial

With its newest offer of backing, Coinbase, America’s largest crypto exchange, is going farther into the domain of digital asset staking. To enable a group of experienced entrepreneurs and operators constructing the institutional-grade protocol, Coinbase Cloud is teaming with staking platform Figment and software development firm Alluvial Finance.

NFTs

Film Star Seth Green Loses Bored Ape NFTs Worth $300K in Phishing Attack

A phishing assault cost Seth Green four NFTs valued more than $300,000. The actor was attempting to purchase another NFT when his wallet was connected to a fraudulent website. One Bored Ape Yacht Club NFT, one Mutant Ape Yacht Club, and two Doodles were among Green’s losses. The hackers took off with approximately $300,000 worth of non-fungible tokens, totaling around 145 Ethereum.

OpenSea Disables Bored Ape NFT Amid Legal Case In Singapore

Due to a financing dispute, the sale of a Bored Ape NFT has been halted by Singapore’s High Court. On OpenSea, the world’s largest NFT marketplace, the item in question, BAYC #2162, has been tagged as “flagged for suspicious behavior.” This marking makes it impossible for the present owner to sell the NFT. Prospective purchasers are also unable to make offers on the item.

OpenSea Launches New Marketplace Protocol Called Seaport

The popular NFT marketplace OpenSea has released a new marketplace protocol with a number of additional features. Users may now barter for NFTs using a variety of assets and take part in collecting bids. Seaport users can combine several items in exchange for one NFT.

Mining

Colorado-Based Bitcoin Mining Operation Expands Into Texas; Could Consume Enough Power to Light 200,000 Homes

Riot Blockchain has announced that its mining operations would be expanding to Corsicana, Texas. Approximately 200,000 households are planned to be powered by the 265-acre complex. They announced that they were working on a 265-acre location in Corsicana for a digital crypto mining plant, which is set to start in July 2023.

Massive Underground Mining Operations Active in China, Cambridge Data Reveals

According to Cambridge, major Bitcoin mining operations may have persisted underground in China, despite the ban on the practice last year. The data “strongly suggests that significant underground mining activity has formed in the country.” It revealed that about 20% of Bitcoin’s total hash rate came from China between last September and January.

Regulations

U.K. Treasury to Push Forward With Stablecoin Regulation

As part of a larger goal to make the UK a digital payment center, the Treasury has revealed that it will regulate several cryptocurrencies. The regulation will exclude algorithmic stablecoins such as TerraUSD. Only stablecoins that are tied to a fiat currency will be considered.

Binance In Talks With German Regulators

Following permission from a Paris market regulator earlier this month, Binance is continuing its drive into Europe. CEO, Changpeng Zhao, speaking at the Finance Forward fintech conference in Germany Wednesday, said, “Our team definitely is talking with regulators here and in all of Europe. I have not talked to them myself directly, but based on my secondary feedback from our team, things are going well.”

Geo-based updates

Bitcoin Conference in El Salvador Attracts Representatives From 44 Countries

President Bukele tweeted the news, listing all the parties that would be present. He announced that 32 central banks and 12 financial authorities will convene in the country to discuss bitcoin. The meeting will discuss bitcoin, its use in the economy and the benefits.

Crypto Could Lead to ‘Dollarization’ of Economy, Says Indian Central Bank

“It will seriously undermine the RBI’s capacity to determine monetary policy and regulate the monetary system of the country,” said one RBI official. Officials from the RBI have voiced worry that cryptocurrency might harm the country’s financial sector. The RBI is concerned that increased cryptocurrency investment could deplete local banks’ ability to lend effectively.

TerraUSD Collapse Spurs ‘Emergency’ Inspections of South Korean Crypto Exchanges

Following the collapse of TerrasUSD, South Korean financial regulators have launched “emergency” inspections of local cryptocurrency exchanges. According to estimates, 200,000 South Koreans invested in TerraUSD, which was founded by a South Korean national.

Speculation

Shytoshi Kusama, Shiba’s primary developer, tweeted that he had a conversation with the Red Bull crew. However, there were little specifics provided. The SHIB and Red Bull partnership is likewise a mystery. Milkshake, Shiba Inu’s top influencer, described the session as “really amazing and productive! It gave me wings. SHIB” in a now-deleted tweet. Milkshake also tweeted “[I am] thanking the Red Bull team for being incredibly kind, and awarding their time to chat with us, all while exploring synergies and learning a great deal about each other. More to come in future days.”

Shiba Inu’s logo being placed on racing cars has sparked speculations on Twitter. Others, though, believe that SHIB might be imprinted on planes for stunts. Users are sharing edited photos of the Red Bull logo and energy drink cans with the SHIB logo slapped on them.

Interesting Things For Shib In The Upcoming Week

Next week might be “Getting Interesting” for Shib. Shytoshi Kusama, the project’s lead developer, has teased a major advance in the Shiba Inu ecosystem that might boost SHIB’s price. It’s unclear what the Shiba Inu crew has up their sleeves this time, since they’re famed for surprising the community with fresh and exciting advancements that come out practically regularly.

The team has something planned for the community next week, although they previously stated that the development team is working on many projects at the same time, so it may be one of the ones he talked about. Shytoshi Kusama also gave a new update on the highly anticipated Shiba Inu Games, praising PlaySide Studios for their hard work. To strengthen the value of the coin, the team also announced a partnership with Red Bull.

NFT and Metaverse Stats of the Week

Top NFT Sale of the Week – Otherdeed for Otherside #90209 – Ξ 235 ($462.13k)

Otherdeed for Otherside NFT
Image credit – opensea.io

Top NFT Collection of the Week – Otherdeed for Otherside – Volume – Ξ15,843.97 (~$31M)

Otherdeed for Otherside stats
Image credit – opensea.io

Top Gaining Metaverse Token – Gods Unchained (GODS) +152.29%

GODS UNCHAINED Price
Image credit – coinmarketcap.com

This Week’s Gainers and Losers

Gainers

#
COIN
PRICE
CHANGE
3939
Quarashi
$0.01712
 1652.28%
3975
Boji
$0.00000000217
   681.04%
3550
PAPPAY
$0.000001445
   650.70%
3053
bDollar
$0.06987
   640.52%
3764
SiaCashCoin
$0.00001469
   556.92%

Losers

#
COIN
PRICE
CHANGE
3132
ETH 2x Flexible Leverage Index
$0
 100.00%
4132
Dogecolony
$0.0…03879
 100.00%
2876
TerraKRW
$0.00005339
   92.91%
4130
Mars Protocol
$0.0218
   90.39%
206
CryptoMinesReborn
$0.08263
   88.37%

Disclaimer: The above article has been researched with social media, news and reports. Before relying on our content, conduct your own research, examine, analyse, and verify it. Use or rely on our content at your own risk and judgement. No part of our website is intended to be a solicitation. We are not affiliated with any of the websites, crypto projects, or coins mentioned in this article or post. Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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