This Week in Crypto – 21 May To 27 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.

Pax Dollar (USDP)
Image credit - paxos.com

Trending Coin of the Week - Pax Dollar (USDP)

Pax Dollar is a stablecoin, meaning that its value is pegged to the US dollar. Charles Cascarilla and Rich Teo invented Pax Dollar, which had been previously known as Paxos Standard. Paxos has the ability to suspend USDP Token transfers and approvals in the event of a potential threat. A single owner role controls the ability to pause the transactions.

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

The New York State Department of Financial Services has allowed them to provide regulated services in the crypto sector. The USD in the company’s accounts at U.S. depository institutions backs the token. Paxos Dollar has a market cap of $945,068,968 and a volume of $6,253,719. Paxos also has a coin, Paxos Gold (PAXG), whose price is pegged to gold.

Crypto News
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General

Andreessen Horowitz (a16z) Has Announced Its Fourth Crypto Fund Of $4.5B For Crypto Startups

Capitalizing on the market collapse, venture capital company Andreessen Horowitz (a16z) is investing $4.5 billion in cryptocurrency firms. They plan to invest around $1.5 billion in seed investments and around $3 billion in venture investments from the fund. Their overall investment amounts to $7.6 billion now.

SpaceX Launches First Crypto Satellite Into Space

Cryptosat, via a SpaceX Falcon 9, launched the first crypto satellite into low-Earth orbit from Space Florida. This is the first time blockchain technology has been used in space.

LIDO Crashes $11B in TVL

Lido sank all the way from its high of $20.5B to approximately $8B now. This is mainly due to the decline of Terra. What was worth $9.6B on Terra LDO TVL, sank to $15,000, a 99% decline. It currently ranks third on the charts just below MakerDAO and Curve.

Drake Loses A Huge Amount On Formula 1 BTC Bet

Drake, the Canadian rapper, lost more than $230,000 in BTC when he bet on Charles Leclerc to win at the Spanish Grand Prix. It was going all well for him till the middle when he had to stop due to engine power failures. This cost Drake $230,000 in BTC. However, if Leclerc had finished first, Drake would have won $353,000.

Fashion Brand Balenciaga To Accept Crypto Payments

Balenciaga, a well-known fashion label, has announced that it would begin taking cryptocurrency as payment in the United States. The apparel floor plans to accept cryptocurrency payments both in-store and online. Customers will most likely be able to choose between bitcoin and ethereum at first, with other cryptos perhaps introduced later.

40% of American Crypto Holders Earn Over $100k

According to a survey by the Federal Reserve Board of the United States, the majority of crypto investors in the United States hold it for investment purposes, and those who do tend to be high-income earners. 46% of cryptocurrency owners make more than $100,000, while 29% earn less than $50,000. Last year, just 12% of Americans possessed or utilized cryptocurrency.

Metaverse

The World's Largest Virtual Land Sale Hits $5M, Making History

A financial publishing business recently announced the purchase of a large plot of virtual land in TCG World, a metaverse. 12 128m × 128m city plots and 7 256m x 256m city plots were purchased for $5 million. This shattered the previous high of $4.3 million for a Sandbox plot.

India Ranks First On Global Pay-To-Earn Gaming Adoption

India has climbed to the top of the Play-to-Earn rankings (P2E). According to a recent poll, 34% of Indian respondents had played a P2E game. Hong Kong is second with 29%, UAE is third with 27%, and Sweden on the other end, has 4 percent.

STEPN Plunges as China-Based Users are banned

STEPN has prohibited China-based users due largely to Chinese rules influencing the app. STEPN’s GPS service in China will be switched off starting July 15. In a series of tweets, it also advised China-based users to withdraw their assets. Following this statement, GMT’s price dropped from $1.4 to $1.

NFTs

Mutant Ape Yacht Club (MAYC) Reaches $1.5B In All Time Sales

Due to rising sales, the Mutant Ape Yacht Club (MAYC) collection is now ranked the fourth-highest in terms of all-time sales volume just after Axie, Cryptopunks, and BAYC.

Oracle Red Bull Racing to Unveil 2022 NFT Collection at the Monaco Grand Prix, Powered by Tezos and Bybit

Red Bull is said to be launching Tezos-based digital collectibles. An NFT collection will be unveiled at the Monaco Grand Prix, which will be sold on the ByBit NFT marketplace, their Principle Team Partner. This collection will be auctioned for a week, as well as a one-of-a-kind playseat simulator. The NFT will be given to the highest bidder on this Monaco-edition asset, as well as access to a real simulator at the Monaco Energy Station.

DeFi

MakerDAO Tops TVL Rankings despite dropping $11B

The total value locked (TVL) of MakerDAO (MKR) plummeted to new lows in the last week of May as investor interest in decentralized finance (DeFi) waned. It is, however, still number one, ahead of Curve (which was formerly number one). It now has a TVL of $9.8 billion, down from $20 billion.

Delphi Labs to Shut Down DeFi Protocol Mars After 99% Plummet In TVL

Following the stunning collapse of the UST stablecoin and its sibling token LUNA last week, a request has been made to shut down DeFi credit protocol Mars. It comes as Mars’ entire worth dropped from $270 million to $2.6 million, a 99 percent drop. According to Delphi Labs, the proposal to separate Terra caused a slew of issues for the Mars Protocol.

Cyber Security

Beeple's Twitter Account Exploited For Over 200 Eth

Beeple has become the latest victim of a phishing attack after his Twitter account was hacked. The hacker used Beeple’s Twitter account to send phishing links to bogus NFT collections, promising a free mint for unique NFTs if they followed the instructions. A total of 200 Ethereum (ETH) worth over $400,000 was stolen.

Wormhole awards $10M in Bounty Program

Wormhole has compensated a white-hat hacker $10 million for finding a critical flaw in their technology. The hacker discovered a flaw that prevented user cash from being locked up. This is part of the reward program introduced in February after an exploit cost the company $323 million.

Regulations

The Portuguese Government Rejects Two Proposals To Tax Cryptos

Two independent proposals to tax digital assets were rejected by the Portuguese parliament. Two tax measures from the Livre and Bloco parties were rejected by the ruling party. Currently, there is no capital gains tax on cryptocurrency in Portugal, although this is expected to change in the future.

ARK Investments Files An Application For A Physical Bitcoin ETF

The U.S. Securities and Exchange Commission has received an application from ARK Invest for a physical bitcoin exchange-traded fund (EFT). This ETF offers exposure to the price of bitcoin in spot markets. A physical bitcoin ETF is yet to be approved by the SEC.

U.S. House Introduces Bill to Allow Bitcoin Into 401(k) Plans

The United States House of Representatives has introduced legislation to allow Bitcoin to be included in 401(k) plans.

Geo-based updates

U.S. Bill Seeks To Ban Chinese Yuan From App Stores

On Thursday, three US senators presented legislation to prohibit the digital yuan from app shops in the United States. It fears that apps hosted on Google and/or Apple’s app stores could be used to spy on U.S. citizens. The law, according to the Chinese embassy, is another example of “bullying foreign nations.”

Korea Police Requests Freezing of LFG Funds

Following investigations into LFG , Seoul police have demanded an exchange freeze for their funds . As the UST stablecoin controversy takes another turn, South Korea is starting to tighten the screws on Terraform Labs and Luna CEO Do Kwon. Do Kwon has claimed the nickname of “Korea’s Most Hated Man.”

NFT and Metaverse Stats of the Week

Top NFT Sale of the Week – Bored Ape Yacht Club #2664 – Ξ 199.99 ($392.98k)

Bored Ape Yacht Club NFT
Image credit – opensea.io

Top NFT Collection of the Week – Goblintown.wtf – Volume – Ξ11,004.99 (~$20M)

Goblintown.wtf stats
Image credit – opensea.io

Top Gaining Metaverse Token – DEAPcoin (DEP) +62.49%

DEAPcoin Price
Image credit – coinmarketcap.com

This Week’s Gainers and Losers

Gainers

#
COIN
PRICE
CHANGE
4043
Sweet SOL
$0.0000003229
 798.88%
3934
InPoker
$0.00206
 575.25%
2926
Galaxy Heroes Coin (new)
$0.00000002481
 420.97%
3874
CHIBA INU
$0.01104
 287.48%
3474
UKA DOGE COIN
$0.00000002267
 261.06%

Losers

#
COIN
PRICE
CHANGE
2824
TiFi Token
$0.0…05551
 100.00%
3785
Pixel Swap
$0.00006644
   99.92%
3924
LUNA DOGE TOKEN
$0.000005886
   90.94%
2812
Green Satoshi Token (BSC)
$2.90
   86.82%
4086
HEADLINE
$0.1893
   82.58%

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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