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.
Trending Coin of the Week - Shiba Inu (SHIB)
In 2019, Ryoshi met an anonymous friend, who was a successful businessman, in the Ethereum Devcon conference situated at Osaka, Japan. Ryoshi shared his vision with his friend who gladly agreed to help him. His friend deployed the smart contract of the Shiba token in the Ethereum blockchain and made an ERC-20 token. Also, his friend gave 10 ETH for liquidity in order to add a trading pair in Uniswap. Ryoshi and his friend minted a quadrillion Shiba Inu tokens, which in turn allowed users to buy billions, even trillions of coins.
Their token mascot was Shiba Inu, a canine hunting dog breed originating from Japan, and they nicknamed their coin the DOGE Killer. Dogecoin (DOGE), another meme coin, was rising ranks in the crypto industry, and naming Ryoshi’s token Shiba Inu was probably to use Dogecoin’s popularity as a stepping stone. Elon Musk, the CEO of SpaceX and Tesla, tweeted countless messages supporting cryptos and Dogecoin which made Shiba Inu pick up steam.
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$4B in ASIC-Backed Loans at Risk if Prices Fall
Due to the value decline of ASICs, loans taken out by cryptocurrency mining firms against mining ASICs are under pressure, making repayment difficult and creating a major risk to lenders. There are worries that loans with ASIC collateral might soon fall into default.
Coinbase to make Nano Bitcoin Futures Contracts Available Through Outside Brokers.
On Monday, Coinbase will introduce its newest derivative offering: micro bitcoin futures contracts. The launch of the new derivative product coincides with an uptick in demand for high-leverage goods among Americans. However, Coinbase competes with well-known brands, and the rating agency Moody’s is pessimistic about the business’s sales and profitability.
Users of WeChat are Not Allowed to Use Crypto and NFT Services
WeChat: New guidelines for crypto assets have now been published by the Chinese-owned social networking site WeChat. The platform has more than 1.2 billion active users each month. Currently, such digital assets are viewed as “illegal commerce.”
FTX Robinhood Acquisition Denied by SBF
According to FTX CEO Sam Bankman-Fried, there are no ongoing discussions about FTX’s potential acquisition of broker Robinhood. But last month, Bankman-Fried bought a 7.6% interest in Robinhood.
Muslim scholars issue a fatwa for Islamic Coin
A digital money that adheres to Shariah is called Islamic Coin (ISLM). The currency just received a Fatwa from Islamic authorities. Although fatwas are not legally enforceable decisions, if they are favorable, you can move on with confidence knowing that you have the blessing of religious authorities.
Latin America People using Crypto Claims to be Over 50%
According to a poll, 33% of people in Latin America have used stablecoins, while 51% of customers there have used cryptocurrencies for transactions. Residents are being pushed to adopt cryptocurrency by the region’s soaring inflation and declining country values.
Anonymous Promises to Look into Do Kwon's 'Crimes' and Expose Them
The hacktivist collective Anonymous claims it will go into Do Kwon’s past and expose his alleged misdeeds. The organization also asserts that Kwon started out with malicious motives. According to the organization, he defrauded ordinary investors out of billions of dollars.
After a March Hack, Axie Infinity's Ronin Bridge Relaunches
After experiencing a significant security breach in March, the Ronin Bridge is now up and ready for deposits and withdrawals. The decision was made, according to the network, following three security audit cycles. In March, there was a security incident that caused the Ronin bridge to lose an estimated $600 million.
Voting by MakerDAO to Distribute $500 Million in Treasury Funds
The Dai stablecoin’s decentralised autonomous organisation, MakerDAO, is at present voting on how to distribute $500 million in treasury reserves. The government is weighing the pros and cons of allocating the $500 million entirely to US short Treasury bonds versus opting for an 80/20 split.
IRS Reporting on Crypto Exchanges May Be Delayed
The Biden administration is prepared to postpone the time when it anticipates bitcoin brokers and exchanges to begin reporting on the trading of their customers. The Internal Revenue Service and the U.S. Treasury Department are probably going to postpone the January deadline for businesses to start collecting data. A bill that was enacted by Congress in November of last year mandates that cryptocurrency companies start keeping thorough records of the transactions of their consumers in 2023.
TikTok star Khaby Lame is now a Brand Ambassador for Binance
Khaby says, “I consider my followers as my family, and I am always looking for new challenges and interesting content to share with them. I’ve been curious about Web3 for some time, and jumped at the chance to partner with a leader like Binance because it aligns perfectly with what I usually do: make complex stuff easy and fun for everyone!”
In a New Music Video, Eminem and Snoop Dogg Transform into BAYC Apes
Rap pioneers Snoop Dogg and Eminem yesterday created a song video with animated versions of their Bored Ape Yacht Club avatars (BAYC). Recently, both artists have entered the non-fungible token (NFT) market.
Meta Bringing on Facebook profiles' NFT Showcase
Creators in the US may now display NFTs on their Facebook accounts thanks to Meta. Facebook users will now have access to a “digital collectables” button on their profiles where they may display their NFTs. The network will initially handle NFTs on the Polygon and Ethereum blockchains, with future intentions to add support for Solana and Flow as well.
Report: Albania aims to implement cryptocurrency taxes starting in 2023.
According to a new draught law, Albania intends to start taxing revenue from crypto assets in 2023. Additionally, the nation is attempting to define cryptocurrency mining.
Russian Legislators Have Approved a Law Amending Cryptocurrency Taxes
A draught bill that may exclude value-added tax from the issue of digital assets and cryptocurrencies has been adopted by Russian lawmakers. Members of the State Duma accepted the draught bill in its second and third readings, which sets tax rates on revenue derived from the sale of digital assets.
Beijing CBDC Supposedly in Works, but Uncertain Rollout Schedule
A pilot for Taiwan’s planned central bank digital currency (CBDC) has been confirmed. Yang Chin-long, the governor of the BoT, has not yet officially endorsed the schedule.
Coinbase Provides the US Immigration Agency with customer 'Geo-Tracking Data'
The United States Immigration and Customs Enforcement (ICE) has purchased software from Coinbase that enables them to follow cryptocurrency transactions. Even past geo-tracking data is supported by the programme, albeit the specifics are unknown. Although Coinbase is committed to regulation and compliance, this has drawn criticism.
Morocco to Start Talks With IMF, World Bank on Crypto Regulation
With the aid of seasoned market participants, Morocco is developing a regulatory framework for cryptocurrencies. According to the most recent statistics, Morocco has the greatest rate of adoption of cryptocurrencies in North Africa, at 2.5 percent. There is no indication from the central bank that it will accept bitcoin as legal cash.
Russian Lender Completes First Digital Asset Transaction for the Nation
The first transaction involving a fintech business and a cash-backed digital financial asset was purportedly carried out by VTB, one of the biggest state banks in Russia. According to VTB, “In this way, the first issue and placement of digital financial assets secured by cash was made,”
EU Approves Crypto Anti-Money Laundering Regulations
For cryptocurrencies, the European Union (EU) has approved anti-money laundering (AML) regulations that require businesses to verify customers’ identities regardless of the value of the transaction. For “traceability of crypto-asset transactions,” the new regulation would require cryptocurrency exchanges to gather information on both parties.
NFT and Metaverse Stats of the Week
Top NFT Sale of the Week – CryptoPunk #7971 – Ξ 398.95 ($446.58k)
Top NFT Collection of the Week – Otherdeed for Otherside – Volume – Ξ6310.73 (~$6.7M)
Top Gaining Metaverse Token – CEEK VR (CEEK) +12.89%
This Week’s Gainers and Losers
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