A daily round-up of the most interesting news stories on the cryptocurrency market- and its sub-sectors like DeFi and NFT.
Today is a green day for the market. The total market cap of cryptocurrencies is up by 5.37% over the last day and is currently standing at $1.77 trillion, while there has been a 19.45% increase in the total market volume. Bitcoin, the pied piper of all cryptocurrencies, is up by 4.06% at $38,576. The second-largest cryptocurrency, Ethereum is standing at $2.777.25 – up by 14.17% as of the time of writing. The top gainers for today are Wall Street Capital and GLOWV2 which are up by 1580% and 1364% respectively.
The DeFi market continues to rise with TVL reaching $80.46 billion. All the major DeFi protocols including Curve Finance, MakerDAO, Aave, and Uniswap are making green candles on their charts. However, InstaDapp, Balancer, and a few others are down by a small percentage.
The NFT hype is probably cooling off. In the past 24-hours, the market has had a trading volume of $38.64 million. Looking at the graph of weekly NFT sales, it is evident that both “art and collectibles” and “gaming” NFTs are making a progress, although not as much as other previous weeks.
News Around The World
Cryptos have gotten an entry into the Indian market; from the backdoor though! Today, while revealing the budget for 2022, the country’s finance minister, Nirmala Sitharaman, announced a 30% tax on all kinds of virtual assets, including cryptocurrencies. The country has an on and off relationship with crypto, which finally has come to an end. Along with that, the FM announced that the central bank of India, RBI, is working on a CBDC that is expected to be fully launched in 2023.
Ukraine, the country that recently legalized virtual financial assets in the hope to attract a global clientele base, may now be not a good option for investors due to the 100,000 Russian troops that have amassed the country, icing out the country’s ambitious crypto-related plans. Cofounder of NEAR Protocol, Illia Polosukhin, has commented that the border tension is increasing the risk that isn’t very safe for people.
On the other side of the world, Nayib Bukele, the president of El Salvador has predicted that there will be a “gigantic price rise” for Bitcoin.
Buzz Around DeFi
Orion Protocol, xx, has launched OrionBridge – the first peer-to-peer atomic swap bridge that allows cross-exchange liquidity aggregation without any limit.
Wonderland, a Defi protocol, announced that the development will continue after it was found that a convict was serving as the treasury manager of the ecosystem. Michael Patryn, who goes by the pseudonym 0xSifu has pleaded guilty to charges of fraud in the past. In a community vote, 55% of the voters were in favor of continuing the community while 45% said they don’t want to continue. The founder wanted to shut down the project, but changed his mind eventually:
Growth DeFi, a Defi protocol, has launched the staking of veGRO and MOR tokens. Users can now earn rewards on Avalanche and BSC as well as their native MOR stablecoin.
Along with cryptocurrencies, NFTs will be liable to 30% tax as per the new guidelines by the Indian government. This includes all kinds of digital collectibles, including gaming, art, real-estate, and other forms of NFTs.
Lending protocol Arcade has stepped into the NFT space by introducing Pawn Protocol in a bid to bring liquidity to the NFT market. As per the company, it has more than $15 million locked in blue-chip NFTs. Along with Arcade, a leading media conglomerate, ViaCom18 has also entered the NFT space with its NFT marketplace called Fullyfaltoonft, which has been set up by a popular innovator of NFT Technologies.
However, not everyone is a fan of NFTs. Kanye West, a popular rapper, goes ballistic on NFTs, saying that he makes music for the real world. Looks like he has no upcoming plans to get into NFTs.
Airdrops and Freebies
F-Bomb NFT, an NFT project announced yesterday that they are launching an NFT drop that begins with a whitelist mint on Jan 31. Anyone can register for the presale list that has started today. The platform has plans to airdrop 50 F-Bombs to random NFT holders and contribute 40 ETH tokens to the community wallet as part of the merch.
BitMEX, a popular derivative trading exchange, has airdropped 1.5 million BMEX tokens today to all of its users. In addition to valuable tokens, the platform has also offered VIP tickets to sports and events, as well as exclusive product access.
OpenOcean, the crypto exchange aggregator, has announced its plan to launch an OOE token on its platform. It will drop a new token on the 12th of July that needs to be claimed by the eligible investors – anyone who has made a minimum of four trades or a total trading volume of 40 USDT.