A daily round-up of the most interesting news stories on the cryptocurrency market- and its sub-sectors like DeFi and NFT.
The Market Sentiment
As of writing, while the global market cap of cryptocurrencies is down by 2.73% and stands at $1.68 trillion, the total volume has increased by 1.22% over the last 24 hours. Two of the biggest cryptocurrencies by market cap, Bitcoin (-2.27%) and Ethereum (-2.75%) are down by a small percentage. On the other hand, Shiba Inu (+20.56%) and Shoppi Coin (+1102.59%) were among the top gainers.
The DeFi market saw a huge influx of money as the Total Volume Locked (TVL) has gone from $66.90 billion to $78.59 billion over the past 12 hours. Yearn Finance, Curve Finance and Uniswap were the biggest gainers, whereas Compound and Aave took a big hit in the last 24 hours.
Despite the bearish sentiments around the space, the NFT market continues to make decent sales as the daily trading volume of NFTs reached $56.2 million as of the time of writing. Though gaming sector made only $3.5 million in sales, the sale of the art and collectible market was worth $52.7 million.
Happenings Around The World
Regulators and lawmakers in India are still split over the regulations around the crypto sector. While one section is requesting the government to understand the space before making a decision, the other thinks it may take a few years for regulators to attain maturity – which is too long a time for the industry.
In Russia, as authorities ponder over whether to prohibit or regulate the cryptocurrencies, the former president and prime minister, Dmitry Medvedev, said “banning cryptocurrencies might bring the opposite results.”
As cryptocurrencies gain momentum in Thailand, a local cafe that goes by the name “HIP Coffee and Restaurant” has become home to the crypto traders with the addition of screens showing the market movements and slips that contains investment advice alongside coffee and cake.
It might not be the news Nigerians were expecting. But, Binance exchange has blocked 281 accounts from trading, citing safety-related reasons. However, as per its CEO, the platform has resolved 79 cases and is looking to solve all non-law enforcement-related within the next two weeks.
Buzz Around DeFi
The DeFi platform, Qubit, which recently lost $80 million to a hack, is giving out the highest bounty (of $2 million) so far to return the amount. The funds stolen are still on-chain and the team is continuously monitoring them. However, the hackers haven’t responded yet.
Cardano, dubbed as Ethereum killer, launched its decentralized exchange protocol called ADAX, which is now live for trading within the Cardano ecosystem.
MHRB or Mahraba Finance, has raised $5.5 million through a series of public and private funding rounds. They are the first DeFi ecosystem focused on halal crypto opportunities that aims to bring ethical DeFi to special communities.
The ongoing dispute between the community of Wonderland may finally come to an end as the community known as “Frogs” has suggested a proposal for Wonderland 2.0, which includes a transition of the existing protocol to a new DAO structure for more transparency in the governance of the protocol.
The World of NFTs
As NFT mania continues to stir the crypto market, a Sorare digital card of Borussia Dortmund striker Erling was sold for $684,000. The NFT includes the details of the player and is a color-card based on rarity.
Another NFT from Bored Ape Yacht Club called “Bored NFT #3001” went for $1.3 million. Guess who bought it? Justin Bieber! Eminem was the first most famous celebrity to buy an NFT from the same club. It looks like the celebrities are curious to get on the bandwagon of NFT asap.
Johnny Depp, a popular Hollywood actor, has plans to launch an NFT collection, Never Fear Truth, which would include the portraits of Heath Ledger, Tim Burton, and some of his other personal heroes. The former Love Island star and OnlyFans model, Vanessa Sierra is also launching an NFT collection that is already valued in the millions.
Information on Airdrops and Freebies
BitTorrent, a P2P file-sharing system, will no longer send Airdrop to the addresses on TRON. Instead, the rewards will be sent out to BTTC nodes’ addresses, which users can access by simply importing the private key to their MetaMask wallet. The change is expected to take place from the 15th of February till the 7th of March, after which the Airdrop will shift to the BTFS2.0 mainnet.
LionBank, a multi-platform exchange, is planning to airdrop 100 GetLION tokens to the community. The participation process ends on August 6th, 2022 and the distribution of tokens will take place on August 15th, 2022.
LooksRare, an NFT marketplace, is distributing 120 million (13% of total supply) LOOKS tokens to anyone with a combined 3 ETH trading volume or more on OpenSea. However, this trading should be done within a specific period, which is from Ethereum Block 12642194 on 16th Jun 2021 to Block 13812868 on 16th Dec 2021.