Crypto News: A Weekly Review

The Hang Seng index in Hong Kong has had some of its worst days in more than a decade, but this does not appear to have had much of an impact on bitcoin’s price; cryptos increased marginally as investors await the Fed’s interest rate decision.


Despite Russia’s ongoing airstrikes on Ukraine and a COVID-related shutdown in Shenzhen, China’s innovation capital, most major cryptos climbed modestly a day before the US central bank was set to announce its decision on a likely interest rate rise.


Bitcoin’s price climbed to well beyond $39,000 early Tuesday, up more than 1% in the previous 24 hours. Ether was trading about $2,600, up around 2% during the same time frame. The majority of big cryptocurrencies were up. As investors processed the unpredictable macroeconomic environment, bitcoin trading remained sluggish.


Cryptocurrency values mirrored those of major stock exchanges. The Nasdaq, which focuses on technology, gained 2.8 %, while the S&P 500 gained more than 2 percent. Now let’s review more closely at what unfolded to the cryptoverse.


Related article | Bitcoin & Ethereum Market Overview 14/3/22

Bitcoin Detractor Peter Schiff Lays On What Will Trigger Bitcoin Recovery


The economist has never been one to hide his disdain for the digital asset and continues to bash it at every chance he gets. Schiff explained that for BTC to once again begin another uptrend, it depends largely on the movements of gold and the NASDAQ. On the flip side, gold would need to go down, said Schiff. Schiff has never been a fan of bitcoin and despite the digital asset’s outperformance, continues to diss it at every turn. In 2020, the economist is noted referring to cryptocurrency as the “biggest” bubble he’s ever seen. However, since then, bitcoin has more than doubled in value.


MakerDAO Could Replace Governance Token, Will It Provide Enhanced Incentives?


MakerDAO could replace its governance token MKR with a new token called stkMKR. The proposal was introduced to address the criticism around MKR’s tokenomics. Staked token holders will receive a share of MKR tokens purchased through surplus auctions. The proposal seeks to motivate users to participate in the new governance model by improving staking rewards and delegation rates. It also seeks to increase the value with “concrete APR figures and supply restriction”.


This Rugged FTM-Based Protocol Sends A Warning About DeFi Projects

PulseDAO was a project that allowed users to “create their own prediction markets about anything”. Their own dev turned against the and KYC might not be enough to hold this person accountable. Tomb forks are algorithmic stablecoin projects that peg their token to another coin, originally FTM. The team cited a person who was “poised to kill the project”, “DAOKing”. He is a YouTuber who made a deal with PulseDAO to review them in a video.


Fantom (FTM) has been trading around $1.08 in the daily chart, down 5.50% in the last 24 hours. The coin has experienced fear from investors because of the departure of main developers. One user pondered: How do we expect DeFi as a whole to develop and grow if the is no safeguard in place?


The Nightly Mint: Daily NFT Recap


Twitter was flooded over the weekend with rumors about a potential Disney acquisition. Dapper Labs’ product Genies was bringing on ex-Disney exec Bob Iger to their board of directors. NFTs have managed to make a splash at SXSW in recent days.


Why LimeWire Chose Algorand For Its Comeback


LimeWire will relaunch as a non-fungible token (NFT) marketplace running on Algorand. The platform will support its marketplace with its own native token called LMWR. Users will allegedly have access to “exclusive community”, voting rights, and access to a reward system. LimeWire has announced a partnership with Wyre and Algorand. The new LimeWire marketplace will be launched in May 2022. Items will be priced in U.S. dollars, and users won’t be obligated to set up a crypto wallet from the get-go.


QuickSwap Asks The Community, To Split or Not to Split QUICK Token?


QuickSwap has officially begun a voting process regarding QUICK. The platform’s native governance and utility token, QUICK holders will vote on rejecting or approving a process called “redenomination”. If approved, the QUICK token will be “split” thus increasing its supply from the current 1 million to 100 million or 1 billion. Split would increase the total number of units, thereby decreasing the price per unit. Only users holding their QUICK outside of Binance will be eligible to vote on whether or not the token should be split.


Dogecoin Spikes 10% After Elon Musk Reveals He’s Not Selling


The price of Dogecoin jumped 10% after Elon Musk’s comments on inflation. The billionaire has been a vocal supporter of the meme coin in the past. He believes that to deal with inflation, one would need to own physical things rather than virtual ones like cryptocurrencies. The price of Dogecoin had risen quickly after Elon Musk’s comments on inflation. It is still trading higher than it was yesterday as it landed at a higher low. The meme coin is a long way from its all-time high above $0.7 though, losing more than 70% since then.


Bitcoin Hashrate Swells 15% Since Last Week As Analysts Expect Mining Difficulty To Increase


Bitcoin’s mining difficulty fell by 1.5% last week, following the full recovery of China’s mining ban last year. China accounted for roughly 75% of the “average monthly hashrate share,” a term used to calculate the computational power needed to mine Bitcoin. As Bitcoin mining activity grows, so does the hashrate. The Bitcoin Standard Hashrate Token (BTCSHT) aims to increase liquidity in the Bitcoin mining market. BTCSHT has a current value of $14.42, which is 0.48% lower than yesterday’s price point.


Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50%


Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50% Russian ruble-denomination cryptocurrency trading. This debunks the idea that Russia will leverage crypto assets in maneuvering sanctions. But unfortunately, the EU and US are still reviewing their regulatory assessments of cryptocurrencies. NY state recently terminated all collaborations with Russian companies and institutions. Cryptocurrency Associations’ Head of Policy in the U.S. described their worries as “totally unfounded”. Ari Redbord, TRM Labs added that it’s too later for Russia to use cryptocurrencies to handle its sanctions.


Ripple Welcomes More Than 4,000 Artists Into Its New NFT Platform


Blockchain company Ripple has announced the onboarding of around 4,000 singers, musicians, content creators, game designers, and other artists into its NFT platform. The Creator Fund will be distributed on a batch basis with a varying theme for each “wave” of applications. Ripple is slowly venturing into the world of Web 3.0 with the use of cases for tokenized assets. One report said that it had recently invested $100,000 to Feeturre, an entertainment and music marketplace. The theme of the ongoing wave will be announced in the second quarter of the year.


What Is El Zonte Capital? Could Keiser, Herbert, And Klippsten Shake The Market?


El Zonte Capital has $5M in committed funding, and that’s just the beginning. Max Keiser, Stacy Herbert, and Swan Bitcoin’s Cory Klippsten are behind the venture. For the last two months, Keiser and Herbert experienced bitcoin life first-hand in El Salvador. El Zonte Capital’s founding members are bullish on bitcoin and El Salvador. Jack Dorsey has said ‘a big part of the future is happening in El Salvador’. The investment fund is playing the long game, which means they’re funding companies that will take years to take off.


Bitcoin Exchange Withdrawals Suggests Whales Are Accumulating


WhaleAlerts is a bot that tracks large transactions across various blockchains. On Friday, WhaleAlerts noted a number of large transactions that were being carried out on the Coinbase platform. These transactions consisted of hundreds of millions of dollars worth of BTC being sent out of the exchange. Bitcoin has failed to hold above the $40k level despite beating it four times this year. This presents as a buying opportunity for investors looking to fill up their bags. The digital asset continues to trend below the $39,000 level, although showing significant support at $38,000.


Related article | What Is The Darknet And What Does It Have To Do With Bitcoin?

Are you ready to dive into crypto?


Join us for more updates:  Facebook Telegram Linkedin | Twitter

MX Global– Built in Malaysia for Malaysians


Legal Risk Disclosure:

Trading on cryptocurrency carries a high level of risk, and may not be suitable for all investors.

The high degree of leverage can work against you as well as for you. Before deciding to trade with MX Global, you should carefully consider your investment objectives, level of experience, and risk appetite.

The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.

You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor.


Any opinions, news, research, analyses, prices, or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.

MX Global Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.