Bitcoin dipped slightly earlier in the day again, reaching below $40k. Although things have been slow, the bears have shown that they are still in control. Altcoins also posted some losses. More on that later.
In other news, Meta in its emerging market can take up to 50% of NFT sales as commission. wants to collect† This development comes after the social media giant ramped up its aggressive plans to conquer the NFT and Metaverse sectors. More on that later.
The infamous North Korean hacker group called Lazarus has been identified behind the latest attack on the Axie Infinity blockchain network. The massive hack resulted in users being robbed of over $500 million in digital currency. It is one of the largest breaches of a Tier 2 network in the history of the cryptoverse. As a result, Axie Infinity’s value decreased and it is now in serious trouble despite having the resources to recover.
Ava Labs, the creator of the Avalanche Blockchain network, has raised another $350 million. The total value of the network is approximately $14.6 billion.
The Russian trade minister has stated that the country must use cryptocurrencies for transactions with its African partners. He also proposed this arrangement to Putin’s deputy and current prime minister. However, the question remains to what extent the Russian regime can use cryptocurrencies to evade harsh Western actions. It also has very limited application in Africa, with few countries willing to accept crypto or go against the US as the war against Ukraine continues.
Ledger, the leading provider of hardware solutions, has introduced a new tax reporting mechanism to help users. The new approach helps users automatically calculate their taxes based on their location.
Cryptocurrency exchange Gemini has launched a credit card option in the United States. Users of this new credit card system will be able to enjoy cashback in more than 60 Gemini-backed cryptocurrencies.
The best delivery service in Central and South America called Rappi started accepting payments in cryptocurrencies on its platform. To do this, the company works together with BitPay and Bitso.
Elon Musk has offered to buy the entire publicly traded Twitter company for about $41 billion. He believes that the social media network has enormous potential and that he can unlock it. He recently bought about 9.2% of the total outstanding shares for $3.2bn and is apparently eager for more control.
The Texas government prevented an online casino from selling NFTs in the state. Regulators refer to the 11,111 NFTs sold by the casino as high-tech fraudulent securities.
The Paris Blockchain Week is currently taking place with the participation of many top blockchain companies and startups. Top blockchain influencers and CEOs are also part of the panel interviews at this event.
Line, the best social messaging app in Japan, has an NFT market aggregate† This is in addition to the crypto-laden features that have been added over time. In other news from Japan, a senior Bank of Japan official has stated that the digital yen will not be used to hit negative interest rates in the country. The move comes after various speculations arose about a CBDC launch in the country.
Bitcoin Price Drops to $40k
Bitcoin fell to $40k and lower earlier today as the bulls once again gave way to the bears.
The last 24 hours started with the BTC rate around $41k. It traded sideways for a long time before starting to decline at 3:30pm After that it was all bearish action and the price is now trading at $39.7k at the time of writing and still looking south .
Bitcoin is now under heavy bearish pressure despite support around $40k. Bulls are nowhere to be seen, so a significant bearish move cannot be ruled out. The bulls have a lot of work ahead of them and they will have to regroup if they want to get out of this mess.
The total market capitalization of Bitcoin was approximately $756 billion and its share of the crypto market was 41.6%.
Altcoins after mixed losses
Other cryptocurrencies have also suffered some losses in the last 24 hours. The big losers were Ethereum (ETH, -3.5%), Solana (SOL, -5.9%), Cardano (ADA, -4.4%), Terra (LUNA, -7%), Avalanche (AVAX, -4.4%), Polkadot ( DOT, -3.5%), Shiba Inu (SHIB, -4%), Near Protocol (NEAR, -5.3%), Polygon (MATIC, -4.7%) and Litecoin (LTC, -3%).
In other news….
Meta can put up to 50% of NFT sales on a new platform
Meta (formerly Facebook Inc) and its CEO Mark Zuckerberg have big plans to implement a new marketplace related to NFT and Metaverse. However, there is a catch here as the company claims to collect up to 50% of its revenue on this platform.
This is in line with various whistleblowers and commentators who believe that Meta wants to transform the Metaverse and NFT sectors into their overly centralized and monopolized business. There are also questions related to user privacy and data breach.