Bitcoin struggles to hold $38k and Algorand is the first major cryptocurrency to become an official sponsor of the FIFA World Cup

Bitcoin is currently trading just above $38k at the time of writing. The largest cryptocurrency by market capitalization suffered a slight pullback in the late hours of the day yesterday as the bears increased their pressure on the market. Altcoins also posted some losses. More on that later.

In other news, Algorand is now the first major digital currency to sponsor becomes the FIFA World Cup. The company’s name will appear at this year’s World Cup, which will be held in Qatar.

Ethereum Name Service or ENS aims to help people embrace Web 3.0 and that has resulted in a 90% increase in company valuation after initial investor interest. However, people should be very careful when choosing the crypto platform to invest in, as many platforms do not live up to their original advertising.

Major video game company Square Enix basically decided to sell their Tomb Raider franchise and invest more in newer initiatives instead of blockchain games etc. The Japanese company said it will sell the Lara Croft adventure franchise for $300 million. It generated $92 million in revenue for the fiscal year ending March 2022.

Popular crypto exchange Kraken has announced that its new NFT marketplace is entering beta and has announced a waiting list. The exchange has also claimed that it does not charge fees for trading custodial NFTs on the platform. Whether it will actually deliver on that promise remains to be seen, as NFT platforms typically charge certain fees to generate revenue.

The Bahamas, which has long been a tax haven for companies and individuals from all over the world, is now interested in regulating and growing the cryptocurrency sector. The government’s change in thinking comes when it hosted a conference organized in part by Skybridge Capital.

The EU Finance Commission has finally started to understand the importance of the decentralized finance (DeFi) sector and has produced a report in which it regulates it in a meaningful way. The Commission’s European Financial Stability and Integration Review has recently highlighted the importance of the sector Recognized and want to promote it.

The US Securities and Exchange Commission (SEC) has been strengthening crypto regulations in the country and has recently expanded its crypto division. More than 20 professionals will join the agency.

The President of Uzbekistan issued a presidential decree to adopt the regulatory framework for cryptocurrencies in the country. The country already has some of the most crypto-friendly laws in the region.

Major crypto asset and investment firm Van Eck has released a new collection of NFTs seen as an attempt to gain a foothold in the metaverse.

Two of the largest banks in Argentina will allow crypto trading accounts to be linked to major exchanges. As the country struggles with high inflation rates, most citizens are holding cryptocurrencies to offset the impact of the crippling financial situation.

Bitcoin price fluctuates around $38,000

Bitcoin had a mostly stable time above $38k yesterday but started to lose some value later that day.

It started with the Bitcoin price around $38.5k. It rose slightly to $38,800 around midnight, which was the highest valuation for the digital currency over the past day. For the rest of the day, the price traded around $38k before starting to fall at 8:00 pm It dipped below $38k and reached a low of $37.5k. After that, it rallied a bit, and at the time of writing, the price is just above $38,000.

Bitcoin is now approaching its lowest levels in recent months again and it remains to be seen what the bears will make of this. The bulls can defend the $38k figure for now, but the bears will continue to exert significant influence. They are expected to continue to push the $38k support level.

The total market capitalization of Bitcoin was approximately $717 billion and its share of the crypto market was 42.49%.

Bitcoin price chart

Altcoins are seeing slight losses

Other cryptocurrencies posted slight losses at the end of the last 24 hours, despite remaining largely stable during this time. The biggest losers were Ethereum (ETH, -2.4%), Avalanche (AVAX, -2.6%) and Dogecoin (DOGE, -1.8%). Most other cryptocurrencies were largely flat.

Ethereum price chart

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