Bitcoin hits $30,000 for first time since June 2022, Shiba Inu announce plans for Metaverse Launch, Bitcoin dominates focus with $56M inflows and more
SHIB: The Metaverse to Open in December 2023, Developers Say
> The metaverse is set to open by December this year and will feature 100,595 plots of land minted by users.
> Landowners can generate passive income from their plots, collect in-game resources and generate rewards.
> In addition, developers plan to introduce a way to earn and ensure players have a personal space where they can build and manage their projects.
> The metaverse will be developed in Shibarium, a layer 2 network that uses Shiba ecosystem tokens such as bone (BONE) and leash (LEASH), with the testnet already live. Continue here.
Digital Asset Investment Products See Positive Inflows of $57M Last Week
> The United States saw the most inflows at $27 million, while Germany, Switzerland, and Canada also experienced inflows of $17 million, $13 million, and $2.2 million, respectively.
> Despite the positive sentiment, volumes were low at $970 million for the week, and global bitcoin exchange market volumes were just 25% of the year-to-date average at $18 billion for the week.
> The primary focus of the inflows was Bitcoin, with $56 million in inflows representing 98% of all inflows. Seven altcoins saw minor inflows, with Uniswap, Polkadot, and Polygon leading the pack. Details here.
MicroStrategy’s Bitcoin Holdings Finally in the Green as Crypto Market Rallies
> As of writing, Bitcoin is trading at $30,103, up by 1.6% over the past 10 hours, and has registered an 82% increase year-to-date.
> The surge in prices has pushed the price of Bitcoin above MicroStrategy’s average purchase price of $29,803, which means that the company is technically up, but only by a small margin.
> MicroStrategy owns a significant amount of Bitcoin, which could push the price down significantly if it were sold in a short period of time. Full report here.
Winklevoss Twins Loan $100 Million to Struggling Crypto Exchange Gemini Trust Co.
> The move comes after the company struggled to secure funding from external investors amidst the downturn in the digital asset market.
> Gemini and the Winklevoss twins have not commented on the loan.
> The cryptocurrency industry has been facing significant challenges, with venture funding for crypto startups down by 80% to $2.4 billion in Q1 2022 compared to the same period last year, according to PitchBook data.
> Gemini has not been immune to these challenges, having experienced setbacks during the crypto bear market. More here.
Montenegro’s Central Bank to Test Ripple Blockchain for CBDC Pilot
> The pilot will explore the practical applications of a national stablecoin and create a design to simulate its circulation.
> The project aims to analyze the advantages and risks associated with CBDCs in terms of payment availability, security, efficiency, compliance with regulations, and protection of end-users rights and privacy, according to CBCG Governor Radoje Zugic.
> Over 100 countries have expressed interest in CBDCs, with some already entering a practical phase. Montenegro is part of the European Union and the eurozone, meaning it could adopt a digital euro if introduced by the European Central Bank (ECB). Continue reading.
Douyin, China’s TikTok, Now Displays Bitcoin Prices in Search Results
> Despite tight control over social media in China, Douyin has over 700 million daily active users, making it a significant platform for reaching a broad audience.
> This development comes as Hong Kong is reportedly opening its doors to crypto and state-owned banks in China are soliciting business from crypto firms.
> However, opening an account with a crypto firm in China remains a challenge.
> The Hong Kong Securities and Futures Commission (SFC) has expressed support for the development of the whole Internet ecosystem, including cryptocurrency platforms. More here.
French Central Bank Proposes DeFi Regulation for Governance and Security Norms
> As regulators increasingly focus on financial services without a central intermediary, the ACPR, the arm of the central bank that supervises banks and insurers, said in a consultation paper that DeFi regulations cannot simply replicate those that currently govern traditional finance. More here.
> The consultation is open until May 19.
> The report suggests that “players exercising effective control over sensitive services could be required to incorporate, becoming subject to supervision,” and proposes to “strengthen the security of smart contracts using a certification mechanism” covering code security and governance. Full report here.
Bitcoin Hovers Above $30,000: U.S. CPI Data and Ethereum’s Shapella Upgrade Awaited
Bitcoin (BTC) maintained its position above $30,000 on Tuesday as market participants anticipated the U.S. consumer price index (CPI) data for March and Ethereum’s Shapella upgrade on Wednesday.
> The leading cryptocurrency by market capitalization was trading slightly above $30,200, reflecting a 3% increase over the past 24 hours.
> BTC crossed the crucial $30,000 threshold late Monday evening (ET) for the first time since June last year.
> Analysts predict that the March CPI will demonstrate a continued deceleration, with the year-over-year rate climbing to 5.2%, a decrease from February’s 6%.
> The month-over-month rate is also projected to slow down.
> Ether (ETH), the second-largest cryptocurrency, was trading around $1,895, a 0.3% increase from Monday at the same time.
> Validators and market observers will closely monitor Ethereum’s Shapella upgrade, set to launch Wednesday evening (ET).
> This upgrade will enable validators to withdraw their long-held ETH from the Beacon Chain.
> In the meantime, other digital assets experienced gains, with Solana’s SOL soaring over 12% to trade around $23.2.
> Ethereum Classic’s ETC, a derivative or fork of Ethereum, witnessed a 4% increase, trading at $21.6.
