After a short reprieve over the weekend, cryptocurrencies continued their dramatic and prolonged slide on Monday, culminating in bitcoin losing nearly half of its value since it hit record highs last November.
To kick off the traditional Chinese New Year, Ant Group, an affiliate company of the Chinese Alibaba Group and owner of China’s largest digital payment platform Alipay, will be promoting a large number of digital collectibles that have quite a lot in common with non-fungible tokens (NFTs).
As the current crypto bloodbath continues, Altcoins are feeling the brunt of selling pressure, suffering double-digit losses in recent trading sessions. Altcoins enjoyed a recent price surge in the past weeks but have quickly experienced a correction giving up most of their gains. However, altcoins weren’t the only tokens to experience large declines. Bitcoin is down over 10% falling below $40k and Ethereum is down nearly 15% trading in the $2,700 range.
On Thursday, Russia’s Central Bank launched a proposal to ban both cryptocurrency investments and mining, joining in a chorus of governments around the world cracking down on digital currencies while highlighting the various threats cryptocurrencies pose to monetary stability and private citizens.
The Monetary Authority of Singapore (MAS) is Singapore’s central bank and integrated financial regulator and it has just taken steps to curb crypto trading by the general public releasing new guidelines for the industry that require immediate adoption. MAS has also taken the step of directing the business sector to abstain from both advertising or showcasing any products relating to cryptocurrencies to Singapore’s citizens citing the high risk environment surrounding crypto as the motivation behind the recent moves.
Cardano (ADA) has strung together several days of gains while the overall market has struggled with sluggish performances over the previous week. After it’s strong performance, rising from $1.15 on January 11 to $1.49 at the time of publication, Cardano now ranks as the fifth-largest cryptocurrency carrying a market capitalization of around $50 billion and at the same time outpacing Solana which sits at a market cap of around $43 billion.
With the exponential growth of the Metaverse and the Gamefi space along with their duel focus on non-fungible tokens (NFTs), it’s no surprise that nearly every blockchain and distributed ledger tech project are actively engaged in developing and launching their own entries into or versions of the Metaverse. Ethereum scaling solution Polygon has been actively developing and expanding on its GameFi and NFT strategy, creating an extensive range of options for building and connecting blockchains and decentralized applications (dApps) while taking the initiative a step further by establishing Polygon Studios, an independent branch that’s dedicated to blockchain gaming and NFTs.
As noted by the widely popular crypto analyst Lark Davis, crypto exchange Binance has started to allow users to make direct withdrawals to Layer Two Ethereum Networks. Binance first announced plans to integrate the Arbitrum One Network and simultaneously open deposits for ETH on Arbitrum One Layer 2 back in November of 2021. After the most recent developments, users now have the ability to make withdrawals as well as deposit ETH to their Binance accounts using the Arbitrum One Layer 2 solution.
Africa Blockchain University (ABU) is a non-profit institution headquartered in Port Louis, the capital city of Mauritius, dedicated to promoting and expanding the use of blockchain technology throughout the continent of Africa through policy advocacy, research, training, and project incubation.
Moonbeam, an Ethereum-compatible smart contract platform built on one of Polkadot’s parachain slots, announced the completion of its launch process, taking home the honors of being the first fully operational parachain on the Polkadot network.