It seems like the crypto industry has had a turbulent week. The markets crashed, and crypto.com was hacked. This led to the loss in millions. There have been some encouraging developments. The Taproot soft work went live on Liquid and major players like Meta, Alphabet and Twitter are all exploring NFTs, the blockchain and the Metaverse. Let’s take a look at the top developments of the last week.
Bitcoin BTC Drops Below $40,000 But What’s The Driving Force Behind It?
The crypto market crashed Friday with its market cap below $2 trillion. BTC plummeted below $40,000 and Ethereum fell below $3000. The price of crypto has reached a new record high in just two months, and speculation suggests that it could stabilize at $30,000. There is speculation that the slump could have been caused by the Bank of Russia’s paper “Cryptocurrencies Trends, Risks and Regulation”, which suggests a blanket ban on crypto.
Erdogan-Bukele Meeting Could Have Healthy Discussions On Crypto
The discussion on the crypto market could be a focal point for two leaders with different views. Turkey proposes a heavy regulation of cryptocurrency, but El Salvador’s fully embraces cryptocurrencies and is preparing to launch its $1 Billion Bitcoin-backed bonds. Erdogan even sent a crypto law, seeking regulation of cryptocurrency to parliament to strengthen the Lira to deal with runaway inflation.
Taproot Soft Fork Goes Live On Liquid
Taproot Soft fork was activated with block 1,633,200 of Liquid. This activation marks the Liquid Network’s most recent and significant upgrade. It brings new uses, functionality and technology to the ecosystem. The sidechain now has significant improvements and features. This upgrade is also an important step towards Simplicity implementation on the Liquid Network.
Altcoins Shiba inu calls out CoinMarketCap over fake addresses
After pointing out fake SHIB addresses on CoinMarketCap, the team behind Shiba Inu advised investors to be cautious. In a tweet, the team addressed CoinMarketCap and stated that CoinMarketCap had deliberately listed three fake smart contracts addresses. It also warned investors against interacting with these fake addresses. The team also said that CoinMarketCap hadn’t addressed their concern about the incorrect addresses being displayed on the platform. CoinMarketCap stated that the addresses were intended to facilitate cross-chain transactions between wrapped versions of SHIB tokens.
Polygon launches EIP 1559 upgrade
Polygon finally launches the long-awaited EIP 1559 upgrade. This will allow the burning of the MATIC token, significantly increasing fee visibility, and allowing for the burning of the MATIC token. Polygon’s team announced the news via a blog post. The upgrade was successfully implemented on the Mumbai testnet, and the mainnet implementation was completed on January 18. The MATIC token’s annual burn rate will now be approximately 0.27%. This will reduce the supply by 27,000,000 tokens annually.
Business Crypto.com – The First Major Exchange to Be Hacked In 2022
Crypto.com launched 2022 on a bad note. The exchange reported that it was the victim of a coordinated hack. After several users complained about problems with their accounts, they began to notice that their balances were low and hackers had taken almost all of their funds. Users reported that their accounts were also locked out. Crypto.com issued a statement to users, stating that they are investigating the hack and that all funds were safe. PeckShield’s investigation revealed that the hack cost the exchange $15 million. ErgoBTC tweeted that hack losses were twice what was being reported at $33million.
Meta Working on NFT Integrations for Social Media Platforms
According to reports, Meta has set up teams within its Facebook divisions and Instagram divisions in order to develop functionality integrations and sell NFTs. Users can also display their NFTs and NFT collections via their social media profiles thanks to the new functionality. Meta has not yet made an official statement, but they are looking at launching a marketplace that will allow users to trade, buy and sell NFTs.
Verifiable NFT Profile Images Available On Twitter Blue
Twitter Blue users can now display their NFTs on iOS thanks to verified NFT profile photos. This feature is currently only available to users who are located in the United States of America or Canada, Australia, New Zealand, and Australia. The feature will soon be available for Android and Web users. Twitter has been hinting at this move for some time. Popular figures from the Crypto Twitter space have already changed their profile pictures to NFTs. This feature, which allows users to verify their ownership of a Cryptopunk, BAYC, or other image, solves the problem of users right-clicking on the image and saving it.
Microsoft Prepares For The Meta With Activision Acquisition
Microsoft’s recent acquisition Activision for all cash has shown that it is serious about being a major player within the Metaverse. The deal was announced Tuesday and is being hailed as the largest in the gaming industry. Microsoft made the acquisition to secure its position in the Metaverse. The move was also intended to disrupt some aspects of virtual gaming. Satya Nadella (Microsoft CEO) spoke out about the acquisition.
“Gaming is one of the most exciting and dynamic categories in entertainment across all platforms and will play an important role in the development and maintenance of metaverse platforms.”
Robinhood launches beta release of its crypto wallets
Robinhood announced it would launch its crypto wallets. It has also lined up a beta release to 1000 customers. With the larger goal of planning for a wider rollout in 2022, the beta release was done. Vlad Tenev, CEO of CryptoWallets, stated that there has been a significant rise in demand for crypto wallets. The current phase was selected from 1.6 million applications.
Animoca’s latest funding round values it at over $5 billion
The latest round of funding for Animoca Brand saw it raise nearly $359million. This was a valuation of the NFT Gaming Investor at more than $5 billion. Liberty City Ventures led the round, which raised $358,888,000.888. The round also saw participation from several other investors, such as Winklevoss Capital and Sequoia China. Animoca Brand has had several successful fundraising rounds in the last year. It looks like they will continue this trend in 2022.
Whitepaper on Digital Dollar Released by Regulation Federal Reserve
A new whitepaper has been released by the Federal Reserve. It discusses the potential risks and benefits of the digital currency’s launch. The Federal Reserve released the whitepaper on January 20th. It indicates that they are open to discussing the pros and cons for a Central Bank Digital Currency. The whitepaper doesn’t indicate that the Fed will actively pursue the project. It has already stated that Congress and the Executive would need to support any significant steps.
The UK’s Economic and Finance Ministry is looking to correct misleading crypto promotions
The UK’s financial and economic ministry announced it is currently examining new regulations to combat the increasing problem of misleading advertisements and promotions in the crypto market. To ensure transparency and protect consumers, the ministry said that all advertisements containing content about cryptocurrencies must be brought into compliance with financial advertising.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.