Read in the digest
- Bitcoin and Other Leading Cryptocurrencies Buckle as Russian Forces Move Into Ukraine.
- FTX Seeks to Trigger Interest in Blockchain Gaming While Huobi Intends to Make Another Foray Into the US.
- Bored Ape Owner Drags OpenSea to Court Over the Illegal Sale of His NFTS.
- California Could Legalize Cryptocurrency Payments After the Legislator Introduces a New Bill.
Russia Enters Ukraine’s Territory, Market Reacts
The world watches with bated breaths as the tensions between Ukraine and Russia reached a frenzy. According to the reports, the Kremlin has ordered troops into two seceding regions in eastern Ukraine, Donetsk and Luhansk. The orders from the topmost echelon of Russia’s government comes on the heels of the country’s recognition of the independence of the regions.
Russia claims that the troops in the region will be acting as peacekeepers to which the top brass of America’s government have described as being “nonsense.” Stoking the embers, Vladimir Putin’s latest speech was laced with claims that Ukraine had no historical antecedents of being a nation while Ukraine’s President retorted that the country would stand its ground against aggressors.
The cryptocurrency markets took a nosedive since the start of the tensions and plunged even deeper over the weekend. The global market capitalization stands at $1.69 trillion which is a decrease of 0.61% over the last 24 hours.
Bitcoin and Ethereum have each posted double-digit losses in the last week at 15.09% and 16.67% respectively. BNB, XRP and ADA continued the massive losing streak after they recorded losses of 15.15%, 15.75% and 20.08% respectively.
Flipsider:
- In the wake of the decline, Terra’s ( LUNA ) has spiked by nearly 6% over the last few hours to trade at $51.86
Why You Should Care
Fundamentals like brewing conflicts between nations play a role in influencing the prices of assets as investors may panic to move funds into “safehaven assets.”
FTX Launches Gaming Unit + Huobi To Re-enter US Market
FTX has revealed plans for the launch of a blockchain gaming unit as it seeks to gain an advantage in the fast growing space. The cryptocurrency exchange laid bare its hand after it posted a job ad seeking software developers for the new blockchain and gaming unit.
According to the job posting, FTX is seeking to trigger an interest amongst game developers to explore the nascent niche of blockchain gaming. Potential hires should be adept in the programming knowledge of C# and the Unity gaming engine. This is not the first time that FTX is taking a plunge into gaming as it previously announced a $100 million GameFi fund in the last quarter of 2021.
Rival cryptocurrency exchange, Huobi has announced its desire to make a re-entry into the US markets after severing ties with the country two years ago. According to a company exec, the company’s initial foray into the space was thwarted by a lack of “commitment” and the absence of a solid management team.
The new incursion into the US is hinged on the drive to explore new markets after the Chinese cryptocurrency crackdown that seemed to hit the exchange the most. If the expansion goes to plan, Huobi will be in direct competition with exchanges like FTX, Coinbase, Binance.US, Kraken and Gemini amongst others.
Flipsider:
- US cryptocurrency exchanges are looking to Asian markets to expand the reach of their offerings. Gemini and Kraken have taken the lead to establish offices in the Asian continent with Japan being seen as a receptive jurisdiction.
Why You Should Care
The influx of exchanges may be beneficial to investors as the competition will lead to a reduction in prices of fees and offer variety to investors.
Bored Ape Owner’s Lawsuit Against OpenSea
OpenSea is being sued by the ex owner of a Bored Ape NFT after a bug was exploited on the platform that led to the inadvertent sale of the NFT for 0.01 ETH. Timothy McKimmy, owner of the sold ape, filed the complaint in a Texas federal court seeking for the return of the NFT on grounds of negligence and breach of contract.
The NFT, Bored Ape #3475, was one of the rarest NFTs in the collection and according to the claim the NFT was in the 14th percentile which makes it rarer than the one purchased by Justin Beiber for $1.3 million. McKimmy believes that the bug was exploited by hackers and sold for prices far below their market values. In McKimmy’s case, the “buyer” of his NFT quickly resold it for 99 ETH which has a value of almost $250,000.
It has been a turbulent new year for OpenSea as the platform has had to shell out over $1.8 million to users affected by the exploitation of bugs. However, the manner of reimbursements is not yet clear to the general public but there is buzz that the company is offering the “floor price” to the victims.
Flipsider:
- Despite the recent news of NFT exploits, institutional adoption of this technology is reaching frenetic highs after the latest feature from Twitter that allows users to verify the authenticity of NFT display photos.
Why You Should Care
As we inch inexorably to the realities of the metaverse, the concept of digital ownership is a main source of discourse and NFTs will play significant roles.
California To Legalize Crypto Payments
California could take the big leap in the acceptance of cryptocurrency payments after Senator Sydney Kamlager introduced a bill with the intent to amend sections of the state code. According to the wording of the bill, a state agency will be allowed to “accept cryptocurrency as a method of payment for the provision of government services.”
It is believed that the acceptance or criticisms by persons running for office could be the deciding factor in their quests. Aarika Rhodes, a teacher running for a seat in California’s 30th Congressional District has revealed that her campaign will be accepting BTC and other cryptocurrencies.
NYC’s Eric Adams has announced his intention to be paid his first three paychecks in Bitcoin while Mayor of Miami, Francis Suarez has also indicated the same desire. Other Mayors in the country have expressed a desire to build Bitcoin hubs and also educate their citizens about cryptocurrencies.
Flipsider:
- Cryptocurrency regulations in the US are plagued by uncertainty. Despite the successes of the futures-based ETF, the SEC has refused to approve a spot-based Bitcoin ETF.
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