Here is the news in the Cryptocurrency space for the 3rd week of March, 2022.
The latest news on the adoption of cryptocurrencies by institutions and users
Binance and FTX have both received a Virtual Asset Exchange (VAX) license as a result of a new law approved last week by the new Dubai Virtual Asset Regulatory Authority(VARA) which operates in compliance with the global banking regulatory organization, the Financial Action Task Force
FTX will establish a regional headquarters in Dubai and will offer crypto derivatives products
Binance was also granted a crypto-asset service provider license in Bahrain and Dubai, allowing it to offer trading and other crypto services in the country
The UAE has emerged as one of the most crypto-friendly countries and have already enabled crypto trading in several free economic zones in Dubai, UAE last year
The latest news on regulation that may affect the world of cryptocurrency
President-elect Yoon Suk-yeol of South Korea has vowed to legalize initial coin offerings, or ICOs
He has also promised to not levy taxes on cryptocurrency trading earnings of up to $40,000, treating them on the same level as capital gains from stocks
This past monday, members of the European Parliament’s Committee on Economic and Monetary Affairs voted against the MiCA (Markets in Crypto Assets) bill that would have outlawed proof-of-work-based cryptocurrencies (i.e. Bitcoin) in the EU.
Crypto mining could still be categorized asn an “unsustainable” activity before 2025, which could block support/investments from European governments and companies
“The project of radically decentralizing the internet and finance strikes me as a profoundly progressive cause. You should never define any technology by its worst uses. [..] There’s more to crypto than ransomware, just like there’s more to money than money laundering.”
Rep. Ritchie Torres (D-N.Y.)
How is the market feeling about cryptocurrency right now?
The Fear and Greed Index has recovered from last week from Extreme Fear (21) to Fear (31).
Search traffic on the topic of NFTs had surpassed that of Bitcoin which had been what people had been searching for until November of last year. NFT searches peaked in mid January and fell throughout February back down to Bitcoin levels.
In the wake of February, tweets on Bitcoin and Ethereum have diverged with Ethereum tweet volume dropping by 2/3rds of its original volume but then showing a uptick and recovery.
Investors continue to be hopeful yet cautious over the recent 5~10% pump despite a larger plunge a few weeks ago
Total Market Capitalization and Volume, USD
Current market capitalization of the cryptocurrency world stands at $1.7 trillion down by 41% since the peak of the bull market in November of last year ($2.9 trillion)
Bitcoin market share of the whole crypto market (referred to as ‘bitcoin dominance’) is more of less constant around 42% up from the Mid-January figure of around 39.7%, indicating investor sentiment preferring the safety of bitcoin over investments into altcoins, including Ethereum.
Balance/volume in/out flow on Exchanges
Coins for the most part have been recovering from the sharp drop (Bitcoin (+7.77%, Etherum +13.76%, Solana +12.38%) that happened as a result of a myriad of geopolitical, economic, regulatory uncertainties stemming from the likes of the Russia-Ukraine War, the EU’s recent vote on the crypto proof-of-work ban, and the recent rises in Covid-19 cases.
The global NFT marketplace is worth $10 billion with a 24 hour sales volume of $64 billion.
In terms of market capitalization and average price, the NFT market shows a clear dominance by Yuga Labs, the creators of NFT collections Bored Ape Yacht Club, The Mutant Ape Yacht Club, and The Bored Ape Kennel Club. Just 2 weeks ago, Yuga Labs acquired the intellectual property rights of CryptoPunks as well as Meebits, increasing their dominance in the sector.
Hit the subscribe button to join the Crypto In Play weekly newsletter
for a review and insights on cryptocurrency and life.
© 2022 Crypto In Play All Rights Reserved
Disclaimer: Any information available on this website is ‘general’ in nature and for informational purposes only