Apecoin DAO launched a new Ethereum-based token called Ape Coin, of which BAYC owners can claim like staking rewards. Token will have yet-to-be announced utility benefits and will also serve as a governance token as well, giving holders the right to vote on proposals to change the token’s ecosystem
Businesses in Florida, US have also stated that they would accept the APE token as a method of payment
Yuga Labs also teased the concept of a 3d BAYC gaming experience powered by Animoca Brands, the blockchain metaverse developer which developed The Sandbox
Binance and FTX Crypto Exchanges Win Licenses to Establish Offices in Bahrain and UAE
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
Diesel, Swappable, Universal Music Group, and Gamestop Join the NFT Bandwagon
Italian clothing company Diesel recently launched D:VERSE, a bridge between the virtual and real life, with phygital products, unique runway garments and metaverse wearables, featuring a token with a unique physical and digital showpiece
Swappable launched its own NFT sneaker collection on the Polygon blockchain, NTR1-Meta, partnering with digital fashion brand Another-1 (AN1). The virtual sneakers can be worn in the Decentraland metaverse
Inspired by the popular virtual band Gorillaz, Record label Universal Music Group has purchased a Bored Ape Yacht Club NFT to create a character for its virtual band initiative, Kingship.
After a $150 million loss in 2021 Q4, videogame retailer GameStop puts its hopes in the opening of its NFT marketplace, opening a new NFT/Web 3 division and partnering with Ethereum layer 2 scaling solution, Immutable X
Ukraine’s President Signs Law to Establish Regulation For Cryptocurrency
European Parliament Votes Against Proof of Work Ban
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
Pro-cryptocurrency policymakers in the United States express their support for crypto
“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.)
The U.S Federal Reserve decides to raise interest rates by 0.25%
The hike was the first interest rate increase since 2018
Projections released by the policy-setting Federal Open Market Committee states that it is likely that the Fed will raise rates up to six more times this year
Investors remain on edge regarding the impact of the increase with the S&P 500 down by 10.6% on Thursday, 03/17/2022
Prices up 7.9% year over year, according to the consumer price index, which measures a wide-ranging basket of goods and services
Energy has risen the highest, with gasoline prices having risen by 38% in the 12-month period while other prices have also increased – clothing prices (+6.6%), motor vehicle repair costs (+6.3%), Airline fares (+12.7%)
Inflation is anticipated to continue for the next few years or so
How is the market feeling about cryptocurrency right now?
Fear and Greed Index
The Fear and Greed Index has recovered from last week from Extreme Fear (21) to Fear (31).
Online Traffic – Google
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.
Online Traffic – Tweet Volumes
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.
Online Traffic – Reddit
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
Nearly $1.61 billion worth of Ethereum has left exchanges so far in 2022 alone, indicating that investors are looking to hold on to Ethereum long term rather than sell it on the exchange
At the same time, a huge inflow of Ethereum made its way to staking services like Lido in preparation for the Ethereum proof of stake transition scheduled for this summer, decreasing the supply of Ethereum on exchanges, adding to the potential of a continual price rebound
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.