The scenario of creating or breaking a cryptocurrency this week?
Last week, both bitcoin and ethereum struggled with investor fears. Investors around the world are taking a deep breath this week ahead of the US Federal Reserve’s latest monetary policy announcement. Bitcoin started at just $ 40,000 last week, but fell sharply to $ 37,500 on Tuesday. Although the cryptocurrency returned to $ 39,500 over the weekend, it is currently at $ 38,000.
Ethereum, meanwhile, rose above $ 2,950 last week, but eToro fell below $ 2,700 over the weekend. It is currently over $ 2,800. As investors move away from risky areas of the market, such as tech stocks, the turmoil in the cryptocurrency market follows other assets. As shown by the price volatility described above, the volatility is currently high. Stock investors are said to be holding their breath before the Fed’s decision – and this will apply to the cryptocurrency community as well. Markets are approaching the price with an increase of 50 basis points, which is likely to see cryptocurrency prices lower than last time. However, the Fed may be hesitant about the current discount rate as the US economy looks set to retreat.
Bored Monkeys drags Ethereum blockchain to crash
Yuga Labs, founder of Bored Apes NFT, apologized after selling land in the metaversion that caused the Ethereum blockchain to collapse. The company began selling items for the Metaverse game Otherside, using sites sold through ApeCoin (recently introduced to the eToro platform). The demand was that in the first few hours, about 55,000 plots were sold. This incredible demand has overturned the Ethereum blockchain on which ApeCoin is based – not a small success. Commercial NFT fields became so insane that operating fees were about $ 3,300 at a time, and about $ 100 million in Ethereum gas fees were obtained.
Algorand sponsors the FIFA blockchain
Proof-of-stake network Algorand has signed a contract with FIFA to become a regional sponsor of the 2022 Men’s World Cup and the official sponsor of the 2023 Women’s World Cup in Australia and New Zealand. The transaction is noteworthy for the blockchain, as it has some interesting potential implications for NFT transactions. Algorand will help FIFA with its digital asset strategy, and it looks like it could help FIFA create NFT – a potentially huge market.
Football and sports in general are already a fast-growing segment of the oil market, and loyal fans want to show their support in this area. FIFA is one of the largest and most influential sports organizations in the world, so linking Algorand is a revolution for the evolving blockchain. We see an increasingly competitive market not only for NFT itself, but also for the providers of this infrastructure, so this is a real boon for Algorand at a time when wider cryptocurrencies are under pressure and NFT ratings are being tested.
Argentine banks offer cryptocurrency
Argentina’s two largest banks – Banco Galicia and BruBank SAU – have begun offering their customers the opportunity to buy cryptocurrencies, including bitcoin, ether and USDC. Argentina is by no means a major player in international cryptocurrencies, but it has a larger jurisdiction than El Salvador, which has been an example of bitcoin adoption in recent months. However, there is a deeper trend in Argentina, which can often signal changes elsewhere. The country currently suffers from one of the worst inflation rates in the world, around 55%. every year.
As a result, Argentines are very skeptical of their currency, the peso, and regularly turn to the US dollar as an alternative to protect their deposits. It is so common that there is an unofficial competitor to the official exchange rate, the so-called “blue dollar”. Importantly, Argentine institutions now offer Argentines an alternative that does not involve behind-the-scenes trading in paper currencies. Access to alternative digital currencies can make a big difference for one country and is a lesson for others who may themselves be a victim of rising inflation.