The downfall of the major Cryptocurrencies :
This week, the crypto market was buffeted by the prospect of a recession and inflationary pressure, sending it into a prolonged winter of underperformance. Bitcoin, the most valuable cryptocurrency, was trading at around $20,000, down roughly 8%. Polkadot fell approximately 13% on Friday this week, while Solana, Ethereum, and Avalanche also fell more than 10%. Throughout the week, the major crypto tokens were mostly spotted in deep red.
An end-to-end encrypted messaging application to reshape Crypto Messaging
Nansen, a blockchain analytics platform, has released an end-to-end encrypted messaging app that allows crypto traders to engage with one another while increasing developer accountability. According to the corporation, the major function of Nansen Connect will be compatibility with blockchain and analytical access. Users will be able to log in with their crypto wallet, choose a username based on their Nansen wallet labels, join groups based on crypto holdings and blockchain behaviors, send Direct Messages to other users (encrypted end-to-end), monitor key collection statistics and user holding information in real-time, and eventually build OTC channels for more efficient trading using Nansen Connect.
4.9% of hike in the Repo Rate affecting the investing capacity of Indian traders
The RBI raised the repo rate by 4.9 percent in response to the rupee’s 3.6 percent depreciation during the past seven months. The RBI’s unexpected repo rate hike indicates that the inflation situation is dire and that the central bank would now do everything possible to keep it under control. From growth to inflation, the trend has shifted dramatically.
Currency depreciation is a key issue for cryptocurrency traders since the rupee has been under pressure for a long time and the RBI has been attempting to steady the ship through intervention. As market volatility persists, there is market panic as Indian traders face added pressure from the sinking rupee.
The upgrade of Ethereum to Ethereum 2.0 is further delayed, expected to launch in 2023
Following the introduction of the first phase in 2020, the upgrade to Ethereum 2.0, which was originally slated for July 2022, has been pushed back to 2023.
Ethereum 2.0 will be an improved ETH. With Ethereum 2.0, dubbed Serenity, ETH will soon move away from the Proof-of-Work (PoW) algorithms used in Bitcoin mining and toward Proof-of-Stake (PoS) mining, also known as Ethereum staking. According to Ethereum, the update will make the currency “more scalable, more secure, and more sustainable.” According to the most current update, Ethereum 2.0 will not be fully released until at least 2023.
Betfury, a unique iGaming token celebrates its First Anniversary of BFG Token Listing
BFG is a one-of-a-kind iGaming token. Mining while playing has become a characteristic of this asset and, more broadly, the BetFury platform. The BetFury crew, pleased of what they have accomplished in a span of one year, celebrates its one year anniversary. The currency is now listed on major exchanges and has been integrated into external resources, as well as participation in NFT staking and other activities.
El Salvador’s Finance Minister announced that the country’s economy would not be affected by the sudden drop in prices of Bitcoin.
Despite opposition from the International Monetary Fund and credit agencies, El Salvador became the first government to make Bitcoin legal money alongside the US dollar in September last year. The country’s economy was now in question as a result of the falling Bitcoin prices. However, El Salvador’s Finance Minister Alejandro Zelaya disregarded the economic fears circulating and stated that a severe decline in bitcoin’s value will not harm the Central American nation’s fiscal health.
