BTC is trading near forty-one thousand and seven hundred US dollars:
As the interest rate hike by the US Federal Reserve had a minimal effect on the market, the BTC (Bitcoin) somehow managed to reverse its losses, and also gained seven percent sometime during the last week. Ethereum has a fourteen percent weekly gain and is inching towards three thousand US dollars while BTC is trading near forty-one thousand and seven hundred US dollars. And ApeCoin which APE NFT ecosystem is already amongst the top forty Cryptocurrencies after some high volumes of trade in its very first week.
Understanding the Ecosystem and the ApeCoin:
The Ape ecosystem is a group that consists of BAYC (Bored Ape Yacht Club) and the MAYC (Mutant Ape Yacht Club). BAYC and MAYC are the most popular NFT collections on the Ethereum Block Chain. APE is the governance token, which empowers the APE ecosystems’ decentralized community. Bored Ape Yacht Club has become the biggest brand in the NFT world since its launch in 2021 April. The sales have gone up to multi-million dollars, and it also has celebrities as its owners. Rs 2.2 crore is the price to buy any of the 10k unique Bored Ape yacht Club NFTs. And recently Yuga Labs has quite acquired CryptoPunks and Meebits (both are the biggest names in the NFTs). Ape has a market cap of 3.6 Billion dollars is currently available for trade in India like Giottus (an exchange).
HSBC, AXP, and Meta expand Meta Verse:
The parent company behind Instagram and Facebook, Meta, is trying to bring NFTs to Instagram. The decision to have the option of minting NFTs, through Instagram, comes in the wake of NFT support that is brought by the other platforms, like Reddit and Twitter. After the insurance broker IMA financial group and the banking group JPMorgan set up shops in Decentraland, American Express sought a metaverse entry. American Express is interested to indulge in business transactions and payments, for NFTs and digital media. HSBC announced that it will acquire a bit of the virtual real estate in the Sandbox metaverse, as a part of the bigger partnership with Sandbox to engage with gaming fans, eSports, and sports.
Microsoft backs ConsenSys:
The parent company behind the Metamask wallet, ConsenSys, has in a series D funding round raised four hundred and fifty million dollars, led by ParaFi capital valuing the company at seven Billion dollars (doubling its worth since last November). As per ConsenSys, this latest funding will be used to help the growth across the entire product suite of ConsenSys and also hopes to increase its team size to 1000 from 700.
Terra will buy ETC:
The 7th largest Crypto asset (by market cap), Terra, was in the spotlight recently, due to its (impressive) price action in the last month in spite of the weak performance in the last week. Do Kwon, the co-founder of Terra announced plans to add ten Billion dollars’ worth of Bitcoins to the reserves of the project and he believes it will open a (monetary) era of BTC standard. And TFL (Terraform Labs) donated twelve Million LUNA to the LFG (LUNA Foundation Guard) to keep the reserves growing to make it next to impossible for Terra USD to undergo a de-pegging event, where UST loses its peg to the US dollar’s value.
The losers this week:
- Secret (SCRT) – four percent
- Kadena (KDA) – eight percent
- Anchor Protocol (ANC) – fourteen percent
The gainers this week:
- Mina (MINA) – thirty percent
- Aave (AAVE) – thirty-five percent
- THORChain (RUNE) – forty-one percent