Quote of the week: “What I expect from Bitcoin is volatility short-term and growth long-term.”- Kiana Danial, author of “Cryptocurrency Investing for Dummies.”
Yet Again, El Salvador Buys More Bitcoin: Amid the crypto dip, this past week, El Salvador purchased 410 more Bitcoin. At the time of the purchase, Bitcoin was trading just above the $36,000 value. This purchase is the cheapest acquisition for the country of El Salvador since the country adopted Bitcoin as a legal tender. Source: https://cointelegraph.com/news/el-salvador-buys-its-cheapest-410-bitcoin-as-prices-reach-36k
The World’s First ‘Edible NFT’: Frank’s RedHot launched the world’s first ‘edible NFT,’ which has been built using ‘proof-of-bone’ technology. Fans will exchange their game-day chicken wing bones to accumulate ‘Bonecoins.’ Eli Manning, Frank’s RedHot ambassador, will be handing out free buffalo wings to help fans start to earn Bonecoins. The holder of the largest quantity of Bonecoins by February 13 will win the exclusive NFT and its edible replica.
Market Update: Much regulatory uncertainty has led to crypto and stock market sell-offs over the past week. Investors, alike, are bracing for interest rate increases from the Federal Reserve, but the rates remain uncertain. Over the last week, Bitcoin’s value has decreased approximately 16%.
Metaverse Real Estate Continues to Boom: Despite a volatile cryptocurrency market, the Metaverse continues to soar in 2022. Metaverse ecosystems including Sandbox and Decentraland continue to be major hubs of transactions. Decentraland’s token MANA has increased 868% in the past year and Sandbox’s token SAND is up 2616.6%. Many brands are buying plots in the Metaverse to conduct business or host events. For instance, Tokens.com recently bought 116 parcels of land in Decentraland’s Fashion District for $2.4 million to host a virtual fashion event that will attract some of the most popular fashion brands in the world.
Regulation Featuring Russia: On January 26, Russian President Vladimir Putin asked for a consensus between his government and the Bank of Russia regarding cryptocurrency. The Central bank had called for an outright and complete ban on cryptocurrency. Many in Russia and the Finance Ministry have opposed the Central Bank’s position, arguing that it would undermine technological development in the country. Putin agrees that cryptocurrency’s risk must be offset against the country’s competitive advantages.
And, that’s a wrap!