CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, DEFI News

CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, DEFI News

KuCoin reports huge user jump in Q1 2022
In a release earlier this week, KuCoin said it gained around 6 million new users in Q1, up nearly 500% from last year. Asia was by far the biggest source of new users, with registrations from the region jumping 1500%.

The exchange’s cumulative trading volumes also crossed $1 trillion, with an average daily volume of more than $11 billion.

The report indicates that KuCoin’s operations remained steady through Q1, despite broader weakness in the crypto market. In contrast, Coinbase recently said it plans to slow down hiring due to steep losses in Q1.

Fears over rising inflation and the Russia-Ukraine war had rattled crypto markets through Q1. Said fears have extended into Q2, so it remains to be seen whether the exchange can maintain its momentum.

Still, new users are greatly beneficial to the KCS token, given that it is primarily used to transact on KuCoin.

DeFi features in the works
KuCoin CEO Johnny Lyu on Friday confirmed a report from CoinDesk that the exchange plans to expand its DeFi offerings.

The exchange will deploy funds from its recent capital raise towards implementing DeFi features on its public blockchain, KuCoin Community Chain.

The Seychelles-based exchange had earlier this month raised $150 million in a mid-stage funding round led by Jump Crypto. The round values KuCoin at $10 billion.

According to data from Coinmarketcap, KuCoin is the fifth-largest crypto exchange by average liquidity and volumes.

BTC Touched $30K
The cryptocurrency market has not been in a bullish state for months, but the situation worsened last week when BTC dumped by $15,000 at one point to its lowest position since December 2020 at $25,300.

The asset recovered some ground and briefly exceeded $31,000 days later. This was short-lived, though, as the bears returned to the scene and drove it south once more. Thus, bitcoin spent the majority of the next several days below $30,000, as reported.

It even dipped to $28,500 yesterday, following reports about massive BTC quantities being deposited to exchanges. Nevertheless, the bulls stepped up at this point and reversed bitcoin’s trajectory.

In a matter of hours, the asset spiked beyond $30,000 and neared $31,000. Despite failing there, bitcoin still trades above $30,000, and its market capitalization stands at $575 billion. Moreover, its dominance over the altcoins has increased to roughly 45%.

Facebook and the Metaverse – What is the Metaverse?

What is the Metaverse? A virtual world built on blockchain technology, which users own and use to play games. Among the most popular metaverses are SecondLive, Decentraland, and Axie Infinity. In Axie Infinity, users can build a fictitious avatar, also called an axie, by choosing from more than 500 different body parts. The axie can breed seven times and its offspring can be traded on the game’s platform.

The term “metaverse” was introduced by Neal Stephenson in 1992. This term was originally used to refer to 3D virtual worlds. From there, the concept has evolved to include virtual reality, augmented reality, and even cryptocurrency. The concept was popularized by Ernest Cline’s book Ready Player One, which was turned into a movie in 2018. Facebook acquired virtual reality hardware and software company Oculus in 2014.

In this futuristic world, a digital identity powers all interactions and representation in interconnected experiences. The invention of NFTs has enabled this technology. Blockchain technology encourages individual builders to create a Metaverse. Of course, Facebook could still exercise its muscles in the Metaverse because of its network effects. In the end, the war will be between ecosystems rather than individuals. Nevertheless, if the metaverse is a success, there is a huge opportunity for growth.

A good way to define the Metaverse is by taking a look at how it works today. Digital concerts, video calls, online avatars, and commerce platforms are all examples of virtual worlds. What are they? How does one create such a world? To make a decision, one must understand how such an environment works. This will help in making an informed decision about how to invest in a particular metaverse. There are plenty of options for investors in this industry. However, investors should be careful when making a decision about whether to invest in a particular metaverse.

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