CRYPTO NEWS: Latest BITCOIN News, ETHEREUM News, LITECOIN News, TETHER News
Hey, have you heard about the recent collapse of Silicon Valley Bank (SVB), Signature Bank, and Silvergate Capital? They used to be a vital tripartite of lenders fetching deposits from crypto companies, but all collapsed this year in a relatively short span of time. The demise of these entities highlighted the “un-stableness” of stablecoins. Crazy, right?
Even the second-largest stablecoin, USDC, was affected by the collapse of SVB. Fintech firm Circle admitted a $3.3 billion exposure to SVB, briefly dragging its USDC token to 88 cents instead of its usual one-dollar price. Thankfully, US regulators stepped in to ensure that the deposits in Silicon Valley were safe while Circle promised financial support.
But, the stablecoin crisis isn’t over yet. USDC’s market cap has fallen by nearly 21% so far this year. Similarly, Binance USD (BUSD) had its fair share of setbacks with the regulatory agencies in the US this year, resulting in its market cap declining by more than half to just over $8 billion.
On the other hand, Tether’s market cap has reached levels last seen in May 2022, with USDT even managing to surge past $77 billion, up by over 17% year-to-date. Traders are relying on the asset more than ever.
Amidst all of this, Litecoin is leading the market momentum, with its recent price growth complementing its week-to-date price jump of 12.11%. Litecoin is one of the legacy crypto pioneers created back in 2011 with codes based on the Bitcoin (BTC) protocol. Investors are pricing in the next halving already, which is why Litecoin’s growth momentum has decoupled from that of Bitcoin.
The recent interest rate decision by the US Federal Reserve (Fed) and the subsequent press conference by chairman Jerome Powell were met with a very bearish reaction from traditional financial markets, as well as Bitcoin and crypto. The Bitcoin price briefly touched $29,000 before falling as low as $26,600.
But, what has changed about the bull case for Bitcoin anyway? The US banking sector continues to face unresolved issues, while Fed chairman Powell and US Treasury secretary Janet Yellen sent conflicting signals.
And lastly, Ethereum is currently facing a minor correction, with the ETH/USD pair hovering around the support zone of $1,700. If it manages to surpass the $1,800 level, it is expected to face resistance at the $1,900 mark. As of now, Ethereum holds the #2 position on CoinMarketCap with a live market cap of $214 billion.
So, that’s the latest in the crypto world. It’s been a bit of a wild ride, but we’re all still here, hanging on for dear life.
What is the Metaverse?
The Metaverse is a network of shared, immersive virtual worlds where people can interact with each other. It is an alternative, three-dimensional digital reality that is set to supersede the internet.
The first aspect of the metaverse that we see today is in virtual reality games like Minecraft, Fortnight and Axie Infinity. These games offer a persistent virtual world that allows players from around the globe to engage with one another in real time.
It’s also a platform that allows users to build their own communities, create and design new environments, explore different areas, and interact with other users. These aspects of the metaverse are currently being used in gaming, but are expanding to other areas as well.
Crypto & nft
As the technology of the metaverse matures, it will need an open system of blockchain-based sidechains that support various application scenarios. The development of such an ecosystem will allow creators to easily exchange and transfer data across platforms and applications without needing a central server.
The games industry has been developing metaverse prototypes for a while, and is well-positioned to take part in the future of the metaverse. Companies such as Epic Games, whose Unreal game engine powers popular proto-metaverses including Fortnite, are well-positioned to make a play for a piece of the pie.
Crypto & nft
One of the best ways to get in on the ground floor of the metaverse is by acquiring some cryptocurrency. There are many cryptos based on the idea of a metaverse, such as Axie Infinity and Ronin Network. These tokens are non-fungible and can be traded on a blockchain, just like any other cryptocurrency.