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Important news roundup and free crypto resources
The market is down 19% in the last 30 days. No great surprise there when you read that volumes are down at many of the exchanges byas much as 50%. If you read the headlines it appears investors have also lost interest in NFTs with trading volumes dropping by as much as 80%.
However, don’t get too gloomy when you read these numbers. They are designed to scare away the less committed, the ones who always exit too early and buy too late. Readers of this bulletin are made of tougher stuff! You only need to take a look at Yuga Labs recent sale of their virtual land NFTs where they sold $315 million in a matter of hours to see the market is far from dead.
Keep the faith my friends!
- Meta, previously known as Facebook, announced they were introducing a native token for Facebook and Instagram users. Known as ‘Zuck Bucks’ it is a sign Zuckerberg has not given up his dream of printing his own money.
- Crypto trading in India collapsed days after their new tax was introduced. The new tax levies 30% on all crypto profits. That saw many exchanges record drops in trading volumes by as much as 72%.
- Uniswap, the leading decentralized exchange, announced reduced volumes in Q1 2022, with trading 54% lower than the previous quarter.
- Trading volumes may have slowed but venture capital investment is still thriving. March saw the third highest monthly investment in the history of crypto after January and February both set records. Over 225 crypto startups received more than $3.5 billion worth of VC cash.
- As crypto markets languish in a bear market it would seem so do some areas of the virtual land market, but only some. The Sandbox saw a reduction of 54% in secondary sales of digital land, still up 865% from Q3 2021. However it is not all doom and gloom. Primary sales grew by 23% and the recent sale of virtual land on the Otherside’s metaverse was sold out in hours recording a massive inflow of $317 million into the coffers of project owner Yuga Labs.
- US Treasury Secretary Janet Yellen said that crypto asset regulations should support responsible innovation while managing risks, another positive sign that the US Government is starting to put their weight behind crypto. The SEC continues trying to persuade exchanges that they should fall under its remit, something they are reluctant to do for now.
- Decentralized file storage is slowly realizing its potential. Filecoin, the clear leader in this space, saw $9 million in revenue in Q1 22. Still only a pin prick compared to the likes of Amazon but a sign that there is massive potential in this market to take a share from the more expensive centralized folks.
- Last month’s hack of Axie Infinity’s Ronin network was tracked down to a North Korean group. It is going to be hard for them to get their dirty little hands on the $600 million which was stolen as many of the wallets have already been identified and are being closely monitored.
- The German’s may have a reputation as an ill-tempered race but when it comes to crypto they are considered the most crypto friendly. Singapore is number two followed by the good old USA.
- Binance, the leading crypto exchange, demonstrated just how dominant they are when it was revealed last month that they control 57.5% of the crypto exchange market share. That is down from 63% the month before showing that the competition is making significant inroads into Binance’s dominance.
- The latest big thing in crypto is, move to earn. That is what they are calling blockchain based fitness apps which pays users for getting off their lazy asses and doing some exercise. The leader in this field is Solana based STEPN which saw its token price rise by 34,000% in over a month.
- Coinbase NFT launched in beta for select customers.
- Telegram users can now send crypto via their messaging app.
- And finally….The sale of NFTs fell to a daily average of about 19,000 this week, a 92% decline from a peak of 225,000 in September. The number of active wallets fell by 88%. Is the NFT market finished? Don’t be ridiculous!
Inside Track podcasts
We continue to build our library of interesting content from emerging projects and technologies in the blockchain space. Inside Track is the best way to learn about cryptocurrency from experts in the field as well as discover emerging projects from NFTs to DeFi, from memecoins to launchpads.
This month we produced the following Inside Track podcasts;
Crypto Entrepreneur Podcast
We launched a new series of podcasts aimed at the crypto entrepreneur. Called The Crypto Entrepreneur we aim to discuss topics that are relevant to both new and existing crypto operators as well as invite leaders from various crypto projects to share advice and relive their experiences.
You can listen to the first four episodes below:
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Not Financial Advice
This article does not constitute financial advice or a recommendation to buy in any way. Always do your own research and never invest more than you can afford to lose. Investing in cryptocurrencies is high risk, and you could lose 100% of your investment. The article should be treated as supplementary information to add to your existing knowledge.