Renowned London auction house Sotheby's will auction, for the first time, an NFT crypto art collection by anonymous artist Pak, while DeFi ecosystems capture attention with more than $100.000 billion in liquidity. This and more news in this handy daily summary so you are always informed with those most recent events that happen within the crypto world.
NFT and DeFi Markets
📍London's largest auction house, Sotheby's, enter the world of NFT to auction works of art by crypto artist Pak. The collection, called "The Fungible" expresses the true understanding of value, explained London-based auction house Sotheby's said the auction will last two days, starting on April 2 on the NFT marketplace Nifty Gateway.
📍The celebrity venture capital fund, Sound Ventures, is offering a $1 million reward to the most innovative idea for an NFT launch. According to the release of the company, those interested in participating have until April 12 to send their proposals. Among the judges who will evaluate the ideas are: Snoop Dogg, Mark Cuban, Ashton Kutcher, 3LAU, among other celebrities.
📍Decentralized lending platform Compound has over $15.000 billion in loans on its platform, about 19% of the total locked value that exists in loans in DeFi. The total liquidity of this protocol is 9.430 million of dollars, the data provider shows, ranking first among DeFi projects by TVL.
📍On the other hand, the total liquidity of all exchange protocols DeFi exceed $100.000 billion, according to data from DeFi Llama. This data provider shows that the total liquidity of DeFi, together with the protocols that are developed in the BSC, is 101.510 million, at the time of writing this note.
Cryptocurrencies and altcoins
📍Ripple (XRP) equals the value of the US dollar for the first time since 2018. In the last week, the token has grown by more than 90%, reaching and surpassing parity with the dollar; a value that XRP had not seen for 3 years. At press time, XRP is trading at a value of $1,05, and its capitalization amounts to 47.120 million dollars, surpassing Tether (USDT).
Cryptocurrency and Blockchain Adoption
📍One of the main television networks in Uganda revealed that the country's government has allocated 1 mile of land for the construction of Akon City, a city powered by cryptocurrencies and American rapper Akon. The well-known rapper is also promoting the construction of a crypto city in Senegal, a West African country.
📍Well-known Bitcoin investor PlanB says this is the time for bulls and institutions to buy bitcoins, as the supply of the cryptocurrency in the markets is increasingly lower.
📍The token LINK powered by the oŕaculos blockchain, chainlink, arrive at Digital Large Cap Fund de Garyscale to fill the void left by the departure of XRP (Ripple), after the SEC accused the company and its top executives of violating the country's laws. The investment fund management firm, Grayscale, shows on its page that LINK now forms the fund along with BTC, ETH, BCH and LTC.
📍CoinShares launches an ETP for Litecoin, the ninth most important cryptocurrency in the markets. The investment management company is expanding its product offering with the launch of Litecoin Exchange Traded Product (ETP), a new investment instrument, which as CoinShares claims, is designed to meet growing investor demand for digital asset investment products.
Miners
📍The well-known Chinese lottery company, 500.com Limited, which has been venturing into the world of cryptocurrencies for some time, is now also heading towards manufacturing mining chips for Bitcoin. The company will implement its strategy of selling or exchanging shares to take over the Bee Computing firm, dedicated to the manufacture of integrated circuits and chips.
In the past, 500.com announced the exchange of $14 million in Class A shares for the acquisition of ASIC mining equipment, which will increase its mining power in the Bitcoin network. Also, 500.com has acquired the mining company BTC.com, including its web domain and all its services.
📍Sucoin, the world's first token backed by sugar, was born in the province of Tucumán, Argentina. A local media in the region reported that the token was launched by the Bitnoa company, and that its value is backed by a 50-kilogram lump of sugar.
Regulations
📍South Korea sells confiscated bitcoins to AVSNOOP in 2017. According to reported the country's tax authorities, the 191 BTC seized from the platform by the Suwon District Prosecutor's Office. The sale of the bitcoins was carried out with a unit value of 64.260.000 won, equivalent to about $57.000.
📍Meanwhile, the cryptocurrency data and information platform, CoinMarketCap, suspended temporarily exchanges Koreans from their Bitcoin price platform, since in this country the price of Bitcoin is far above the rest. Crypto trading platforms in South Korea show 1 BTC above $66.000, while in the rest of the world the cryptocurrency is trading near $58.200 at the time of this edition.
📍Tharman Shanmugaratnam, President of the Monetary Authority of Singapore (MAS), is warning retail investors about cryptocurrencies, noting that these digital assets are not suitable for this class of investors. The authority published a release pointing out that cryptocurrencies like Bitcoin are very risky for those with small capitals, while stating that tokens representing traditional securities are subject to the application of traditional laws.
📍Nexus, one of the cryptocurrency services platforms that suspended trading operations with Ripple's XRP, following the SEC's lawsuit against the company and its executives in late 2020, is now facing a class-action lawsuit for having suspended the token without prior notice, causing liquidations of more than 5 million dollars.
The lawsuit was filed in the state of California, to which the company responded that it would act with the same severity with which it is being sued. Nexo also pointed out that his actions were subject to the laws and that they were products of the regulatory uncertainty caused by the SEC with its lawsuit against Ripple.
Continue reading: Bitcoin's historical volatility drops 86%, says JPMorgan
