Meme token Dogecoin (DOGE) has surged by over 340% in the past week, ranking eighth among the top cryptocurrencies on the market, while Grayscale's assets under management exceed $50.000 billion. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍The behavior of Dogecoin (DOGE) This week has been amazing. The meme token is trading at a value of $0,28 at the time of this writing; but its all-time high is above $0,29. DOGE's growth in the last 7 days exceeds 340%, while in the last year, this token has grown by more than 13.400%.
The market capitalization of this cryptocurrency exceeds $34.800 billion, surpassing Uniswap (UNI) and Chainlink (LINK), ranking eighth among the most important cryptocurrencies in the digital industry. DOGE's bullish momentum in the markets is related to the new rally that Bitcoin has been experiencing these days, and also to the influence of Elon Musk's tweets, and its acceptance as a means of payment on the AirBaltic airline.
📍Yearn Finance's YFI token hit a new all-time high yesterday, worth $1.19 billion. $52.644 for the first time. The DeFi protocol is implementing several improvements to optimize its functionalities and treasury, which is boosting its value in the markets. Yearn Finance is also seeing growth in its total value locked (TVL) in DeFi, with more than 280 million currently.
Bitcoin and Blockchain Adoption
📍The digital assets under management of Grayscale exceed $50.000 billion. Grayscale, the world's largest digital asset management fund, is celebrating an important milestone in its history and, also, in the history of cryptocurrencies.
As of April 1, the company's assets under investment were around $46.000 billion, so within 15 days, the total of these assets grew by more than 10%, equivalent to $4.000 billion.
📍AP7 Safa, a Swedish state pension fund, is offering exposure to Bitcoin indirectly. A local media outlet informs that the fund has investments in companies like MicroStrategy and Tesla, two large multi-billion dollar companies, known for their extensive investment in Bitcoin.
📍The Toronto Stock Exchange in Canada lists two new Bitcoin ETFs (exchange-traded funds) from the company Horizons ETFs Management. According to a release According to a press release, the new funds allow investors to gain exposure to a short position in Bitcoin futures. The new ETFs, called BetaPro Bitcoin ETF (HBIT) y BetaPro Inverse Bitcoin ETF (BITI) began trading on the Toronto Stock Exchange yesterday.
NFT and DeFi Markets
📍Part of a person's DNA chain is being auctioned for 1 ETH on the NFT marketplace OpenSea. According to the publication, created by user Cybex_Dreamer, your deoxyribonucleic acid (DNA) will be converted into 3 NFTs, each containing a piece of your genetic code. Cybex_Dreamer highlights that this is the first time DNA has been minted as an NFT on the blockchain.
Development and Technology
📍Polkadot is about to launch the index fund Polkadot Index Network Token (PINT), where at least 6 projects running on the blockchain are waiting to be included. In a Spanish President Pedro Sánchez’s announcement Recently, protocols Acala Network, Equilibrium, HydraDX, Litentry, Moonbeam, and Plasm announced soft commitments to be included in the index and become members of the fund’s Constituent Committee.
PINT was approved by the StakerDAO community, which will fund the project. Its approval is an important step in the history of the crypto industry, as the voting process is performed on two separate blockchains, Ethereum and Tezos; while the creation of PINT will be done on a third blockchain, Polkadot.
📍The bank Société Générale is experimenting with the blockchain of tezos to issue its first tokenized asset as a security token on a public blockchain. The entity announced that its new product is part of a broader strategy to offer cryptoasset services. It also noted that the security token will be able to be integrated with traditional banking products. Société Générale plans to launch new cryptocurrency and digital asset issuance, exchange and custody services in 2022, for professional and corporate clients.
Rules and Regulations
📍The US Treasury Department announced that it will step up its sanctions to counter the Russian government's attempts to influence the US elections. The department published a release recently reported that it will track and block cryptocurrency addresses that appear to be linked to 16 entities and 16 individuals, allegedly under the leadership of Russia, who attempted to influence the recent US presidential election.
“OFAC is identifying digital currency addresses used by SES”, the statement said. OFAC is the Office of Foreign Assets Control within the Department of the Treasury, while SES is a criminal organization based in Pakistan that is engaged in the business of fraudulent identities.
📍The New York Police Department (NYPD) revealed that it has been using Chainalysis' blockchain analysis tools for its police investigations since 2019. According to reported Recently, the NYPD has used analytics tools with prior authorization from the department's oversight board, and are only applied in cases where it is convenient, in strict compliance with the law. However, in early January, a report by The Block revealed that the authority was allowing the use of these tools in any case. Until now, the provider of the blockchain analysis tools was unknown.
📍Sheila Warren, head of blockchain and digital assets at the World Economic Forum, says dramatic regulations are coming for Bitcoin and cryptocurrencies. Warren made these remarks recently at a interview on Bloomberg.
“We are going to see another round of fairly dramatic attempts to regulate this space. As there is more and more activity in these spaces, there are more and more signals of demand for regulators to engage and get involved,” Warren said.
Cryptocurrencies are attracting more and more attention, and in recent weeks, several experts in the field have warned that new regulations applicable to the crypto industry may be on the way; among them, the former president of the SEC, Jay Clayton, and analysts from the financial institution Goldman Sachs.
📍In Miami, the county commissioner Cohen Higgins proposed a new resolution to allow county citizens to use cryptocurrencies in paying local taxes. The proposal states that a research group will be tasked with studying the feasibility and all implications of accepting crypto assets.
Continue reading: Bitcoin steals the spotlight, but the NFT market will continue to grow
