Amid the massive crypto market crash, Maker and Zcash continue to rise in value. This and more news is in this handy daily roundup so you're always up to date with the latest events happening in the crypto world.
Cryptocurrencies and stablecoins
📍Maker (MKR) and Zcash (ZEC) are leading the crypto market this week, up 28%. The native token of the DeFi protocol MakerDAO and the privacy cryptocurrency Zcash are emerging victorious from the debacle caused by the huge drop in UST and LUNA.
MKR is benefiting from the increased trading volume of DAI, the protocol’s decentralized stablecoin. According to on-chain data, the trading volume of the DAI stablecoin has increased in recent days as investors look to recover or protect themselves from the large drop suffered by the ecosystem’s cryptocurrencies, UST and LUNA.
In the case of Zcash, trading volume for the privacy cryptocurrency ZEC has increased by almost 20% in the last 24 hours.
Monitoring platform CoinMarketCap shows that ZEC's market cap has grown by almost 24% in the past week, surpassing $1.638 billion currently. Meanwhile, ZEC, which trades at $113 per token, has grown by 22,6% in the past week.
Other major cryptocurrencies, such as Bitcoin (BTC) y Ethereum (ETH), continue to decline. BTC and ETH have fallen by 2,6% and 11,3% in the last 7 days.
Source: CoinMarketCap
Bitcoin and Blockchain Adoption
📍Central banks will have two more days to learn from Bitcoin and enjoy its innovation. According to Nayik Bukele, financial representatives from 44 countries are enjoying a series of talks related to financial inclusion, banking for the unbanked, and the adoption of Bitcoin in El Salvador.
On his Twitter account, Bukele commented that Bitcoin is good for developing countries and for humanity. For his part, Dan Tapiero, founder and CEO of 10T Holdings, said that this is the first time that the United States is not at the forefront in financial and technological innovation.
📍Nomura Bank to open new cryptocurrency subsidiary The Japanese investment bank is preparing to launch its own cryptocurrency subsidiary, the Financial Times reported, adding that the bank's new subsidiary will be located overseas.
Through this new subsidiary, focused on cryptocurrencies, Nomura Bank wants to capitalize on the crypto industry to offer a new range of products and services to its clients. The investment bank, considered one of the most important in the country, said in March of this year that it was restructuring its Future Innovation Company, launched in 2019, to turn it into a Digital Company that will allow it to explore the world of cryptocurrencies and non-fungible tokens or NFTs.
Last week, Nomura Bank launched Bitcoin derivatives and non-deliverable options for clients in the Asian market.
Metaverse and Play to Earn Games
📍Japanese game developer Square Enix will be integrating NFTs into its other products following the success of Shi-San-Sei Million Arthur. Square Enix, which develops video games such as Final Fantasy, Dragon Quest and Kingdom Hearts, has indicated that following the success of NFTs in its video game Shi-San-Sei Million Arthur, it will implement these digital assets in other of its products in the coming months.
Rules and Regulations
📍The collapse of TerraUSD (UST) and Terra (LUNA) raises more concerns about the crypto industry among regulators. A new US government agency has spoken out about the crash suffered by the algorithmic stablecoin UST and the cryptocurrency LUNA, from the Terra blockchain ecosystem, a few days ago.
The Congressional Research Service (CRS) has said that the massive drop in these cryptocurrencies is the closest thing to a bank run in the traditional financial world. According to the federal agency, which oversees and reports on political and legislative matters to members of Congress, investors began withdrawing their funds in UST simultaneously and massively, causing the algorithmic stablecoin to become unlinked from the US dollar. The CRS also spoke of other algorithmic stablecoins, such as TITAN, plummeting amid a relatively calm market.
The agency noted that proper regulation of the crypto industry and stablecoins could have helped mitigate the Terra disaster, which resulted in multi-million dollar losses for millions of investors. To cite an example, YouTuber KSI owned more than $200 million worth of LUNA two weeks ago. Today, his 2,8 million LUNA tokens are worth just $500.
At press time, UST is trading at around $0,12, while LUNA is trading at $0,00018.
Buy Zcash (ZEC) at Bit2Me
Continue reading: Luna Foundation Guard sold over $2.000 billion in Bitcoin in its bid to defend UST peg
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
