Cryptocurrency news for week #16
In today's article, we will cover this week's news reports and highlights in cryptocurrencies and NFTs. So much adoption news has come out this week so be sure to read the whole article. Much of this week's adoptions are from major companies and governments. So it's important to pay attention and to read the whole article so you know where the market is heading. So with all that being said, we can now get into the article.
Crypto news happening in the U.S
Austin, Texas Mayor Steve Adler is exploring ways to allow the city to accept cryptocurrency payments. Georgia is considering tax incentives for bitcoin miners operating within the state. All this adoption from the south is gearing it up to be the hotspot for cryptocurrency in the unites states. The FBI has recently created a cryptocurrency unit for recovering and seizing cryptocurrency and crypto-related assets. The FBI has already started recovering assets from fraud and has begun returning the proceeds to the victims.
The South Korean government has recently started investing $187,000,000 into a national metaverse project. South Korea's new president has stated he wants to be crypto-friendly and wants to make South Korea a pro-crypto country. The European Union parliament has voted recently to not ban Bitcoin and all other proof of stake cryptos. Since adopting cryptocurrency El Salvador's GDP has grown by 10.3%. Spain's central bank has approved the country's first cryptocurrency service provider.
Companies adopting cryptos and NFTs
Meta formerly known as Facebook CEO Mark Zuckerberg confirmed that the company is building the technical feature that allows users to display their NFTs on Instagram. Meta has also stated that users even “mint” some NFTs within the app. Zuckerberg said during an interview at the South by Southwest conference that “We’re working on bringing NFTs to Instagram in the near term,”. He declined to share any specifics on when and how the feature might work in the app. This is great news as this new feature will bring so many new people to the crypto and NFT space. It'll also help with marketing for cryptos, NFTs, and even non-crypto-related things such as marketing for companies.
In some more NFT news, former rapper Snoop Dogg has bought death row records and plans on turning them into the first NFT record label. Spotify has also stated that they plan to integrate NFTs into their platform. JP Morgan Has bought some land in the Decentraland and has created a virtual lounge to show off. Airbnb has made plans to start accepting cryptocurrency as payment soon in a statement they made recently. Samsung is also preparing for the metaverse by developing devices for it a report said.
The Ethereum network takes another step closer to achieving ETH 2.0 with the launch of the Kiln test net. The Ethereum Foundation announced on March 14 that network shareholders should use Kiln to run tests. This confirms that the Kiln test net is now live. This brings us one step closer to Ethereum 2.0 and we could see it come sooner than we thought. Metamask has recently just hit 30 million wallet users around the same time the test net went live. Also in recent days APE coin which is a cryptocurrency tied to the bored ape yacht club NFT collection. The price of the coin has been extremely volatile with it hitting all-time highs of $39.4 and then hitting all-time low of $6.31 all within 24 hours. However, it now sits a $10.74
as of writing this article (3/21/22) with a rank of 78 in terms of total market cap.
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