Crypto Market Highlights: General News
- The Russian Ministry of Finance has filed to the government an amended version of its law “On Digital Currency,” which aims to regulate the country’s crypto market completely. “Professional purchasers of digital currency” would have unrestricted access to crypto assets, according to the draft. Ordinary Russians, on the other hand, will be limited to purchasing a maximum of 600,000 rubles ($7,000) in bitcoin every year. That is, once they have passed a specific exam. Those who fail the test will be limited to purchasing tokens with a total worth of no more than 50,000 rubles ($600) per year.
- Russian Association of Banks has reportedly urged that lawmakers ban self-custody of crypto wallets in order to avoid “severe challenges” with the recovery and seizure of cryptocurrency from debtors and criminals. According to Anatoly Kozlachkov, vice president of the banking organization, the regulatory framework developed in collaboration with the Ministry of Internal Affairs originally proposed criminalizing self-custody.
- Terra’s stablecoin UST has surpassed BUSD market cap since April 18, reaching over $17,5 billion. Terra, in general, and UST, in particular, have seen unquestionable success in recent months. Behind only USDT and USDC, UST currently has the third-largest market cap of all stablecoins. UST’s market cap is presently 13th in the whole market.
- Wingriders, a Cardano-based decentralized trading platform with native and rapid automated market technology, has gained about 8,000 % to its TVL in the last seven days, according to network-tracking, DeFiLIama. Between April 12 and April 13, the total worth of funds locked in the project increased by more than $41 million.
- The first BAYC Restaurant, Bored & Hungry, located in Long Beach, California, celebrated its grand opening on April 9. The “1,700-square-foot restaurant,” which was “created by Orange County-based food entrepreneur Andy Nguyen,” will be open “for 90 days as a pop-up, powered by Houston smashburger idea by Bun B, Trill Burgers, and SoCal vegan fast-food concept Beleaf Burgers.”
- Hyundai Motor has become the first company in the automotive industry to enter the community-based NFT market, as the frenzy for non-fungible tokens (NFTs) heats up, fueled by celebrities and corporations jumping on board. Hyundai Motor will launch NFTs that symbolize its mobility solutions as part of the ‘Metamobility Universe’ that the carmaker presented at CES 2022, according to a press statement issued on April 17.
- The number of wallets carrying Cardano’s native currency, ADA, has increased significantly over the previous year, as evidenced by the increase in the number of wallets holding the network’s native currency. After surpassing the 3 million total ADA wallet holders milestone in 2022, the cryptocurrency added over 450,000 wallets to its network in Q1, 2022, an average of 5,000 per day. Notably, Cardano has added about 100,000 wallets to its network in the last month, and the figure is still growing.
- The Algorand Foundation announced that it will darken Times Square on Thursday, April 21, to show its commitment to sustainability. The takeover will begin with billboards displaying an environmentalist call to action, followed by an hour of darkness beginning at 8:00 p.m. ET. The ad spend is planned in advance with Earth Day in the United States, which is celebrated on April 22.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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