As the bear market continues to pull the profits down for traders and investors, innovation has taken up the wheel leading the industry to unseen heights. Along with the volatility in cryptos, the innovation has also been pulling the industry in different directions. There have been several updates in the digital currency industry in the past few months, so let’s take a quick look.
Bitcoin’s price slipped under $40K before reaching a comparatively stable price at $41K. Ethereum has also shown a similar pattern by falling below $3K and then rising back up within a day. Moreover, the conflict between Ukraine and Russia has peaked the use of digital currencies as a means of aid for Ukrainians. Apart from these, here are some other noteworthy updates.
- Coinbase recently announced its plan to launch an NFT marketplace’s beta version where beta testers can create a profile to purchase and sell NFTs by using any digital wallet without any transaction fee (later, a platform fee will be added in line with Web 3 standards.
- Ethereum’s shift from Proof of Work protocol to Proof of Stake, also being referred to as The Merge, won’t happen till June, as told by developer Tim Beiko.
- The popular crypto exchange Blockchain.com is conducting an IPO and has been interviewing banks. The exchange plans to go public later this year, and the IPO will take place in 2023, according to the reports. Blockchain.com recently reached a valuation of $14 billion and was picked by the NFL club Dallas Cowboys for the NFL’s first cryptocurrency sponsorship.
- Following the recent surge in crypto popularity, The US Secret Service is cracking down hard on illegal crypto transactions. So far, the agency has seized over $102 million in illicit assets since 2015 and continues to monitor any illegal activities in the industry.
The cryptocurrency ecosystem is an ever-happening space with innovations and developments happening every day. As we make progress, it is important to understand the recent trends to make educated and right choices.