Crypto Market Highlights April 12, 2022

Crypto Market Highlights: General News

• Elon Musk will not join the board of directors of Twitter, nearly a week after a filing showed that the Tesla CEO had purchased a 9.2% stake in the $37 billion company. “Elon’s appointment to the board was to become officially effective 4/9, but Elon shared that same morning he will no longer be joining the board,” Twitter CEO Parag Agrawal confirmed in a tweet.
• Bitfinex and Tether’s firm have contributed to the raising of 36 Bitcoin to aid families in El Salvador who has been affected by gang violence. The CTO of Bitfinex and Tether, Paolo Ardoino, announced the status of the donations on Twitter, along with a link to the Bitcoin address where the funds are being kept. Bitfinex and Tether had initially donated 25 Bitcoin ($1 million) to support families in El Salvador who had been affected by gang violence.
• The Bank of America (BofA) predicts a massive recession as the Federal Reserve tightens its monetary policies and the US economy continues to struggle under the weight of rising inflation.  Bank of America’s chief investment strategist Michael Hartnett stated in a weekly note that the US economy might suffer from “inflation shock” and “rates shock“. The Federal Reserve announced last week that it will begin reducing assets from its $9 trillion balance sheet at a rate twice as fast as it did during its previous “quantitative tightening” exercise.
• Bored Ape Yacht Club now has a burger pop-up restaurant in California. Bored & Hungry was founded after Kevin Seo, Andy Nguyen, and other members of the Bored Ape community wanted to open a popup restaurant based on Bored Ape #6184. Bored & Hungry describes itself as a “smash burger-themed” concept in collaboration with Houston rapper Bun B’s Trill Burgers and Belief Burgers, and customers can pay with $ETH or $APE.

• In the previous seven days, the number of active unique addresses on the Ethereum has declined by 9.84%. According to statistics provided by the crypto analytics platform Nansen on April 11, this percentage is larger than that of Binance Smart Chain (BSC), which lost 8.27% in the previous week despite having more active addresses overall.
• From December 2020, when there were 186,000 wallets, to the first quarter of 2022, when there are currently around 3,200,000 wallets, Cardano has expanded by 1600%. The overall number of ADA wallets has increased by about 500,000 since the start of 2022, with Cardano breaking the three million wallet mark earlier this year at the beginning of February.
• 686 Bitcoin ATMs were installed around the world in March 2022, with the number increasing from 36,023 on March 1 to 36,709 on April 1. This means that 22 Bitcoin ATMs were added every day in March alone, as the number of Bitcoin machines installed over time grows. According to Coin ATM Radar, the total number of crypto ATMs in the world as of April 11 was 36,733.

• An unidentified hacker tried to scam people with a dubious NFT airdrop. The hacker lured naive collectors by using well-known names such as Azuki and Bored Apes Yacht Club. The first attack targeted Chief Minister Yogi Adityanath, who controls Uttar Pradesh, India’s fourth-largest state by land area. According to a state official post, the hacker got access to Adityanath’s verified profile on Saturday (April 9, 2022) and posted several tweets.
• Uniswap Labs Ventures will invest in a variety of web3 initiatives, with an emphasis on startups that are developing blockchain infrastructure, developer tools, and consumer-facing apps. The fund’s amount was not announced, but Uniswap Labs Ventures’ ventures lead, Matteo Leibowitz, told The Block that investments will be made straight from the company’s financial sheet. He remained tight-lipped about the balance sheet’s size and the range of typical check sizes.
• Southwest China’s Sichuan province built an NFT trading platform to “encourage the music industry to actively adopt modern technology.” Many companies in China refer to NFTs as “digital collectibles” following state media’s denouncement of the market frenzy. However, the Sichuan authority did not shy away from using the term “NFT” in its Thursday statement.
• Irish advertising watchdog has announced preparations to evaluate the legislation governing crypto ads. The Advertising Standards Authority of Ireland (ASAI) made the decision in response to an increase in the number of ads promoting crypto businesses such as Floki, as well as complaints about the lack of clarity in those ads about the potential risks of investing in crypto.
• Cathie Wood, the founder of crypto investment firm Ark Invest, has sold all of the firm’s PayPal investments and expressed stronger confidence in the long-term growth of the Cash App payment system. In an interview with CNBC on April 8, Wood said she chose Cash App over PayPal because of its more extensive approach to digital asset wallet integration. Despite the fact that Venmo has begun to accept Bitcoin (BTC), she claims it is “more of a Cash App follower.”

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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