Market Overview
Terra (LUNA), the seventh largest crypto asset by market capitalization, has gained worldwide recognition due to its impressive price surge in the past month.
On Sunday, Bitcoin traded above $44,600 levels, while Ethereum surpassed the $3,100 mark. Other altcoins followed suit, experiencing notable gains.
Despite market volatility, Bitcoin remained above $34,000, the level it breached in January 2022. However, it has since fallen approximately 40% from its November 2021 peak of nearly $68,000 due to inflationary pressures and the Federal Reserve’s ongoing signals of withdrawing pandemic support measures.
Ethereum has exhibited a similar pattern. Given the historical volatility of cryptocurrencies, recent price fluctuations do not guarantee long-term reversals. Industry experts anticipate continued volatility in the future, which crypto investors must navigate.
Terra’s Bitcoin Acquisition Plans
Terra (LUNA) has announced its intention to invest approximately $10 billion in Bitcoin, adding it to its project’s reserves. This move aims to establish a new monetary era for the global Bitcoin standard.
ConsenSys Receives Funding
ConsenSys, the parent company of the popular Metamask wallet, has secured $450 million in Series D funding led by ParaFi Capital. The company is now valued at $7 billion and plans to utilize the investment for product expansion, team growth, and the development of a plug-in extensibility system.
Metaverse Investments
Meta (formerly Facebook) intends to introduce non-fungible tokens (NFTs) to Instagram, allowing users to mint NFTs directly on the platform. However, the timeline for implementation remains uncertain.
After JPMorgan and IMA Financial Group’s investments in the metaverse, American Express (AXP) has filed trademark applications for its products and services, including the Centurion Black Card and the Shop Small program. AXP aims to facilitate business transactions and virtual payments for NFTs and digital media.
Financial giant HSBC has acquired virtual real estate in the Sandbox (SAND) metaverse as part of a broader partnership to engage with esports enthusiasts. This investment places HSBC among other major organizations such as Adidas, Gucci, and Warner Music Group in the metaverse space.
Top Crypto Gainers and Losers
Top Five Gainers
- Zilliqa (ZIL): 95% up
- Convex Finance (CVX): 49% up
- Ethereum Classic (ETC): 29% up
- Axie Infinity (AXS): 26% up
- Cardano (ADA): 26% up
Top Five Losers
- Avalanche (AVAX): 3% down
- Maker (MKR): 2% down
- Terra (LUNA): 2% down
- Huobi Token (HT): 1% down
- Unus Sed Leo (LEO): 1% down
(Data as of March 27, 2023, 12:15 IST. Source: Coinmarketcap.com)
Disclaimer
The views expressed in this article are those of the author and do not necessarily reflect the opinions of any other individual or organization.