🔴 Crypto Stocks Go Down
Twitter pilots crypto payouts, Coinbase’s NFT Marketplace launches in beta and an eco-friendly altcoin shuts down Times Square. These stories and more this week in crypto.
Bitcoin Rally Loses Steam
Both the stock and crypto markets reacted negatively to news from the Federal Reserve that it’s keeping open the option of raising interest rates in May. So far this year, the Fed’s tightening monetary policy has been troublesome for speculative assets. Stocks of publicly traded, crypto-related companies have fallen as much as 60% this year faring worse than actual cryptos.
Twitter Pilots Crypto Payments to Creators
Twitter in partnership with digital payments processor Stripe will pilot cryptocurrency payouts for select users of the social media site. Eligible users of Twitter’s creator programs will be able to receive their earnings in USDC, with plans to add payouts in other cryptocurrencies in the future.
Coinbase Launches NFT Marketplace
After months of waiting, Coinbase’s NFT marketplace finally launched its testing phase. The new platform includes aspects familiar in social media by allowing users to have a personal profile and follow other accounts. Coinbase also introduces decentralized Web3 features such as enabling non-custodial wallets like MetaMask and plans to add support for NFTs on blockchains other than Ethereum.
Robinhood Expands into UK and Europe
The US trading platform Robinhood has agreed to buy Ziglu, a London-based fintech app that allows users to trade cryptocurrencies. The acquisition will help Robinhood’s expansion plans in the UK and Europe. Although the deal is still subject to regulatory approval, Robinhood stock rose 5% on the day of the news.
Binance Limits Services to Russian Users
Binance, the world’s largest cryptocurrency exchange, has limited services to Russian residents following the European Union’s fresh round of sanctions amid the war in Ukraine. Those who have open futures or derivatives positions with balances of more than 10,000 EUR will be given 90 days to exit their holdings while deposits and trading will be prohibited on these accounts.
Opera Supports Crypto Browser on Mobile iOS Devices
Opera has launched the iOS version of their dedicated crypto browser with a built-in non-custodial crypto wallet, designed for accessing Web3 services. Opera says one of the aims of the browser is to make navigating Web3 as easy as more established web services. With the crypto browser, users can access NFTs and decentralized apps directly.
Crypto Spot ETFs Coming to Australia
The first two exchange-traded funds giving customers direct access to cryptocurrencies are launching in Australia. The products dubbed EBTC and EETH will track the price of BTC and ETH respectively in Australian dollars, while the funds will be fully backed by their underlying assets and held in cold storage by Coinbase.
Eco-Friendly Algorand Shuts Down Times Square
As Earth Day celebrations around the globe kicked off, the Algorand Foundation demonstrated its environmentally-friendly credentials by darkening the billboards on Times Square. During the hour-long event, 6500-kilowatts of energy was saved. Algorand says their unique proof-of-stake blockchain was designed from the outset to use a lightweight, energy-efficient footprint.
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That’s what’s happened this week in crypto, see you next week.