8 crypto updates you should know, After a sell-off last week, bitcoin and other top cryptocurrencies by market value began to rebound on Monday.
Although it fell as low as $ 53,549 after stocks and other riskier assets fell on fears regarding the new variant of the coronavirus, bitcoin surpassed $ 58,000 on Monday afternoon, according to Coin Metrics. It is now trading at around $ 58,546.
Here are eight other big things that happened in the crypto space last week.
1. Regulatory agencies issue a policy roadmap for crypto assets
On Tuesday, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a joint statement on the investigation they have conducted on crypto assets and shared areas. that you plan to explore in the future.
So far, the agency’s staff has focused on defining the vocabulary of crypto assets, assessed the “key risks” in the space, and analyzed current regulation, according to the statement.
In 2022, the agencies plan to “provide greater clarity” on the security, consumer protection, and compliance of crypto-asset custody services and on the issuance and distribution of stable coins.
Also on Tuesday, the OCC released a letter stating that national banks and federal savings associations must demonstrate that they have specific security measures in place before they can engage in certain cryptocurrency and stable coin activities.
2. Constitution DAO shuts down, but it’s token rises in value
The ConstitutionDAO announced that it was closing on Tuesday and offered its investors the opportunity to claim refunds. Investors could do this by claiming or redeeming the DAO token, called PEOPLE.
“ConstitutionDAO was a beautiful experiment … We now believe this project has run its course,” the DAO wrote on its website.
The DAO was originally formed with the goal of buying a rare copy of the United States Constitution during a Sotheby’s auction, but billionaire Ken Griffin outbid the group.
Though the DAO decided to no longer continue operations, PEOPLE is up more than 4,300% in the last seven days, according to CoinGecko. It hit an all-time high of more than 16.6 cents on Saturday, but has since fallen and is currently trading at around 7 cents.
3. India seeks to block most cryptocurrencies in a new bill
In a new bill, India plans to ban most private cryptocurrencies and establish a framework for creating an official digital currency to be issued by the Reserve Bank of India.
4. Virtual real estate in the metaverse sold for a record $2.43 million in crypto
A plot of virtual real estate in Decentraland, a crypto-powered metaverse platform, sold for a record $2.43 million on Tuesday. Decentraland is governed by a DAO, or decentralized autonomous organization, and allows users to buy land or in-game items as NFTs.
The plot was purchased by the Metaverse Group, a virtual real estate company, according to a statement by its parent company Tokens.com.
“The estate will be developed to facilitate fashion shows and commerce within the exploding digital fashion industry,” the statement reads. “Metaverse Group also plans to establish partnerships with several existing fashion brands who are looking to connect with new audiences and expand their ecommerce offerings within the metaverse.”
5. ‘NFT’ is the Collins Dictionary 2021 word of the year
On Wednesday, the Collins Dictionary announced NFT, or non-fungible token, as its word of the year for 2021.
Collins defines NFT as “a unique digital certificate, registered on a blockchain, used to record the ownership of an asset, such as a work of art or a collectible.”
6. Google warns that crypto miners may be using compromised Cloud accounts
Some cryptocurrency miners are using compromised Google Cloud accounts, according to Google’s “Threat Horizons” report released Wednesday.
“Malicious actors were observed mining cryptocurrencies within compromised Cloud instances,” Google wrote in an executive summary of the report.
Google said that 86% of the 50 recently compromised Google Cloud accounts were used for cryptocurrency mining and that malicious actors were able to access Google Cloud accounts due to weak customer security practices.
7. Kimbal Musk says he’s launching a DAO
Kimbal Musk, brother of Elon Musk and co-founder of non-profit organization Big Green, plans to create a DAO, he tweeted on Friday.
The DAO is called Big Green DAO, according to CoinDesk, and with it, Musk aims to “decentralize philanthropy,” since DAO structures aim to be more democratized than traditional organizations, among other things. Further details about the DAO have yet to be released.
Musk launched Big Green in 2011. It provides resources to plant gardens in city schools and teach children how to grow food.
8. A cryptocurrency called Omicron rallies over the weekend
Over the weekend, a Defi token, or decentralized finance, emerged with the same name as the new Covid-19 omicron variant.
The Omicron token, which is listed as OMIC, was launched in early November, according to CoinMarketCap. It began to rally over the weekend, skyrocketing close to 1,000%, after the new variant was named.
OMIC hit an all-time high on Monday of $ 689, according to CoinGecko, but is now trading at around $ 324.