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Investor Sentiment Drops as Cryptocurrency Market Loses $100 Billion

The cryptocurrency market has now faced another challenge. In the last day, bitcoin prices fell by around $2,000, causing the cryptocurrency market to lose a significant amount of value. As it stands now, the value of the cryptocurrency market has fallen over $100 billion and is now perilously close to falling below $1 trillion once again. This affected market sentiment, causing more fear in the market.

The market turns into fear

The cryptocurrency market was seeing some recovery in anticipation of the Ethereum meltdown. But as the excitement faded, the market began to see a drastic price correction. Bitcoin reached $25,000 at its peak in this latest recovery cycle. However, he has since lost most of those gains.

With that, cryptocurrency market sentiment picked up for a while after Bitcoin started its rally. At its highest point, the Fear & Greed index has a score of 42, the highest point in four months. That put him closer to greed than ever, but the market had other ideas.

Bitcoin price fell back below $22,000 and with it, market confidence plummeted. He finished Thursday with a low score of 30, putting him back in fear territory. The pullback is reflected in the cryptocurrency market, falling from $1.1 trillion to around $1 trillion at the time of writing.

As fear has returned to the market, investors are becoming more cautious when it comes to investing in the cryptocurrency market. Perpetrating traders have shown market fatigue over the past week, causing bitcoin funding rates to drop below neutral. Now the rest of the market is following suit.

Recovery in the cryptocurrency market?

With the market just starting to pull back, the correction is likely not over. These corrections are to be expected when the market grows so much in such a short time. This helps prices adjust to values ​​that reflect the current state of the market.

This means that the bitcoin price may still experience some drops. For now, the bottom is speculated to settle at a price of $17,600, so the bears will want to test support at this point. The historical movement also supports the movements, as it has done with previous bear markets.

Also, the weekend is here, and it is a period known for low liquidity. This means that Bitcoin is likely to continue its downtrend over the weekend. If the price of Bitcoin drops below $21,000, the cryptocurrency market will drop below $1 trillion.

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Bank of England Analysts See Cryptocurrencies Playing Major Roles in the Metaverse

Bank of England analysts say crypto assets could play important roles within the metaverse. “Widespread adoption of cryptocurrencies in the metaverse… would require adherence to strong regulatory frameworks for consumer protection and financial stability,” they added.

Bank of England Analysts on Metaverse, Cryptography and Regulation

Bank of England economist Owen Lock and policy analyst Teresa Cascino published a blog post titled “Crypto Assets, the Metaverse and Systemic Risk” on Tuesday.

“Crypto assets can play important roles within the metaverse,” they began, warning:

If an open, decentralized metaverse grows, existing cryptocurrency risks could increase to have systemic consequences for financial stability.

“Widespread adoption of cryptocurrencies in the metaverse, or any other environment, would require adherence to strong regulatory frameworks for consumer protection and financial stability,” they emphasized.

Lock and Cascino explained that “the open metaverse will require a means to own and transact digital objects that are interoperable between virtual worlds”, explaining, “We believe that cryptographic assets are well positioned to play a significant role here.”

They detailed:

If a sizable open metaverse materializes, households can hold more of their wealth in crypto assets to make metaverse-based payments or for investment purposes.

In addition, companies can increasingly accept cryptocurrency payments for goods and services and sell digital assets such as clothing, non-fungible tokens (NFTs) in the metaverse, they added.

The authors also noted that non-bank financial institutions could increase their holdings in cryptocurrencies if a growing open metaverse improves investment prospects for crypto assets and their supporting infrastructure.

Lock and Cascino noted that “this metaverse evolution is uncertain”, adding that their point of view is a possibility rather than a certainty.

“That said, if these exposures materialize, the risk crystallization of a crypto asset could result in: balance sheet losses for households and businesses, impact on unemployment, forced sales of traditional assets by non-banks to meet margin calls on crypto. active positions and negative impacts on the profitability of exposed banks”, they warned.

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New bipartisan US Senate bill seeks to exclude small cryptocurrency transactions from taxes

Republican Senator Pat Toomey of Pennsylvania and Democratic Senator Kyrsten Sinema of Arizona are proposing a new law that would tax small personal cryptocurrency transactions.

Under the current system, people who use digital assets to pay for goods and services owe capital gains taxes when the currency’s value rises.

The Virtual Currency Tax Fairness Act, introduced by Toomey and Sinema on Tuesday, aims to change that by introducing a de minimis exemption for daily cryptocurrency transactions.

The bill will exclude personal cryptocurrency transactions worth less than $50 or profits less than $50 from being subject to capital gains tax.

read the invoice

“A bill to amend the Internal Revenue Code of 1986 to exclude from gross income de minimis gains from certain sales or exchanges of virtual currency and for other purposes.”

To prevent abuse of the exemption, the bipartisan design also includes an aggregation rule, which states that all sales and deals that are part of the same transaction will be treated as one.

Toomey says the project will remove an obstacle preventing wider adoption of crypto assets.

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BNB network launches dApp platform with anti-coup alarm

BNB Chain’s dApp platform, DappBay, will help users evaluate projects before investing in them.

BNB Chain on Thursday announced the launch of a new platform for decentralized applications (dApps), designed to provide a fraud alert to users looking to invest in the DeFi and Web3 ecosystem.

The new tool is available on BNB Chain’s DappBay, a dApp hub that has an integrated risk assessment system called Red Alarm.

An anti-fraud feature

Red Alarm is an anti-fraud feature that provides an innovative scanning tool that users can leverage to easily browse new projects.

With it, a user can identify potentially high-risk projects and use the details provided to make informed decisions, thus avoiding what could be a scam or a pull of the rug.

To track new projects for potential red flags, the user will need to enter the contract address of the project in question. The BNB Chain community can use the assessment details to rate newly launched projects across DeFi, NFT and GameFi, said Gwendolyn Regina, chief investment officer at BNB Chain in a statement.

“More importantly, the Red Alarm feature helps users stay one step ahead of fraudsters; the system notifies you in real time of potential risks associated with projects, which allows the community to make informed investment decisions,” she added.

The Red Alarm page shows that one of the new DeFi projects has “significant risk”, noting that the “contract contains logical or programming backdoors that could drain users’ funds”.

DappBay will not only benefit BNB Chain users, but the wider blockchain community as well.

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Cryptocurrency firm WhaleFin strikes $42 million deal with Spanish soccer giant Atletico Madrid

Spanish soccer giant Atletico Madrid has confirmed that the club will enlist cryptocurrency company WhaleFin as a kit sponsor for next season.

Crypto platform WhaleFin has signed a kit sponsorship deal with Atletico Madrid

As announced by the Spanish club on its website, the Amber Group has now become the main global partner and official leader of the team.

With offices around the world, Amber Group is a large digital asset company with “WhaleFin” as its core platform. According to the agreement, WhaleFin will appear next season at the head of Atlético’s uniforms.

Atlético de Madrid is one of the biggest names in football in Spain and in the world, second only to Barcelona and Real Madrid in the domestic market. Currently, the club plays in LaLiga, the country’s first division, of which it was proclaimed champion just one season ago.

“Today is an important day for the future of Atlético de Madrid as we join forces with a leading global company in the digital finance space,” said Miguel Ángel Gil, CEO of Atlético de Madrid. “This partnership aligns with our desire to digitally evolve and deliver better and superior digital experiences to our fans.”

The contract signed between Amber Group and Atlético is valid for 5 years and, according to 2Playbook, the Spanish sports business moves 42 million euros (about 42.26 million dollars) a year.

In addition to a feature in kits, WhaleFin will also serve as the preferred encryption gateway for club fans and provide metaverse experiences for fans.

Amber Group COO Michael Wu said: “This multi-year partnership is a monumental moment for Amber Group and we are proud to partner with Atletico Madrid, one of the best football clubs in Spain and Europe. This partnership celebrates our shared values ​​of teamwork and community building, which resonate throughout the world of sports and crypto finance.”