Kracken Gains Important Milestone and More News

We’ve seen the crypto market start to recover over the last few weeks, and last week was a continuation of this trend. 

Zilliqa’s price increased by an incredible 137.1% over the last seven days, although a coin is still worth significantly less than $1. Other big risers were HOLO (up 62.1%), CVX (up 57.8%, and APE (up 54.6%).

As for the projects that fell in value, there were only a few, and the decreases were much smaller in value. JUNO declined by 19.6%, OSMO by 6.8%, and WAVES by 2.1%. 

The biggest cryptocurrencies all saw price increases or maintained their value. BTC rose by 13.4%, ETH by 15%, and SOL by 19.4%. A great week all around for NFT and cryptocurrency investors!

It seems that Coinbase is on the verge of buying Mercado Bitcoin, the biggest cryptocurrency exchange in Brazil (by acquiring its owner 2TM). The Brazilian newspaper Estadão reported that the two entities are currently in talks about the deal, suggesting an announcement could be made by the end of April. Binance is also trying to establish itself in the country and is trying to acquire payment processors.

Another major exchange, Kraken, has received a routing number from the American Bankers Association, meaning it now has the same status as traditional banks when it comes to global payments access. It’s also closer to having a Federal Reserve master account, which would mean Kraken can deposit funds with the Fed. This is a huge milestone given the difficulty of crypto companies in achieving this status in the past. 

The UK is set to reveal its plans for cryptocurrency regulations over the next few weeks, shortly after the European Union announced its own measures. Stablecoins are likely to be a major focus as they’re viewed as a potential threat to stability. This has been in the works for a while, with the UK Treasury holding talks with many major crypto companies, including the stablecoin issuer Gemini. 

Also in the regulatory world, Coinbase will soon need customers based in Japan, Singapore, and Canada to provide personal details before sending crypto to another exchange or a financial institution. This will ensure they’re complying with local authorities’ rules, which are increasingly cracking down on cryptocurrencies. However, many Coinbase users in the relevant countries haven’t reacted well and see the change as a violation of their anonymity.

Meanwhile, the White House is looking into the energy impact of crypto. President Joe Biden recently started a report to figure out whether the excessive energy use of cryptocurrencies could harm the transition to clean energy, but some have claimed the technology could actually provide environmental solutions. The White House will be collecting information until early May, after which it will draw a conclusion.

Hal Finney, the late recipient of the first-ever bitcoin transaction, is a respected figure in the crypto community for his accurate predictions about the future of blockchain technology. One of these predictions was the use of bitcoin as a reserve currency for banks, and we’ve recently seen some signs this is coming true. The digital cash issuer Terraform Labs (admittedly,  not quite a bank) plans to have a $10 billion bitcoin reserve to back its operations. 

Indie music artist Grimes has been a keen proponent of NFTs since their inception, being one of the first to launch a high-value sale ($6 million for her March 2021 collection). She’s now returned before more with the launch of a children’s metaverse book, a project she plans to carry out with the Avalanche Foundation. It’s set to be part of a $100 million initiative in partnership with Op3N, a Web 3.0 social media platform.

Disclosure: The author is not a licensed or registered investment adviser or broker/dealer. They are not providing you with individual investment advice. Please consult with a licensed investment professional before you invest your money.

Tim Thomas has no positions in the stocks, ETFs, mutual funds, forex, cryptocurrencies, or commodities mentioned.

This post was produced and syndicated by Smart Bitcoin Buyer/ Timothy Thomas Limited.

Featured image credit: Pixabay.