Cryptocurrency Market Surges, Bitcoin Eyes All-Time High
The cryptocurrency market witnessed a significant surge this week, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. BTC jumped over $60,000, while ETH gained 18%, pushing the total market cap to an impressive $2.34 trillion. This rally has fueled speculation about whether BTC will soon shatter its previous all-time high.
Coinbase App Crashes Amidst Bitcoin’s Rise
Coinbase, one of the largest cryptocurrency exchanges, faced a service disruption as the price of Bitcoin surged. The app crashed due to overwhelming traffic, leaving users unable to access their accounts and trade. The incident highlights the growing popularity of cryptocurrencies and the need for exchanges to handle increased demand.
Telegram Unveils TON-Based Reward System
Telegram, the popular messaging app, has announced a new rewards program that will pay users in Toncoin (TON), the native cryptocurrency of the TON blockchain. The program aims to incentivize users to participate in the Telegram ecosystem and contribute to its growth.
Nigerian Crypto Users Face Exchange Challenges
Nigerian cryptocurrency users have encountered difficulties in accessing some exchanges due to regulatory uncertainties. The Central Bank of Nigeria has issued warnings against cryptocurrency transactions, leading to limited access to platforms and heightened concerns among investors.
Web3 Spotlight: NFTs
In our ongoing exploration of Web3, we delve into the world of Non-Fungible Tokens (NFTs). NFTs have gained immense popularity, but understanding their potential and impact can be challenging. We interviewed Steve Kaczynski, co-author of “The Everything Token” and a leading expert in the field, to shed light on this fascinating aspect of Web3.
NFT Adoption and the Future
The Bored Ape Yacht Club, a prominent NFT collection, has witnessed significant adoption by celebrities and brands. Starbucks has launched an NFT-based loyalty program, highlighting the growing interest in using NFTs for community engagement. Agencies and brands are exploring strategies to navigate the Web3 landscape and capitalize on its opportunities.
Magic Eden’s Expansion and NFT Market Volatility
Magic Eden, a leading NFT marketplace, has expanded its support to multiple blockchain networks. Despite market volatility, NFTs continue to gain traction, with February 2024 sales volume reaching $1 billion. We revisit our conversation with Magic Eden’s CEO, Jack Lu, to gain insights into the evolving NFT landscape.
Crypto Funding and Investments
Several crypto-related startups have secured funding this week. Silence Laboratories, a cryptographic security company, raised $4.1 million. Initia, a blockchain development platform, secured $7.5 million. Asymmetric Financial plans to unlock Bitcoin’s potential with a dedicated DeFi fund. Crypto wallet and exchange Backpack raised $17 million. Ethereum-based Etherfi received $27 million in funding.
Beyond Web3
While Web3 remains a prominent topic, it’s important to stay informed about broader tech trends. Here are some articles from TechCrunch that offer valuable insights into the ever-evolving tech landscape.