On Sunday, Bitcoin was trading above the $44,600 levels, while Ethereal it surpassed the $3,100 mark. Other altcoins followed suit and were trading for decent gains.
Despite the volatility, Bitcoin remained above $34,000, the level it broke in January 2022. However, it is down around 40% from its peak of nearly $68,000 reached in November 2021.
Now it continues to pull back on rising inflation and continuing signs from the Fed that it would begin to withdraw measures enacted to support the economy during the pandemic. Ethereum followed a similar pattern.
Given the volatile history of cryptocurrencies, rising or falling prices do not guarantee a long-term reversal. The future of cryptocurrencies is very likely to include even more volatility. Blockchain and cryptocurrency experts have stated that this is something that long-term crypto investors will have to deal with in the future.
Terra plans to buy Bitcoin
Terra (LUNA), the seventh largest crypto asset by market capitalization, has received worldwide acclaim. This is mainly the result of its impressive price hike in the last 30 days.
As a result, the company's management has announced its plans to soon add nearly $10 billion worth of Bitcoin to its project reserves. They believe that it would result in the creation of a new monetary era for the global Bitcoin standard.
Microsoft supports ConsenSys
ConsenSys, the parent company of the Metamask wallet, has successfully raised $450 million. The investment was raised in a Series D funding round led by ParaFi Capital. The company is now valued at $7 billion.
According to a statement from ConsenSys, this latest funding will now be used for growth across the entire ConsenSys suite of products. It also hopes to further expand its team size from 700 to 1,000 by the end of 2022. The company also plans to use the funds to implement a plugin extensibility system.
metaverse get more investment GoalHSBC and AXP
Meta (the parent company of Facebook and Instagram) is reportedly planning to bring non-fungible tokens (NFTs) to Instagram. The feature has the option to mint NFTs via Instagram although the details of when the implementation will begin remain unaddressed.
After JPMorgan and IMA Financial Group's investment in the metaverse, American Express (AXP) has also looked for a possible entry into the metaverse. The organization has also filed trademark applications for its articles and logos. This also includes the Centurion Black Card and a small store program. AXP is very interested in business transactions and virtual payments for NFT and digital media.
Financial giant HSBC has also made an official announcement that it will acquire virtual real estate in the Sandbox (SAND) metaverse. This is a small component of their larger partnership with Sandbox to engage with esports fans. The investment made by HSBC puts it on the list of other big organizations like Adidas, Gucci and Warner Music Group.
Looking at price action, among the top 100 cryptocurrencies by market cap, these are the best and worst performing cryptocurrencies over the past week:
Top five winners of the week
- Zilliqa (ZIL): 95% more
- Convex finances (CVX): 49% more
- Ethereum Classic (ETC): 29% more
- Axie Infinity (AXS): 26% more
- Cardano (ADA): 26% more
This week's top five losers
- Avalanche (AVAX): 3% less
- Manufacturer (MKR): 2% discount
- Terra (MOON): 2% less
- Huobi Token (HT): 1% less
- One Lion (LEO): 1% less
(Note: Data as of 12:15 PM IST, March 27, 2021; Source: Coinmarketcap.com)
