Crypto Scoop: ETH Scales Past $3000 As Crypto Regulation Continue Across The Globe

It's the last Friday in March! We are super pumped about April as we anticipate the sighting of the Easter bunny. The Easter bunny signifies fertility and new life; who knows, April may come with a bullish run, New ATHs and more crypto adoption bills. In this edition of the crypto scoop, we'll be reviewing:

• BTC, ETH, ADA's price gains
• Bored Ape's new metaverse
• Cryptocurrency regulations across the globe
• LG's blockchain and crypto initiatives and much more

BTC, ETH, ADA record significant price gains

In the past week, top cryptocurrencies like BTC, ETH, ADA and several others recorded significant price gains that helped the crypto space attain its $2 Trillion market cap. Ethereum was able to rise to $3,000 on Tuesday while BTC rose to $44,000. However, investors remain edged on their seats as this is the fourth time BTC would hit $44,000 only to tumble down again. 

Grayscale just launched a non-ETH token-focused smart contract fund. The fund is dedicated to providing non-ETH tokens with exposure.  The Fund is known as "GSCPxE," and it has a number of beneficiaries, including ADA, SOL, AVAX, DOT, and MATIC. Cardano (ADA) saw a price gain of up to $1.15 following the announcement of the fund. Grayscale did point out, however, that the fund is presently only available to accredited investors through a private placement.

However, while some cryptocurrencies have seen price increases, Shiba Inu has continued its downward trend. According to recent statistics, Shiba Inu's user base has dropped from 1.19 million to 1.15 million since March 15. In fact, according to Coinmarketcap, SHIB has dropped 17 percent in the previous month and is now 72 percent below its all-time high.

Bored Ape is set to launch a new metaverse.

Yuga Labs, the company behind the Bored Apes Yacht Club (BAYC) non-fungible token (NFT) collection, has teased the launch of its Otherside metaverse in April.

Yuga Labs produced a teaser film on Saturday featuring Yuga Labs NFTs such as Mutant Ape Yacht Club and the recently acquired CryptoPunks and Meebits. An ape with flip-flops and a sea captain's hat, chewing on a cigarette, fishes a poisonous concoction up onto his calm dock in the video.

Suddenly, a portly creature with pointed ears and luminous eyes whisks him away to a world where volcanoes erupt in lava and submarines emerge from holographic waters. A CryptoPunk, a Mutant Ape, an avatar from the World of Women, and Cool Cat sporting glasses and a sushi-hat wave to him inside the vessel. The ape swings across to the other side while listening to music in the background.

ApeCoin, which was introduced by ApeCoin DAO last week, will act as the virtual world's native token. At the release of the teaser video, ApeCoin was trading at US$10.28, with a 24-hour trading volume of US$1.4 billion.

Crypto adoption increases in Africa

According to a new analysis by Kucoin, the number of cryptocurrency users in Africa increased by about 2,500 percent between January 2021 and January 2022, while the average number of monthly transactions increased by 1,400 percent. According to the research, the average number of monthly transactions increased by about 1,400 percent. Cairo, Cape Town, and Lagos are the primary cities driving the continent's crypto adoption

Although cryptocurrency transactions on the African continent are believed to account for 2.8 percent of global volumes, the observed drop in the average amount per transaction shows that there are more little payments or transfers currently than in the same period last year. This means Africans are using cryptocurrencies for their everyday transactions. 

Crypto regulations sweep the globe

While cryptocurrency use is growing in Africa, Malaysia's deputy finance minister, Shahar Abdullah, has opposed the idea of making bitcoin legal tender. They are not acceptable as a means of payment or a store of wealth, according to Abdullah, but they do have a variety of purposes as an asset that may be invested in.

Malaysia's communications ministry, on the other hand, has recommended legalizing non-fungible tokens (NFTs) to encourage young people to participate in the cryptocurrency industry. While Malaysia may not accept bitcoin as legal cash, it is working on a central bank digital currency (CBDC) project with the Bank for International Settlements, Singapore, Australia, and South Africa in order to promote cross-border transactions.

Thailand's regulators have decided to restrict the usage of cryptocurrency as a payment method. The government considers the country's current payment system to be efficient and claims that cryptocurrency would only pose hazards to the financial system, economy, people, and businesses. At the same time, the new restrictions are intended to reduce the dangers of using crypto as a payment method, not to prohibit crypto trading and investing. The new rules will go into effect on April 1, 2022.

The Bank of England has also stated that it is developing a regulatory framework for cryptocurrency assets. According to the Bank of England, “While crypto-assets are unlikely to provide a feasible way to circumvent sanctions at scale currently, the possibility of such behaviour underscores the importance of ensuring innovation in crypto assets is accompanied by effective public policy frameworks to… maintain broader trust and integrity in the financial system,” 

Popular, NFT marketplace, Veve closes its marketplace after an in-app token exploit

Veve, an NFT marketplace, was hit by an attack on Tuesday, resulting in the illicit acquisition of millions of gems (in-app tokens). Mainstream brands such as Marvel, Pixar, and Coca-Cola have picked Veve as their official launch partner, demonstrating the platform's popularity.

Veve acknowledged the breach on its platform in an official tweet released on Wednesday, saying that the attackers were able to obtain a "significant amount" of gems illegally. Gems are the VeVe in-app currency that users may swap for collectables in the Market or during drops. According to early reports, the attackers could generate millions of gems without having to pay for them by exploiting a flaw in the purchasing system.

Until the inquiry is completed, the app-based NFT platform has taken down the marketplace and the gems buying option. Several user accounts have also been suspended when it was discovered that they were attempting to purchase cheap gems from fraudulent accounts. One user said that a friend bought gems with an expired credit card and that the transaction went through. The gem vulnerabilities on Veve also caused a massive drop in the price of the platform's listed NFTs.

LG pursues blockchain and crypto initiatives

LG Electronics, a South Korean technology powerhouse, has modified its corporate development plans to include bitcoin and blockchain-based technologies. The goals include "the creation and distribution of blockchain-based technologies" as well as "the sale and brokerage of cryptocurrencies," leading to speculation that LG might launch a crypto exchange.

When asked about LG's plans to launch its own exchange or platform, a representative for the firm dismissed any speculation by saying, "  ." When Bithumb CEO Heo Baek-young revealed that the exchange was collaborating with "a significant enterprise" to build an NFT marketplace earlier this year, speculations about LG creating a crypto-related marketplace began to circulate.

The IT giant has been on a roll with NFT adoption and integration, saying earlier this month that it was collaborating with blockchain startup Kakao's Ground X to launch a line of fully NFT-capable smart TVs. LG also announced a collaboration with Seoul Auction Blue, an online art auctioneer, to cooperate on more NFT-based art projects. This is an impressive milestone for electronics firms as Samsung had earlier in the year also announced NFT supported TVs.