Week 31: Check out what happened in the tech world

Week 31: Check out what happened in the tech world

The crypto market is moving in a positive direction, especially after last week’s Fed rate hike in interest rate; the market cap and Bitcoin prices have shown improvement. Two severe crypto hacks- Nomad and Solana- in a week amounted to millions in losses. Fashion brand Gucci has become the first major brand to accept payments in the form of the bored ape yacht club-affiliated Apecoin. KuCoin launches the trading zone for NFT exchange trade funds.

Crypto market this week

The crypto market is moving in a positive direction, especially after the last week Fed rate hike in interest rate. The market cap has increased to $1.08T, a 1.62% increase over the last day. As per coinmarketcap, the total crypto market volume over the last 24 hours is $70.18B, which makes a 9.19% increase. The total volume in DeFi is currently $6.43B, 9.16% of the total crypto market 24-hour volume. The volume of all stable coins is now $63.75B, which is 90.84% of the total crypto market 24-hour volume.

Bitcoin’s price has crossed $23,000 mark.

Solana, Nomad hacks shocked crypto world

Two severe crypto hacks in a week amounting to millions in losses  – Nomad, which has become the target of attack after hackers stole almost $200 million in digital assets, and Solana where 7,000 wallets had been drained of millions of dollars worth of Solana and USD Coin (USDC) cryptocurrencies in a major internet attack.

Solana hack continues to create noise in the cryptocurrency world. Solana has been one of the most trustworthy and was referred to as the ‘Ethereum Killer’. Despite that, on Tuesday, it was targeted. Users reported about their funds getting drained without their knowledge from their “hot” wallets, including Phantom, Slope, and TrustWallet.

Earlier, Nomad, a Cross-chain messaging protocol, acknowledged that about $190 million had been taken from it after a hacker infiltrated its system. 

For details of the story.

Gucci to accept Apecoin payments

Fashion brand Gucci has become the first major brand to accept payments in the form of the bored ape yacht club-affiliated Apecoin.

Customers in the United States can make in-store purchases with APE, and BitPay, a company that has previously assisted companies such as AMC Theaters in accepting cryptocurrency payments, will manage the payment infrastructure.

Later, the company announced plans to accept 12 cryptocurrencies in May across 111 North American locations. Shiba Inu (SHIB), Dogecoin (DOGE), Wrapped Bitcoin (WBTC), Litecoin (LTC), Ether (ETH), Bitcoin Cash (BCH), Shiba Inu (SHIB), and five US dollar stablecoins were on the list.

Launch of NFT ETF trading zone by KuCoin

The trading zone for non-fungible token (NFT) exchange trade funds (EFT) has been launched by a global cryptocurrency exchange, KuCoin. The product aims to enhance and upgrade the NFT assets’ liquidity and decrease the investment threshold of the blue-chip NFTs for over around 20 million users.

Kucoin has become the first cryptocurrency exchange for supporting NFT ETF. Along with this, it is also the first to launch a USDT-dominated ETF product that shows a specific kind of blue-chip NFT assets.

Johnny Lyu, CEO, KuCoin, stated, “As a trading platform that is maintaining its rate of penetration in the NFT sector, KuCoin will continue to offer user-friendly products for investors, allowing them to easily participate in NFT investments. We are very excited to become the first centralised crypto exchange to support NFT ETFs that allow users to conveniently invest and trade top NFTs directly with USDT. In the future, KuCoin will keep exploring more NFT-related products for our users.”

The trading zone, meantime is planning to make blue-chip NFTs more reachable to a wide-ranging investor. It is working on collaboration with Fracton Protocol and is going to start with list of NFT ETFs.

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