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• Crypto Market plunges 5% and loses $200 billion ahead of the biggest Fed rate hike

• OpenSea now offers NFTs, Sky Mavis launches a new game

• Meta is Developing a New Virtual Currency – the Zuck Bucks

• Binance.US Valuation at $4.5 Billon after $200 Million Round of Funding

Crypto Market plunges 5% and loses $200 billion ahead of the biggest Fed rate hike

While the Federal Reserve is preparing to hike interest rates more quickly than was previously expected, it has had to deal with the crypto markets. The crypto market has suffered severe losses due to fears of a Fed shift in monetary policies.

The drop in Bitcoin prices was led by and suffered a loss of more than 5% over the past 24 hours. Bitcoin prices have dropped from $47k to $43,719 over the past 48 hours. Similar to Ethereum, the price of Ethereum dropped from $3,546 per unit on April 5, to $3,247 today.

This is the 48-hour price chart for Bitcoin (BTC). Source: Tradingview

Chart of Ethereum’s price over the past 48 hours. Source: Tradingview

The broader crypto market hasn’t been spared either, with the top 25 altcoins dropping between 3 and 10%. As a result of the decline, the crypto market cap has lost more than $200 billion – dropping from its 2022 high of $2.16 trillion to $1.986 trillion.

Global crypto market cap for the seven last days. Source: Tradingview

Flipsider:

• Securities and Exchange Commission announced approvalA Bitcoin futures exchange traded fund that was issued by NYSE Arca or Teucrium.

Why you should care

Investors expect a significant rally in 2022, despite the drop in Bitcoin’s price.

OpenSea now offers Solana NFTs. Sky Mavis launches a new Axie Infinity Game

Shortly after teasing Solana integration, Solana-based non-fungible tokens (NFTs) have been officially listed on OpenSea, the world’s largest NFT marketplace.

With limited collection coverage, the integration is still in beta. OpenSea currently hosts 165 NFT collections pulled from the Solana Network. There are always more.

Sky Mavis, creator of Axie Infinity, one of most infamous blockchain games in history, launched Axie Infinity: Origin. This launch follows a $150 million fundraising campaign.

Axie Infinity: Origin – A more accessible, web-based Axie title. This standalone, free-to-play game aims to restore the confidence lost by gamers of the Axie Infinity series.

Flipsider:

• Sky Mavis announces Axie Infinity: Origin Its predecessor’s daily active users, Axie Infinity, are on a sharp decline.

Why you should care

Launching on the world’s largest NFT marketplace could give Solana NFT, which offers lower gas fees and faster transaction speeds, greater adoption, and increase NFT sales on OpenSea.

Meta is Developing a New Virtual Currency – the Zuck Bucks

Despite regulatory concerns halting the development of the Diem/Libra stablecoin, Meta Platforms, Facebook’s parent company, is now preparing to launch a new virtual token and lending services for its apps community.

Meta’s new crypto dubbed the “Zuck Bucks” will reportedly be used to reward creators on Facebook (NASDAQ:) and Instagram. It will be used for both lending and the metaverse.

Sources close to the matter say the Zuck Bucks could not be based upon blockchain. Meta intends to instead issue centrally managed in-app tokens.

Flipsider:

• Meta’s previous experience with Diem/LibraThis could lead to the tech company avoiding crypto in order to obtain regulatory approval.

Why you should care

Meta could make use of the Zuck Bucks in an effort to encourage its users not to switch to TikTok or other competitors, as it is experiencing declining revenue.

Binance.US Valuation at $4.5 Billon after $200 Million Round of Funding

Binance.US, the American affiliate of the global crypto exchange Binance, has raised $200 million in its inaugural funding round – one of the biggest seed rounds in crypto history.

RRE Ventures and Circle Ventures backed the seed round. Original Capital, VanEck and VanEck were also involved. Binance.com’s American Franchise has been valued at $4.5 Billion.

This money will be used to grow the Binance brand as well as its product range in the United States. The CEO of Binance.US, Brian Shroder, said, “every dollar that we earn will be invested back into the business.”

Binance.US intends to make its presence felt in all fifty states by year’s end. Additionally, Binance.US will run advertisements highlighting the advantages it offers over other exchanges.

Flipsider:

• Binance is currently under Increased regulation scrutinyOver the last year, it has expanded its product offering across the globe.

Why you should care

Binance.US will be able to launch its initial public offering through the fund. Shroder says Binance.US plans to launch an initial public offering within two-three years.

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