NAGAX Weekly Recap 2 May - 6 May
Bitcoin is buzzing, NFTs are trending - all in all - crypto as usual. 🎢
Before you head into the weekend, let's quickly recap this week! 👇🏻
How will Bitcoin survive the tightening by the Fed?
The price of bitcoin has dropped by about 40% from its peak of nearly $70,000 per Bitcoin late last year, while the price of Ethereum has dropped by nearly half. Now, after Federal Reserve Chair Jerome Powell hinted at a half-point rate hike at next week's meeting, the market expects the central bank to start decreasing its massive $9 trillion asset portfolio as it tackles growing inflation.
Yuga Labs (ApeCoin founders) to move away from Ethereum
Yuga Labs issued a statement following one of the largest minting events in the NFT and Metaverse industries, which triggered a major surge in transaction fees on the Ethereum network. According to the statement, Yuga will have to relocate its projects to a separate chain at some point because Ethereum was clearly unable to handle the enormous purchase volume. Users who did not participate in the mint had to postpone all of their transactions because they did not pay regular gas prices.
What’s All the Fuss About Airdrops?
In the cryptocurrency space, the term airdrop is one of the main marketing strategies, aiming to attract new investors. It represents a distribution of a cryptocurrency, usually for free, to a large number of wallets. In short, the Airdrop system is designed specifically to promote new projects that have just appeared on the market. Learn more in the article!
Is the ‘Otherside’ the Biggest Mint in History?
A monumental moment for the NFT and digital asset world occurred over the weekend! The well-known Yuga Labs finally drop the ‘Otherdeed for Otherside” NFT collection after months of teasing. Continue reading to get the latest in this burning drop (literally).
Panama and Central Africa Approve Crypto Regulations
Panamanian lawmakers pass a new bill regulating the use of the leading digital asset Bitcoin and eight other crypto-assets. Meanwhile, Nigel Green, CEO, and founder of deVere Group expects at least two more countries to adopt Bitcoin as legal tender by the end of this year.
Stay tuned for some amazing updates and see you next week!
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