
Guide to surviving a crypto bear market
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BTC gave back gains from March’s rally, but we saw positive steps toward adoption in the U.K.
Cryptocurrency markets took a hit this week in tandem with drops in traditional markets. The March Federal Open Market Committee meeting revealed that the Federal Reserve is ready to take tightening steps to combat inflation — spooking markets into steep drops on Wednesday. In the United Kingdom, we saw some positive steps toward the adoption of blockchain technology as the nation’s finance minister proposed a large-scale nonfungible token mint.
Here’s everything you need to know about these stories, and more, in this week’s edition of OKX Insights’ News of the Week.
In a press release Wednesday, the Federal Open Market Committee revealed that it is ready to reduce the size of its balance sheet and implied that it may make larger raises to interest rates — leading to sell-offs in both traditional and cryptocurrency markets. After rallying in recent weeks, this sharp decline was jarring to investors. BTC suffered a 4% drop from open to close on Wednesday.
A new raise of $350 million was disclosed by the NEAR Protocol team Wednesday. It was led by New York hedge fund Tiger Global, with other contributions from familiar participants Dragonfly Capital and FTX Ventures. This comes on the heels of a $150 million raise in January that was led by powerhouses Three Arrows Capital, Alameda and Jump Capital. The goal of this raise is to make efforts to further decentralize the network and provide ecosystem funds to incentivize building on the blockchain.
The market-leading nonfungible token marketplace announced a beta launch of integrations for 165 collections on the Solana network — providing OpenSea users the opportunity to trade NFTs with lower fees than seen on the Ethereum network. Up to this point, Solana NFTs have been somewhat isolated to native platforms, such as Solonart and Solsea.
Business intelligence software company MicroStrategy’s CEO announced Tuesday that subsidiary MacroStrategy purchased another 4,167 BTC for around $195,000,000. This was likely purchased using the loan given to MacroStrategy by Silvergate Bank, which was disclosed last week.
The United Kingdom’s finance minister, Rishi Sunak, asked the Royal Mint to issue an official nonfungible token for the country. This is a part of a forward-thinking initiative by the country to integrate the new technology into its society and allow the blockchain industry to flourish in a regulated manner.
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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.
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