Welcome to Barmy’s Daily Crypto News – November 23th, 2022
1. The price of ARG Fan Token plummets after Argentina’s shock 2-1 loss to Saudi Arabia
The price of the Argentine Football Association Fan Token (ARG) has fallen in line with the expectations of the country’s ardent soccer supporters after Argentina’s shocking 2-1 loss to Saudi Arabia in the FIFA World Cup opening match.
The Lionel Messi-led soccer team’s dismal performance caused the ARG token’s price to drop 31% to $4.96 by the end of the game. The token was initially priced at $7.21 at kickoff.
The floor price of “The Saudis,” a collection of non-fungible tokens (NFT) with a Saudi Arabian theme that is unrelated to the soccer team, soared 52.6% from 0.196 Ether (ETH) to 0.3 ETH within the same period before falling to a price of 0.225 ETH, or about $250.
According to data from OpenSea, the collection’s sales volume increased by 990% over the previous 24 hours and is already approaching 24.5 ETH. Socios, which has relationships with some of the biggest soccer clubs in the world, such as Barcelona F.C., Paris Saint-Germain F.C., and Manchester City F.C., powers many of the soccer-related tokens.
2. Genesis has no plans to file bankruptcy imminently
Genesis Global Capital, a cryptocurrency lending company, has recruited a restructuring counsel to consider all possibilities, including but not restricted to a potential bankruptcy.
People familiar with the situation have emphasized that no financial decisions have been made and that it is still possible for the company to avoid a bankruptcy filing. According to a New York Times report on Nov. 22, it is understood that the firm has hired investment bank Moelis & Company to explore options.
They do not currently have any plans to declare bankruptcy. Their objective is to reach a mutually agreeable solution to the current problem without declaring bankruptcy. The representative stated that Genesis “continues to have productive discussions with creditors.
3. CoinMarketCap announced the launch of a new feature on its platform
An enhanced feature on CoinMarketCap’s platform that provides users with financial details on exchanges has just gone live. The industry’s active cryptocurrency exchanges are examined by the proof of reserves (PoR) tracker for transparency regarding liquidity at any given time.
Every five minutes, according to CoinMarketCap, the PoR trackers will update their data. The business tweeted a user manual for the gadget on November 22.
Changpeng “CZ” Zhao, the CEO and co-founder of Binance, retweeted the CoinMarketCap development and included a link to Binance’s page. On Twitter, some members of the crypto community have referred to this function as a “wonderful transparency addition.”
It released a proof of assets on November 10 that featured wallet addresses and activities. Then, CZ stated that what is currently available is merely the initial version of what will soon be made public via Merkle Tree PoR.
4. Blue Chip NFT Market Caps Slide Significantly Lower Since the Start of the Year
Azuki, Moonbirds, Clonex, Mutant Ape Yacht Club (MAYC), and other well-known non-fungible tokens (NFTs) collections are still expensive digital collectibles. The cheapest Moonbird NFT, for instance, costs about 7 ether, or $7,906, while a BAYC NFT will set you back 57.50 ether, or $63K.
According to data from nftpricefloor.com, the Cryptopunks collection had the highest market capitalization on November 22, 2022, with about 619,900 ether. That isn’t significantly less than the collection’s floor capitalization on February 3, 2022, which was 650,000 ETH.
On February 3, however, the price of ethereum was roughly 2,667 nominal U.S. dollars per ether. As a result, the market cap has decreased to $685.16 million from the floor capitalization of $1.73 billion nine months ago.
This indicates that over the past nine months, the Cryptopunks NFT collection has decreased by 60.47%. The market cap of BAYC’s NFTs has decreased from 875,000 ether valued at $2.33 billion on February 3 to today’s 556,900 ETH valued at $615.53 million.
5. The Reserve Bank of India (RBI) is preparing to conduct the retail pilot of the “digital rupee.”
The digital rupee is meant to complement the existing payment system, not to take its place. The Reserve Bank of India (RBI) is getting ready to launch the retail pilot of the “digital rupee” after testing its use in wholesale transactions. Within a month, the pilot should begin flying.
State Bank of India, Bank of Baroda, ICICI Bank, Union Bank of India, HDFC Bank, Kotak Mahindra Bank, Yes Bank, and IDFC First Bank are a few of the participants.
Each bank taking part in the study will use 10,000 to 50,000 people to test the CBDC. The PayNearby and Bankit platforms will work with the banks to add the new payment option.
The e-rupee will be kept in a wallet, and the consumer can request any denomination they choose, much like they can get currency from an ATM. Only a few cities are seeing this debut from banks.
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