Hello and welcome to ALPEX Global’s weekly newsletter. In our weekly newsletter, we cover the latest news and developments in the world of cryptocurrencies and blockchain.
ALPEX Global provides a high level of security for its platform of digital assets, which facilitates spot and derivatives trading, OTC, Launchpad, digital forex, and digital stocks. Our vision is to create the most trusted entity in the industry, offering various services such as a trading platform, an educational ALPEX Academy, and an APX Utility token. The ALPEX Global Platform is planning to launch its own token, APX. Tokens will be used to build an ecosystem consisting of a DAO, an academy, a wallet, a mining pool, information, and investments. During the next phase of ALPEX’s development, the focus will be on ecology. As APX integrates vigorously into the crypto industry, it will play a crucial role in connecting the entire ecosystem.
· Our technical team has resolved the issue whereby when the user clicks the banner, the hyperlink in the corresponding language cannot be accessed.
· Fixed the issue where when the user clicks the asset overview page, the denomination currency cannot be unified into USDT.
· We have resolved the issue wherein users attempting to trade in ETH/USDT spot would crash and exit directly to the main interface.
· Crypto.com has restarted its stake-rewards program. In a statement, Crypto.com’s CEO Kris Marszalek said the firm would continue to offer staking rewards to its card users each day despite eliminating the reward program. The decision sparked a backlash among community members who used social media sites like Reddit and Twitter. The majority of comments were critical and negative, while Crypto.com’s native CRO tokens fell by as much as 11% in the hours following the announcement. Crypto.com has since reversed its decision to eliminate stake rewards, where cardholders used to lock up CRO for 180 days to earn yields.
· Goldman Sachs, one of the largest global investment banks, recently opened the world’s first loan facility backed by bitcoin. Goldman Sachs was attracted to the transaction because of its risk management framework and 24-hour availability. A year ago, Goldman Sachs began trading bitcoin derivatives, and in March 2022, it conducted its first OTC crypto transaction. There is increasing evidence that Wall Street is warming to crypto, and that mainstream adoption is imminent.
· Bored Ape Yacht Club’s NFTs have raised more than $320 million in cryptocurrency by selling 55,000 plots of virtual land through its metaverse. Virtual real estate purchases were reported to have been so intense that they crashed the Ethereum network and sent fees on the blockchain system skyrocketing. The land sale offered buyers the opportunity to purchase a plot in the Otherside Metaverse for approximately $5,800, plus transaction costs. It is believed that this was the largest virtual land sale of its kind, according to Bloomberg, which calculated the total proceeds at $320 million. Reuters estimated that the amount was closer to $285 million, based on the price of ApeCoin.
Cryptocurrency market capitalization has fallen to its lowest level in ten months. Over the weekend, an additional $130 billion left the space, resulting in a market capitalization decline to $1.62 trillion. This is the lowest level since mid-August.
Bitcoin (BTC) and Ethereum (ETH) are the top losers during the Asian trading session on Monday. Researching last week’s data shows that Bitcoin is down another 3.1% to $33,486, and Ethereum is down 4.2% to $2,443, its lowest price since January.
*Disclaimer* Investment in cryptos carries various risks and is not suitable for all investors. Be sure to do your research thoroughly before making any decisions to invest.
The Luna Foundation Guard (LFG) is in the process of purchasing bitcoins (BTC) since announcing plans to hold $10 billion in BTC reserves for Terra USD. The LFG announced in February that it had created a reserve in BTC denominated in US dollars. UST is pegged to the USD, and the mechanism for peg involves issuing and burning Luna tokens.
In addition, when the price of UST (Terra USD) is above $1, users can mint UST by burning Luna. The burning of LUNA reduces the supply of LUNA, which increases its value of Luna
LFG has made efforts to purchase BTC in order to reach its $10 billion BTC reserve goal. A new major purchase was announced by the LFG last week. We will keep you informed as further developments unfold.
This concludes our weekly newsletter. Thank you for taking the time to read our weekly newsletter. Please stay tuned for more exciting and important update next week — as we will provide you with even more insightful content.
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