Read the best crypto stories curated for you in another edition of the BitOasis Weekly Wrap. Let’s begin with our top story on Bitcoin’s recent market trends.
TL;DR
Data shows that the number of active addresses has been on the lower side, and a lack of on-chain activity is often a key indicator of a bearish Bitcoin market. Some speculate that tense standoffs in global geo-politcs is one of reasons why the market is going through strong price corrections. But despite the recent price drops, a majority of bitcoin HODlers preferred to hold and accumulate additional coins. Read more here.
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Here’s a first for Saudi Arabia in NFT space
Saudi Arabia has announced a new digital arts forum in the Kingdom, which is a first-of-its-kind for Saudi Arabia. Among other topics, the forum will talk about the NFT ecosystem as well as buying habits and trends specific to the Kingdom. It includes exhibits of famous NFT creators and workshops on how to explore the metaverse, how to set up a wallet and how to buy an NFT.
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Brazil could soon regulate crypto
Brazil’s Federal Senate’s Economic Affairs Committee approved a crypto bill on February 22nd, and many think it will pass a vote on the Senate floor. If the bill passes, it will make Brazil the largest country in Latin America to regulate cryptocurrency. The Senator, who originally proposed the bill back in 2019, says that once this regulation is approved, crypto will be increasingly adopted in the country.
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How Cardano went after Bitcoin
The Cardano blockchain has once again become one of the most active networks by transaction volume as it approaches that of Bitcoin. Cardano has experienced high on-chain activity, and based on this metric, the blockchain surpassed Ethereum’s transaction volume in the 24 hour cycle this week.
What was the price of ADA this week?
On-chain data confirms that Cardano currently has $17.04 billion in 24-hour transaction volume, Bitcoin at $18.85 billion and Ethereum at $5.25 billion. But none of that has helped the price of ADA which has been down 18% this week and is trading at $0.8433 on exchanges like BitOasis. The easiest way to buy Cardano’s ADA token is to purchase it through an online exchange like BitOasis. BitOasis makes it easy to buy, sell, send, receive, and store ADA, BTC, ETH, and over 40 popular cryptocurrencies.
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How Dogecoin overtook Polkadot
Dogecoin has surpassed Polkadot in terms of market capitalization according to CoinMarketCap. With a present market valuation of over $17 billion, Dogecoin now ranks 12th largest cryptocurrency ahead of Polkadot’s market cap of $16.03 billion.
What was the price of DOGE this week?
On Feb. 22, Dogecoin’s price dropped along with the rest of the cryptocurrency market. It plunged to $0.12, the lowest level since early December 2021, despite Elon Musk’s DOGE tweets. Earlier this week, Musk shared his vision that Tesla charging stations will be able to accept DOGE soon. He also hinted that in the future both Starlink and SpaceX may start accepting DOGE. The easiest way to buy DOGE is to purchase it through an online exchange like BitOasis.
Here’s Alibaba’s first game rewards
Alibaba is rewarding NFTs on its first blockchain game Ant Adventure, which can be played through the Alipay mobile application, one of China’s leading mobile payment providers. Ant Adventure takes players through a series of quizzes designed to educate the public on fraud. In case you’re wondering, China currently has no law or regulation on NFTs and blockchain-based games.
This luxury fashion is now in the metaverse
Italian fashion brand Dolce & Gabbana announced the expansion of its NFT offering on the Polygon blockchain. This comes after the launch of the DGFamily NFT community in collaboration with UNXD. Collectors will be able to experience fashion in the Metaverse and beyond.
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📚What’s on our reading list this week
- If only this hacker was a hero: Crypto Journalist Laura Shin along with the Chainlaysis team claim they’ve found the man who hacked The DAO. Here’s their suspect.
- Bitcoin’s achilles heel: Plenty of nightmare scenarios that won’t let you get cozy this weekend. Read if you dare.
Watch this space for more updates on crypto markets and more. Don’t forget to grab your favorite crypto assets for free. Just trade $200 of one of the select tokens; Cardano [ADA], Solana [SOL], Shiba Inu [SHIB] or Fantom [FTM] and instantly get $20 more on us. Hurry up! Giveaway ends on Feb 28, so start trading NOW to earn free crypto!