Russian authorities are weighing whether to ban or legalize cryptocurrencies such as bitcoin, a senior legislator has revealed. Anatoly Aksakov told local media that the authorities will decide which direction to take in regards to crypto next year. However, other reports have indicated that the Bank of Russia is working with stakeholders and financial authorities to ban cryptocurrencies altogether. Regulators and lawmakers across countries are actively working on crypto regulations.
UST, one of the stablecoins of the Terra project, has become the largest stablecoin by market capitalization today, after having surpassed its Ethereum-based rival, DAI. UST is now the largest decentralized stablecoin in the market, closing a year of growth for the Terra ecosystem, which is now among the most valuable top ten cryptocurrency projects in the market.
It is no news that the prices of major cryptocurrencies have hurtled in the past week or so, especially after Bitcoin slipped below its $50k mark. This drop-down in prices has caused the technicals to flash bearish signals at the time of writing. Polkadot moved southwards by 7%, BNB shed over 5%, and EOS also was in control of the bears as it was trading at 3.11% after depreciating by 3% in the last 24 hours.
Metaverse coins continue to dominate cryptocurrency markets. CEEK VR’s price is up over 37% today, making it the biggest Metaverse coin gainer today. Let’s look at CEEK and see why its price is rising so much today.
Cryptocurrency custody firm BitGo has revealed it will support the native token of the Avalanche network, $AVAX, as institutional interest in it keeps on growing. The move will allow BitGo clients including exchange Bitstamp and Bitbuy to offer AVAX to their users.
Ethereum developer teams have been hard at work preparing for Ethereum 2.0, the proof-of-stake platform designed to make the blockchain's transactions faster, cheaper, and less energy-intensive.
According to the CEO of Instagram, Adam Mosseri, the social media application is looking into non-fungible token (NFT) technology. During an ask-me-anything (AMA) session on Instagram, Mosseri said that the company wants to make NFTs “more accessible to a wider audience.”
The meme-inspired cryptocurrency Shiba Inu ($SHIB) has become the third most used token on the Ethereum network after only two major stablecoins, USDT and USDC, as holders are becoming more active, even amid negative price action.