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Starting with the crash of Terra network, the past few months have been turbulent for the crypto ecosystem in Asia. In a latest, a key crypto panel advocating for cryptocurrencies indicated that it is shutting shop due to lack of results in the regulatory space. This is a big setback for the crypto community in the South Asian countries.
The Government of the city of Shanghai has proposed a group of guidelines to help it shift into a metaverse power. The plan of action defines each one of the technologies that the municipality needs to focus on to achieve the goals of building a $52 billion metaverse economy, while at the same time helping to establish 10 innovative companies in the area.
In today’s press release, the Kucoininformation global cryptocurrency exchange has announced that it has attracted over 20 million users globally. The exchange is planning to commemorate the occasion by launching a contest among users with prizes and bonuses.
Since its launch in 2009, Bitcoin has gone from a few cents in value to tens of thousands of dollars in value. As such, it has turned a tidy profit for early adopters of the cryptocurrency, with many Bitcoin millionaires enjoying their return on investment today. Nonetheless, those who keep a keen eye on the latest crypto news will no doubt be aware that Bitcoin has fallen in price over the last few months.
The cost of mining one Bitcoin (BTC) has fallen to ten-month lows as mining hardware becomes more efficient, and difficulty has dropped 6.7% since its May peak.
While the crypto and stock markets both remain bearish, Bitcoin’s correlation with stocks is close to its lowest point this year. The 40-day correlation between the largest cryptocurrency and the Nasdaq 100 index is now below 0.50, according to Bloomberg data.