Bitcoin struggles to hold $ 38k, and Algorand is the first major cryptocurrency to become an official FIFA World Cup sponsor

Bitcoin struggles to hold $ 38k, and Algorand is the first major cryptocurrency to become an official FIFA World Cup sponsor

Bitcoin is currently trading at just over $ 38ki at the time of writing. The largest cryptocurrency by market value suffered a slight setback in the late hours of yesterday as the bears increased their pressure on the market. Altcoins also had some losses. More on that later.

In other news, Algorand is now the first major digital currency to sponsor becomes of the FIFA World Cup. The company’s name will be highlighted at this year’s World Cup, which will be held in Qatar.

Ethereum Name Service or ENS aims to help people adopt Web 3.0, and this has resulted in a 90% increase in the company’s valuation following early investor interest. However, people should be very careful when choosing the crypto platform to invest in as many platforms do not live up to their original hype.

The big video game company Square Enix has basically decided to sell its Tomb Raider franchise and invest more in newer initiatives instead of blockchain games and so on. The Japanese company said it would sell the Lara Croft adventure series for $ 300 million. It generated $ 92 million in revenue for the fiscal year ending March 2022.

The popular crypto exchange Kraken has announced that its new NFT marketplace is entering beta, and has announced a waiting list. The exchange has also claimed that it does not charge fees for trading in depot NFTs on the platform. It remains to be seen whether it will actually live up to that promise, as NFT platforms generally charge certain fees to generate revenue.

The Bahamas, which has long been a tax haven for businesses and individuals around the world, is now interested in regulating and developing the crypto sector. The change in government thinking comes as it hosted a conference that partially hosted Skybridge Capital.

The EU Finance Commission has finally begun to understand the importance of the decentralized financial sector (DeFi) and has produced a report in which it regulates it in a meaningful way. The Commission’s European Financial Stability and Integration Review has recently finally highlighted the importance of the sector recognized and want to promote it.

The US Securities and Exchange Commission (SEC) has strengthened the crypto rules in the country and has recently expanded its crypto division. More than 20 professionals will be added to the agency.

The President of Uzbekistan has issued a presidential decree to pass the cryptocurrency legislation in the country. The country already has some of the most pro-crypto laws in the region.

The large investment company and crypto-active company Van Eck has launched a new NFT collection, which is seen as an attempt to gain a foothold in the meta-verse.

Two of the largest banks in Argentina will allow crypto-trading accounts to be linked to major stock exchanges. As the country struggles with high inflation rates, most citizens own crypto to offset the impact of the crippling economic situation.

The Bitcoin price fluctuates around $ 38,000

Bitcoin had a largely stable time above $ 38,000 yesterday, but it started to lose somewhat later in the day.

It started with the Bitcoin price around $ 38.5k. It rose slightly to $ 38.8k around midnight, which was the highest valuation for the digital currency in the last 24 hours. The rest of the day, the price traded around $ 38,000 before starting to fall at 1 p.m. 20.00. It dipped below $ 38k and hit a low of $ 37.5k. Then it recovered somewhat, and at the time of writing, the price is just over $ 38k.

Bitcoin is now again approaching its lowest level in recent months and it is still unknown what the bears will make out of this. The bulls can defend the $ 38,000 figure so far, but the Bears will continue to exert significant influence. They are expected to continue pushing the support level at $ 38k.

Bitcoin’s total market value was approximately $ 717 billion and its share of the crypto market was 42.49%.

Bitcoin price chart

Altcoins make small losses

Other cryptocurrencies showed smaller losses at the end of the last 24 hours, despite remaining largely stable during this period. Big losers were Ethereum (ETH, -2.4%), Avalanche (AVAX, -2.6%) and Dogecoin (DOGE, -1.8%). Most other cryptocurrencies were largely stable.

Ethereum price chart

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