Market BuzzBitcoin trading above Rs 31.15 lakh
Cryptocurrencies traded in the red early on April 27. The global crypto market cap is $1.76 trillion, a 5.64 percent decrease over the last day. The total crypto market volume over the last 24 hours is $94.95 billion, which makes a 3.16 percent decrease. The total volume in DeFi is currently $11.41 billion, 12.01 percent of the total crypto market 24-hour volume. The volume of all stable coins is now $80.22 billion, which is 84.50 percent of the total crypto market 24-hour volume. Bitcoin’s price is currently Rs 31.15 lakh, with a dominance of 41.22 percent. This is a 0.03 percent decrease over the day. Read full here
Big StoryBitcoin in 401(k) becomes reality for more, despite warnings
More workers may soon be able to stake some of their 401(k) retirement savings to Bitcoin, as cryptocurrencies crack even deeper into the mainstream, AP reported. Retirement giant Fidelity said that it had launched a way for workers to put some of their 401(k) savings and contributions directly in Bitcoin, potentially up to 20 percent, all from the accounts main menu of investment options. Fidelity said it was the first in the industry to allow such investments without having to go through a separate brokerage window, and it had already signed up one employer that will add the offering to its plan later this year. The US, in March, warned the retirement industry to exercise extreme care when doing something like this, highlighting how inexperienced investors may not appreciate just how volatile cryptocurrencies can be, among other concerns. (AP)
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Corporate CornerRevolut CEO eyes expansion into mortgages, crypto wallets
Digital banking platform Revolut is working on expanding into decentralised cryptocurrency wallets and is also looking at the mortgage sector, its CEO said, as the London-based company pushes ahead with its strategy to become a so-called “superapp”, Reuters reported. Revolut, which currently offers payments services, crypto trading, savings accounts and stock trading, is focused in the short-term on expanding its remittance offerings and launching a buy now, pay later product. But the financial technology company has more work to do to become a one-stop shop for financial services, said CEO Nik Storonsky. “For example, decentralised wallets, and enabling deposits, withdrawals of crypto [and] staking, lending, that’s another piece that we’re missing and we’re working on,” he said. (Reuters)
Crypto ConversationsWhy are some NFTs so expensive, with value creation behind them? (PRO)
Non-fungible tokens (NFTs) have been one of the most hotly discussed areas of technology today, which refer to a digital artwork or content that has a unique, underlying digital signature. This unique signature can identify an image online as a unique property, even if a large number of its duplicates exist. In simple words, NFT is a digital file with verified identity and ownership. This verification is done using blockchain technology. NFTs naturally seem to fit with influencers who have content surrounding fashion, art, and lifestyle. However, content creators from other genres have begun to get involved, such as gaming influencers who have already started selling in-game objects and items as NFTs. Read more here
