Weekly Market Roundup: India criminalizes Bitcoin trading, NFT craze continues, Ethereum drops to new low on exchanges
In this week’s (March 14 – March 20) roundup, several prominent players have joined the NFT race. More institutional money has also flowed into Bitcoin, while the number of Ethereum on exchanges dropped to a new low.
The Indian government is still on course to pass its draconian bill that seeks to criminalize Bitcoin and cryptocurrency trading.
Bitcoin recorded several wins this week. First, Square’s Cash App has enabled free in-app Bitcoin transfers. Morgan Stanley has also opened its doors to give Bitcoin exposure to its wealthy clients.
Chinese giant Meitu invested another $50 million in Bitcoin and Ethereum. Meanwhile, the number of Bitcoin ETF applications before the U.S. SEC is beginning to pile up.
Amid the NFT craze, renowned American comic book company, DC Comics, joined the NFT race with the release of its set of Batman collectibles. The company issued a stern warning to creators who plan on creating or selling Batman tokens.
After indicating his interest to sell a song about NFTs, Tesla’s CEO Elon Musk had a change of heart, revealing that it just “doesn’t feel right.”
Still on NFTs, the first humanoid robot-created NFT is expected to make its debut on March 23. Meanwhile, EtherCards joined the NFT race through the launch of its unique framework on March 18.
A lot of analysts appear to be bullish on the price of Ethereum. According to an analyst with Messari, the second-largest cryptocurrency could well overtake Bitcoin following the Eth 2.0 upgrade.
Speaking of Eth 2.0 and the network's scalability, Ethereum devs have proposed EIP-3368 in a bid to quell the murmurings of miners. The new proposal seeks to increase the reward of miners instead of immediately implementing a gas-saving solution.
Finally, the number of Ethereum of centralized exchanges has dropped to a new low.