Crypto space hot news review dated 12.04.2021
This summary certainly does not contain all of the news that has happened in the past week but we`d like to tell you top news of these seven days. Bitcoin, bo doubt, has been the cherry on top, rising above the $61,000 mark.
News digest of the past week
The past week has been full of positive news. From the next NTF madness, to the Bitcoin crypto community meeting expectations.
Let’s take a look at the key news of the week together.
Grayscale Effect: LPT price explodes
For many, the Livepeer cryptocurrency (LPT) is completely unknown. This altcoin has mostly become famous thanks to the Grayscale fund that is buying it and has even created an investment fund dedicated to this crypto asset, whose price has skyrocketed due to this sudden new prominence. The price of LPT has soared from $5 to $44
Impressive and amazing growth which is explained simply by the Grayscale effect. This investment fund, which buys billions of dollars in Bitcoin and other cryptocurrencies, now holds more than $40 billion in crypto assets, including Livepeer (LPT).
A godsend for traders and investors who bought LPT tokens before this meteoric rise. Following the investments made by Grayscale, some people have profited solidly from the price increase, which will cause many to envy.
Livepeer is a decentralized video transcoding network built on the Ethereum blockchain. The protocol provides broadcast and streaming services at a lower cost. It was designed to provide decentralised, accessible and reliable video encoding for new use cases and business models.
Applying the blockchain technology decentralization model, Livepeer uses distributed computers to perform resource-intensive and usually expensive video streaming transcoding tasks.
Unlike Theta, Livepeer is not a video platform for end consumers and does not advertise itself as a decentralized alternative to Twitch or YouTube. It’s more of a software solution for app developers and video transcoders.
The interest from the Grayscale Fund attracted attention to this blockchain project, which unexpectedly brought it fame all over the world.
The Sandbox blockchain game attracts new strategic partners, such as Gemini or Galaxy Interactive.
Like Decentraland, The Sandbox is a blockchain game, but above all, it is a virtual world in which you can purchase land as well as real estate to build your own individual digital world.
Working on the principle of NFT (non-interchangeable tokens), Sandbox is becoming more and more successful and attracts more and more investors and partners who want to invest in this game with great development potential.
Subsidiary Animoca Brands has just announced the arrival of strategic gaming partners as well as Silicon Valley partners to create a virtual earth in its NFT metaverse.
These strategic partners include the Gemini Frontier Fund (founded by Tyler and Cameron Winklevoss of the Gemini crypto exchange), Galaxy Interactive (Global Gaming VC and investors in more than 50 companies in the interactive landscape, including RTFKT, Bitski, Mythical Games, Immutable, and WHALE), but also the heavy metal band Avenged Sevenfold.
As stated in the press release, the new partners will purchase virtual real estate within The Sandbox game in the form of NFT LAND.
To celebrate the arrival of these new partners, The Sandbox will launch a new LAND sale on April 14, 2021, which will allow players to purchase premium seats next to these new famous partners in the metaverse.
Sebastien Borge, Chief operating officer and co-founder of The Sandbox, said:
“As a dynamic and growing NFT-based gaming metaverse, Sandbox attracts new, strong and diverse partners every day, from game studios to IP brands, artists and celebrities, visionary entrepreneurs and technology companies.
We are shaping our virtual world to become an experimental place where partners, creators, players, and brands can communicate, build, and grow together.”
The sandbox also includes the SAND token, which allows you to monetize NFT creations in the game.
Other strategic partners who will participate in the virtual world of The Sandbox include Nifty Gateway, Bill Lee (co-founder of Craft Ventures), Ken Hovery (co-founder of PayPal), Chris Ye (CEO of Uken Games and creator of Bingo Pop., Ava’s Manor, Who Wants To Be A Millionaire), Michael Witz (founder of Redemption Games and creator of the highest-grossing mobile games Cookie Jam and Sweet Escapes).
Gemini Exchange co-founder Tyler Winklevoss said:
“The sandbox revolutionizes gaming by allowing users to create, own, and monetize their gaming experience in a decentralized virtual world.”
The Sandbox, recently introduced by the Wall Street Journal, and as a pioneer in the field of virtual blockchains, is attracting growing interest from new players, as well as investors and strategic partners who are joining the adventure in this new virtual world by building.
The mood of strong Bitcoin buyers may boost its price
The crypto boom is getting back on track. BTC aimed for a new all-time high, followed by all assets. Ethereum( ETH), Binance Coin (BNB), XRP were marked by reaching new highs. The market capitalization of the crypto industry was $2.06 trillion with a daily growth of 3.57%.
Bitcoin was trading at $60,819.12 on April 10, up 4.69% in 24 hours. Despite this remarkable increase, the dominance of the royal coin has fallen to 55%. The market capitalization of the asset was at the level of the rising price of the coin, and amounted to $1.14 trillion.
While the asset rose to a high of $61,683 last month, the chances of the coin reaching $62,000 were pretty high.
The bulls were seen struggling to push BTC towards $62K as they settled on the short-term price chart of the asset.
While the price of Bitcoin has been hovering at the level of $59K for quite a long time, the asset did not take long to wait.
Once again, Tesla CEO Elon Musk tweeted about the progress of the royal coin:
“Soon to the moon”
- Elon Musk (@elonmusk) April 10, 2021
Paxful’s user data is safe, says CEO Youssef
Users of the well-known cryptocurrency exchange Paxful were recently very concerned about the appearance of rumors about a data leak on the platform. However, the exchange’s CEO claimed that the platform is secure and has not experienced anything like this.
The emergence of digitalization in the financial sector is promising, but often the platforms associated with it become victims of hacks and attacks. While the crypto industry has witnessed many hacks, an online marketplace called Raid Forums has been created solely for the purpose of selling and buying stolen data. A Raid Forum user reportedly claimed to have the personal data of more than 4.8 million Paxful users. This included names, email addresses, gender, phone number, dates of birth, and passwords.
Recently, social media giant Facebook also faced a data leak. However, in this case, the seller who used the name, Mafufi, demanded 1 Bitcoin, which is about $59K.
The news of the exchange hack sparked another conversation that highlighted the emergence of these hacks, despite the “Know Your Customer” (KYC) and Anti-Money Laundering (AML) procedures.
Regarding this information, Paxful CEO Ray Youssef said:
“No KYC data is ever stored on our servers. We don’t take people’s identities lightly.”
Never mind the FUD
While this has caused unrest in the crypto community, the platform’s CEO Ray Youssef has gone out of his way to reassure users by stating that no data leaks have occurred. His tweet read:
“All funds and identification data are secure. There were no user data leaks, and there were no violations of our users ‘ rights. Ignore the FUD! Long live Bitcoin. what the hackers were talking about was old employee records from a payroll site that we no longer use”.
Users of the crypto exchange can only believe that they are not being deceived, and that their funds will remain safe and sound.