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Bitcoin registers marginal gains, Ethereum drops

The global cryptocurrency market-capitalisation fell 0.39 percent over the last 24 hours to $1.75 trillion while trading volumes fell 32.60 percent to $54.25 billion during the period.

 

 

The total volume in the decentralised finance (DeFi) space stood at $8.39 billion, around 15.47 percent of the 24-hour cryptocurrency trading volume. The total volume in stablecoins stood at $44.95 billion, making up 82.87 percent of the 24-hour cryptocurrency trading volume.

Bitcoin’s market dominance was up 0.07 percent to 42.50 percent and the largest currency in the crypto space was trading at $39,135.83 on the morning of March 13.

In rupee terms, Bitcoin rose 0.09 percent to trade at Rs 31,02,999 while Ethereum dipped 0.06 percent to Rs 2,04,870.4

Cardano was up 0.7 percent to trade at Rs 63.08 and Avalanche dipped 1.09 percent to Rs 5,690. Polkadot was down 0.59 percent to Rs 1,435.42 and Litecoin dipped 0.61 percent to Rs 8,447.95 in the last 24 hours. Tether was down 0.04 percent to Rs 79.16

Memecoin SHIB was up 0.11 percent, while Dogecoin was down 0.99 percent at Rs 9.15. Terra (LUNA) dipped 4.43 percent to Rs 6,926.6

Yuga Labs, the company responsible for the Bored Ape Yacht Club NFT collection, has acquired CryptoPunks and Meebits from the developer Larva Labs. Yuga Labs and Larva Labs made a joint announcement on Twitter on Friday evening. “We now own the brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits,” reads Yuga Labs’ blog post.

Larva Labs says it will retain the rights to its other big NFT collection, Autoglyphs, “as well as a group of our favorite Punks and Meebs.”

 

Notably, Bored Ape Yacht Club is the most valuable NFT collection in crypto; CryptoPunks are the second most valuable. Yuga Labs also says it plans to grant the commercial rights to all CryptoPunk and Meebit images to their respective owners.

Americans Have Lost Over $1 Billion to Crypto Scams

Since the start of 2021, more than 46,000 Americans have collectively lost over $1 billion to crypto scams, according to an analysis released Friday by the US Federal Trade Commission. Out of all the money reported lost during this period, roughly one in four dollars were lost to crypto scams.

The analysis cited investment scams as the largest reason why so many people lost money. Romance scams involving cryptocurrency impacted the second-highest number of people but accounted for a much smaller percentage of lost money compared with investment scams.

The median amount lost to cryptocurrency scams since January 2021 was $2,600. The top three cryptocurrencies that scammers lifted were bitcoin (70%), tether (10%), and ether (9%).

Charges of insider NFT trading were brought against a former manager of the popular OpenSea NFT marketplace by the US Attorney’s Office for Manhattan, according to a Wednesday announcement. This is the first time the Justice Department has pursued an insider trading case over NFTs.

The suspect was a product manager at OpenSea last year. In his role, the suspect reportedly was aware of which NFTs would be featured on the market’s homepage. NFTs generally gain value through word of mouth, so if an NFT gets posted on the homepage of a large NFT marketplace, the boost in visibility could increase its value, at least temporarily.

 

The indictment alleges that the suspect “launched an age-old scheme to commit insider trading by using his knowledge of confidential information to purchase dozens of NFTs in advance of them being featured on OpenSea’s homepage.”