The New Fiscal year has just begun and every smart investor is planning his/her crypto investments for this year.
But no crypto investment planning can work out if you skip the updates of this field. Below, we'll explore some must-knows latest crypto updates.
1. The big jump of DOGECOIN
The shooting up of DOGECOIN price is one of the most mind-boggling activities that happened in the crypto-verse. Dogecoin price has soared by 5,859% over the past 12 months. All thanks to the few 280 character tweets done by Tesla CEO Elon Musk. He described Dogecoin as “people’s crypto” and even his “favorite currency” in random tweets followed by an update to accept dogecoin as payment for some of his merchandise. This whole chain of tweets made him appear as the godfather of the meme coin leading to a dramatic hike in Dogecoin prices.
2. LUNA flipping Ethereum
The next in our latest crypto updates is about the native token of Terra (LUNA). It has surpassed Ethereum (ETH) in staked value. This has made LUNA the second largest blockchain network in terms of staked value. LUNA has experienced a huge surge in popularity in the past year resulting in a 10 time increase in its value. A total of 226,408 stakes of LUNA are found as compared to only 54,768 stakes of ETH. If compared in terms of annual staking rewards, LUNA averages 6.62 percent, while ETH averages 4.81 percent.
3. High tax calling crypto
Just when Indian crypto investors are getting ready to jump on the bandwagon, the Indian government came up with a cryptocurrency taxation surprise.The new tax policy imposed a high 30% tax on any income generated from cryptocurrencies after 1 April 2022. The government also specified that no loss from one crypto can be adjusted against gains from another. However, the larger danger in this tax policy is a 1% TDS on all digital-asset transfers above a certain size, starting from July 1. This is considered the biggest move by the Indian government to regulate the crypto trade.
4. Elon Musk’s Twitter tour
Completely unexpected news broke on the internet when Tesla CEO, Elon Musk bought 9.2% shares in the microblogging platform, Twitter. The most buzzworthy element in this incident is that Musk has been a big criticizer of Twitter. He raised questions about Twitter’s “freedom of speech” commitment and even asked his followers if a new platform is needed to replace Twitter. This sudden deal has soared a 25% hike in Twitter shares in premarket trading.
5. Ethereum’s plan to move to PoS
Moving further in this list of latest crypto updates, now comes the big announcement of Ethereum to move its consensus mechanism from proof of work (PoW) to proof of stake (PoS). Being the second best-known blockchain network in the world after Bitcoin, this decision of Ethereum can be the biggest move in the crypto world. This switching is planned to reduce the role of high computational power from Ethereum’s PoW model. The ultimate goal of the blockchain network is to shift to an economically sustainable consensus model.
6. The war effect
When Russian president, Vladimir Putin announced special military operations on Ukraine, Bitcoin and other cryptocurrencies slumped significantly. A fall of 8% in Bitcoin and 10% in Ethereum was observed at that time. But when western sanctions were imposed on Russia, it led to the soaring crypto trading in Putin's territory. The Russian currency hit an all-time low causing people to scramble for converting their savings to crypto in Russia. As a result, bitcoin today stands up at around 12% high as compared to the days before the Russia-Ukraine war began.
7. SHIBA to enter Metaverse
SHIBA inu, one of the most popular meme coins in the crypto market is planning to launch its own metaverse. This metaverse will include 100595 plots as virtual lands with most of them being available for purchase. The virtual platform will give a supportive environment for the SHIB investors to grow together.
8. Official Dalai Lama NFT for charity
The next up in our latest crypto updates is Dalai lama NFTs. Yes, you heard it right. A 10 NFT series is created by artist Alex Echo with each having 108 limited editions. These NFTs will be authorized by the Gaden Phodrang Foundation of Dalai Lama for release on a new platform of art named Hyprr. The earnings generated would be used to raise for the charity of Dalai lama-associated organizations.
9. SOL is rising on the charts
SOL that runs on the Solana Blockchain network is having a moment. This lesser-known cryptocurrency is elevating on charts to become one of the top 10 cryptocurrencies. It has been seen as a compatible competitor of Ethereum in the long run. The cheaper rates and ultra-fast speed of transactions on SOL are the two most important reasons for its success. Another reason to include SOL in our latest crypto updates is its breathtaking price jump of roughly 488% over the past year. Check out the current SOL price.
10. A Metaverse Fashion Week
The last part of this latest crypto updates list has a lot to do with fashion. Major fashion companies are dipping their toes in crypto water through a metaverse named Decentraland. A one-of-a-kind Metaverse fashion week was organized on Decentraland from 24th-27th March 2022. Around 60 fashion brands including Dolce & Gabbana, Etro, Tommy Hilfiger, Estée Lauder, and Elie Saab showcased their 500 looks in this virtual 3D world.
Conclusion
The ever-changing crypto world has a lot of updates to know every day. It is half the battle won in crypto trading if you know the latest crypto news. Amassing the information about the biggest moves of the crypto world and utilizing it in the right direction can do miracles in enhancing the profit-making potential of crypto traders.
