From capital inflow into BTC hitting $1.5M this year to gaming tokens making a comeback, here is a 2-minute breakdown of everything important that happened in crypto today.
Recent market volatility has led to some choppy waters in the crypto. Between falling prices and regulatory uncertainty, it's understandable if new investors feel skeptical.
As 2018 crypto winter survivors ask newbies…
However, despite the short-term storms, the long-term fundamentals remain strong. CoinMarketCap is here to help you navigate the turbulence by sharing need-to-know news.
Today we cover:
- Institutions embracing Bitcoin 💼
- A major bank joining China's CBDC trials 🇨🇳
- Hong Kong upholding a hands-off approach despite recent scams 🤝
- Gaming tokens seeing a revival 🎮
- The controversial founder of HEX facing charges 👮♂️
Now, let's dive deeper into what's making waves this week!
Funds Flow to Bitcoin Again 💼
Over $300 million flooded into Bitcoin investment products last week, marking the 9th straight week of inflows. This swelling river of institutional interest now comes at $1.5 billion this year. Years in this game and we've seen this movie before.
Veterans know Bitcoin climbs highest when market chaos is peaking. With wreckage still piling up from last year’s crypto fracas, it fits the cycle we've seen many times.
But does it guarantee a bull run? Read more!
Bank Adopts Chinese CBDC 🇨🇳
This week a prominent British bank sailed into uncharted waters by joining trials for China’s e-CNY digital currency.
The state-controlled digital asset promises to let approved institutions facilitate client transactions in the onshore currency using digital wallets and tokens. Those clients can then easily exchange and redeem e-CNY funds directly through their bank accounts.
It's a glimpse at mass crypto adoption...with Chinese characteristics. Experts say if e-CNY takes off, it could reach billions in daily transaction volume within years.
But which bank is it? We’re sure you’ve heard its name before! Read more!
Scams No Threat to Crypto Grace Period 🤝
A fresh $180 million crypto fraud in Hong Kong has not weakened the government's conviction that exchanges deserve continued freedom from regulation. But after the city became a victim of frauds like JPEX, does that full laissez-faire approach actually protect consumers? Some believe a mixed approach could provide better protection to HK crypto investors.
Just last week authorities busted another textbook Ponzi scheme posing as a DeFi platform. Victims were lured with insane investment returns before realizing the "exchange" was pure vaporware.
Government officials acknowledge that such fraud will persist even after the 1 year grace period expires next June when licensing begins. Echoing crypto's ideology of self-regulation, they insist consumers exercise personal responsibility when chasing sky-high yields (which does make sense).
But what’s the logic behind waiting for a year to begin licensing and registrations? Read the full story!
And that brings us to our Word of the Day…
It’s ‘Vaporware’!
Vaporware refers to digital assets, protocols, or blockchain projects that are marketed as having groundbreaking technology and huge potential to disrupt entire industries. However, despite the hype, there is little to no actual product or technology built yet.
These vaporware projects often generate headlines with bold claims about future capabilities, but fail to develop much beyond a website, whitepaper, and ambitious promises that appeal more to speculation than actual use cases. The teams behind them excel at creating hype cycles that attract investor money but struggle with turning those concepts into reality.
Some vaporware ideas do finally materialize into real products. But many just disappear years later, leaving investors wondering "What happened? Where did the money and effort go?"
But how can you, as a crypto investor, detect these vaporware projects? Read more!
Now back to our daily stories!
Gaming Tokens Are Back 🎮
This week's double-digit pops from gaming cryptos signaled renewed sector interest. Speculation aside, usage remains the ultimate benchmark of real progress.
One must filter signal from noise: developers are still building, and players are slowly arriving. The growth continues as ideas meet consumers. Crypto gaming has miles yet to go bringing digital ownership rights to mainstream audiences. But viable business models do exist, and usage is rising.
But which gaming tokens are performing better than the rest of the market? Read more!
Where Is the HEX Founder? 👮♂️
The controversial founder of HEX crypto is facing the accusation of a $1 billion securities violation from the SEC. He continues evading U.S. authorities trying to hold him accountable months after charges were filed.
Richard Heart allegedly committed fraud by aggressively promoting his HEX token to investors. However, finding Heart to serve official notice has proven impossible so far.
But the squirming always ends eventually, no matter how slippery the worm. Just ask Do Kwon after they dragged him out of his Montenegrin hidey hole to a Seoul jail cell.
SEC is not sure if Heart is really good at hiding or if it’s the Finnish government that’s not willing to cooperate properly. Here are some more details that you may find interesting!
That wraps up today's top crypto news. Even with volatility and uncertainty, crypto keeps moving forward. We'll be back tomorrow with the latest headlines. Stay tuned!
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