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NFT Mania, Crypto Scams, Tesla Doubts: CoinMarketCap Newsletter, March 26

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Published on:
March 26, 2021

Reports suggest that buying a new Tesla using crypto isn't as easy as it looks.

Table of Contents

Hello — and welcome to the CoinMarketCap newsletter for March 26! (In a slightly different place than normal.)

Market Activity 📈

Total market cap: $1.76 billion

24-hour volume: $132.4 billion

BTC dominance: 59.6%

Bitcoin price: $53,545.26

Notable movers: Chromia (37.03%)

Today's Top Stories 🚨

New York Times NFT Sells for $560,000 🤩

When a journalist for The New York Times wrote a column about NFTs — and invited readers to buy it in tokenized form — he was hoping to raise a little money for charity. But now, Kevin Roose says he “can’t really believe what has happened” after the winning bid came in at 350 ETH… worth about $568,300 at the time of writing. The proceeds are going to go to the newspaper’s Neediest Cases Fund, which “supports a global community of people less fortunate.” Read more here.

Retirement Plan Allocates 5% of Assets to Bitcoin 💰

A New Zealand retirement plan has reportedly allocated 5% of its assets to Bitcoin. Speaking to Stuff, a local news site, KiwiSaver’s chief investment officer James Grigor anticipated that it could make an appearance in more schemes in future. Some of the company’s rivals have reportedly taken a dim view of the move — describing the decision as more of a gamble than an investment. But given how KiwiSaver ended up gaining exposure to Bitcoin when it was worth $10,000 back in October — with prices recently surging above $60,000 — it could be argued that the investment fund has been vindicated in its decision…. So far. Read more here.

400,000 Crypto Scams Created in 2020 😲

A fraud prevention company has claimed that 400,000 crypto scams were created in 2020 — and we could see an increase of 75% in 2021. Bolster says that there is a clear correlation between “the rise in scams to the value and popularity of cryptocurrencies.” The most prolific types of scams were fake prizes, giveaways and sweepstakes — with investment-related scams and celebrity impersonations also prominent. Bitcoin, Chainlink and Ethereum were most commonly used in scams, while Elon Musk, John McAfee and Yusaku Maezawa were the most likely celebrities to be impersonated. Read more here.

Buying a Tesla with Bitcoin Might Not Be Easy 😭

Snapping up a brand-new, shiny Tesla using Bitcoin might not be as easy as it looks. According to CoinDesk, Bitcoin transactions must be completed within 30 minutes, or else the quoted crypto price expires and the buyer must ask for a new one. It's also reported that Tesla will only accept exact amounts and will not reimburse payments sent to an incorrect alphanumeric address. As we mentioned in a newsletter earlier this week, there's another problem: if your Bitcoin rises in value in the future, you could end up wishing you used dollars instead. Read more here.

Thanks for reading! Have a great day — more news on Monday! 👋

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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