64
1. Bitcoin increased by 0.56 percent to Rs 33,09,098.15, while Ethereum increased by 1.40 percent in the previous 24 hours to Rs 2,34,244.16. Avalanche declined 1.96 percent to Rs 6,480, while Cardano rose 12.07 percent to Rs 84.48. Polkadot fell 1.16 percent to Rs 1,618.61 over the time, while litecoin rose 0.42 percent to Rs 9,406.70. Tether fell 0.89 percent to Rs 77.25 per unit.
2. According to an Associated Press story, Federal Reserve Chairman Jerome Powell recently stated that emerging forms of digital money, such as cryptocurrencies and stablecoins, posed vulnerabilities to the US financial system. New restrictions will be needed to safeguard customers, he said before a Bank for International Settlements conference. "Our present regulatory frameworks were not designed with a digital world in mind," he said. "Some products may provide financial-stability risks," Powell added. "We don't know how some digital items will perform during market stress." According to the Associated Press, Powell stated that cryptocurrencies are being used for money laundering and other illegal activities, and that governments should seek to prevent this from happening so that companies that provide value to customers benefit.
3. Bitcoin's correlation with the S&P 500 is at its greatest since October 2020, according to statistics gathered by crypto market information source Arcane Research. That's around when bitcoin awoke from a multi-year hibernation to reclaim its place over $20,000—and much beyond. This comes as bitcoin looked to be detaching from traditional markets in the aftermath of Russia's invasion of Ukraine. While the NASDAQ and S&P plummeted 6% and 8%, respectively, bitcoin and ethereum gained nearly 18% in the same time period. Bitcoin's correlation with the S&P fell from 0.564 to 0.461 in the final week of February.
4. Major conventional video game developers are starting to investigate the Web3 gaming market, experimenting with NFT assets and cryptocurrency-based economies in the process. Now, another well-known gaming company with a tremendously successful brand is planning to create blockchain-based games—this time on Solana. Krafton, Inc., a South Korean game publisher, announced a long-term deal with Solana Labs to collaborate on the development and marketing of blockchain and NFT-driven games that operate on the Solana network. The companies also want to look into co-investment options. Krafton is the firm behind the blockbuster battle royale shooter franchise PUBG: Battlegrounds (formerly PlayerUnknown's Battlegrounds).
