Welcome to Around the Blockchain, Huobi Learn’s daily rundown of the crypto markets.
Amid the current bear market, metaverse tokens are up almost 400% year-on-year, outperforming all other crypto categories. According to CoinGecko and Kraken Intelligence, the top metaverse tokens are MANA (up 41%), SAND (up 470%), AXS (up 511%) and GMT (up 746%). These were followed by exchange tokens that saw a 6% year-on-year rise, while all other categories saw negative returns in the same period, from -13% for BTC to -72% for DeFi. However, metaverse tokens also saw a 42% decline over the past month.
PayPal has begun testing support for the native transfer of BTC, ETH, BTC Cash and LTC to and from other wallets and exchanges for select US-based users. This feature also allows users to send supported coins to other PayPal accounts immediately and at no cost. After the test period, all US-based users will be able to access the feature. Paypal is the latest company to embrace crypto payments, after Tesla, Space X and AMC Theatres, with investors speculating that Elon Musk might add a crypto payment feature to Twitter.
Brazil’s central bank digital currency (CBDC), the digital real, will be more a wholesale asset than a public retail-focused token, according to the Central Bank of Brazil’s president Roberto Campos Neto. He also indicated that the country’s private banks would be able to issue their own stablecoins that would be collateralized with digital real deposits, adding that tokenization could potentially be one of the methods by which a CBDC could improve processes like paying or obtaining a reverse mortgage.
Filipino crypto wallet service provider Coins.ph has partnered with the Philippine Basketball Association (PBA) in the latter’s first crypto partnership during its 47th season. The Coins.ph brand will be showcased at the premier tournament during the Philippine Cup, and PBA fans will be able to win crypto. Coins.ph CEO Wei Zhou called the PBA “a great platform to educate Filipinos on the crypto economy”, while PBA’s league commissioner Willie O. Marcial said the partnership would “give fans the opportunity to engage in a new way”.
In an open letter to the US Congress, human rights activists from 20 countries (including Ukraine, Iraq, Nigeria, Cuba and even North Korea) have expressed support for a “responsible crypto policy”. This comes a week after an anti-crypto open letter to Congress, said to be from the scientific community but signed by well-known crypto critics and authors from developed, democratic countries. Citing the Ukraine-Russia conflict, the latest letter credited crypto with helping those “facing political repression and economic hardship”, adding that BTC and stablecoins offered such people “ungated access to the global economy”.
Show me the money
BTC rose 2.91% to $30,520.91 in the last 24 hours. Within the same period, ETH rose 1.97% to $1,806.21, while other major altcoins saw mixed price movements: ADA was up 7.56%, SOL was down 0.09% and AVAX was up 2.37%. Meme tokens SHIB and DOGE rose slightly, with a respective increase of 0.46% and 0.4% in the past 24 hours. LUNA, on the other hand, fell 19.31% to $3.51 in the past 24 hours.
New to Huobi? Register for a Huobi account and receive up to $300 as a ‘Welcome Bonus’ to help you start your investment journey! If you’re an existing user, check out Huobi Earn, where you can start earning interest from your idle cryptocurrencies!