Weekly Market Update (Week 11, 14/03/2022 – 20/03/2022)

U.S. Federal Reserve raises benchmark interest rate; crypto market climbs on news. Bored Ape Yacht Club maker launches new crypto ApeCoin APE. Crypto.com begins its exchange rollout in the U.S.

Key Takeaways

• The U.S. Federal Reserve raised its benchmark interest rate by 25 basis points for the first time since 2018 – read the FOMC statement here. The crypto community reacted to the expected rate hike positively. Bitcoin (BTC) closed the week higher at roughly USD 41,000. 
• Yuga Labs, the creator of the Bored Ape Yacht Club (BAYC) NFT collection, launched ApeCoin (APE), the governance token for the ApeCoin DAO, through an airdrop to current holders of BAYC and Mutant Ape Yacht Club (MAYC) NFT holders. Yuga Labs teased followers with future development featuring other NFTs. 
• Crypto.com begins the roll-out of its Exchange in the U.S., starting with institutional investors.
• The general price, volume, and volatility indices were mixed at +7.62%, +2.08%, and -65.01%, respectively.

Highlights

• Australian Senator proposes landmark Digital Services Act
• El Salvador’s Bitcoin bond issuance apparently delayed
• Taiwanese Crypto exchange MaiCoin eyes Nasdaq listing
• Animoca Brands co-leads $88M series B funding round of Hex Trust
• ConsenSys’ Lubin confirms MetaMask token in the works Ethereum wallet pursuing plan of ‘Progressive decentralization’
• “We’re already buying” Terra founder plans to obtain $10B BTC for reserves
• New digital Asset Manager files for first ETF
• Baidu, China’s largest search site, has announced the launch of its NFT platform
• Noyack Logistics Income (NLI) became the first REIT to accept crypto payments
• The U.S. state of New Hampshire recently passed a bill: Developers or sellers of open blockchain tokens that meet certain conditions should not be considered issuers of securities.
• Gitcoin grants have raised $1.2M in Ethereum for Ukraine

Check the latest prices on Crypto.com/Price.

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