14 June

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11:17 PM UTC
14 June

|

11:17 PM

Crypto News – December 8th 2022

Axie Infinity tops gainers as Metaverse and Play-to-Earn lead crypto recovery

Axie Infinity NFT game has gained 21% in the last seven days to become the top gainer, trading at $8.49 at the writing time. The uptrend has pushed the market cap of the Play-to-Earn crypto to $853 billion. Currently, the daily trading volume reaches $389 million (increase by 927% from the previous day), according to data retrieved from CoinMarketCap.

The CEO of Mastercard considers FTX’s crash as a “restructuring” of the crypto market in the coming years.

Grace Berkery, director of startup engagement at Mastercard, a payment-processing corporation, sees FTX collapse as a chance for the crypto market.

In an interview, she stated, “It is time to restructure the crypto market, and Mastercard believes that blockchain and NFT  hold a lot of promises.” Grace Berkery added that investors could consider NFT and Metaverse’s effort as a huge opportunity as projects drove customer engagement and satisfaction.

XRP sheds almost $5 billion from its market cap in a month despite positive Ripple lawsuit news

XRP has recorded phases of high price volatility in recent weeks as the token’s community monitors the progress of the ongoing cases between the Securities Exchange Commission (SEC) and Ripple. 

The market cap of XRP is declining considerably. XRP is under huge selling pressure from the “sharks” in the market when the lawsuit is known to favor XRP. The pressure resulted in the cryptocurrency losing $4.87 billion in market capitalization within a month. By press time on December 7, XRP’s market cap stood at $19.04 billion compared to nearly $24 billion recorded on November 11. 

Chinese court says NFTs are virtual property protected by law

A Chinese court in the city of Hangzhou has said non fungible token (NFT) collections were online virtual property that should be protected under Chinese law. 

The court also added that NFTs “have the object characteristics of property rights such as value, scarcity, controllability, and tradability” and “belong to network virtual property” that “should be protected by the laws of our country.”

This is good news for the crypto market when China, a country that used to ban Bitcoin mining, has started to notice and recognize products of blockchain.

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