Crypto Prices Fall After U.S. Stocks Plunge, NFT Trading Volume Seems Little To Be Affected – Blockchain News, Opinion, TV and Jobs

Bitcoin reportedly hovered around $42,000 yesterday, which has been around for a while, but today fell below $38,000, its lowest dollar value since August 2021, after U.S. stocks plunged again yesterday. coin tableIt later recovered some lost ground to trade at $38,705.70, down 6.5% from levels late Thursday and down more than 40% from its November 2021 record high.

Data from Coinshares showed $73 million in outflows last week, the fifth straight week of outflows. During this period, total outflows from the entire cryptocurrency market reached $532 million, the largest outflow since 2018.

According to Marcus Sotiriu, UK digital asset broker analyst Global block, the reason behind this sudden drop may be that the market is spooked by the Fed raising interest rates this year, but when there is some relief in the stock market, the upside for Bitcoin and the market as a whole may also be strongly squeezed.

Mastercard has partnered with Coinbase Make payments on Coinbase’s NFT marketplace more accessible.Mastercard says they see greater potential NFT‘The underlying technology goes beyond art and collectibles into more realms. NFT trading volume has not declined because open sea On track to achieve the largest monthly trading volume ever. The fact that the NFT market is virtually unaffected by Bitcoin’s price only shows that Bitcoin is losing its market-leading role.

Marcus Sotiriou said: “I think the crypto industry will become less monolithic over the next few years and real use cases will blossom. Mastercard understands the concept and once NFTs are used in everyday life, I think we will see Once the market stabilizes, the price of bitcoin is not that important anymore.”

In addition to payments giant Mastercard partnering with Coinbase, Google is also rumored to be working with them on digital payments capabilities. According to Bloomberg, Google hires a former PayPal exec Operates its payments division, which involves letting users store cryptocurrencies on digital cards. Google thinks cryptocurrencies are something to watch. As user needs and business needs evolve, so should Google.

It’s clear that if one of the largest companies in the world were to integrate crypto into their services, it would be a huge leap forward for mass adoption in the crypto space.

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