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ApeCoin, the native token to the Ape ecosystem, has recorded a notable surge in prices within the last 48 hours. Yuga Labs imminent metaverse launch could be revving the token up the market.  'Otherside' Speculation The token, formerly changing hands for about 10.70 USD, surged to a record 17.18 USD in the early hours of today. This is the highest price the coin has recorded since its early plunge following its launch. There are suggestions that the launch of Yuga…

Amidst a general rise in crypto adoption across the UAE, YallaMarket, a local delivery company in Dubai has incorporated cryptocurrency as a payment method. The major delivery service also claims it will soon offer its staff salary payment options in USDT and USDC. YallaMarket To Pursue Crypto-Based Development The firm whose services entail grocery delivery has allowed customers to make crypto payments for its products via their mobile app. Additionally, the company supposedly has plans to facilitate investments from partners…

Twitter’s co-founder and former CEO, Jack Dorsey, called out Ethereum for being insufficiently decentralized on Monday. Under one of Vitalik Buterin’s Twitter posts, he alleged the protocol has “one, if not many, single points of failure.” Decentralization and Social Media Vitalik’s initial tweet did not relate to Ethereum at all. Rather, the network’s founder offered his thoughts on Elon Musk’s recent $43 billion offer to completely take over Twitter. While he doesn’t oppose Elon running the show, he stood against…

Jack Dorsey created the first-ever tweet in 2006. Its Non-fungible Token, which held so much potential, now suffers a massive devaluation. From a $2.9million purchase value, it has plummeted to only a few thousand dollars. The famous tweet read – “just setting up my twttr” – and was purchased by Sina Estavi in 2021 for 1,630.58 ether. At that time, Estavi outbid other investors to bag the NFT at about $2.9million. Estavi who is the CEO of a Malaysian-based crypto…

The International Monetary Fund (IMF) recently released its Global Financial Stability Report for April 2022. Covering the financial system’s resilience amidst the Russia Ukraine war, it repeats oft-cited concerns about crypto threatening financial integrity. Among these worries is that Russia, despite worldwide sanctions, could manage to monetize its energy resources by mining Bitcoin. Crypto: A Double-Edged Sword As claimed in the report released today, cryptocurrencies could “undermine domestic policy objectives” as they gain more widespread use. For example, crypto asset…

Republican members of the US congressional committee responded to the SEC's recently proposed regulation on the definition of an  “exchange”. Some of the committee members think the adjustments do not favor decentralized outfits. Also, they expressed their concern that the changes could come back to haunt them. Asides concerns from the committee, several notable bodies have also raised objections against the draft. The US SEC’s Proposed Rule This time last month, the Securities and Exchange Commission proposed an amendment regarding…

Earlier this week, Ethereum-based stablecoin project Beanstalk Farms suffered losses totaling $182 million after falling victim to a governance exploit. This is the second DeFi protocol to experience a breach in security since the start of this month. The attackers drained Beanstalk Farms of all its collateral funds and the token's price fell soon after. The BEAN stablecoin lost about 86% of its value which originally rested at $1. How did the Attack Occur? Behind the breach were 2 suspicious …

Grayscale CEO Michael Sonnenshein believes it's only a matter of time before a Bitcoin spot ETF gets permission in the United States. He recently claimed that there may be grounds for a lawsuit against the commission if they don’t. A Matter of ‘When’ Speaking with CNBC last week, Sonnenshein explained why a recent futures ETF approval spells optimism for an upcoming spot variant. The SEC greenlighted the  Teucrium Bitcoin Futures ETF earlier this month, which was filed under the Securities…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,890 trillion. Bitcoin is down by roughly 6% after a disappointing week. Ethereum lost almost 7% of its value over the past seven days. XRP increased by nearly 2% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $2.5 billion from the Total…