Welcome back to Altcoins at a Glance. The Altcoins space has been relatively quiet this week. but we know that you’ll be expecting your news briefs so we have searched for the most interesting topics for you.
Your NFT Can Now Be Used as Collateral for ETH
- Binance, the world’s largest crypt exchange, is now allowing users to borrow crypto using their NFTs as collaterals.
- For now, only blue chip NFT projects are allowed to be used as collateral such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki and Doodles.
- Users can only borrow Ethereum, but it is possible that other altcoins can be added in the future.
- The amount of ETH that can be borrowed depends on the NFT collection’s floor price. Binance’s Oracle Pricing uses data from different sources like OpenSea and ChainLink.
Hong Kong Retail Customers Are Not Allowed to Trade Stablecoin
- The Hong Kong Monetary Authority (HKMA) has released a new stance that restricts stablecoin trading for retail customers.
- The rule does not affect professional investors.
- The initiative was made for the protection of retail investors.
ADA Founder Warns Against CBDC – Makes BTC and Altcoins Look More Enticing
- Charles Hoskinson warns the public about the possible misuse of CBDCs.
- He believes that CBDCs can be turned off if the user goes against the government.
- The government can effectively control speech, thoughts, and philosophy by having control over a person’s digital wallet.
- CBDC is now a hot topic with some U.S. presidential candidates trying to convince the public that it is all about control. Some candidates are even proposing making cryptocurrencies like Bitcoin an inviolable right.
- Watch the video below:
Binance Suspends Deposits of Some Altcoins Due to Multichain Issues
- Binance, the world’s top crypto exchange, has temporarily suspended deposits for some altcoins due to some Multichain issues.
- The following bridged tokens were affected: POLS-BSC, ACH-BSC, BIFI-FTM, SUPER-BSC, AVA-ETH, SPELL-AVAXC, ALPACA-FTM, FTM-ETH, FARM-BSC, and DEXE-BSC.
- Multichain, formerly called Anyswap, is said to be the ultimate router for Web3. It was developed for cross-chain interactions.
Investors Shouldn’t Bet the Farm on DOGE, the Top Dog of Altcoins – Elon
- “I’m not advising anyone to buy crypto or bet the farm on Dogecoin”, says Billionaire Elon Musk at a London Conference hosted by Wall Street Journal.
- Elon Musk is known to make sensational tweets regarding meme coins. His tweets usually propel the price of meme coins. However, it seems like he only sees meme coins as a comedic relief.
- DOGE is trading at $0.072499 at the time of writing.
Thank you for spending a few minutes with us. We hope to see you next week.
Featured Image from Unsplash