Crypto Week at a Glance: Portfolios deep in red as Bitcoin plunges below $18,000

economictimes.indiatimes.com:

Bitcoin (BTC) has dropped over 33 per cent this week and has failed to hold support at the 2017 cycle high. It is now trading below $18,000, with the total crypto market cap hovering near $800 billion. The volatility has been aided by the US Fed’s interest rate hikes as well as liquidation issues faced by centralized DeFi platforms such as Celsius and the possible collapse of 3AC venture capital. Bitcoin’s demand from big investors has been decreasing, as per data. With the portfolio of most investors in deep red, the pain is likely to extend further. Micheal Saylor’s Microstrategy, Bitcoin’s biggest institutional investor, is down more than $400 million on its BTC investment. US-based exchanges have indicated a freeze in hiring for the rest of the year.

Did you Know?

Fan tokens or sports crypto are digital assets that enable sports teams, leagues, clubs, associations and players to strengthen fan engagement.

While this bear market plays out, we look at some positives in terms of adoption and other stories of the week below. Kolkata mulls NFTs for land records The New Town Kolkata Development Authority (NKDA) is planning to use non-fungible tokens (NFT) or cryptographic assets on a blockchain with unique identification codes and metadata to issue property registration certificates and maintain land records. This move comes after successfully utilizing blockchain technology to issue birth certificates from December 2018. NFTs are unique and non-interchangeable units of data stored on the blockchain network, where the owner of the NFT gets a proof of ownership certificate from the digital ledger. NKDA thinks chances of tampering are lower when land documents are recorded over the blockchain. The