NYSE Moves Closer To NFTs, Cryptocurrencies; JP Morgan Bank Opens Virtual Lounge; Crypto Markets Subdued

While the New York Stock Exchange (NYSE) is moving closer to setting up an online trading place for cryptocurrencies and non-fungible tokens (NFTs), largest bank in the US JP Morgan has become the first bank in the world to jump into the metaverse world.

Meanwhile, the global crypto market cap declined by 0.15 per cent at $1.99 trillion as of 8.39 am. The crypto trading volume too declined by 7.18 per cent at $69.78 billion, as per coinmarketcap data.

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Cryptocurrency Prices

The price of the world’s oldest cryptocurrency, Bitcoin (BTC), declined by 0.33 per cent to $43,979.32.

“Bitcoin dropped yesterday but has regained momentum, currently trading at $44,064.61. The market leader will most likely not witness a sharp dip witnessed in January, anytime soon. Pullbacks for the short term seem to be limited, at the moment. Ether has retraced slightly, and major altcoins have followed the pattern,” says Gaurav Dahake, CEO and founder, Bitbns.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, saw its price decrease by 1.21 per cent to $3,127.67.

Among other major coins, Cardano (ADA) was down by 0.92 per cent at $1.09, Algorand (ALGO), which is known as the Ethereum killer, was however up by 1.52 per cent at $0.9793; its market cap was at $6,465,021,970. Binance Coin (BNB) was down by 1.15 per cent at $428.46, while Solana (SOL) fell 1.7 per cent at $101.56 and Polkadot (DOT) by 1.1 per cent at $19.72.

Today’s top gainer was Shiba Toby (SHBT), which was up by 3127.18 per cent at $0.0000004026. The top loser was Verify DeFi (VERIFY), which is down by 98.41 per cent at $0.01704.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 0.78 per cent at $0.1494. Its volume to market cap ratio stands at 0.02373. Rival Shiba Inu (SHIB) was, however, up by 0.84 per cent at $0.00003112.

Dogelon Mars (ELON) was trading with a gain of 0.93 per cent at $0.0000009928. Floki Inu (FLOKI) was down by 0.56 per cent at $0.00004304, while Samoyed Coin (SAMO) lost 0.49 per cent at $0.02407.

In the DeFi segment, YFI (yearn.finance) was trading with a loss of 0.92 per cent at $23,660.94. While Terra (LUNA) was also down by 0.63 per cent at $55.95, Avalanche (AVAX) climbed 2.78 per cent at $97.00. Uniswap (UNI) lost 0.85 per cent to $11.21, and Aave (AAVE) too lost 0.33 per cent to $170.40.

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Latest Updates

The New York Stock Exchange has filed an application to register the term “NYSE” for a marketplace for non-fungible tokens (NFTs), said a Reuters report. However, a spokesperson for the NYSE told Retuers that it has no immediate plans to launch cryptocurrency or NFT trading.

The NYSE said in a regulatory filing with the US Patent and Trademark Office that it wants to be a financial exchange for cryptocurrencies and NFTs that would compete with the likes of OpenSea and Rarible Inc, reported Bloomberg.

Meanwhile, JP Morgan has purchased LAND in Decentraland and created a virtual lounge called ‘Onyx Lounge’ where users can interact with a virtual avatar of Jamie Dimon, CEO, JP Morgan, and conduct transactions just as in the real world, reported CNBC.

🏁 A new chapter begins.

📣 Announcing our partnership with 4x World Champions, Oracle Red Bull Racing @RedBullRacing!

🏎 A next level partnership 💪 #RaceToTheNextLevel #F1 pic.twitter.com/YGbPKtSddY

— BYBIT 🦍 (@Bybit_Official) February 16, 2022

The bank published a report earlier this year explaining the importance of metaverse for business in the future. “The success of building and scaling in the metaverse is dependent on having a robust and flexible financial ecosystem that will allow users to seamlessly connect between the physical and virtual worlds. Our approach to payments and financial infrastructure will allow that interoperability to grow,” the report said.

Bybit, a Singapore-based crypto exchange, signed a sponsorship deal with Red Bull’s Formula 1 team for three years. The deal is valued at $150 million with $50 million payable annually. Bybit will issue fan tokens and also educate consumers about crypto while also promoting green technology, reported Coindesk.