Daily Crypto Update 03/09/2022
In today’s issue:
🔥America bans oil and gas imports from Russia
🔥Ethereum transaction fees are the lowest in 6 months
🔥Sandbox and World of Women are working together
🔥Bored Ape Yacht Club donates $ 1 million to Ukraine
🐣Join the conversation & let’s talk crypto!
🔥America bans oil and gas imports from Russia
In addition to economic sanctions and the exclusion of some Russian banks from the international financial system SWIFT, Joe Biden has decided to stop importing crucial materials from Russia. He announced a total ban on oil, gas, and energy import from Russia.
As a result, the price of oil has jumped to $ 131 per barrel.
The ongoing saga led investors to look for stable assets such as gold. The price of the precious metal has risen to $2,005 per ounce.
As for the crypto market, it has risen 6.38% in the last 24 hours. Bitcoin is trading at $ 41,473 and the second-largest cryptocurrency, Ethereum, is changing hands at $ 2,713.
🔥Ethereum transaction fees are the lowest in 6 months
For a year and a half now, the charges on the Ethereum network have been not just high but ultra-high. This led to many difficulties in transacting value especially when the market dropped in May last year. But if you have a token that you want to swap or you're going to mint a NFT, now may be the right time for you to do so.
A report by Arcane Research shows that fees on Ethereum are the lowest in 6 months. According to the report, swapping a token could cost $ 15, which is much better than the $200/per transaction reached in May last year.
One of the reasons for the decline in the price of fees is the value of Ethereum. The cryptocurrency is trading far from its record, which makes the fee cheaper. Another reason for the "phenomenon" may be the lower interest in Ether's network. With the development of competing blockchains such as Solana and Avalanche, which offer lower fees and faster transactions, part of the industry has moved in that direction. They are also seeing growth in their NFT projects, as NFTs require a higher fee than a regular transaction.
NFT update
🔥Sandbox and World of Women are working together
Two of the most popular NFT projects in the Ethereum network join forces. The metaverse game Sandbox and the famous NFT collection World of Women (WoW) will create the WoW Foundation for $ 25 million.
The project will aim to get more ladies involved in the NFT space. An online academy is also expected to be set up to provide more in-depth knowledge of metaverse and NFTs.
🔥Bored Ape Yacht Club donates $ 1 million to Ukraine
The Ukrainian government is already accepting several cryptocurrencies to help its population. These are Bitcoin, Ethereum, Polkadot, and Dogecoin.
The second most popular NFT collection of Ethereum - Bored Ape Yacht Club (BAYC) joined donations with $1 million in ETH. The news was published on the collection's Twitter account.
To date, Ukraine has raised $ 88 million from donations in cryptocurrencies, $7 million of which is in Ether.