Top Cryptocurrency News Today: The biggest moves in NFTs, bitcoin, crypto rules and more

Bitcoin jumped 0.56 percent to trade at Rs 33,09,098.15, while ethereum rose 1.40 percent in the last 24 hours to Rs 2,34,244.16. Cardano was up 12.07 percent at Rs 84.48 and Avalanche fell 1.96 percent to Rs 6,480. Polkadot was down 1.16 percent at Rs 1,618.61, while litecoin gained 0.42 percent to Rs 9,406.70 during the period. Tether slipped 0.89 percent to Rs 77.25. Read more here.

Federal Reserve chairman Jerome Powell recently noted that new forms of digital money, such as cryptocurrencies and stablecoins, presented risks to the US financial system, Associated Press report said. New rules would be needed to protect customers, he said on a panel organised by the Bank for International Settlements. "Our existing regulatory frameworks were not built with a digital world in mind," he was quoted as saying. "There are potential financial-stability concerns for some products," Powell said. "We don't know how some digital products will behave in times of market stress." The AP added that Powell said cryptocurrencies were being used for money laundering and other illicit activities and that governments ought to work to prevent it, so that products providing value to consumers gain wider adoption. Read more here.

According to data tracked by crypto market info provider Arcane Research, bitcoin’s correlation with the S&P 500 is at its highest since October 2020. That’s approximately when bitcoin began its ascent from a multi-year slumber to back above $20,000—and well beyond. This comes shortly after bitcoin appeared to be decoupling from traditional markets in the wake of Russia’s invasion of Ukraine. As the NASDAQ and S&P fell 6 percent on the month, bitcoin and ethereum gained roughly 18 percent over that span. Over the final week of February, bitcoin’s correlation with the S&P had fallen from 0.564 to 0.461. Read here.

Major traditional video game makers are beginning to explore the Web3 gaming space, experimenting with NFT assets and cryptocurrency-based economies in the process. Now, another notable game studio with a massively popular franchise is making plans to develop blockchain-based games—in this case, on Solana. South Korean game publisher Krafton, Inc. revealed a long-term agreement with Solana Labs, with plans to work together to develop and market blockchain and NFT-driven games that run on the Solana network. The firms also plan to explore co-investment opportunities. Krafton is the company behind PUBG: Battlegrounds (originally PlayerUnknown’s Battlegrounds), a popular battle royale shooter franchise that spans multiple platforms. Read more here.