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China’s WeChat Bans Accounts Involved In Crypto

Daily Market Wrap

  • Crypto market cap: 0.91 trillion, up 1.46%

  • BTC price stands at USD 20,577, down 0.12%

  • ETH price stands at USD 1,116, down 0.50%

  • Top gainer: Waves (WAVES), up 46.52%

  • Top loser: ApeCoin (APE), down 3.76%

News of the Day

Why it matters:

  • Chinese messaging app WeChat updated its rules to ban public accounts providing access to crypto or non-fungible token- (NFT)-related services.

  • The policy also covers secondary NFT trading or contents related to the secondary transaction of digital collections.

  • Other popular platforms such as Ant group-owned WhaleTalk has already removed and restricted NFT platforms from their networks to avoid potential violations.

Crypto daily spotlight

Brief introduction: CryptoPunks is one of the earliest non-fungible token projects developed on the Ethereum blockchain. It was created by Larva Labs, a two-person development team working on all sorts of projects ranging from mobile games to digital design and art. The team generated 10,000 unique characters and hosted them on the Ethereum blockchain in 2017.

Why it matters:

  • Russian journalist Dmitry Muratov, the winner of the Nobel Peace Prize in October 2021, donated CryptoPunk #5364 for Ukrainian child refugees

  • The NFT was sold to an anonymous buyer for 90 ETH, worth roughly $100,000 at the time of writing

  • Alex Bornyakov, the country’s deputy minister of digital transformation, confirmed the sale in a Monday tweet

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