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El Salvador announced last month that it would issue $1 billion in Bitcoin-backed bonds. The Minister of Finance of the country said today that legislation is being advanced, and the government will submit about 20 bills to Congress to get started with the process. El Salvador’s minister of finance, Alejandro Zelaya, said the bills would “provide a legal structure and legal certainty to everyone who buys the Bitcoin bond.” The idea is that $1 billion in bonds will be issued this year, with half converted to Bitcoin and the other half used for infrastructure and Bitcoin mining.
According to CoinMarketcap data, the total market value of Metaverse-related crypto assets amounts to 38.7 billion U.S. dollars, and the 24-hour transaction volume is approximately 3.63 billion U.S. dollars. The current top five projects by market capitalization are Decentraland ($5.907 billion), Axie Infinity ($5.758 billion), The Sandbox ($5.09 billion), THETA ($4.948 billion) and Enjin ($2.326 billion). BTC went down 5.5% over the last 24 hours alongside the equity market. We have seen a massive sell-off after the U.S. Federal Reserve pointed to a possible interest rate hike in March, which is sooner than many had expected. As the macroeconomics is getting worse and more unpredictable, BTC price could have a much bigger downside move and be more volatile in the coming weeks.
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