Cryptocurrency news for the week #12
Cryptocurrency news for the week #12
In today's blog article we will cover this week's cryptocurrency and NFT news and headliners. A lot of things have happened since the last time I was able to write up a crypto news article. So make sure you read the whole article to soak in all that has happened over the past weeks. We cover everything that has been happening in the crypto and NFT space from news happening in the U.S to the international. With all that being said we can now dive into the article.
Crypto news happening in the U.S
A lot of crypto adoption and news has come from the federal government in recent weeks. With news that US Senator Cynthia Lummis proposed a new bill for Bitcoin next year. The feds chairman Jerome Powell appeared before lawmakers last Tuesday to explain the central bank’s reaction to rising inflation. The highly anticipated Fed report on cryptocurrencies will come in the next few weeks, Powell said. Following a series of remarks about central bank digital currencies (CBDCs) and a Fed digital dollar, Powell announced during his confirmation hearing last Tuesday that digital asset industry members and lawmakers can expect a report on digital currencies in the coming weeks. Senate Banking Committee top Republican Sen. Pat Toomey questioned whether a Fed digital dollar would be able to exist alongside a “well-regulated, privately issued stablecoin.” Powell, who previously argued that a CBDC would render private stablecoins obsolete, assured Sen. Toomey that the two are not mutually exclusive. Congressmen are also coming out against the federal government's actions on bitcoin ETFs stating that the refusal to accept these ETFs are driving away American innovation and opportunities.
International and global news
Kazakhstan has plunged into chaos as violent protests sparked by rising fuel prices left dozens killed and hundreds injured. As part of the mayhem, internet and telecommunications cuts have been reported nationwide and that’s having an impact on the local Bitcoin mining operations, which are among the largest in the world. Mining requires high-powered computers that solve complex mathematical puzzles to create a new “block” on the blockchain. It requires significant computing power and electricity, and Kazakhstan, with its rich energy resources, became an attractive alternative to China for miners. Although the bitcoin hash rate is recovering the market is still down from this event.
Even though the cryptocurrency ban China has found a way to innovate and participate in the NFT sector. The government-backed Blockchain Services Network (BSN) has plans this month to "non-fungible tokens (NFTs), a major step to creating a Chinese NFT industry that is not linked to cryptocurrencies. Users of this interface will only be able to pay with the Chinese yuan for "fees and purchases." The NFT infrastructure they have developed is called BSN - Distributed Digital Certificate and will be used to "differentiate it from crypto-transacted NFTs" and plans to offer full interfaces so that businesses and individuals alike so "they can build their own user portals or apps to manage NFTs. Even with countries banning bitcoin it still prevails with talks being held within the country of toga about making bitcoin a national currency. Uruguay has received its reported first cryptocurrency ATM in its territory, which is already installed in Punta del Este, a city located in the southeast of the country. which is a great step forward not just for the cryptocurrency market but the country as a whole as this allows more people within the country to have more access to wealth.
Companies adopting cryptos
Samsung says it’s planning extensive support for NFTs beginning with its 2022 TV lineup. “With demand for NFTs on the rise, the need for a solution to today’s fragmented viewing and purchasing landscape has never been greater,” the company said in a press release. “In 2022, Samsung is introducing the world’s first TV screen-based NFT explorer and marketplace aggregator, a groundbreaking platform that lets you browse, purchase, and display your favorite art all in one place" the company stated. The company also got into the metaverse by opening a store in the metaverse for the first time. Samsung had the opening of its first store in the metaverse with Samsung 837X, an immersive world modeled after its flagship New York City store, Samsung 837. The tech giant has partnered with Decentraland, an Ethereum based virtual world platform. The opening includes Samsung's first-ever metaverse mixed reality dance party hosted by DJ Gamma Vibes live from the physical Samsung location. Robinhood is preparing to launch its beta bitcoin wallet in mid-January to allow users to send and receive Bitcoin from external wallets. Squire Enix a game developing company has stated that they want to get into more blockchain games in the future. GameStop plans to embrace crypto with a marketplace for NFTs for gamers, according to a person familiar with the matter. The company is also in talks with crypto and blockchain companies about which tokens could be used on the NFT marketplace, the person said.
Paypal has been expanding its cryptocurrency business since it opened trading to all users in 2020. It allowed US customers to check out with cryptocurrency and increased its crypto buy limit over the past year. In the future, it might also offer a stablecoin of its own. Jose Fernandez da Ponte, SVP of crypto and digital currencies at PayPal, has stated that PayPal is "exploring a stablecoin." Hennessy is creeping its way into crypto. The LVMH-owned Cognac brand has released its first NFTs, priced at $226,450. Each will represent physical and digital ownership of the first and last bottles (1 and 250, respectively) of Hennessy 8, a limited-edition expression from the Cognac house. The bottles and assets will be sold to a single buyer on the spirits NFT platform BlockBar on January 12th. Pricing is at 70.47 ETH. The liquid itself honors the legacy of 7 of the house’s master blenders, combining one eau-de-vie from each generation of blenders and presenting it in a limited-edition, ultra-luxury formatting. Walmart is setting foot in the world of crypto and NFTs, filings with the U.S. Patent and Trademark Office reveal. The retail giant is keen to join the metaverse, with documents showing they intend to make and sell virtual goods such as electronics, toys, and sporting goods.
Celebrities adopting Cryptos and NFTs
Comedian Dave Chappelle just recently bought Bored Ape # 8343 for 99 Ethereum. Eminem has also come out recently stating that he owns a bored ape yacht and spent 123.45 Ethereum to secure the ape. Over the past couple of months rapper, lil baby has been steadily getting more involved in the NFT/crypto space. A couple of weeks ago he purchased a Bored Ape and followed it up by mutating it and getting a Mutant Ape. Now Lil Baby claims he no longer wants to carry around cash and wants to replace it with Ethereum and Bitcoin.
The Nelk Boys reveal they are announcing their NFT project tomorrow as of writing this article (1/17/21). They launched their discord and it has gained over 60,000 members in under 3 hours and has crashed the server. Kyle from Nelk Boys keeps diving further into the NFT world after purchasing alien frens nft # 125 for 28 ETH. This comes after recent news of their brand happy dad purchasing a bored yacht ape. The Nelk Boys who are a big YouTube channel have a big audience mainly teen and young adult men. Which is the best audience to target for NFTS as these target groups understand the technology behind it easier and are more likely to invest and buy into cryptos, metaverse, and NFTs. This is also the best time for a person to start investing as it helps build wealth at a young age.
Cryptocurrency/ NFT news and updates
Bitcoin is on pace for its worst start to a year since the earliest days of crypto. The digital asset dropped below $40,000 for the first time since September, bringing the total loss for 2022 to about 14% the largest for a start of the year since at least 2012. In good news for crypto this week the cardano blockchain has a DeFi exchange getting launched on the blockchain called sundae swap. With the growth of crypto the last year we would expect the job market for cryptos to grow as well with the growth of the overall market. Linkedin has also reported that the growth in job openings for cryptos has gone up by 395%.
My Final Words
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