Cryptocurrency news for the week #9

Cryptocurrency news for the week #9

In today's blog post we will cover this week's weekly cryptocurrency, NFT and, Metaverse news, and everything else crypto-related news. We will cover news ranging from the U.S to International news to companies and celebrities adopting cryptos. With the market going all over the place the last week it's important to keep updated on all the news. So make sure you read the whole post to make sure you are up to date on what's happening within the market and where it can potentially be going. Now that we have got that out the way then let us get into the blog post.   

Crypto news happening in the U.S

On the U.S side of cryptocurrency news, we have a lot of good news coming out. Especially down south where we are seeing the most cryptocurrency adoption within the country. In Texas, we have news that the biggest company that supplies the Texas power grid is pro-bitcoin and bitcoin mining. Texas next to Florida seems to be the state that is adopting cryptos the most and the fastest. We also have finical institutions and banks getting into crypto with Goldman Sachs coming with the biggest adoption so far out of all U.S banks stating that they are pondering on bitcoin back loans. We can see that the institutions that oversee the dollar are getting scared of bitcoin and cryptocurrencies as well as we see the SEC calling out bitcoin as a competitor to the dollar as the worlds leading currency. But we see that the American public feels otherwise about cryptocurrencies and NFTS with so much local and state adoption. Furthermore to prove my point the NFT museum is being opened in Seattle Washington to display psychical representations of NFTS. 

International and global news

In Korea, we have the South Korean city of Seoul seems to be on the path to becoming the first major city to enter the metaverse. To be called ‘Metaverse Seoul’, it intends to create a virtual communication ecosystem for all areas of its municipal administration. This would include economic, cultural, tourism, educational, and civic service, in three stages from next year. Seoul’s metaverse plan aims to be completed by 2026 and could roll out in phases starting next year. It would first be available on smartphones. Eventually, augmented reality tools, such as goggles and controllers, may be used, officials have said. Fidelity Investments will this week become the largest asset manager to launch a Cryptocurrency Exchange-traded fund (ETF) which will launch in Canada. Then we have El Salvador’s Pro Bitcoin President nayibbukele updated earlier today that the country has reacted to the recent price crash by purchasing 150 more coins at an average price of just over $48,500. Proving furthermore that the country's strategy so far is really working out and is being successful. Tron network Founder Justin sun also bought around 100 Bitcoins in this Crash and tagged El Salvador’s president and said that they want to match with El Salvador. But later, El Salvador’s President said that Justin needed to buy 50 Bitcoins more, Justin then followed up on it and did the same leaving both with 150 more bitcoins.

Companies and celebrities adopting cryptos

The executive producer behind blockbusters including Martin Scorsese’s The Irishman is to make Hollywood’s first feature film funded entirely by non-fungible tokens (NFTs), with a promise that those who invest will get a share of any profits and meet the stars of the production. Niels Juul, who has set up the production company NFT Studios to fund a series of films, hopes to raise between $8m and $10m through the sale of 10,000 NFTs to the public and institutional investors. Then we also have MicroStrategy acquire more than 7,002 Bitcoins valued at $414.4M in cash, at an average price of approximately $59.2K per token, according to the company's most recent Form 8-K filing. it seems that their strategy so far is working for the company. Facebook on Wednesday also announced its decision to reverse a long-standing policy that prevented most cryptocurrency companies from running ads on its services. The company's new policy is huge for the crypto industry and will allow more retail investors to access cryptocurrencies than ever before especially since Facebooks users are typically older middle-aged adults who have more money than any other age group to invest.        

We also seem to have a lot of alcoholic brands and companies joining the NFT rave as we have Budweiser dropping its first-ever NFT line as the beer giant deepens its foray into the digital asset space. The collection consists of 1,936 Budverse Cans as a hat tip to the first-ever launch of the Budweiser can in 1936. Then we have Bitcoinwine coined as “the finest wine in and out of the metaverse” which is releasing an edition of NFTs that act as a membership to an NFT exclusive wine club. Bitcoin Wine is a limited-edition collection of 10,000 real bottles of luxury imported Italian wine paired with 10,000 digital assets on the Ethereum blockchain. The roadmap states that they will be shipping a rare physical bottle of Bitcoin Wine to their holders as well as mailing luxury wine on a monthly or quarterly basis, not only that, the NFT grants their members access to exclusive events and meetups held periodically in different major cities throughout the United States. They are also giving 2 winners and their plus ones a 5 day all-inclusive trip to Italy to tour the winery where Bitcoin Wine is created.      

After superstar rapper Future bought an NFT, famous DJ and producer DJ Khaled joined the fun. He bought himself a boring ape yacht and has now made it his profile picture on his social media accounts. Nelk Boys president John Shahidi is also one of the latest prominent figures to join the Bored Ape Yacht Club after purchasing Bored Ape # 5371 for 51.6 ETH. With the nelk boys now seeming to get into cryptos and NFTS, I think we'll now see much more younger investors start to get into cryptocurrency especially since the crowd the nelk boys attract are young usually financially uninformed young men. This is great because the best time to invest is when you are young and don't have as many financial burdens.  

 Cryptocurrency news and updates

With Amazon web services being one of the most popular cloud service providers on the planet, It would be no surprise that Coinbase, a Cryptocurrency exchange based in the United States, is attempting to capitalize on developing its cloud infrastructure solution known as Coinbase Cloud. Coinbase has stated "We want to be the AWS( Amazon web service) of Crypto," said Coinbase Chief Product Officer Surojit Chatterjee in an interview. He then also went on to state that "We are building this whole Coinbase Cloud suite of products that you can think of as crypto computing services to help developers build their applications faster.". Showing that coinbase is thinking about the future in terms of their company and cryptocurrency as a whole. A competitor to coinbase a cryptocurrency exchange known as Binance is working to build its U.K. business after the country’s regulator told it to halt operations earlier this year, the company’s chief executive officer told the Sunday Telegraph newspaper. Binance aims to become a registered crypto-asset firm in the country in six to 18 months, CEO Changpeng Zhao told the newspaper. The move would allow the world’s biggest cryptocurrency exchange to offer a wider array of products if it can overcome British anti-money laundering standards that have slowed the industry's growth

My Final Words     

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