Bitcoin Rallies as Tether Dallies and Terra Lays a Tron
Bitcoin rallies to over $32,000. Here’s something bitcoin has never done before. Of course, May was a rough month for bitcoin, but that hasn’t stopped the world’s leading cryptocurrency from maintaining its position as the 10th most valuable asset in the world—two steps behind Tesla and one step behind Berkshire Hathaway. How long will it take before it’s the world’s most valuable asset?
Ethereum’s Ropsten network is ready for Merge testing. I would be too if I’d been sitting under ETH 2.0’s skirt all these years.
Tron has become the third largest blockchain by total value locked (TVL) since Terra’s crash. Terra had a $90 million DeFi exploit that went unnoticed for seven months. Binance Staking has completed phase 1 of Terra Luna airdrop. One blockchain’s pain is another’s pleasure. Just like in real life, and real people.
For years, Tether has been playing coy with its reserves. They’ve tried to keep it a mystery, but USDT has come under scrutiny—especially since its depegging earlier this month. Now, there’s a rumor that some of its reserves are held in a Bahamian bank. I can’t believe USDC hasn’t overtaken USDT as the No. 1 stablecoin yet. How long will it be?
Cardano has moved up a notch with a 27 percent surge in the midst of the bear market. In fact, it’s overtaken Ripple’s XRP. Speaking of Ripple, crypto watchers have said for years that its goal is to replace SWIFT. But the company could have bigger ambitions than that. Meanwhile, Ripple Labs is expanding its team in India. And CEO Brad Garlinghouse says he expects more acquisitions during the crypto bear market. Bear markets are a great time for consolidation. As for Cardano, I think the project has a lot going on with it, but XRP could rise again after its lawsuit with the SEC is done with. If Ripple wins, expect a rally. If it loses, more turmoil. Congratulations to ADA for busting somebody’s balls other than its own.
A CoinShares survey indicates institutional investors have dumped Ethereum for Polkadot, XRP, and Cardano. Hmmm…that bears thinking about. See ball-busting comment above.
Actor Seth Green bought a Bored Ape and was planning to launch a TV show based on it. But the ape has been stolen. Now the show is put on hold. I thought I’d never use “the ape has been stolen” in a sentence. Now, here we are.
A prestigious Toronto comics festival invited NFT artist Pink Cat to be its featured guest then uninvited the artist when controversy splashed in their faces. Organizations have to do more research up front before they send out invitations, and then decide if their communities can bear the association. My tip for avoiding controversy. Of course, controversy sells newspapers (are those still a thing?).
How hard is it to create a cryptocurrency?
How to know a real DAO from a wrapped DAO.
The most popular cryptocurrencies at online casinos include Bitcoin Cash, Ethereum, Dogecoin, and Tether. BCH, DOGE, and USDT don’t surprise me, but ETH? Are people really paying gas fees to gamble their life savings?
How to design a tokenized economy (this is a MUST-READ).
Gary Vaynerchuk has filed for a trademark for “Vayner3” NFT consulting. No more wining?
NFT domains marketplace Quik.com is launching the ability to mint .metaverse, .vr, and .chain web addresses. And if that doesn’t appeal to you, you can now mimic someone else’s NFT with a clone. There’s a reason the creator of Mimics is anonymous. Such NFT cloning could come with all sorts of legal issues that users aren’t going to like, including intellectual property theft. I expect a big fallout from this. Or, at least, some crackling and cackling.
Manhattan has become a hotspot for crypto bros.
Some users were able to claim Optimism tokens before the official airdrop. I guess they were optimistic.
Cryptocurrencies are gaining traction funding retirement.
When are play-to-earn games going to get good?
An interview with an AI about crypto.
Why aren’t all crypto platforms non-custodial?
Web3 will have more job opportunities by the end of the year. Not only that, but non-binary avatars are now a thing, because diversity is just as important in the virtual world. Looking for a job? Here’s how to get one in the metaverse. Meta Director of Engineering Dan Rampton says no one person or company will build the metaverse. I think someday we’ll all wake up and realize the metaverse is just as centralized as the current internet, and no one will care.
Brazil to begin testing a central bank digital currency (CBDC) in 2023.
To Be or Not to Be, From Hive
From time to time, I’ll share posts from various cryptosocial media platforms to give a little glimpse of the content you might find there. Here’s something from the Hive community:
It’s Power Up Day - Every 1st day of the month is Power Up Day. This blog posts explains what that means and the benefits of powering up on Hive.
You do understand that snark and commentary is in italics, right? And that I can’t be responsible for making you spill your coffee. Right?
Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.
First published at Cryptocracy. Not to be construed as financial advice.
Bitcoin image credit: Bitcoin.com