Coinbase Enters Fortune 500, Ripple Could File for IPO
One researcher says bitcoin is facing more downside. It could fall to $15.5K, says Rekt Capital analyst. Another expert says it could go to $8,000. Yet, after eight weeks of losses, sentiment indicator says there is an upside. If you’re looking for reasons for bitcoin’s decline this year, here are five solids to chew on. Today, BTC is below $30K again. Bitcoin could fall lower. It could go higher. It will likely do both. One, then the other. How do you respond to such flailings? HODL. But don’t take that as financial advice. It’s more like brotherly love.
Coinbase enters the Fortune 500, the first crypto company to do so. To celebrate, the company is letting employees rate each other through an app. Can employees rate CEO Brian Armstrong? If not, then it isn’t “radical transparency.” The stupidest idea ever.
Ripple CEO Brad Garlinghouse says Ripple could pursue an IPO after its lawsuit with the Securities and Exchange Commission is over. And that could be soon.
Is Terraform Labs a paper company? Just before the big crash, the company dissolved its South Korean holdings. No wonder founder Do Kwon could be facing prosecution. Warning: Stay away from these kind of things. If Kwon goes down, this could be the largest crypto controversy yet. There could be billions in fines and possibly jail time. It may even top Silk Road. Do you think Do Kwon deserves jail time?
Binance has crypto license to practice in France.
Tether broke the dollar and that’s a huge problem. CoinDesk says Tether transparency is necessary following the TerraUSD collapse. The largest stablecoin by marketcap has seen $10 billion in withdrawals since the UST fall from grace. Is USDC destined to move past Tether? Tether transparency has always been necessary, even before the fall of UST. The fact that Tether has not been transparent makes it a poor choice in stablecoins. We can only hope that USDC becomes the top stablecoin of choice for the market. I, for one, am praying that this happens.
The American Bankers Association says a central bank digitral currency (CBDC) would drain money from the banks. They’re not wrong, but who needs banks? The Credit Union National Association (CUNA) says a CBDC “could worsen the provision of financial services.” They’re stuck on improving current financial services. Credit unions are now officially as bad as banks.
But seriously folks, who needs banks or credit unions? With digital wallets and a CBDC, we wouldn’t need them. In fact, we don’t need them now. A bankless future would not be a bad thing.
Common raises $20 million to build a DAO management platform. Here’s the question on everyone’s mind: Can DAOs participate in bankruptcy auctions? I think ConstitutionDAO clearly proves they can.
GameStop launches a crypto wallet. Here’s how to set it up. An NFT marketplace is next—in July.
The World Economic Forum says Web3 will level the playing field and unlock income inequality. Here are three ways Web3 will change marketing in 2022. Here’s a practical guide to earning Web3 tokens without investing. You’ll learn a lot more than this in my book Cryptosocial: How Cryptocurrencies Are Changing Social Media. Although, full disclosure, BULB is new to me.
NFTs are on the decline, but why?
What happens on Polygon stays on Polygon.
Meet Miss Teen Crypto.
Cyber criminals held $25 billion in crypto last year.
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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.
Kwon definitely deserves jail time, as well as massive fines, and should be ordered to pay damages.
My market prediction, sadly, is that the market will continue to drop. I have no projections for Bitcoin as I don't particularly care about BTC maximalism.
What I hope people will learn is to stop correlating a market of thousands of currencies over the growth of one that cannot scale. For the general public, this will take years. For those inside the space, we should already have found a way to put an end to it - easier said than done, though.
So long as we are massively correlated to other currencies, both fiat markets and other cryptocurrencies, projects will be limited by Bitcoin's ability to scale, thus driving all prices down.
Given the current global status quo, you can expect things you need to become more expensive, while the things you want either become unavailable or drop in price because even the somewhat wealthy are concerned, and the poor cannot afford them - and no one knows where to put their money; a solid example being with expensive electronics dropping in price - temporarily.
I bet it's hurting the scalper market, although I've seen regular goods being scalped on Amazon.
We need a new number 1 currency. We need to prove the correlation is counter-productive, although, to me, it is common sense.
We live in unprecedented times. What will the new world look like?