@cryptocracy 11 July 2022 more from that month

Bitcoin, Black Swans, and Goth Girlfriends Bitcoin sees **best weekly gains** in three months, but is its fundamental value **in line with market price**? The amount of bitcoin held on exchanges **continues to decline**. Billy Bambrough says bitcoin is poised for a ‘**black swan shock**’. Check out this history of **bitcoin crashes and bear markets**. *Some people might say bear markets No. 4 and 5 are a part of the same bear market. Everyone is going to have to decide for themselves whether bitcoin’s fundamental value is too low or too high. Act accordingly.* https://cointelegraph.com/news/bitcoin-eyes-best-weekly-gains-in-3-months-as-btc-price-slips-below-21k https://news.bitcoin.com/bitcoins-fundamental-value-is-not-in-line-with-market-price-crypto-miner/ https://news.bitcoin.com/despite-the-price-drop-number-of-bitcoin-held-on-exchanges-continues-to-slide/ https://www.forbes.com/sites/billybambrough/2022/07/10/bitcoin-now-braced-for-a-black-swan-shock-after-2-trillion-terra-luna-led-ethereum-bnb-xrp-solana-cardano-and-dogecoin-price-crash/?sh=24d06afc4ce7 https://cointelegraph.com/news/a-brief-history-of-bitcoin-crashes-and-bear-markets-2009-2022 Michael Saylor says Ethereum is **obviously a security**. The network’s average gas fee has fallen to **88 cents**. What’s that mean for Ethereum’s **brawl with Polygon**? *Seriously, will low gas fees kill the “Ethereum killers?” Probably not, and the reason is because when ETH’s price goes up again, so will gas fees. However, lower ETH fees during crypto winter means Ethereum will have more long-term staying power, but it also means competing blockchains will have to find some other way to retain and attract users besides repeating the line, “cheaper gas fees.” That’s not a selling point.* https://www.youtube.com/watch?v=1aOfQgTOmg0 https://u.today/ethereums-future-looks-uncertain-as-networks-average-fee-crashes-to-088 https://ambcrypto.com/ethereum-v-polygon-could-gas-fees-be-the-turning-point-yet-again/ Some XRP fan boys predict Ripple’s cryptocurrency could rise as high as **$35,000 to $50,000**. *Optimism is healthy, but what do you make of a prediction like this for a coin that hasn’t gone past* ***$3.84****?* https://coinquora.com/why-xrp-fans-are-optimistic-about-the-future-of-the-crypto/ https://www.fool.com/the-ascent/cryptocurrency/articles/if-youd-invested-1000-in-xrp-5-years-ago-heres-how-much-youd-have-now/ Tron founder Justin Sun poised to spend $5 billion to **help struggling crypto businesses**. https://www.cryptoglobe.com/latest/2022/07/justin-sun-and-tron-dao-ready-to-spend-billions-to-save-crypto-industry/ Polygon takes NFT and other crypto projects **from Terra**. *Somebody has to.* https://www.coinspeaker.com/polygon-onboards-nft-crypto-terra/ Nexo could be the biggest winner in the **crypto liquidity crisis**. Celsius gets a **new legal team** and pays off $20 million in Aave debts. *Could it get worse before it gets better?* https://www.thestreet.com/investing/cryptocurrency/crypto-liquidity-crisis-is-a-boon-for-this-swiss-firm https://cointelegraph.com/news/celsius-changes-legal-team-pays-off-20m-in-aave-debts The crypto market has lost **$2 trillion in eight months**. *Boing!* https://news.bitcoin.com/70-to-90-down-crypto-economys-decline-shakes-out-2-trillion-in-8-months/ Fed vice chair says bank involvement in crypto could lead to **financial instability**. *This is huge. It’s the first I’ve seen of anyone mentioning that bank involvement in crypto could lead to financial instability, and it’s the basis for a new call for regulation. Is she serious or blowing smoke?* https://cryptopotato.com/fed-vice-chair-warns-bank-involvement-in-crypto-of-sparking-financial-instability/ How will DAOs **survive the crypto winter**? https://hackernoon.com/is-decentralization-in-danger-how-will-daos-survive-the-crypto-bear-winter **Think TWICE** before creating that NFT. *You might think three times after reading this.* https://medium.com/general_knowledge/if-youre-thinking-about-creating-nfts-thing-again-919b5d5dd20b Is the Web3 discussion focused on the **wrong question**? Luxury brands need to take Web3 and the metaverse **more seriously**. McDonald’s files trademark applications for metaverse **restaurant, products, and services**. *I’ll have a virtual Big Mac please, and, yes, I’ll have fries with that!* On another note, Animoca Brands is building a **Hollywood studio** in the metaverse. *Can I have fries with that?* https://www.rudebaguette.com/en/2022/07/is-web3-decentralization-debate-focused-on-the-wrong-question/ https://jingdaily.com/luxury-metaverse-web3-future-microsoft/ https://www.fox10phoenix.com/news/mcdonalds-to-enter-the-metaverse-files-trademark-for-virtual-restaurant-goods-and-services https://therealdeal.com/2022/07/10/the-metaverse-gets-its-very-own-hollywood-studio/ Hardware crypto wallet makers are seeing a **bump in revenue**. https://www.cryptoglobe.com/latest/2022/07/why-hardware-crypto-wallet-makers-are-seeing-a-revenue-bump-despite-bear-market/ The International Monetary Fund (IMF) says central bank digital currencies (CBDCs) are **more efficient payment options** than debit and credit cards. *Yes, but they have their associated risks.* Could **borderless money** kill cross-border payments? **(AN AWESOME READ)** *Do bear markets #$*@% in the woods?* https://www.msn.com/en-us/money/other/cryptos-and-cbdcs-are-more-efficient-payment-options-than-debit-cards-says-imf/ar-AAZbBcv?ocid=msedgntp&cvid=aed63fdcc5634333bb6a419348ca5500 https://www.gisreportsonline.com/r/digital-currencies/

The Financial Stability Board (FSB) wants to create **global rules for cryptocurrencies**. https://www.reuters.com/technology/global-financial-watchdog-step-up-crypto-regulation-2022-07-11/ Why the crypto crash is a **cautionary tale** for public pension funds. https://apnews.com/article/cryptocurrency-technology-blockchain-government-and-politics-bb0b28c277f078dc34d5bf90e36f91f7 Project Twelve breaks record for **most NFT holders**. https://www.businesswire.com/news/home/20220710005022/en/Project-Twelve-Breaks-Record-for-Most-NFT-Holders-Amid-8-Million-Funding-Round-to-Build-Sustainable-Web3-Gaming-Ecosystem Don’t you think it’s time you got a **Goth Girlfriend**? *I’d love to have a Goth Girlfriend. Does she bite?* https://www.altfi.com/article/9515_meet-the-creator-behind-londons-quirkiest-nft-goth-girlfriends-no-face

The city of Dubai has been a leader in blockchain technology and cryptocurrencies for cities. Now, the UAE global center of commerce wants to **take over the metaverse**. https://news.bitcoin.com/dubai-is-preparing-to-take-its-government-to-metaverse/ The Reserve Bank of India will launch its CBDC **before legislation**. https://inc42.com/buzz/cbdc-will-be-launched-before-crypto-bill-gets-enacted/ ING Bank spins off **crypto custody platform**. https://www.coindesk.com/business/2022/07/11/ing-bank-spins-off-its-cryptocurrency-custody-platform-to-gmex-group/

**Get the lowdown on this can’t-miss event** https://autoconversion.net/blog/news/content-monetization-ownership-web3/ *Snark and commentary in italics. Just the way you like it.* Cryptocracy is a decentralized newsletter published several 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. Do your own research.* https://cryptocracy.substack.com/p/is-bitcoin-ready-for-a-black-swan Image credits: Borderless money: GIS; Goth Girlfriends: AltFi