What's Causing the Crypto Crash? God Only Knows.
Crypto is crashing again and no one seems to know why, although Protocol says it’s bad bets on “safe” tokens. Bitcoin’s at a three-week low. Experts are saying there could be another big crash coming, and it could get nasty. You know, like Janet Jackson nasty. I say bring it on.
If you haven’t figured this out yet, Ethereum Merge is about to put crypto miners out to pasture. The Merge will also make a big impact on Ethereum mempools. Miners and mining pools are going to have to make a choice. Life is all about choices, even in crypto.
Tether reserves fell $16 billion in Q2, due to redemptions. Meanwhile, the stablecoin slashed commercial paper holdings by 58 percent. Don’t be skeptical, or cynical. The reduction in commercial paper was confirmed by an auditor. And, for the record, these reductions could mean a more competitive USDT. It could mean USDC’s climb to overtake the leading stablecoin could get steeper, but, ultimately, I believe USDC is going to win.
Ripple heads to Brazil, teams up with Travelex on remittances.
Celsius says it “likely” has enough cash to get through the end of the year. The crypto lender spent $40 million on crypto mining in the first two weeks of bankruptcy.
Shopify CEO buys Coinbase stock. What’s the most alarming number from the exchange’s latest earnings report?
DeFi total value locked loses $5.7 billion in five days.
Hodlonaut slices 80 percent of staff.
Netgear and SuperRare partner on NFT project. Competition is heating up in the Bored Apes market as Rarible jumps in with a planned ApeCoin NFT marketplace. When Magic Eden announced a marketplace for Bored Ape NFTs, I thought it was a move instigated by Solana’s top-ranking NFT platform. Maybe I was wrong. Could it be BAYC making the moves? Nearly $55 million worth of Bored Apes and CryptoPunks risk liquidation.
Illicit crypto activity has declined 15 percent year-over-year along with the rest of the market. Not a huge surprise. Less market activity means fewer people involved. Criminals make up a certain percentage of the market in any market. However, there is one category where illicit activity is rising.
Blockify raises $2.2 million.
SBI Holdings is shutting down bitcoin mining operations in Serbia.
Can crypto mixers and privacy coins resist censorship?
Mark Zuckerberg says the metaverse won’t be as bad as his selfie. Slate says there’s a reason the metaverse looks stupid. MTV has added a Metaverse category to its MTV music video awards. Hiring slows at Google and Facebook, so metaverse jobs disappear. Just because I know you want to know: Here’s what artificial intelligence thinks humans look like in the metaverse.
One crypto trader takes aim at the IRS with a lawsuit over John Doe summons. I predict he’ll lose.
The Securities and Exchange Commission sets sight on Dragonchain.
Why Web3 is a huge opportunity for brands. Is Web3 being used by extremists? If you own a business, you’ll have to read the first article. You’ll want to be out front of Web3. When it hits mainstream internet users, it will wash over them like a tsunami. Business owners will prefer a slow and steady integration and the best time to start is now.
Is crypto mass adoption imminent?
How Loot managed to survive the crypto crash.
GameFi is a relatively new market segment in crypto. Where are the most gamers congregating? It appears to be on the WAX and Hive blockchains. Here’s an analysis by Hiver user uyobong.
5 Discord bots every DAO should know about.
The Law Commission of England and Wales proposes bill to define crypto ownership. In every country, the definitions of crypto ownership belongs in the wheelhouse of legislators, not regulators.
Snark and commentary in italics.
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.
Image credits: Chainalysis and CoinMarketCap
