2#
The Fed interest rates hit hard in the market. They keep raising interest rates and people move from risk-on assets to risk-off assets. They are trying to reduce the inflation rate which was a record high. We may not see positive change in the crypto market as well as the stock market unless macroeconomic factors change.
Due to macroeconomic factors and the crypto bear market, Bybit decides to slash 30% of its workforce. In a bull market, crypto exchanges had to expand their operations to meet the demand and support their business. Now in order to survive their business, they have to make tough decisions.
According to Bybit, they position themselves in a better way so that they can navigate this bear market and face challenges. They will continue their operation, and everything remains safe. They point out the crypto bear market for laying off their employees.
1#
Winter season has come and Crypto winter gets tougher. Many tech companies and crypto exchanges make their move to survive in this bear market. If they fail to survive, that will be bad news. They may run out of business.
Crypto exchange Bybit announces that they are going to lay off 30 of its workforce. The fall of crypto exchange FTX, lending platforms Voyager, Celsius, and BlockFi show the real picture of this bear market.
Crypto prices broke an all-time high and made a new high in 2021. Then the entire crypto market began to fall. Bitcoin is trading at around 17K. We have seen a lot of things during this time. It is just one year.
3#
We will get more news about the development and releasing CBDC in 2023. It might not be easy to implement something when most people go against that. Being a crypto enthusiast, you cannot be a fan of CBDC.
Net banking is there and it does its job pretty well. According to the bankers' opinion, the digital rupee or E-rupee is similar to net banking, they get used to using net banking and are satisfied with that.
They also added that E-rupee will provide benefits to the consumer and retail sectors. The Reserve Bank of India (RBI) already started the E-rupee pilot program in the retail sector on December 1, 2022.
We hear cool slogans like CBDC will make things faster, and better, strengthen the economy, and bring revolution in the finance sector. Time will say how everything will evolve and how people will react to that.
2#
It is intended to use in interbank trade settlements. They need to work more to do that while it fails to give additional benefits. When you work and take more responsibility, you expect to have benefits. If you have to work more doing something without having any extra benefits, you will not be interested to put your effort into that.
Not only India, many countries are working hard to launch CBDC. Some countries already started their CBDC pilot program to experiment and see the results. CBDC is supposed to be fast, easy, and better. This is good, but the question is good for whom.
CBDC is good for the central authority. They can directly control different aspects of the financial system. I thought bankers might give positive feedback using CBDC. It will be interesting to see how bankers view CBDC in different countries.
1#
Probably you think bankers will love to use Central Bank Digital Currency (CBDC), but CBDC fails miserably to impress bankers in India during the pilot wholesale program. It was assumed bankers would welcome CBDC and explain how good CBDC is to operate banking activities.
The Reserve Bank of India (RBI) launched Central Bank Digital Currency E-rupee pilot wholesale program on November 1, 2022. In this testing phase, bankers use E-rupee in their operations. It increases their workload but does not bring any extra benefit.
3#
Now people can show their creativity and talent on NFTs and grow this industry. More and more people will get involved in it and that will eventually lead to mass adoption. It will not happen overnight but it may happen faster than you think.
It is a good thing that Opera Crypto Browser offers to mint NFTs in seconds partnering with Alteon. We will see more use cases of NFTs and it will benefit everyone involved in it.
2#
An artist can use it easily without going through any complicated process. User experience is very important. When something is complicated, people usually avoid that which is a barrier to mass adoption. Alteon provides the NFT minting tool that is available on Opera Crypto Browser.
Maybe you are reading this post on your phone. Did you read any posts or watch videos on your phone 20 years ago? Probably not. Things are changing and technology enables people to do different things.
People were not talking about NFTs and crypto 15 years ago. If you look back, you will realize how fast everything changes and we adapt to the changing situation. We will get used to using NFTs in our daily life and it will make our life easier.
1#
NFT becomes a buzzword nowadays. People are talking about NFTs and what can be done with them. Opera Crypto Browser made a partnership with Alteon and allows people to mint NFTs. This is a big step that will bring beginners to Web 3 platforms and grow the NFT industry.
As a beginner, it seems complicated to understand and mint NFTs. Opera Crypto Browser makes it easy for creators, so they can mint NFTs without any hustle. You can drag and drop media files into the browser, it will upload to the blockchain and generate a smart contact. Then it turns into an NFT.
3#
There is a monopoly when it comes to international payments. Blockchain technology removes all barriers and makes any transaction faster, cheaper, and more efficient. There are sanctions in Russia and the banks are blocked from using the international payment system, SWIFT.
Russia took the initiative to launch a national crypto exchange. It is reported that they are working on it. It is a good thing if any country accepts cryptocurrency and uses blockchain technology for development.
But when there is centralization, no matter what level you put on it, it will lose its appeal. Eventually, it will end up in a bad place. It happens over and over in crypto. And we will see the same thing in the future. When people don't trust a system, no matter how good that is, people will not welcome that.
2#
It is a smart move for banks to integrate blockchain into their existing system. They see the money transferring from the bank to blockchain-based projects. People are interested more in Decentralized Finance. What's going on in centralized crypto platforms makes it clear how risky it is to get involved in CeFi.
After getting approval from the central bank, Sber started its digital currency trading in June 2022. Since the Russian government holds the majority of its share, whatever happens in Sber, will be controlled by the central authority.
When it comes to crypto, Russia has a love-hate relationship. The government banned any use of Bitcoin in Russia in 2020. Recently Russia’s President Vladimir Putin talked about using blockchain technology and the possible solution to making international payments
#1
Many countries' banks warn people about cryptocurrency and how risky it is to get involved in crypto. People know what is better for their finances and choose what is best for them. Russia's Sber Bank is working on its own blockchain and integrating Ethereum and Metamask wallet.
They are going to support smart contacts and Ethereum applications. Developers will be able to move their projects and smart contacts between Sber’s blockchain and open blockchain networks. They are analyzing and figuring out business uses for blockchain, DeFi, and Web 3.0.
4#
No matter which part of the world you live in, you have access to your cryptocurrency. No corrupted entity can take away your crypto if you ensure the safety and security of your private key. Things are changing, maybe it is changing faster than you think.
Blockchain technology gives power back to the people and you can be your own bank. No one can interfere with that.
3#
Corruption is everything. You may see more corruption in developing countries. Living in a developed country, you can say why SBF is not in jail yet. But you may not imagine how severe corruption is in other countries.
More people will embrace Bitcoin when they realize what Bitcoin can offer and how the blockchain empowers people. You are in control, and no one can take your crypto from your wallet. That's the most powerful thing ever.
2#
You see things are not right. Millions of dollars disappear from the bank, you cannot say anything outside. Information leaked somehow at some point, now you expect they will do the right thing. Nope, there is no way you can expect that.
People who are in a position to enforce laws and regulations are involved in corruption. Or, they are the mastermind behind the root of all corruption. In a situation like this, people may not trust banks anymore. It can put the whole banking sector at risk.
What happened in FTX, the same thing can happen in the bank. If a signification portion of customers goes to the bank at once to withdraw their money, the bank may go bankrupt. The bank does not have the money and when millions of dollars have been taken away from the bank by corruption, it has the multiplier effect.
1#
People keep money in the bank and do different financial transactions. People trust that their money is safe and secure in the bank. The central bank will oversee all other banks in a country.
If anything goes wrong in any bank, the central bank steps in and does the right thing. There are rules and regulations, so the bank cannot do anything with people's money. But when there is corruption, everything changes.
The central bank has the power to oversee other banks and stops any activity that is against rules and regulations. When bad actors are in powerful positions, they use their power to make night into day and day into night.
4#
All employees who got laid off will have a hard time. Even the company that has not cut down their workforce yet, they stop hiring new employees. So it will be way difficult to get a new job. Hope they have emergency funds and other sources of income that will support them at this time.
3#
Trading volume is usually high in a bull market. Crypto exchanges and other crypto-based platforms hire many people to expand their operations. When the company makes profits, and there is a huge potential to grow fast, every company takes advantage of the situation to make their move.
Everything goes well as long as the crypto market is on an uptrend. But when the bull run is over, nothing can stop the situation to turn in a different direction. It does not only hit the crypto industry but also other industries.
Like many other cryptocurrency exchanges, Kraken's trading volume is low at this time. There is no alternative to adjusting to this situation. If any business fails to make the right decision in time, there is a high chance it will not survive and thrive in the long run.
2#
A bear market is a time for development and innovation to move forward. This is also a time when many companies may go out of business. Crypto winter hits hard. It's just one year after the last bull run.
The central bank keeps raising interest rates and it gets difficult for every company to face challenges. In order to sustain the business for the long term and make progress, the crypto exchange Kraken decides to reduce the cost and let go of its 1100 employees. All employees who are laid off will get severance packages and other benefits.
1#
Big tech companies started laying off their employees. Finally, one of the popular crypto exchanges Kraken has to make the tough decision to slash 30% of its workforce, which is a total of 1100 employees. Macroeconomic situations make it different to survive and move on.
Kraken CEO steps back from the statement that he made just six months ago. According to the announcement, they did not make any adjustments to the hiring plan. Moreover, the company had more than 500 roles in different departments that needed to fill. So they did not have any intention to cut their workforce back then.
5#
Hope many countries make their moves to embrace crypto and blockchain the way El Salvador is doing. El Salvador did not stop making Bitcoin a legal tender, they create a National Bitcoin Office to analyze, evaluate, manage and support different projects that are related to Bitcoin.
There is no doubt we will see more innovation and development in crypto and blockchain. What is going to happen next, maybe we do not think about it right now. It is exciting to be in crypto and explore this technology.
4#
It seems Russia gets close to embracing crypto and blockchain technology. What Russia’s President said about cryptocurrency and blockchain is a positive sign. At this point, it is difficult to predict how things will play out in the end.
There is no doubt that blockchain can give the best security and safety. It ensures everyone's participation. You don't need to ask for permission to interact and make your move. People want to have freedom and control, and what blockchain technology can offer, that's incredible.
3#
The collapse of centralized crypto exchanges shows how terrible the situation can be if people rely on the centralized entity. Recently Russia thinks about launching a national crypto exchange to make crypto trade safe and secure. They have made a bill about creating a national crypto exchange. It is in the process and has not been approved yet.
After the FTX collapse, some investors shout out for having more regulations in crypto for protection. Regulators do not need new regulations to give justice who commit crimes, fraud, and scams. FTX CEO Sam Bankman-Fried or SBF is still free, there is a question of whether people see him in jail or not.
2#
Putin expressed this opinion at the Artificial Intelligence Journey 2022 international AI and machine learning conference. He did not go into detail about how it can be done. Russia is going through financial sanctions and it makes it difficult to do international transactions. When the war between Russia and Ukraine started, financial sanctions were imposed on Russia.
Blockchain technology can solve a lot of problems that people face now. It will eliminate centralized control and empower people. Everyone will have access to it. But it is not clear which direction Russia will move. If they think about the permissioned blockchain network, it gives control and power to the people who run it and it will be the same as the current financial system
1#
Russia has a love-hate relationship with cryptocurrency. Sometimes it feels Russia will never get close to crypto and blockchain. Sometimes it feels like they move away from their anti-crypto position, and probably have a different look at cryptocurrency and blockchain technology.
Russia’s President Vladimir Putin now talks about taking advantage of a global payment system based on blockchain technology. The current internal payment system is controlled by a small group of people and they hold the power to deny international transactions.
4#
El Salvador's new initiative to create National Bitcoin Office (ONBTC) is going to analyze, design, evaluate, and support different projects related to Bitcoin for the development of the country. ONBTC will also work and collaborate with other countries' crypto-related projects for economic growth and development.
It is inspiring to see the development and progress in this bear market. When most people are scared, some people work hard to take advantage of this situation to build and embrace the power of blockchain.
3#
The central authority talks about investors' protection but they are working to protect themselves and gain more power over the financial system. In the future, you can hold CBDC in your wallet, but you will not be in control. The central authority can do whatever they like.
Technology will not go backward and you have to embrace it or slowly see you are losing. According to El Salvador's president Nayib Bukele tweet, they are buying one Bitcoin every day starting November 18. That's a good strategy to accumulate crypto, especially in this bear market.
2#
While many countries see crypto as a threat to their financial system and declare war behind the scene, El Salvador sees cryptocurrency as a way to strengthen development and financial stability. There are countries where crypto is banned and central banks announce how risky and bad crypto is for the people. They warn people to stay away from transacting any crypto or digital currency.
On the flip side, countries like El Salvador take a different and unique way to embrace crypto and show the world what they are missing out. Recently Japan, India, and the United States are working on launching CBDC and doing different pilot programs.
1#
The crypto market is down and BTC price moves around 16K, it does not stop anyone who is bullish in crypto. El Salvador is the world's first nation to embrace Bitcoin as a legal tender. This country sets an example of what can be done with cryptocurrency. El Salvador creates a National Bitcoin Office (ONBTC) to facilitate, support, and manage all crypto projects.
3#
Before clicking any links, you need to be careful about that. That can lead to doing something that scammers want or you give your credentials falling into their traps. It is very painful when you see your crypto's gone forever. You work hard for a long time and accumulate crypto. You can lose it in a blink of an eye.
You should have an antivirus on your computer, laptop, or device that you use to make transactions in crypto. It is better if you can use a dedicated machine to do all crypto and financial transactions.
You can put your seed phrase, private keys, and important credential information offline to ensure the safety and security of your cryptocurrency. Hackers and scammers will not get access to your credentials.
2#
There is no alternative to being careful about what's going on and taking the necessary steps to protect yourself against scams, frauds, and phishing attacks. In this USDC active phishing attempt, scammers pretend to be the Centre. USDC issuer Circle warns everyone that there is no new version of USDC in the marketplace.
If you see some offers pop up and it looks legit, don't rush into them without checking them out. Scammers trick users by pretending something that they are not. When victims realize that, it's too late. They have already got rekt. Once the transfer makes in crypto, you cannot go back to reverse that.
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