Where do I start? Cryptocurrency is in free fall. The Bored Ape market is now below $ 100,000, Bitcoin and Ethereum break through the 2020 lows and we are now in “crypto winter”. So the question is, can he bounce back?
After shouting internally, in short, my answer is yes.
Now, I’m not here to “be an expert”, but as a long-term investor and advocate of technology, there is a need and benefit to using blockchain for several reasons. The good news is that we don’t even have to get into this conversation to justify a rebound in this difficult market climate. Global companies are investing in NFT, metaverse scalability, and support for cryptocurrency through payments. Conversely, the market is nowhere near breaking the tip of the iceberg.
It’s just a question of when.
I think it is important to note that many other markets, including Wall Street and the stock market, will continue to decline and some may continue for years. General goods, gas and the cost of living are also on the rise. Inflation is reaching absurd levels globally. This is the perfect time to be thrifty and focus on maintaining good habits!
Dear Elon Musk, we would like it by Christmas. Thank you.
Now for some market updates.
Binance Doubles Its Commitment to the Cryptocurrency Industry
As global cryptocurrency exchanges hurt workers before the “cryptocurrency winter” and market numbers may be useless, industry leader Binance has doubled down on its commitment to the cryptocurrency industry. Binance CEO Changpeng Zhao announced the company’s promise to expand its global strengths throughout 2022.
Binance is recruiting for over 2,000 positions globally. Click here to view job vacancies on Binance.
Shiba Inu’s anonymous lead developer mocks the highly anticipated Level 2 blockchain, Shibarium
Shytoshi Kusama, the anonymous lead developer of Shiba Inu, shared a new update on WELLY’s Discord. Shy confirmed that the Layer-2 solution, known as Shibarium, would be coming soon, adding that it was “already under discussion to strengthen efforts”.
Shibarium is one of the most imagined Ethereum Layer-2 blockchain solutions that will hopefully provide slower transactions and a safe and creative space within cryptography and the web3. The release of this project should add immense value to the Shiba Inu ecosystem as a whole.
At present, there is no official release schedule for Shibarium.
Scientists introduce a fully decentralized stablecoin linked to electricity
Scientists and researchers at Lawrence Livermore National Laboratory in California introduce a new fully decentralized stable linked to a physical asset; electricity.
But what exactly does that mean?
This “fully collateralized stablecoin” is anchored to a physical asset and its value depends on the use of electricity as a utility. According to the scientists, energy can be transmitted without the need for physical cables or a network-based transmission system. This stablecoin, initially billed as an e-stablecoin or electric stablecoin, would be the first of its kind.
“Any anonymous party can mint an E-Stablecoin token with the input of about one kilowatt hour of electricity. They can then transact with the digital token like any other cryptocurrency or even the transformer into usable electricity without the need for power companies, power transmission lines, authorizations or authorities. So it’s a reliable top-down system, ”explained Maxwell Muriado, one of the scientists involved in the project.
This news potentially spells an end to transaction fees generated with global exchanges and could create new excitement in the industry.
Coinbase licenses the highest employee rates of any cryptocurrency exchange
Coinbase is laying off nearly 1/5 of its active workforce, which has led to recent layoffs by massive global crypto exchanges. As a result, CEOs and executives are bracing for a steep decline in market value, production, and the inevitable “crypto winter”. Crypto.com is expected to lay off 5%, Robinhood 9%, Gemini 10%, BitMex 25% and many other job cuts in the market.
For Coinbase, their recent takedown announcements fell strangely after the launch of their new announcement during Monday’s NBA Finals.
WELLY NFT Collection publishes the success of the Shib community
The WELLY NFT collection was introduced this week and proved to be a huge success, thanks to the vigorous efforts of the Shiba Inu ($ SHIB) community. While thousands of NFTs were raised over the weekend through initial minting or purchase on OpenSea, the remaining unminted supply was burned by the WELLY NFT developers, adding value to the assets held for those who attended.
Each NFT owner holds a minority stake in all existing and future WELLY franchises.
Clarifications: As of this writing, the author holds several cryptocurrencies and NFT assets. The information in this article is not financial advice.