Crypto News: Squid Game, ETH, CRO, Metaverse & More!!
Hey Guys,
You know the bull market is in full swing when you can barely keep up with all the bullish news coming out.
In this week's crypto review I did my best to distill what I believe to be the most important headlines, but there were so many more that didn't make the cut. Here are the ones that did.
1️⃣ That Squid Game cryptocurrency scam. It looks like over 110 thousand people got rekt by the SQUID token rugpull. Despite this, there are still some people buying in despite the fact that the project is thoroughly dead.
2️⃣ Metaverse stuff. Microsoft has announced it's own metaverse plans starting with virtual office spaces for Microsoft Teams called Mesh.A bunch of crypto projects have also raised or offered up hundreds of millions for metaverse projects.
3️⃣ The insane demand for crypto labour. The number of crypto jobs on LinkedIn has gone up by more than 6x last August, and big banks are offering big dollars for any crypto talent who come their way. This speaks volumes to the degree of crypto adoption that's really going on.
4️⃣ Australia's crypto adoption. A freshly listed crypto ETF broke records on its first day. Although it only consists of stocks belonging to publicly traded companies that hold crypto on their balance sheets, this could be the precursor to a physically backed Bitcoin ETF listing which Australia's securities regulator is interested in approving.
5️⃣ Ethereum ETH recently saw its first week of deflation following the EIP 1559 upgrade in August, and this seems to be one of the many factors that sparked the all time high we've seen over the last 24 hours. Moreover, Reddit is looking to tokenise its karma into ERC-20 tokens on Ethereum's Arbitrum scaling solution. It's unclear if this will create any material demand for ETH, but the prospect of 500 million more Ethereum users is damn bullish regardless.
6️⃣ Stablecoin regulation recommendations. The President's Working Group on Financial Markets finally revealed its much anticipated stablecoin report, and it doesn't seem to be that bearish for the crypto market. The only stablecoin at risk seems to be Tether's USDT as Circle and Paxos are already abiding by most of the regulations that the PWG wants to see implemented on stablecoin issuers. The question is what will happen if congress does (or doesn't) act.
7️⃣ The infrastructure bill has become law. You might remember that this bill contained a few problematic provisions for crypto relating to tax reporting. Oddly enough, the crypto market hasn't flinched one bit. This might be because the provisions in the infrastructure bill don't go into effect until 2024, and/or because the trillions of dollars that will be injected into the economy because of it will inevitably find its way into asset markets, including cryptocurrency.
Be sure to stick around until the end to get my analysis on this week's top performing altcoins and where they're headed next!
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⛓️ 🔗 Useful Links 🔗 ⛓️
► Squid Game Rise And Fall: https://cointelegraph.com/news/twitte...
► Microsoft Metaverse Push: https://cointelegraph.com/news/micros...
► Big Banks Hiring Crypto Talent: https://cointelegraph.com/news/top-u-...
► Australia Crypto ETF Breaks Records: https://cointelegraph.com/news/betash...
► Ethereum Ultrasound Money Tracker: https://ultrasound.money/
► Reddit Tokenized Karma: https://cointelegraph.com/news/reddit...
► Stablecoin Regulation Recommendations: https://cointelegraph.com/news/us-tre...
► Infrastructure Bill Becomes Law: https://cointelegraph.com/news/house-...
► FED Announces Bond Taper Schedule: https://thehill.com/policy/finance/ec...
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
