Cryptocurrency news for the week #13
In today's article, we will cover this week's news and highlights in cryptocurrencies and NFTS. A lot of news has come out this week from adoption to possible bans happening as we speak. Much of this week's news is from big brands and companies and even governments and big financial institutions. So make sure you read the full article to understand what's happening in the market and around the world. We will be covering multiple important topics so I hope you enjoy it and make sure to share with others to help spread the word and news. Without furthermore let's get directly into the article now.
Crypto news happening in the U.S
The current Chair of the US Securities and Exchange Commission Gary Gensler stated that Washington’s financial watchdogs should do more to directly regulate cryptocurrency trading venues. He raised hopes that further monitoring will happen this year to grant investors more protection when dealing with bitcoin, altcoins, and cryptocurrencies in general. During a recent virtual press conference, he reasserted his viewpoint by saying that cryptocurrency exchanges should face more scrutiny from the SEC and other monetary regulators within the country this year. Flushing Bank a New York state bank customers will soon be able to buy, sell, and hold bitcoin directly within their online bank accounts. American express one of the biggest credit card companies is looking into ways to allow customers to redeem points for bitcoin.
International and global news
The Russian government, the third-biggest crypto mining nation in the world, has proposed a blanket ban on the use and creation of all digital cryptocurrencies domestically. It said in a report that cryptocurrencies bear the hallmarks of a pyramid scheme and undermine the sovereignty of their monetary policy. Which could pose a threat to the country's financial system. The hardline stance also echoes the position of Russia's powerful security service, the FSB, which also backs the ban to prevent cryptos from being used to fund the country's opposition. The International Monetary Fund is pushing El Salvador to ditch bitcoin as legal tender, according to a statement released on Tuesday(1/25/22). IMF directors came out with a statement saying the IMF "stressed that there are large risks associated with the use of bitcoin on financial stability, financial integrity, and consumer protection, as well as the associated fiscal contingent liabilities." The IMF report went on to say that some directors had expressed concerns over the risks associated with issuing bitcoin-backed bonds. Referring back to president Nayib Bukele plan to raise $1 billion via a "Bitcoin Bond" in partnership with Blockstream, a digital assets infrastructure company. However, president Nayib Bukele isn't backing down on his strategy and is in fact doubling down by announcing a new wave of bitcoin purchases the country conducted before the IMF statement. With the president ordering the country to buy another 410 bitcoins for 15 million dollars. president Nayib Bukele then added to his Twitter by saying “Some guys are selling really cheap,”.
Companies adopting cryptos and NFTs
You can now buy and sell NFTs on Stockx , as announced by the company’s CEO Scott Cutler yesterday. StockX users can buy NFTs of corresponding real-life sneakers, such as the Nike Dunk Low “Panda” or the Bad Bunny x Adidas Originals Forum Low. Instead of receiving the actual shoe, the buyer gets the NFT version, which certifies ownership of said sneaker. That NFT can then be transferred directly between users, meaning there is no shipping delay or cost. StockX stocks the actual sneaker at its various storage facilities worldwide. The owners of the NFT can exchange their NFT for the actual sneaker anytime they wish.
Twitter said in September that they were looking to integrate NFT’s onto the platform, and today they have finally made it a reality. Twitter Blue Users will be able to connect their crypto wallet to their profile to verify proof of ownership of the NFT. Another report stemming from the financial news outlet FT says that meta formerly known as Facebook and the firm’s subsidiary Instagram are currently exploring NFT technology. FT quotes unnamed sources familiar with the matter within the company, they claim Meta and Instagram are conversing about “launching a marketplace for users to buy and sell NFTs.” However, there has been no official word about implementing NFT tech into the social media platforms. This however doesn't mean meta isn't working on the metaverse publicly.
A recent announcement from Mark Zuckerberg has confirmed my previous statement. His social media conglomerate is building what he claims is the world’s fastest artificial intelligence supercomputer as part of the company plan to build a virtual metaverse. The meta founder said in a blog post that the metaverse, a concept that blends the physical and digital world via virtual and augmented reality, will require enormous amounts of computing power. The AI supercomputer, dubbed AI Research SuperCluster by Zuckerberg’s Meta business, is already the fifth fastest in the world, the company stated. This is a massive play by both of the massive social media platforms and continues to push the narrative that the big tech and social media companies are preparing for a future where cryptocurrencies, NFTs, and the metaverse will be a part of our everyday lives.
Cryptocurrency/ NFT news and updates
NFT marketplace OpenSea will buy Ethereum wallet company Dharma Labs. Devin Finzer, who is OpenSea's CEO and co-founder, today said in a statement that the acquisition would help the marketplace grow in 2022 and improve the "technical reliability" of its products, which are currently prone to outages and other problems. Cardano (ADA) is surging after launching its first-ever decentralized exchange (DEX) built on the smart contract platform. According to a statement made by the SundaeSwap (SUNDAE) team, the fully functional beta version of the DEX premiered on Cardano. Which lead to the decentralized exchange coin to pump up as well as Cardano but Cardano then dump shortly after.
My Final Words
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