Crypto markets are capitulating, Facebook is once again welcoming crypto ads, and South Park predicts a Bitcoin future. These stories and more this week in crypto.
The entire crypto market plunged more than 20% as sentiment of risk aversion materialized across all markets. Cryptocurrencies have seen some turbulence, following volatile global stock markets since the emergence of the omicron Covid variant. Coincidentally, the price of the altcoin named Omicron soared 900% in an increase that appears to have only been for the new strain of coronavirus.
Digital payment firm Square changed its business name to Block, in order to focus more on blockchain technology. The rebranding will bring the payment company together with Cash App; Bitcoin’s decentralized exchange project, tbDEX, and the Tidal streaming platform. Square Crypto, the cryptocurrency-focused arm of the company, will also change its name to Spiral.
Facebook, now called Meta, has relaxed its policy on cryptocurrency ads, which will make it easier for businesses to serve crypto ads. The company felt that the cryptocurrency landscape has matured and stabilized in recent years. Meanwhile, Meta’s cryptocurrency chief David Marcus is leaving the company. The executive joined Facebook in 2014 and took charge of the development of a new cryptocurrency and a new wallet, which have yet to be launched.
Berkshire Hathaway executive Charlie Munger believes China made the right move in banning Bitcoin. The billionaire said he wishes digital coins had never been invented and accused those involved in crypto of being greedy. The 97-year-old investor who has never been a Bitcoin fan has elicited a number of derogatory responses on social media with his latest reviews.
Forbes named 15 crypto CEOs to its 2022 edition of its 30 Under 30 list. The list included Alameda Research co-CEOs Caroline Ellison and Sam Trabucco and NFT OpenSea marketplace co-founder Alex Atallah. The categories with the most crypto leaders were finance, art, and media.
Grayscale Investments has launched Solana Trust, the company’s 16th crypto investment product. Grayscale said investors are increasingly keen to diversify their exposure beyond digital assets like Bitcoin and Ethereum. The Grayscale Bitcoin Trust is the company’s most popular product with over $ 37 billion in assets under management.
United Arab Emirates issues non-fungible tokens, NFTs of stamps to commemorate the federation’s 50th national day. A total of four new stamps, each with a distinct design of a national theme, will be issued with blockchain-based digital counterparts that will be sold as digital collectibles.
In a new episode titled “Post COVID,” South Park imagined that Bitcoin would be used as a mainstream payment method in the not too distant future. The use of bitcoin is explained as the result of a shared social belief that “the central bank is rigged”.
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That’s what happened this week in crypto, see you next week.