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This Week in Crypto: Bitcoin FUD, ADA, MATIC & More! 📰

This Week in Crypto: Bitcoin FUD, ADA, MATIC & More!

By Guy

🏎Tesla crypto crash 🏎

The suspected cause of the recent crypto market drop was Tesla’s announcement that it would no longer be accepting Bitcoin as a payment method for its electric vehicles.

🎈 Inflation crypto crash?🎈

The CPI was updated shortly before Tesla made its announcement, and both the crypto market and stock market had already begun crashing in anticipation of the CPI update.

🐶Dogecoin insanity🐶

Elon Musk has apparently been in the talks with Dogecoin developers since 2019 when he was voted honorary CEO of Dogecoin.

😂Facebook fumbles crypto ball😂

The Diem Association has now given up on getting this license and will be moving their headquarters from Geneva to Washington D.C. There they will work with Silvergate, a Californian bank, to launch the Diem USD stablecoin, which will be pegged to the US dollar and collateralized by US dollar reserves held with Silvergate.

👀Tether USDT reserves👀

Not surprisingly, not all these assets are cash, and when you cut out the financial jargon, less than 4% of all USDT in circulation is backed by actual US dollars in the form of cash.

👨‍👩‍👧‍👦The Rise Of DAOs👨‍👩‍👧‍👦

The reason why DAOs are significant is that they prove that it is possible to organize and allocate funds without the need of a centralized party, i.e. a government.

💸Coinbase & crypto adoption💸

Coinbase currently has over 56 million registered users around the world. Around 43 million Americans hold Bitcoin, along with 100 million people around the world.

👨‍💻Institutions dabble in DeFi👨‍💻

Aave founder Stani Kulechov was forced to reveal that they are working on a permissioned lending and borrowing pool for institutional investors after a regular Aave user was shown a message requesting KYC

. 📈Weekly crypto market analysis📈

Despite this bloody week numerous other cryptocurrencies have also seen serious gains and new all-time highs. This week’s winners are Polygon, Revain, Cardano, Harmony, and Yearn.finance.

~~~~~

📜 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.

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