This Week in Crypto: RISKS, Regulation, ALGO, AVAX & More!!
🖼NFT Market Top?🖼
Data from Dappradar suggests that the NFT market could be cooling down. This is because Opensea, the largest NFT marketplace in cryptocurrency, saw a 50% decline in NFT trading volume last week.
🤑Big Crypto Ecosystem Bucks🤑
Avalanche’s announcement that they would be allocated 180 million dollars to DeFi development has inspired other Ethereum competitors to do the same. Terra, Harmony, and Algorand allocated 150 million, 300 million, and 300 million to DeFi development respectively.
👨💻BTC In El Salvador: Aftermath👨💻
A US poll conducted just two days after El Salvador’s legal tender law suggests that more than a quarter of Americans would also like to see BTC become legal tender in the United States. There is also a rumor that Ukraine is looking to make Bitcoin legal tender as well.
💳Mastercard’s Crypto Vision💳
Mastercard is planning on using Ciphertrace to keep a better track of both crypto and non-crypto transactions made with its cards. This suggests that Mastercard could soon be following Visa’s lead in dabbling with native stablecoin payments and CBDCs.
🕵️♂️Revil Ransomware Returns🕵️♂️
Revil disappeared shortly after the last round of ransomware attacks, and the fact Revil is rising from the dead shortly after El Salvador makes Bitcoin legal tender is interesting to say the least.
⚔Regulators Prepare For War With Crypto⚔
The rapid growth of stablecoins has been very concerning for fiat fat cats, especially since all that money is coming from the coffers of big banks. As far as I can tell, it looks like the only stablecoin that is at risk of getting completely rekt is Tether. As for Circle and Paxos, it looks like the US Department of the Treasury wants to take the reigns.
😱Signs The Market Could Collapse😱
A stock market crash across the board which is being predicted by everyone from banks to CNBC’s Jim Cramer. Foreign and domestic issues related to pandemic restrictions has created a lot of uncertainty in the market. Politicians could propose to increase income taxes and double capital gains and dividend taxes for high-net-worth individuals as part of their latest spending spree bill. To top it all off, we have a third threat to the crypto market in the rear-view mirror, and that’s record levels of inflation. This could result in the FED tapering, raising interest rates, crashing the market.
📜 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.