Where do I begin? Cryptocurrency is in free fall. The Bored Ape market floor is now below $100,000, Bitcoin and Ethereum are hitting 2020 lows and now we are in the “crypto winter”. So the question is, can he recover?
After yelling internally, in short, my answer is yes.
Now, I’m not here to “be an expert”, but as a long-term investor and supporter of technology, there is a need and benefit to using blockchain for several reasons. The good news is that we don’t even need to get into this conversation to justify an uptick in this difficult market environment. Global companies are investing in NFTs, metaverse scalability and support for cryptocurrency through payments. On the contrary, the market doesn’t even come close to the tip of the iceberg.
It’s just a matter of when.
I think it’s important to note that many other markets, including Wall Street and the stock market, will continue to fall, and some predict this could continue for years to come. General goods, gas and the cost of living are also increasing. Inflation is reaching absurd heights worldwide. Now is the perfect time to be frugal and focus on keeping good habits!
Dear Elon Musk, We would like this for Christmas. Thank you.
Now some market updates.
Binance Doubles Its Commitment to the Cryptocurrency Industry
As global crypto exchanges hurt workers ahead of the “crypto winter” and incredibly useless market figures, industry leader Binance has redoubled its commitment to the cryptocurrency sector. Binance CEO Changpeng Zhao announced the company’s pledge to expand its global strengths in 2022.
Binance is recruiting for over 2,000 positions worldwide. Click here to view Binance’s job openings.
Anonymous Shiba Inu lead developer teases highly anticipated Layer 2 blockchain, Shibarium
Shytoshi Kusama, the anonymous lead developer of Shiba Inu, has shared a new update on WELLY’s Discord. Shy confirmed that the Layer-2 solution, known as Shibarium, would be available soon, adding that “negotiations are already underway to strengthen efforts”.
Shibarium is one of the most talked about Layer-2 Ethereum blockchain solutions that will hopefully provide transaction relief and a safe and creative space within crypto and web3. The release of this project should add tremendous value to the Shiba Inu ecosystem as a whole.
There is currently no official release schedule for Shibarium.
Scientists Introduce a Fully Decentralized Stablecoin Linked to Electricity
Scientists and researchers at Lawrence Livermore National Laboratory in California introduce a new fully decentralized stablecoin linked to a physical asset; electricity.
But what exactly does that mean?
This “fully collateralised stablecoin” is linked to a physical asset and its value depends on the use of electricity as a utility. According to scientists, energy can be transferred without the need for physical cables or a network-based transmission system. Initially presented as an e-stablecoin or an electric stablecoin, this stablecoin is said to be the first of its kind.
“Any anonymous party can mint an E-Stablecoin token with the input of approximately one kilowatt hour of electricity. They can then transact with the digital token like any other cryptocurrency or even convert it into usable electricity without the need for power companies, power lines, permissions or authorities. So it’s a reliable system from above,” explains Maxwell Muriado, one of the scientists involved in the project.
This news may mark the end of high transaction costs at global exchanges and could create new excitement within the industry.
Coinbase Fires the Highest Personnel Rates of Any Crypto Asset Exchange
Coinbase is laying off nearly 1/5 of its active workforce, leading to recent layoffs by massive global crypto exchanges. As a result, CEOs and executives are bracing for a sharp drop in market value, production and the inevitable ‘crypto winter’. Crypto.com is expected to lay off 5%, Robinhood 9%, Gemini 10%, BitMex 25% and many more job losses in the market.
For Coinbase, their recent layoff announcements fell eerily after the launch of their new ad during the NBA Finals on Monday.
WELLY NFT Collection releases community hit Shib
Launched this week, the WELLY NFT collection has proven to be a huge success, thanks to the vigorous efforts of the Shiba Inu ($SHIB) community. While thousands of NFTs were accumulated over the weekend through initial coins or purchases on OpenSea, the remaining uncoined inventory was burned by WELLY NFT developers, adding value to the assets held for those who participated.
Each NFT owner has a minority interest in all existing and future WELLY franchises.
Revelation: At the time of writing this article, the author owns several cryptocurrency and NFT assets. The information in this article is not financial advice.