Professional traders don’t expect bitcoin to stay over $20K any time soon. Bitcoin’s climate impact could be bigger than gold mining’s. CFTC Chair Rostin Benham says regulation could double bitcon’s price. Did you know you can buy bitcoin with SWIFT? I’ll side with professional traders. Bitcoin will go over $20,000 again and stay there, but not this year. And if you think the CFTC chair is off his rockers for saying regulation could double bitcoin’s price, think again. Falling under the regulatory scrutiny of the CFTC would give a lot of investors more confidence to invest in bitcoin, and it could stabilize over time as more pro traders put their money into BTC and keep it there.
Binance offers support for Ethereum POW mining pool and ETHW price rallies. Ethereum Cofounder Anthony Di Iorio has concerns about centralization. The problem isn’t so much that Ethereum is becoming more centralized. It’s that the blockchain is becoming more centralized by wealth concentration. How is that any different than the real world?
One of the most contentious battles in the Securities and Exchange Commission (SEC) v. Ripple lawsuit has been over documents by former SEC Director of Corporate Finance William Hinman, and it has finally been resolved. Judge Analisa Torres has ruled that the SEC must hand over the documents. I think this BIG victory is symbolic of the final outcome.
FTX is taking a hard look at buying Celsius.
Meta rolls out NFT sharing to all users on Facebook and Instagram in the U.S.
Republican legislators draft a bill to allow crypto in 401(k) plans. This is an excellent move and I hope it passes.
Ooki DAO members have begun discussing ways to finance legal counsel against allegations made by the Commodity Futures Trading Association (CFTC). The matter isn’t settled, however, because one commissioner dissents, possibly giving Ooki DAO a ready-made defense. In times like these, I side with the underdog. I hope Ooki DAO eats the CFTC’s lunch.
MetaMask launches a beta version of a “one-stop shop” dapp for managing crypto and NFTs. Meanwhile, NFT trading is down 97 percent since January. Babe Ruth famously said, “Every strike brings me closer to the next home run.” Markets go down, but come back up again.
Warner Music Group, OpenSea partner on Web3 initiative.
The Push Protocol is migrating to Polygon.
We live in an age of stablecoin skepticism, thanks to TerraUSD. It could lead to Circle winning the stablecoin game.
NFT influencer gets hacked for $1 million and others call it karma. Karma is another word for Schadenfreude.
Millennials are losing interest in crypto. _They’ll get interested again when the market starts to rise. And when they buy too high and the market falls again, they’ll lose money and cry on each other’s shoulders. History repeats itself because people don’t learn from it. Buy low, sell high; not the other way around. _But even crypto fans are beginning to doubt.
Cody Garrison has put together the top 50 Web3 venture capitalists. Shark Tank’s Kevin O’Leary, aka “Mr. Wonderful,” is launching a Web3 investment fund. It looks like Jack Dorsey may be right: The VC’s do own Web3. But I’m not the least bit worried.
Does the metaverse have implications for the future of banking? Two-thirds of enterprise executives say they’re waiting for competitors to invest in the metaverse before they do. “You first.” No, you first. “Go ahead, jump.” After you. “No, no; I insist.” At this pace, the metaverse will be the lady in waiting.
Rocketize Token is one small step for man but a giant leap for Tether and Algorand.
Delaware Department of Justice goes after “pig butchering” crypto scams. It’s nice to see Delaware standing for something other than cheap LLCs that protect financial firms.
Leo Finance’s microblogging platform has introduced nesting. We can all sleep easy now.
John Wegehaupt made more than $500 in passive crypto income in September.
Iran launches central bank digital currency (CBDC) pilot. Sweden, Norway, and Israel are too. China is playing with cross-border payments with its CBDC.
Snark and commentary in italics. Inclusion of an item in Cryptocracy does not mean I agree or endorse the ideas presented. Of course, it also doesn’t mean I don’t.
Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.
First published at Cryptocracy. Not to be construed as financial advice. Do your own research.
Image credit: CoinDesk