The crypto and blockchain space is a very broad industry. It has different segments to it and several actors as well. Daily and weekly, a lot of things happen in the space. In effect, it might be a hard task to keep up with all of the news and developments. Truth is, no one person can keep up with all the happenings in the space, no matter how hard one tries.
However, it is important to try and stay updated as much as you can, so you don't end up missing out or being in the dark. Importantly, this news might also help one make profitable trading and investing decisions. As you know, humans are those trading these digital markets hence, there is a tendency that every kind of news will have a corresponding impact on price movements.
Take for example the Wednesday and Thursday sell-offs that we saw, both in the stock and crypto markets. A lot of crypto traders never saw that coming because probably, their fundamental analysis isn't top-notch. But some foresaw it and did take necessary risk management steps.
The recent dump could have been a result of the FOMC meeting, which focused on increasing interest rates. On the other hand, it might just be the crypto market experiencing yet another capitulation.
Over the years, these FOMC meetings have always caused some FUD in the crypto markets and this last one was no exception. Meanwhile, it should be noted that the Federal Reserve has increased interest rates by 0.5%. This is in a bid to tackle inflation, I think.
In summary, as a crypto trader and/or investor, do well to stay informed about the happenings in the space.
In this article, I'll be bringing to us some of the events that took place within the week. You are free to add yours in the comments section.
Angel Studios Adds $10.6 million worth of BTC to its Treasury
According to LightBlocksNews, the Utah-based streaming (movie) platform has received BTC worth $10.6 million courtesy of the Class A common stocks the company sold. A recent the United States Securities and Exchange Commission filing revealed this.
You can read the full story here
It is always a thing of excitement to see web2 industries, organizations, and governments buying into cryptocurrency and blockchain technology. It is exciting because many years ago when the technology was still very fresh and novel, these bodies resisted it greatly although some are still resisting.
However, there has continued to be an increasing adoption over the years. The space has also seen huge institutional money flowing in and in turn contributing to its cumulative market capitalization. Some of these institutions that have adopted crypto include Tesla, Microstrategy, BlackRock, etc. It's great to see the movie industry joining the list with Angel Studios being the pacesetter.
Telegram Now Allows Sending and Receiving of Crypto - Toncoin
In a recent development, Telegram has now given room for crypto transactions. The instant messaging and chat app adds a feature that allows its 550 million-plus users to send and receive Toncoin.
The interesting part is that these transactions can be done with zero charges/ fees. Also, the process of transferring is very simple, easy, and fast. For now, only Toncoin can be transferred. Maybe in the future, other token transfers will be incorporated.
The Correlation Between Telegram and Toncoin
Some years back, Telegram in the spirit of crypto adoption, created a crypto-focused project named Telegram Open Network (TON). The TON project was designed to have a native currency called Gram. Sadly, a fallout with the U.S. SEC ensued which forced Telegram to abandon the project.
In keeping the project alive, a certain group of developers (independent of Telegram) took over and did a rebranding. Instead of the initial 'Telegram Open Network', the name was changed to 'The Open Network Foundation ', and the native currency changed to Toncoin. In conclusion, the Toncoin which can be transferred on Telegram among users isn't a Telegram-owned token.
Read the full story here
Binance Supports Elon Musk's Twitter Takeover with a $500 Million Commitment
A recently filed SEC document by Musk reveals that 19 equity investors have pledged ranging sums to the Twitter buyout cause. However, Binance sits number four on the list based on the size of commitment made and it is the only major crypto exchange on the list.
Read the full story here
Opensea's Discord Server Suffers Hack
On May 5, 2022, Opensea's discord server welcomed an attacker. The attacker, through malicious links, went away with items worth less than 10 ETH. Luckily, the impact of the attack was mild as only a few wallets were exploited (less than 10 wallets) according to reports.
Opensea later took to Twitter to notify and warn users to not click on links on the Discord server. The hacker used a free NFT mint bait to lure the unsuspecting users.
See the full story here
I hope you found this useful!