Another cryptoweek is behind us. Let’s recap! Bitcoin ended its record-long losing streak and BTC inflows grew while ethereum saw outflows, BTC’s historical performance is no guide for the future in 2022, Ethereum’s Ropsten testnet finally merged, while Vitalik Buterin asked the community what they disagree on with him, Justin Sun’s Tron revealed more details about the USDD backing in a move to distance the stablecoin from UST, and BNB extended losses following new regulatory scrutiny and media investigation of Binance. Indian Terra investors braced for another blow after LUNA 2.0 airdrop under the new tax laws, the new LUNA fell almost 90% from its ATH, and some ApeCoin whales voted against the proposal to stay on Ethereum, but the (narrow) majority still voted to stay. While many dismissed the idea that Bitcoin Lightning Network could support DeFi apps and NFTs, the community said that a paper that claims Bitcoin’s early success relied on centralization said ‘nothing new at all’. We also learned that blockchain gaming is the category within crypto that resisted the industry downturn the most.
All five licensed South Korean exchanges decided to delist litecoin after the Mimblewimble upgrade, Japanese crypto exchanges seem determined to ditch the restricting token listing protocols, the ‘strongly profitable’ FTX said it will keep hiring despite the bearish market, and a court in Brazil ordered the Foxbit exchange and another firm to “reimburse” customer who “lost” almost USD 3,000 worth of ETH in a transfer. Meanwhile, Wintermute’s ‘amateur mistake’ led to the loss of 20m optimism tokens, a BAYC co-founder faced a backlash for blaming Discord after ETH 200-worth of digital assets were snatched in an exploit, and Osmosis DEX got hacked for USD 5M but the team denied that liquidity pools were ‘completely drained’.
And then, PayPal allowed select US customers to transfer crypto from their accounts to external wallets and exchanges, Okada & Company listed a NYC building as an NFT on OpenSea for ETH 15,000, PWC found that close to 1 in 3 surveyed hedge funds plan crypto investments, Accenture saw strong demand for digital assets among Asian investors but also hesitancy among advisory firms, and São Paulo FC made history by becoming the first Brazilian team to accept bitcoin and altcoins for match tickets. Legal experts claimed that Elon Musk may be using the ‘preponderance’ of bots on Twitter “as an excuse to abandon or renegotiate” the USD 44 billion deal, and Custodia filed a lawsuit against the Fed for “unlawfully” delaying its application for a master account.
South Korea’s ruling political party said that the leading crypto exchanges created plans that could see them form a self-regulating body, Kazakhstan’s central bank is “interested in” the “opportunities for innovation” that cryptoassets and DeFi can “give” the government, a French lawmaker released a new report to push for crypto legislation, Japan’s Ministry of Justice wanted to give courts and police officers the power to seize cryptoassets in criminal cases, two US senators introduced a new draft bill aiming for more crypto-friendly regulations, and the ruling United Russia party is pushing for crypto legislation while the Ministry of Energy is voicing its support for crypto mining.
Also, optimism towards Grayscale’s BTC ETF application increased, Mastercard aims to enable direct NFT payment options, while Jack Dorsey skipped Web3 and Web4 altogether and is now working on Web5.
And now, a crypto-flavored selection of jokes. Bon appétit!
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As is only right and proper, we start every morning by greeting crypto twitter! What’s up, CT?
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Hmm, this might be a little bit of a small pickle…
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A bit to this side, great, now a bit back to this side, keep the rhythm, excellent, repeat…
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‘Come on, where is it?! I saw it before!’
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John’s having a rough couple of months.
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Now that we know how John’s doing, let’s check up on traders too.
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For a more technical observation, let’s ask the analysts.
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Admit it, you recognized yourself right away.
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Oh, look, how…proud…
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Testnet.
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This is the actual footage.
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Pretty kitty….
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Or in the eternal words of economists Kylie Minogue and Taio Cruz: “I can’t stay on the ground, whoa, I can’t get enough, this is taking me now, it’s taking me higher, higher, higher off the ground”.
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And in the words of Tanner the TikTok economist:
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The history books are getting more fun with each google search.
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Tricky trickster, trying to trick us with his trick questions…
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Bubbles, bubbly bubbles, bubbling.
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Yeah…no…not happening.
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This is more like it.
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And your weekly POV.