Where do I start? Cryptocurrency is in freefall. The Bored Ape market floor is now below $100,000, Bitcoin and Ethereum break through 2020 lows, and now we are in “crypto winter”. So the question is, can he recover?
After shouting 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 have to enter this conversation to justify a bounce in this tough market climate. Global companies are investing in NFTs, metaverse scalability, and support for cryptocurrency through payments. On the contrary, the market is not even close to breaking the tip of the iceberg.
It’s just a matter of when.
I believe it is important to note that many other markets, including Wall Street and the stock market, will continue to decline, and some may continue for years. General goods, gas and the cost of living are also increasing. Inflation is reaching absurd heights globally. This is the perfect time to be thrifty and focus on maintaining good habits!
Dear Elon Musk, We would like this by Christmas. Thanks.
Now for some market updates.
Binance doubles down on its commitment to the cryptocurrency industry
As global crypto exchanges hurt workers ahead of “crypto winter” and market numbers may be futile, industry leader Binance has doubled down on its commitment to the cryptocurrency sector. Binance CEO Changpeng Zhao announced the company’s promise to expand its global strengths throughout 2022.
Binance is recruiting for over 2,000 positions globally. Click here to view Binance 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 coming soon, adding that it was “already under discussion to bolster efforts.”
Shibarium is one of the most envisioned Layer-2 Ethereum blockchain solutions that, hopefully, will provide slower transactions and a safe, creative space within crypto and the web3. The release of this project should add immense value to the Shiba Inu ecosystem as a whole.
As of now, there is no official release schedule for Shibarium.
Scientists Introduce a Fully Decentralized Stablecoin Tied to Electricity
Scientists and researchers at Lawrence Livermore National Laboratory in California introduce a new fully decentralized stable tied to a physical asset; electricity.
But what does that mean exactly?
This “fully collateralised stablecoin” is pegged to a physical asset and its value depends on the use of electricity as a utility. According to scientists, energy can be transmitted without the need for physical cables or a network-based transmission system. This stablecoin, initially presented as an e-stablecoin or an electric stablecoin, would 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 the transformer into usable electricity without the need for power companies, power transmission lines, permissions or authorities. So it’s a top-down trustless system,” explained Maxwell Muriado, one of the scientists involved in the project.
This news potentially means the end of transaction fees generated with global exchanges and could create new excitement within the industry.
Coinbase licenses the highest employee rates of any crypto asset exchange
Coinbase is laying off nearly 1/5 of its active workforce, which has led to recent layoffs by massive global crypto exchanges. As a result, CEOs and executives are bracing for a sharp decline 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 cuts in the market.
For Coinbase, their recent takedown announcements fell eerily after the launch of their new ad during the NBA Finals on Monday.
WELLY NFT Collection Releases Community Hit Shib
The WELLY NFT collection was introduced this week and has proven to be a huge success, thanks to the vigorous efforts of the Shiba Inu ($SHIB) community. While thousands of NFTs were collected over the weekend through initial minting or buying on OpenSea, the remaining unminted supply was burned by WELLY NFT developers, adding value to the assets held for those who participated.
Each NFT owner holds a minority stake in all existing and future WELLY franchises.
Disclosure: At the time of writing this article, the author holds several cryptocurrency and NFT assets. The information in this article is not financial advice.
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Crypto NFT Today: The Latest News On Blockchain, Cryptocurrency, And NFTs: June 15 To June 21, 2022 Tech Tribune France
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