🔴 Omicron Fears Tumble Markets
Crypto markets capitulate, Facebook welcomes crypto ads again and South Park predicts a Bitcoin future. These stories and more this week in crypto.
The whole crypto market plunged over 20% as risk aversion sentiment materialized across all markets. Cryptocurrencies have experienced turbulence, tracking the volatile global stock markets since the omicron Covid variant emerged. Coincidentally the price of the altcoin named Omicron soared 900% in a rise that appears to have been for no other reason than the newly-named coronavirus strain.
The digital payments company Square has changed its company name to Block, in a shift to focus more toward blockchain technology. The rebrand will bring the payments firm together with Cash App; the decentralized Bitcoin exchange project, tbDEX, and the streaming platform Tidal. Square Crypto, the cryptocurrency-focused branch of the firm, will also be changing its name to Spiral.
Facebook, now called Meta, has relaxed its policy for cryptocurrency advertisements which will make it easier for companies to run crypto ads. The company reasoned that the cryptocurrency landscape has matured and stabilized in recent years. Meanwhile Meta’s cryptocurrency chief, David Marcus is leaving the company. The executive joined Facebook in 2014 and took over the development of a new cryptocurrency and wallet, which has yet to launch.
Berkshire Hathaway executive, Charlie Munger believes China made the correct decision in banning Bitcoin. The billionaire stated that he wished the digital coins had never been invented and accused people involved in crypto of being greedy. The 97-year-old investor who has never been a fan of Bitcoin has prompted quite a number of disparaging responses on social media with his latest criticism.
Forbes has named 15 crypto business leaders on its 2022 edition of its 30 Under 30 list. Included in the list were Alameda Research co-CEOs Caroline Ellison and Sam Trabucco and the co-founder of NFT marketplace OpenSea, Alex Atallah. The categories featuring the most crypto leaders were Finance, Art and Media.
Grayscale Investments has launched a Solana Trust, the 16th crypto investment product from the company. Grayscale said that investors are increasingly eager to diversify their exposure beyond digital assets like Bitcoin and Ethereum. The Grayscale Bitcoin Trust is the most popular product of the company with more than $37 billion in assets under management.
The United Arab Emirates is issuing non fungible tokens, NFTs of stamps to commemorate the federation’s 50th National Day. A total of four new stamps, each with a distinct design of a national theme, will be issued along with blockchain-based digital counterparts that will be sold as digital collectibles.
In a new episode named “Post COVID” South Park has imagined Bitcoin being used as a mainstream means of payment in the not too distant future. The use of bitcoin is explained as the result of a shared social belief that “central banking is rigged.”
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That’s what’s happened this week in crypto, see you next week.