Musk Reveals Bitcoin, Ethereum And Dogecoin Bet And Torpedoes The Price Of Meme-Based Rivals

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The fol­low­ing is an excerpt from the dai­ly Cryp­toCodex email newslet­ter. Sign up now for free here

Going nowhere fast 🏃💨

For all the excite­ment around bit­coin exchange-trad­ed funds (ETFs), the cryp­tocur­ren­cy mar­ket has failed to make much head­way since the launch of the first bit­coin futures ETF last week. The bit­coin price, after soar­ing in the run-up to ProShare’s ETF launch, has trad­ed side­ways since—even as the sec­ond bit­coin futures ETF is set to launch today.

Ethereum has also strug­gled to make head­way, with its ral­ly com­ing off the boil at just over the $4,000 per ether mark. Ethereum is flat on the last 24 hours. One of its biggest rivals, solana, is kick­ing off the week with a bang, how­ev­er, adding 6% since this time yes­ter­day and threat­en­ing to storm into the top five most valu­able cryp­tocur­ren­cies as mea­sured by CoinMarketCap.

The meme-based doge­coin got a boost last night after Tesla
chief exec­u­tive and meme-mas­ter Elon Musk poured cold water on fan the­o­ries he owns the doge-based rival shi­ba inu. Musk said he owns just three cryp­tocur­ren­cies: bit­coin, ethereum and doge­coin. Doge is up 6% over the last 24 hours while shib has dropped 2%—though remains up around 400% since the begin­ning of the month.

Now read this: The ETF rev­o­lu­tion is going to dis­rupt bitcoin

The future of Facebook

Meta­verse meta­mor­pho­sis: Face­book will this week out­line exact­ly how it envi­sions its trans­for­ma­tion from the world’s biggest social media com­pa­ny to a “meta­verse” company.

Why it mat­ters: Face­book, more than two years since announc­ing its now-hob­bled libra cryp­tocur­ren­cy, is still search­ing for a way out of its adver­tiz­ing-led busi­ness mod­el that’s increas­ing­ly seen as tox­ic and a threat to polit­i­cal sta­bil­i­ty by gov­ern­ments around the world. Face­book had hoped the sta­ble­coin libra, now rebrand­ed and down­sized to “diem” after cen­tral banks and reg­u­la­tors balked at the con­cept of a Face­book-con­trolled glob­al cur­ren­cy, might offer it a new route to mon­e­ti­za­tion that does­n’t depend on ever-increas­ing engage­ment. The meta­verse is stage two of that plan that’s already been forced to divert from its roadmap. Cryp­tocur­ren­cies, non-fun­gi­ble tokens (NFTs) and blockchain-based dig­i­tal scarci­ty are all expect­ed to play a role in meta­vers­es as build­ing blocks of the vir­tu­al economy.

Mas­ters of the meta­verse: The meta­verse, a con­cept that was born in the sci-fi dystopia of Neal Stephen­son’s Snow Crash, has been described by Face­book chief exchange Mark Zucker­berg as a “vir­tu­al envi­ron­ment” you can go inside of instead of mere­ly look­ing at on a screen. Zucker­berg will share his meta­verse vision on the vir­tu­al stage of Face­book Con­nect this week.

The big pic­ture: Face­book has lurched from scan­dal to cri­sis over the last cou­ple of years, with the lat­est leaked doc­u­ments show­ing the com­pa­ny has strug­gled to pre­vent the spread of mis­in­for­ma­tion and abu­sive con­tent in India, fuel­ing vio­lence. Some two dozen news orga­ni­za­tions have published—or will soon publish—reports based on doc­u­ments leaked by whistle­blow­er Frances Haugen.

From bad to worse: “We need to steel our­selves for more bad head­lines in the com­ing days, I’m afraid,” Face­book VP of glob­al affairs Nick Clegg wrote in a Sat­ur­day post to staffers obtained by Axios.

The bot­tom line: Face­book is under fire and needs a rad­i­cal shift in its busi­ness mod­el if it wants to escape being bro­ken up or more close­ly reg­u­lat­ed. The emerg­ing cryp­to-econ­o­my could play a part.

Now read this: Inside the big Face­book leak

Coin­Mar­ket­Cap leak 📁

💧 Coin­Mar­ket­Cap, the pop­u­lar bit­coin and cryp­to price data site that was recent­ly acquired by cryp­to exchange Binance, appears to have suf­fered a large-scale data leak.

📧 Just over 3 mil­lion email address­es linked to Coin­Mar­ket­Cap accounts were report­ed­ly being trad­ed on hack­ing forums, accord­ing to data breach track­ing site Have I Been Pwned.

🗣️ “Coin­Mar­ket­Cap has become aware that batch­es of data have shown up online pur­port­ing to be a list of user accounts,” the cryp­to price site said in a state­ment. “While the data lists we have seen are only email address­es (no pass­words), we have found a cor­re­la­tion with our sub­scriber base. We have not found any evi­dence of a data leak from our own servers—we are active­ly inves­ti­gat­ing this issue and will update our sub­scribers as soon as we have any new information.”

Don’t miss: Cryp­to ETFs send bit­coin soar­ing but peo­ple are worried

The week ahead ✨

👀 Look out for these cryp­to and cryp­to-relat­ed events this week…

🚀 Today, VanEck’s bit­coin futures exchange-trad­ed fund (ETF) is set to begin trad­ing in New York, fol­low­ing the launch of the first “his­toric” bit­coin ETF last week.

📢 The CoinA­gen­da con­fer­ence kicks off in Las Vegas for the eighth time, fea­tur­ing Caitlin Long, the chief exec­u­tive of Avan­ti Finan­cial Group and cryp­to bil­lion­aire Matt Roszak, the chair­man of blockchain infra­struc­ture com­pa­ny Bloq, amongst others.

👍 Social media giant Face­book will dom­i­nate the news agen­da all week as whistle­blow­er Frances Hau­gen tes­ti­fies before the U.K. par­lia­men­t’s inter­net safe­ty com­mit­tee today. Face­book will also report earn­ings after today’s mar­ket close and chief exec­u­tive Mark Zucker­berg will reveal details of its meta­verse meta­mor­pho­sis and new brand­ing at its vir­tu­al Face­book Con­nect event on Thursday.

📈 Tech earn­ings will dom­i­nate this week’s third-quar­ter reports, with Ama­zon, Alpha­bet, Microsoft
, and Appl
e all releas­ing their lat­est numbers.

🌍 This week­end, the COP26 cli­mate sum­mit gets under­way in Glas­gow, Scot­land. Bit­coin and cryp­to’s eye-water­ing car­bon foot­print could be in for a kicking.

Now read this: For­get NFTs, I col­lect cashflows

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