One researcher says bitcoin is facing more downside. It could fall to $15.5K, says Rekt Capital analyst. Another expert says it could go to $8,000. Yet, after eight weeks of losses, sentiment indicator says there is an upside. If you’re looking for reasons for bitcoin’s decline this year, here are five solids to chew on. Today, BTC is below $30K again. Bitcoin could fall lower. It could go higher. It will likely do both. One, then the other. How do you respond to such flailings? HODL. But don’t take that as financial advice. It’s more like brotherly love.
Coinbase enters the Fortune 500, the first crypto company to do so. To celebrate, the company is letting employees rate each other through an app. Can employees rate CEO Brian Armstrong? If not, then it isn’t “radical transparency.” The stupidest idea ever.
Is Terraform Labs a paper company? Just before the big crash, the company dissolved its South Korean holdings. No wonder founder Do Kwon could be facing prosecution. Warning: Stay away from these kind of things. If Kwon goes down, this could be the largest crypto controversy yet. There could be billions in fines and possibly jail time. It may even top Silk Road. Do you think Do Kwon deserves jail time?
Binance has crypto license to practice in France.
Tether broke the dollar and that’s a huge problem. CoinDesk says Tether transparency is necessary following the TerraUSD collapse. The largest stablecoin by marketcap has seen $10 billion in withdrawals since the UST fall from grace. Is USDC destined to move past Tether? Tether transparency has always been necessary, even before the fall of UST. The fact that Tether has not been transparent makes it a poor choice in stablecoins. We can only hope that USDC becomes the top stablecoin of choice for the market. I, for one, am praying that this happens.
The American Bankers Association says a central bank digitral currency (CBDC) would drain money from the banks. They’re not wrong, but who needs banks? The Credit Union National Association (CUNA) says a CBDC “could worsen the provision of financial services.” They’re stuck on improving current financial services. Credit unions are now officially as bad as banks.
But seriously folks, who needs banks or credit unions? With digital wallets and a CBDC, we wouldn’t need them. In fact, we don’t need them now. A bankless future would not be a bad thing.
The World Economic Forum says Web3 will level the playing field and unlock income inequality. Here are three ways Web3 will change marketing in 2022. Here’s a practical guide to earning Web3 tokens without investing. You’ll learn a lot more than this in my book Cryptosocial: How Cryptocurrencies Are Changing Social Media. Although, full disclosure, BULB is new to me.
NFTs are on the decline, but why?
What happens on Polygon stays on Polygon.
Meet Miss Teen Crypto.
Cyber criminals held $25 billion in crypto last year.
Remember, the snark and commentary are free—just like Cryptocracy. You’ll find the S&C in italics. Don’t blame me. Those are the rules.
Cryptocracy is a decentralized newsletter published 4 times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto.
First published at Cryptocracy. Not to be construed as financial advice.