Bitcoin fell below $34,000 yesterday. As of this writing, it’s below $33,000. That puts the granddaddy of all cryptocurrencies at a 3-month low. The culprit could be a raise in interest rates. Popular podcaster Joe Rogan says bitcoin is freaking out the government. Are you worried? I’m not. To be honest, I thought BTC would go lower much sooner. I see this as some of the residual air in the balloon finally being released before the next big bull run. Look at late 2023 or early 2024 as the next big dough rise. Oh, and anything involving freedom freaks out the government.
Tron launched a stablecoin and the price of TRX surged. Paddy cake, paddy cake, baker’s man. On another note, UST briefly lost its peg to the U.S. dollar. LUNA fell 10 percent. It was bound to happen.
Can you reclaim your sovereignty in Web3? Let’s hope so.
Why haven’t decentralized exchanges (DEX) created the utopian world they were promised to usher in? First, not much ever lives up to its hype. Create high expectations and you’ll be judged by them. Secondly, most people are still not sure how decentralization is going to benefit them. Centralized exchanges (CEXs) are a small leap for the bulk of mankind as many people into crypto are still just playing around. They’re in learning mode. Once people get comfortable with cryptocurrencies in general, how to use a wallet, and market moves, they’ll migrate slowly to DEXs. Still, there will always be a place for CEXs. Some people like centralization.
What makes a DAO trustworthy? There’s good evidence that DAOs are the new investment club. In fact, they could hold the answer to better data governance. International hacktivist group Anonymous supports a new DAO called Cult DAO and its RVLT protocol.
A new report says the NFT market will be worth more than $13 billion by 2027. Of course, NFT transactions are on the rise. Instagram is soon to support NFTs. Meta, the company formerly known as Facebook, will issue NFTs for Instagram on the Ethereum, Polygon, Solana, and Flow blockchains. And boxing legend Floyd Mayweather, who was caught up in a previous NFT scam, is now promoting a new NFT project. Knock ‘em out, Floyd!
Mining Capital Coin CEO Luiz Capuci Jr. was arrested for allegedly running a crypto-related pyramid scheme.
13.86% interest on stablecoins?
Portugal has become Europe’s bitcoin heaven. How did that happen?
Snark and commentary in italics.
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.