Crypto Scoop: BTC and Several Top Cryptocurrencies Take A Head Dive In Red

It’s another season of festivities and celebrations of the much anticipated holidays. As people worldwide celebrate the ascension, crypto enthusiasts hold their bated breaths at the notable decline in deep red. In this edition of the crypto scoop, we’ll be covering the price dips, NFT and metaverse initiatives, and crypto adoption movements in Africa and across the globe. Highlights of this week include

• Major crypto tokens dip in Red.
• Ethereum scaling update
• FDICs admonitions to Banks to Disclose future crypto plans
• Crypto adoption movement
• NFT and metaverse initiatives and much more.

Ethereum Scaling Solution Announces Major Updates.

This week, Offchain Labs, the company behind Ethereum (ETH) scaling solution Arbitrum, announced the release of Nitro, a significant upgrade to its scaling technology. The Ethereum network is scaled via Arbitrum as it helps Transactions and smart contracts get executed speedily.

Arbitrum's new version will reduce transaction fees, speed up transactions, and make it easier for native Ethereum apps to interface with the Layer 2 chain. After the change, Arbitrum's fees, which were previously around 50 cents to $1, will be lowered by half.

Arbitrum AnyTrust chains a cheaper, faster, and more centralised version of Offchain's optimistic rollup, were introduced in March.Arbitrum is Ethereum's largest rollup solution, according to DefiiLlama, with about $2.5 billion in total value locked in (TVL).

FDIC Urges Banks to Disclose Crypto Plans

The Federal Deposit Insurance Corporation (FDIC) has urged that FDIC-supervised banks considering crypto-related activities notify the FDIC of their intentions and give all required information to allow the FDIC to consult with the bank about related risks.

The FDIC is the central federal regulator for state-chartered banks and savings institutions that have not joined the Federal Reserve System and the insurer for all insured depository institutions (IDIs) in the United States. FDIC currently regulates 2,816 commercial banks and 306 savings institutions. The FDIC will examine the plans and give administrative input as needed. FDIC explains that Crypto-related activities may pose significant safety and soundness risks and financial stability and consumer protection concerns, thus prompting its decision.

Crypto adoption movements across the Globe

President Samia Suluhu Hassan of Tanzania has instructed the country's finance ministers to prepare for the arrival of cryptocurrency. As a result, banking sector leaders in the country are now advocating for a clearer worldwide stance on central bank digital currencies (CBDC) and crypto-assets.

President Samia Suluhu Hassan of Tanzania has instructed the country's finance ministers to prepare for the arrival of cryptocurrency. As a result, banking sector leaders in the country are now advocating for a clearer worldwide stance on central bank digital currencies (CBDC) and crypto-assets. Officials agreed that more discussions were needed before a final decision could be made.  Mwigulu Nchemba, the Finance and Planning Minister, and Florens Luoga, the central bank governor, noted that more debate on the two matters is needed before a decision is taken.

While Tanzania authorities debate on the best trajectory for crypto adoption, Brazil’s senate has announced the incoming approval of the Bitcoin Law. The law will allow the president of Brazil to designate or create a regulatory agency to oversee the crypto market.

NFTs And The Metaverse Expansion Initiatives

United Parcel Service (UPS), a multinational shipping firm, has expressed plans to enter the metaverse. UPS submitted patent applications to register United Parcel Service, The UPS Store, UPS, and the UPS Logo, according to Mike Kondoudis, an NFT trademark attorney.

UPS intends to provide NFTs and crypto-collectibles, NFT-backed multimedia, virtual retail shipping and delivery, virtual apparel, packages, vehicles, airplanes, sports collectibles, marketplaces for digital goods, and NFT-backed media, and virtual retail storefronts.

Coinbase, the world's largest cryptocurrency exchange, is developing a three-part interactive video, "The Degen Trilogy," on the Bored Ape Yacht Club (BAYC). The video will also incorporate ApeCoin (APE), an ERC-20 governance token for the Ape community.

Horizon FCB, an advertising firm based in the United Arab Emirates (UAE), and the Children of Female Prisoners Association (CFPA), a non-governmental organisation, have started a campaign to generate funds for imprisoned Egyptian women through the sale of non-fungible tokens (NFTs). The imprisoned women were unable to repay minor loans taken out to pay for medicine, emergencies, and other family requirements, and therefore found themselves in prison.

 Break chains with Blockchain, a humane effort inspired by the causes of their imprisonment, was launched in partnership with artists worldwide. Each NFT is intended to tell a woman's tale, the story of why she was convicted in the first place. Each NFT is valued at the cost of releasing them from the prison.

Blockstream, Block Pursue Environmentally Friendly Crypto Mining Initiative.

Asam Back, CEO of Blockstream, stated at the Bitcoin 2022 Conference in Miami that Blockstream and Jack Dorsey's Block are constructing a prototype crypto mine in Texas powered by a Tesla (TSLA) solar installation and batteries.

"Building things is a better solution than debating about things," Back said, saying that the project is intended to demonstrate how bitcoin (BTC) mining can be used to fund sustainable energy projects and innovation. The project's $12 million costs will be split evenly between Blockstream and Block, and it is scheduled to be completed in a few months.

Bitcoin mining has long been chastised for its perceived environmental impact. "Bitcoin is not the question; bitcoin is the answer," Back said, pointing out that it can operate as a baseload electricity consumer, making renewable energy projects financially feasible and allowing for more investment in renewable energy assets. 

While Tesla hasn’t made an official statement about this initiative, Elon musk has announced that he intends to make Dogecoin a payment option for Twitter.  Musk is now Twitter’s biggest shareholder since he took a 9.2% stake in the company and promised to make “significant improvements” to the platform.

Speculations that Meta is launching a new cryptocurrency

After failing to launch Diem, a previous crypto initiative, Meta, formerly known as Facebook, has been rumoured to be releasing a new coin,  Zuck Bucks. The word "Zuck Bucks" is a monetary parody of the meme "Zucked," which refers to being screwed over in some way by Mark Zuckerberg.

Because Zuck Bucks is still in its early phases, information about it is scarce. However, it is not expected to be a cryptocurrency. Instead, it will be an "in-app" virtual currency, similar to Robux in the Roblox game.