Crypto Scoop: BTC Drops Below $20,000 As Several Stakeholders Buy The Dip
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July, 1 2022
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Market sentiments remain positive despite price dips as sports game-changers leap into the NFT space.
It’s the start of another exciting month in the crypto space. June might have recorded one of the most significant bearish markets, but it didn’t round off without some exciting crypto initiatives. In this edition of the crypto scoop, we’ll be reviewing:
- Price moves and sentiment towards top cryptocurrencies
- Cardano’s Vasil hard fork
- Crypto adoption initiatives in Nigeria and CAR
- Sports celebrities collaborate with NFTs
- KPMG and Meta’s Metaverse initiatives
Market sentiments remain positive despite recent price trends.
During the week, BTC's price dipped below $20,000 while Ethereum moved dangerously close to $1000. However, major game players in the crypto space remain optimistic about the bearish trend. Speaking on the bear market, international celebrity Snoop Dog notes that the Crypto Winter 'Weeded out' Unnecessary Market Participants. When the market returns, there will only be great things to pick and choose from.
Reality TV Star Kevin O'Leary, aka Mr Wonderful from the American TV show shark tank, explained that he wasn't selling any of his crypto assets because of the price dips. He stressed its long term. You just have to stomach it. You have to understand you'll get volatility.
A JP Morgan strategist predicted that the crypto market had seen the worst of the bear market. He explains that several major crypto firms have come into the space and will be working towards building a more robust market.
While the bear market continues, several stakeholders have taken this as an avenue to amass more assets. Microstrategy acquired 480 bitcoins worth about $10 million, bringing its total bitcoin holdings to 129,699. El Salvador also spent over $1.5 million to acquire 80 more BTC.
Cardano Vasil Fork Is Schedule To Go Live on July 3
The Cardano blockchain's creator, Input-Output (IO), announced that the long-awaited proposal for an update to hard fork the Cardano testnet had been submitted. The Vasil hard fork's modifications are scheduled to take effect on July 3.
The Vasil hard fork has been one of the most eagerly anticipated events in the Cardano community as it is expected to offer speed and scaling improvements to the Cardano network. Cardano will adopt new technologies through the Vasil hard fork, enabling more effective block propagation and better data storage and access.
Central Africa Republic Announces Crypto Hub Launch Date
The President of CAR has announced the start date for the cryptocurrency hub "Sango". The cryptocurrency hub is anticipated to promote the tokenization of the Central African Republic's mineral riches upon debut and provide doors for economic expansion.
He explained that the nation begins a new chapter in its exciting journey towards a brighter future via blockchain technology with Bitcoin as legal tender & inspiration. The Sango Genesis Event will be broadcast on July 3rd and is open to everyone.
The recently launched e-naira digital currency, according to the governor of the Central Bank of Nigeria (CBN), also has the potential to increase trade and investment activity in the nation. In the future, when the world becomes more digital, the digital currency "will be vital to ensure Nigeria is competitive," he continued.
Nigerian author and crypto advocate Nathaniel Luz also published a book; Bitcoin is Cash. He explained that the book was an attempt to remind people of the initial reason that bitcoin was created. Bitcoin, for him, is the summation of three decades of research and experimentation to resolve financial limitations. . Meanwhile, in the book — titled Bitcoin is Cash.
Several countries across the globe are also leaping toward crypto adoption to ease the transition into cryptocurrencies. Russia approved a draft bill to exempt cryptocurrency issuers from VAT as part of its ongoing pro-crypto legislation. Taiwan central bank has also expressed interest in creating an interest-free CBDC design to prevent fiat deposit flight.
National Hockey League Takes A Leap Into NFTs
National Hockey League (NHL) has partnered with NFT Marketplace Sweet to enter the NFT industry. Through their collaboration with Sweet, the NHL will give its fans access to various digital collecting experiences that can be traded.
Mbappé, a football player, recently made his way into the web3 space after teaming with NFT fantasy football site Sorare. Mbappé has agreed to serve as Sorare's brand ambassador in a first-of-its-kind agreement. Chivas, also known as Football Club Deportivo Guadalajara, recently agreed to a contract with Socios.com to create a Chivas fan token.
That's not all! Bentley Motors, a luxury car manufacturer, is getting ready to launch its Genesis NFT series on Polygon. Bentley believes NFTs can help disrupt the luxury automotive market in the same way they did the art market.
BAYC NFT Holders also got a chance to profit from ownership of their NFT assets. A new nonfungible token (NFT) licencing marketplace that enables holders to license their Apne's IP to marketers has attracted hundreds of Bored Ape owners. Numerous Bored Ape owners registered to rent out their NFTs to companies.
According to the blockchain accelerator Mouse Belt Labs, for marketers to peruse and "signal interest in recruiting for campaigns," the 10,000 BAYC NFTs will be listed on the Boredjobs marketplace.
The BAYC collection has also received more spotlight as celebrities Eminem and Snoop Dogg featured lookalike BAYC characters in their new music video, "From The D 2 The LBC."
Meta Launches Wallet For Transactions In The Metaverse
Meta, formerly known as Facebook, has introduced a new wallet designed to allow value exchange in the metaverse. Meta Pay, a rebranded version of the previous Facebook Pay service, will continue to serve the same purposes as Facebook Pay did in the past. Still, it will be expanded to serve as a standard method of making purchases using digital identities in the metaverse.
KPMG, a global accounting business, has joined the metaverse and invested $30 million in employee Web3 training. The company's long-term goal is to investigate more potential metaverse use cases in industries like health care, consumer goods, retail, media, and financial services.