Weekly Crypto & Finance Recap — CM Weekly #1
Today, we take a brief look at some of the things happening in cryptocurrency and finance this week.
A lot has happened this past week, affecting cryptocurrency and the broader finance industry. Although some developments may seem insignificant now, they can have a tremendous future impact.
Over 35,000 PayPal Accounts Compromised
One of the bigger stories this week is how PayPal informed 35,000 users their accounts had been breached in December 2022. Surprisingly, that was not due to the service provider’s wrongdoings. Instead, users were lazy and reused email and password combinations from other sites. Always set a dedicated password for every online platform you use, and enable 2FA too!
Bitcoin Car At Davos Sparks Minor Outrage
When one cryptocurrency exchange CEO parked a car with a Bitcoin ornament near the building organizing the Davos 2023 conference, people got outraged. Some felt it was in bad taste to flaunt an expensive car with a Bitcoin logo. After all, cryptocurrencies performed terribly in 2022, although things have improved in early 2023.
Non-fungible tokens remain a prominent vertical in cryptocurrency and blockchain. While most people look at Ethereum as the “default network for NFTs, Cardano has moved up the ranks too. The technology stack may even dethrone Solana in the future, assuming it can sustain the current growth curve.
Liquid Staking Derivatives Are Hot
Many crypto enthusiasts enjoy the concept of liquid staking. It enables them to earn passive revenue and explore decentralized finance opportunities. As a result, the tokens tied to liquid staking providers — dubbed liquid staking derivatives — are in high demand. Will that trend continue or is it a passing fad?
bitFlyer Is The Dominant Japanese Exchange
Following the FTX collapse in 2022, its Japanese “partner” Liquid was forced to exit the market. Research confirms bitFlyer has gained more market share as a result. It will be interesting to see if Coincheck and others can bounce back in 2023.
All Eyes On Polygon’s Blockchain Games
Web3 technology can usher in a new era of video gaming. Although there are hundreds of blockchain games,s everal titles on Polygon have gained user attention. These four titles are worth checking out, although the landscape offers much more.
El Salvador’s Bitcoin Gamble Pays Off
Many financial experts openly questioned the sanity of El Salvador’s government. They expected the struggling nation to default on a $800 million bond payment in January 2023, especially given the government’s focus on Bitcoin. Unsurprisingly, the payment was made without issues, and Bitcoin is still legal tender in the country.
Altcoin Developer Had No Clu He Was Doing The Wrong Thing
The cryptocurrency industry has seen thousands of altcoin projects abandoned by their developers. In most cases, that is due to a lack of interest or a failed get-rich-quick scheme. In the case of Clucoin, its creator — internet personality DNP3 — pissed away investor funds to feed his ever-growing gambling addiction. Not a good look for the project, and hundreds of people are annoyed.
Dookey Dash Exploited Within 5 Days
When Yuga Labs launched Dookey Dash, the game garnered much momentum. Moreover, the team tried to prevent nefarious individuals from exploiting the game to gain rewards. It didn’t take long for someone to find an exploit. However, it will be patched soon, and the loophole wasn’t used for personal gain.
Azuki, one of the popular NFT collections, had its Twitter account breached. It remains unclear how it happened, yet someone posted a tweet linking to a phishing website. Users who clicked the link and interacted with the smart contract lost dozens of high-value NFTs.
Bitcoin’s On-Chain NFT “Problem”
Bitcoin developers and enthusiasts express concerns over on-chain NFTs on the Bitcoin network. Although it would give the most secure blockchain a competitive advantage, it may also result in much higher transaction fees. Whether that will be the outcome is a different matter, though.
As tech firms continue to lay off employees, their stock will remain volatile. Many employees who are out of a job received compensation or rewards in company stock. They are now massively liquidating that stock and driving market prices down. A justifiable revenge method that highlights the tech industry needs to rethink its entire approach.
Warren Buffett Still hates Bitcoin
No one will be surprised to learn Warren Buffett isn’t a Bitcoin fan. He has never been and continues to trash BTC despite not understanding the world’s leading cryptocurrency. Time will tell if he’s right or not, but that the answer is unlikely to be positive.
Keep An Eye On Metaverse Tokens
While many people eye Bitcoin and Ethereum, 2023 may be the year of Metaverse tokens. Several projects have noted success in late 2022 and early 2023. With the ongoing bullish momentum, some of these assets may have a spectacular year ahead.
Precious metals have been extremely bullish in 2023, and gold is still on track to convincingly break through the $2,000 resistance level. Thanks to inflation and more concerns in the Russia-Ukraine war, demand for safe-haven assets — like gold and Bitcoin — will likely soar.
Porsche Is Off To A Bad NFT Start
No one expected Porsche to drop an NFT collection featuring its 911 model. However, the company thought it was a clever idea — and priced every asset at almost $1,500 to mint. However, the team miscommunicated a premature ending of the minting, causing secondary marketplaces to collapse, soar, and collapse again. Someone clearly shifted the gear incorrectly….
The Adani Empire is Threatened!
Asia’s wealthiest man saw his family’s empire crumble in the past few days. A new report claims the Adani empire engaged in money laundering and other unsavory financial activities. While the truth remains unclear, the assets tied to Adani’s empire lost over $50 billion on the stock market. More losses loom ahead as trading resumes on Monday.
That is all for this week. Make sure to follow CryptoMode (@cmodenews) and FintechMode (@fintechmode) on Twitter for the latest news and updates!
