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Crypto News This Week

NFT Hype

Crypto News This Week – NFT has been the recipient of some of the most bullish announcements to date in the last week. A new collection of TikTok films was released in conjunction with the app’s announcement. In the TikTok Top moments, you’ll find six NFT compilations of TikTok videos from notable celebrities, including Lil Nars X, Gary Vaynerchuk, and others.

TikTok will issue the first NFTs on Ethereum using immutable X, a layer two scaling solution built specifically for NFTs. These NFTs will be auctioned off beginning this Wednesday.

Lastly, and speaking of blockchain specific to NFTs, Dapper Labs announced a partnership with the NFL last week, which will make football, that is, American football, cryptographically secure using the flow blockchain.

An investment round of $250 million that closed the week before last included the Dappas partnership. It’s worth pointing out that dapper Labs, the company behind crypto kitties, already hosts NBA top shots on their flow blockchain.

The exact date of when the NFLs and NFTs will be released isn’t known yet, but those sources indicate it will happen before the end of the football season in January 2022. The ripple channel announced on Tuesday that its own money pile is $250 million, less than a day after Dapper’s announcement.

Through its creative fund, Ripples NFTs will attempt to maximize the utility of XRP, a blockchain that is now integrated with NFT marketplaces, mintable, and Mint NFTs.

Anyone interested in playing can submit an application form, and the fund appears to be open to both individuals and organizations.

Institutional Crypto Investing Continues

62% of institutional investors said that they plan to change their positions in cryptocurrency next year, according to a recent survey conducted by nickel digital asset management.

A recent survey of investors revealed that improved crypto regulations and reckless government money printing were the main reasons they sought out exposure to cryptocurrency.

As a result, Fidelity recently conducted a survey that found the same. Morgan Stanley’s European investment arm has recently twice as much of grayscale’s Bitcoin trust as they do of Morgan Stanley’s US investment arm.

The largest bank in France is also planning to mint 20 million dyes from mortgage-backed bonds using maker doubt, as the bank posted on the Maker Dao governance forum.

Chainalysis reported in its report that France had the highest level of institutional crypto investment activity in Europe. According to chainalysis his data, Europe is slowly becoming the next hotspot for crypto trading and DeFi Protocols on Ethereum are receiving the majority of this money.

This might explain Greyscale’s decision to add uniswap to its digital large-cap fund, and further concerns the seriousness of the regulatory threats against DeFi.

Additionally, Greyscale added Solana to its digital large-cap fund, a development further supporting the theory that institutions are making their way deeper into the altcoin forest as they get more comfortable with it.

There are even companies that are issuing their own cryptocurrencies, including a mobile banking app called Revolution Mobile, which hopes to create a coin similar to Binance’s BNB.

I wish Revolut all the best with their crypto plans since they are not going to need it. They are currently waiting to have their crypto plans approved by regulators here in the UK.

Payment processors such as Visa have been positioning themselves as complementary elements of the ecosystem alongside the crypto movement and its latest initiative is the universal payment channel or UPC.

In its capacity as a technology company, Visas UPC envisions the creation of a network of blockchains including public blockchains based on cryptocurrencies and permissioned central bank blockchains based on their digital currencies. There seems a resemblance between this and Cosmos, and to me, Cosmos most certainly has the upper hand.

Ethereum Miners Shut Down

As all these bullish announcements were being made, China continued to crack down on cryptocurrency, which spooked two of Ethereum’s biggest mining pools into closing their doors.

In the first round of closures, spark pool, which announced that all operations would cease on September 30th, announced its closure. It will gradually phase out its operations from October 15th, when the new crackdown seems to begin. B Pool followed suit soon after, though, gradually phasing out its operations.

Apparently, this is because Alibaba announced that it will cease selling crypto mining equipment by October 15 as well.

The development of these algorithms is quite concerning, especially since most Ethereum mining machines are produced in China. Despite these events, neither the price nor the hash rate of Ethereum has been negatively impacted.

It is plausible with these results that other mining pools are picking up the slack and some Ethereum miners are actually expanding their operations, despite the impending proof of stake transition. Following the crackdown on mining back in mid-May, many Ethereum miners are also likely to have already left China.

DeFi Explodes

A cryptocurrency like Ethereum holding its hash rate is not an indication of a cryptocurrency’s resistance to regulations. After centralized exchanges like Hobi Binance and Oke X announced that Chinese citizens would not be able to access those sites, dissidents in China appear to be adopting DeFi. There seems to be a surge in DeFi usage.

The same information was confirmed by Chinese crypto reporter Colin Wu, who pointed out that his analysis of social media chatter suggests Chinese crypto investors have been scrambling to learn DeFi protocol usage.

This resulted in increased trading on Coinbase during 24-hour periods for the decentralized derivatives exchange dydx. Additionally, several DeFi tokens rallied, including Uni, suggesting traders were rushing to Uni swap decks.

Trustlessness is an integral part of cryptocurrency, and it underscores the value of cryptocurrencies. In order to make use of these DeFi protocols, you only need to have an internet connection.

There is no stopping crypto without shutting down the internet for some places, like China, but the fact remains that you can’t stop it without shutting down the internet for some places. Although this is an amazing development, as crypto continues to gain acceptance, the transaction fees for using these blockchains will only continue to rise.

22$ Million ETH Gas Fee

This week, someone sent a $100,000 transaction and paid $22 million in Eth to do it. This is one of the most extreme examples of inflated transaction fees in recent memory.

The sender, who was diversifying decentralized exchanges closely connected to BitFinex, has obviously made a big mistake.

Originally, these were thought to be the centers. It wasn’t enough, there was another anonymous miner receiving 22 Million in each case. However, returned the entire amount a few days later in order to diversify.

Diversifying contacted the anonymous miner through binance after they asked binance to reveal the miner’s identity for correspondent purposes, and no legal action could be taken against the anonymous miner. Hence, the miner would not have faced any legal repercussions.

Due to the nature of cryptocurrency, all transactions are final. There is also a $500 million comp token reward issue which was apparently forgotten after an 18 million dollar compound finance bug gave users an extra reward.

The CEO of ComplimentaryCrew took to Twitter months later to warn anyone who attempted to keep the compensation for themselves of being reported to the IRS.

As many as $12 million of the additional compromised funds were returned to users within 24 hours, suggesting that some users took the threat seriously. Please do not mistake the comp rewards you received as a mistake. Any tax issues should be assessed by a tax advisor, if applicable. If you choose to keep the documents, you are free to keep them.

Since Robert apologized for his knee-jerk reaction, which was perhaps unwarranted, even though Treasury holds over $1 billion in compound finances. The protocol should soon recover its losses, especially as institutional interest in crypto is only escalating. Compound finance also doesn’t lack institutional money, so recouping its losses shouldn’t take long.

Disclaimer:

Make sure you do the proper research before investing in cryptocurrencies, and you should consult a crypto expert for advice. In the cryptocurrency market, everything can happen because of its volatile nature. It is all a prediction and assumption based on the fact that crypto markets transform over time.

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