Bitcoin Outperformed NASDAQ
Bitcoin reclaimed the $21,000 level following its initial fall after the Federal Reserve announced yet another rate hike. Week over week Bitcoin is already up 10%, and major altcoins are trading at levels not seen since September. Meanwhile, major equity markets plunged following the FEDâ€™s announcement.
Co-Founder of MakerDAO Dies at 29
Nikolai Mushegian, co-founder of the cryptocurrency lending platform MakerDAO and the decentralized DAI stablecoin, was found dead in Puerto Rico last week. Police say there is no evidence of foul play in the death of the man who tweeted that there was a conspiracy against him just hours before being found dead.
JPMorgan Executes Its First DeFi Trade
Multinational banking firm JP Morgan has successfully executed its first-ever cross-border transaction using decentralized finance on the Polygon public blockchain. The trade was facilitated by the Monetary Authority of Singaporeâ€™s Project Guardian, a pilot program to explore potential DeFi applications in wholesale funding markets.
Asset Managers Roll Out Crypto 401(K)
One of the worldâ€™s largest asset managers â€“ Fidelity â€“ will start rolling out retirement plans offering bitcoin in their investment menus. Similarly, another 401(k) provider based in San Francisco â€“ ForUsAll, said that about 50 out of its 550 clients have already started letting workers put their retirement savings in Bitcoin and Ethereum.
Instagram Creators to Mint and Sell NFTs
Instagram will begin allowing a select group of digital creators to mint and sell non-fungible tokens directly from the social media platform. The image-focused app recently launched its Digital Collectibles feature in 100 countries, allowing users to connect to their digital wallets. NFTs are now showcased in the feed with a shimmery effect to indicate authenticity.
MoneyGram Enables Crypto Purchases
Payments Firm, Moneygram has launched a new crypto service to allow customers to buy, sell, and store cryptocurrencies using its mobile money transfer app. Initially, three cryptocurrencies: bitcoin, ethereum and litecoin are supported. The new functionality is being enabled by crypto exchange Coinme, in which MoneyGram made a strategic minority investment earlier this year.
GameStop to Support Immutable X NFTs
Video game retailer GameStop has added support for NFTs minted using Ethereum layer-2 scaling network Immutable X to its marketplace. Assets from Web3 games like Gods Unchained and Illuvium can be bought and sold through the GameStop NFT marketplace platform. Tradeable items include digital trading cards and customizable land plots, among others.
Crypto Businesses Revenue Slumps
The bear market is taking its toll on crypto businesses as reported in their quarterly revenues. Coinbase reported that its revenue plunged by around 50% from the previous year as trading activity dwindled. Robinhoodâ€™s crypto revenue also dropped by 12% in the last quarter although the companyâ€™s overall trading volume increased over the same period.
SEC Chair: Happy Birthday Bitcoin
SEC chair, Gary Gensler, wished Satoshi Nakamotoâ€™s Bitcoin whitepaper a happy birthday this week, as Bitcoin was introduced to the world on October 31st 14 years ago with the publication of the Bitcoin whitepaper. Gensler said bitcoin has led to innovation and crypto asset investing and wants to ensure that as crypto enters its 15th year that investors get proper protection.
Thatâ€™s whatâ€™s happened this week in crypto, see you next week.