After a few weeks of declining prices & market corrections, many coins rebounded this week, including BTC up 7% in the past 7 days.
What else happened this week?
More news with sneaker brands & NFTs.
El Salvador buys more BTC and trolls fiat.
@Jack vs. VCs - their social media spar over the next generation of crypto & web 3 projects.
In this issue:
1 - Markets rebound this week
2 - Adidas & Under Armor launch NFT projects
3 - Twitter founder Jack Dorsey gets into spat with crypto VCs
4 - Is China getting into the metaverse?
5 - El Salvador buys 21 BTC on the 21st day of the year ending 21 in the 21st century
6 - Top coins by market cap, and trending coins to keep an eye out for
1 - Markets bounced back this week. BTC up 7% and ETH up 3%.
Sushi, Uniswap, Aave and Compound also rebounded this week.
LUNA broke the $100 barrier, and has grown 126% in the past 30 days. Lots of exciting things going on with LUNA ecosystem, which includes Anchor, TerraSwap and Astroport.
2 - Like Nike, Adidas and Under Armor are pushing hard into the metaverse and NFTs.
Adidas most recent NFT venture sold out in minutes this week.
Stephen Curry and Under Armor launch the first shoe you can wear in the digital and offline world (a cross platform metaverse shoe). The virtual kicks can be worn across three metaverses – Decentraland, The Sandbox and Gala Games.
3 - Many industries have polarizing issues that insiders like to debate, and the crypto space is no exception.
Former Twitter Jack Dorsey, a long time Bitcoin supporter voiced his distrust over VCs and web 3.0 this week. This feud has taken different shapes with different people over the years, and comes down to
(1) how to fund growth of the next generation of internet apps & software
(2) the centralization vs. decentralization debate
(3) big money guys making money off the little guys
(4) Bitcoin vs. altcoins - does focus on alternative coins take away from Bitcoin?
4 - China gets into the metaverse space. Over the past few years, watching China’s response to crypto and bitcoin has been interesting.
China has banned bitcoin mining, has their own central bank digital currency, and has warned against NFTs and digital assets (all indicators that China is not pro-crypto).
In spite of those factors, more than 1,360 Chinese companies submitted 8,534 trademark applications related to the metaverse last wek. (According to the South China Morning Post)
5 - El Salvador buys more Bitcoin. President Nayib Bukele celebrated the “last 21st day of the year 21 of the 21st century” and commemorate the scarcity of Bitcoin as its supply is limited to 21 million BTC.
Bukele is an outspoken critic of fiat currencies, and has angered the central banks by making BTC an official currency of El Salvador.
Instead of taxing his citizens into poverty, he uses profits from Bitcoin to fund government initiatives.
Since adopting Bitcoin as legal currency, El Salvador has used Bitcoin profits or the “surplus” from its Bitcoin Trust account to finance the construction of 20 schools. In mid-October, Bukele announced that the government would spend $4 million from the Bitcoin Trust to build a new veterinary hospital in San Salvador.
6 - Here are the top coins in the crypto market this week:
(If you are new to crypto, I don’t suggest buying anything on these lists right away. But the lists below are a good place to start researching different projects (coins) to see what they are all about. There is plenty of time to get started with crypto so don’t feel rushed to do anything)
Below is the top 10 coins by market cap (the total value of all the coins that have been minted for that cryptocurrency).
Below are a few coins that have been trending this past week. These are a few ideas to research if you are looking to invest in coins that are on their way up. Do your research though, not everything trending is a good investment.
Fear & Greed Index: The overall market is in a state of “fear”. That can mean it’s a a good time to buy. This is a change from last week’s state of extreme fear.
Here’s a good post if you want to understand more about how to interpret the fear & greed index. spoiler: it’s an interesting metric but don’t rely on it too much.