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#RWA for bitcoin sneakers by Nike Jorden. DM to order your custom bitcoin sneakers.
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The crypto markets have experienced a significant downturn in the last 48 hours due to six main factors: 1.US Recession Fears: Recent job creation and unemployment data fell short of expectations, raising concerns about a potential recession. Additionally, the Federal Reserve did not cut interest rates last week, suggesting a possible rate cut in September, which many fear might be too late. This uncertainty led to a $2 trillion dip in equity markets. 2.Bank of Japan’s Interest Rate Hike: Japan increased its interest rates from 0.1% to 0.25% due to inflation concerns. This move has negatively impacted carry traders who borrow Japanese Yen at low rates to invest in higher-yielding assets. The rate hike has made these trades unprofitable, leading to liquidations and a stronger Yen, further reducing the profitability of reverse carry trades. 3.Jump Crypto Liquidating ETH: Rumors suggest that Jump Crypto is exiting the crypto business amid an investigation, leading to a significant sell-off of ETH over the past week, exacerbating the market decline. 4.Dwindling Chances for Pro-Crypto Trump: In July, the crypto market was buoyed by promises from Trump. However, following an assassination attempt, Joe Biden stepped down, and Kamala Harris has revitalized the Democratic base, making it harder for Trump to win the upcoming November elections. 5.Middle East Tensions: Escalating tensions between Iran and Israel, along with their proxies, have raised fears of a broader conflict. Similar tensions in April led to a dip in crypto markets, and there are concerns that this time the situation might escalate further. 6.Mt Gox Bitcoin Distribution: Nearly a decade after its hack and bankruptcy, Mt Gox is finally distributing some of the recovered Bitcoin, adding more selling pressure to the market. Is there any other reason you think might be contributing to the market downturn? Let me know!
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Black Monday for crypto!
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Telegram's Transformation in the Crypto Landscape CEO Pavel Durov recently announced plans to launch a mini app store and an in-app browser with support for web3 games, aiming to enhance the web3 experience for Telegram's 900 million users. Key Highlights: Blockchain Integration: - Telegram and The Open Network (TON) blockchain are leading this shift. Gaming Impact: - Tap-to-earn games like Notcoin, Yescoin, and Hamster Kombat are gaining traction. Notcoin alone helped TON onboard over 1 million wallets². Growth Metrics: - TON's Total Value Locked (TVL) surged from $300 million in May to over $760 million today. - Toncoin's price tripled this year, rising from $2.30 to over $7.00². Why This Matters: Telegram's initiative could make 2024 a landmark year for blockchain adoption. As Durov stated, "2024 will go down in history as the year when hundreds of millions of people became familiar with blockchain"³. Challenges and Opportunities: - Addressing challenges like combating scams with measures such as displaying account registration dates and principal countries. - Allowing organizations to issue labels for channels, creating a decentralized marketplace for verification². What's Next? With the $500 billion annual gaming market ripe for disruption, Telegram's integration of blockchain and web3 could be a game-changer.
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The biggest catalyst for innovations in Web3 will not be the rate cut or BlackRock buying more Bitcoin. Instead, it could be the election of Trump as President. I don't typically make political posts or take sides, but this situation is different. The current Biden administration and its allies have been openly hostile towards crypto: - Vetoed crypto-friendly legislation - SEC sued numerous legitimate crypto companies - Gensler labeled almost all cryptocurrencies as securities - Senator Warren campaigned to build an "anti-crypto army" This hostile attitude and lack of regulatory clarity have stifled innovation in Web3, pushed many legitimate builders overseas, and curtailed Web3 VC funding. On the other hand, Trump has: - Promised to legalize crypto in the US - Picked a VP who holds a substantial amount of Bitcoin - Sold multiple NFT collections, receiving Ethereum - Scheduled to speak at the Bitcoin conference in July 2024 This is why I believe that the election of Trump could be a game-changer. He would likely fire Gensler and appoint a new pro-crypto regulator. We could also see new crypto-friendly legislation signed into law. These changes would bring much-needed regulatory clarity and give Web3 founders the space to build, spurring significant innovation.
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