Read in the Digest
- Facebook Will Allow More Crypto Advertising, Jack Dorsey Rebrands Square, Changes Name to Block Inc.
- Bitcoin Update: PlanB Makes New Prediction, Fidelity Moves Bitcoin ETF to Canada, User Loses $50 Million
- Altcoin Update: Terra Overtakes Shiba Inu, Filecoin’s Computing Power Declines
- BoA: The Metaverse Is a Massive Opportunity, $106 Million Worth of Metaverse Land Sold in a Week
- One Month After Launch, Katana Dex Becomes Second Largest DEX
Facebook Will Allow More Crypto Advertising, Jack Dorsey Rebrands Square to Block Inc.
Following its corporate rebrand from Facebook to Meta, there were hints that Facebook would become more open to cryptos. Meta has confirmed that, announcing that it will now accept more crypto and blockchain ads on Instagram and Facebook.
Retreating from its crypto ban policy, Meta has expanded its eligibility requirements for crypto and blockchain firms. Meta’s new policies now recognize 27 regulatory licenses from advertisers, up from its previous three, meaning more crypto firms can advertise on Instagram and Facebook.
Bitcoin evangelist and co-founder of Twitter and Square, Jack Dorsey, has set out on the journey of ‘making Bitcoin more than an investment.’ After stepping down as Twitter CEO, Dorsey has announced that Square is changing its corporate name to Block Inc.
The Square Crypto service has also gotten a new name, Spiral. According to Dorsey, the name was changed because having “crypto” in its name led to confusion, as Square is focused solely on Bitcoin.
- Following Bitcoin’s poor performance in the market, it has received some high-profile criticism from bankers who believe it will not survive
Why You Should Care
The growing access of crypto firms could mean they can now reach a greater audience with ads on Facebook and Instagram.
Bitcoin Update: Plan B Makes New Prediction, Fidelity Moves Bitcoin ETF to Canada, User Loses $50 Million
Plan B, an infamous pseudonymous Bitcoin analyst, has raised the hopes of Bitcoin investors after his model prediction failed in November. In November, Plan B predicted that it would peak at $98k. Instead, Bitcoin sank under $54k at its lowest points in November.
Plan B called his failed prediction a “once-in-a-lifetime error.” However, despite missing his November prediction by a mile, PlanB, whose predictions have largely been correct, still believes that Bitcoin will end the year trading above $100k.
Tired of waiting for the U.S. SEC to approve its Bitcoin ETF, Fidelity Investments has taken its Bitcoin ETF to Canada, a hotbed for ETFs. This would make Fidelity the largest asset manager to launch a Bitcoin ETF.
Filed on November 22, the Fidelity Advantage Bitcoin ETF could launch on the Toronto Stock Exchange under the ticker FBTC this week.
- A single user has been identified as the worst affected in the Badger DAO $120 million hack. The unidentified user reportedly lost 896 BTC (roughly $50 million), as the yield vault protocol was exploited
Altcoin Update: Terra Overtakes Shiba Inu, Filecoin’s Computing Power Declines
Breaking onto the scene in 2021, Shiba Inu (SHIB) easily became one of the top-gainers, setting new highs as the Shiba Army cheered on. However, Shiba seems to have run out of steam and has now been displaced by Terra (LUNA).
In the last 24 hours, LUNA has gained 7%, but an outstanding 52% in the last one week, making it the best performing crypto in the top-100 ranked by market cap.
The seven-day price chart of Terra (LUNA). Source: Tradingview
Thanks to LUNA’s recent spike, it now trades at $62.381. LUNA now has a market cap of $24 billion. Terra now sits as the 12th largest cryptocurrency, while Shiba Inu has fallen to the 13th.
- While Terra enjoys a joy ride, Filecoin has seen its computing power steadily decline following China’s incessant attack on crypto mining
- Filecoin, which had most of its users in China, has seen its computing power drop from as high as 10EiB in August to as low as 2.26EiB in December
Why You Should Care
The trend of cryptocurrencies can be greatly affected by the prevailing regulatory policy, as is the case with Filecoin.
BoA: The Metaverse Is a Massive Opportunity, $106 Million Worth of Metaverse Land Sold in a Week
Not long after Grayscale referred to the metaverse as a $1 trillion opportunity, the Bank of America (BoA) has called the metaverse a huge opportunity. According to Hiam Israel, a BoA strategist, the metaverse could boost blockchain technology.
According to the BoA strategist, the metaverse could drive blockchain and cryptocurrencies to mass adoption. However, he believes that cryptocurrencies would need to be seen as currencies for that to be the case.
- Haim Israel opined that private tokens are too volatile, while stablecoins like Tether and USD Coin are more likely to succeed
The growth of the metaverse has been acknowledged in a new report. According to DappRadar, over $106 million worth of metaverse lands were sold between November 22 and 28. The Sandbox contributed $86 million, while Decentraland followed in second place with over $15 million.
Why You Should Care
The metaverse is rightly one of the most talked-about technologies and concepts because it has the potential to change how we work, play, and interact in the future.
One Month After Launch, Katana Dex Becomes Second Largest DEX
In November, Axie Infinity launched the Katana DEX on its Ronin blockchain to help users trade assets and also remain within the whole expansive Axie Infinity Universe, “Axieverse.” Since then, the DEX has gathered more users than other DEXs, except PancakeSwap.
Katana quickly amassed users because it made it easier for individuals to swap tokens within the Axieverse. Within 14 days of its launch, the activity on the platform had grown by more than 4,615,280%.
According to Wu Blockchain, the DEX has now gathered over 390,000 users since its launch in November. Katana now has a TVL (total value locked) of $1.41 billion.
- While DEXs are growing, the SEC Chief has called for the centralization of crypto exchanges