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Going nowhere quick 🏃💨
For all the joy round bitcoin exchange-traded funds (ETFs), the cryptocurrency market has didn’t make a lot headway because the launch of the primary bitcoin futures ETF final week. The bitcoin worth, after hovering within the run-up to ProShare’s ETF launch, has traded sideways since—even because the second bitcoin futures ETF is set to launch today.
Ethereum has additionally struggled to make headway, with its rally coming off the boil at simply over the $4,000 per ether mark. Ethereum is flat on the final 24 hours. One among its greatest rivals, solana, is kicking off the week with a bang, nonetheless, including 6% since this time yesterday and threatening to storm into the highest 5 most dear cryptocurrencies as measured by CoinMarketCap.
The meme-based dogecoin obtained a lift final night time after Tesla
Now learn this: The ETF revolution is going to disrupt bitcoin
The way forward for Fb
Metaverse metamorphosis: Fb will this week define precisely the way it envisions its transformation from the world’s greatest social media firm to a “metaverse” firm.
Why it issues: Fb, greater than two years since asserting its now-hobbled libra cryptocurrency, continues to be looking for a method out of its advertizing-led enterprise mannequin that is more and more seen as poisonous and a menace to political stability by governments around the globe. Fb had hoped the stablecoin libra, now rebranded and downsized to “diem” after central banks and regulators balked on the idea of a Fb-controlled international foreign money, would possibly provide it a brand new path to monetization that does not rely upon ever-increasing engagement. The metaverse is stage two of that plan that is already been compelled to divert from its roadmap. Cryptocurrencies, non-fungible tokens (NFTs) and blockchain-based digital shortage are all expected to play a task in metaverses as constructing blocks of the digital financial system.
Masters of the metaverse: The metaverse, an idea that was born within the sci-fi dystopia of Neal Stephenson’s Snow Crash, has been described by Fb chief trade Mark Zuckerberg as a “digital setting” you’ll be able to go within as an alternative of merely taking a look at on a display. Zuckerberg will share his metaverse imaginative and prescient on the digital stage of Fb Join this week.
The massive image: Fb has lurched from scandal to disaster during the last couple of years, with the newest leaked paperwork displaying the corporate has struggled to stop the unfold of misinformation and abusive content material in India, fueling violence. Some two dozen information organizations have revealed—or will quickly publish—studies based mostly on paperwork leaked by whistleblower Frances Haugen.
From dangerous to worse: “We have to metal ourselves for extra dangerous headlines within the coming days, I’m afraid,” Fb VP of world affairs Nick Clegg wrote in a Saturday put up to staffers obtained by Axios.
The underside line: Fb is beneath hearth and desires a radical shift in its enterprise mannequin if it needs to flee being damaged up or extra intently regulated. The rising crypto-economy may play an element.
Now learn this: Inside the big Facebook leak
CoinMarketCap leak 📁
💧 CoinMarketCap, the favored bitcoin and crypto worth knowledge website that was lately acquired by crypto trade Binance, seems to have suffered a large-scale knowledge leak.
📧 Simply over 3 million electronic mail addresses linked to CoinMarketCap accounts have been reportedly being traded on hacking boards, in response to knowledge breach monitoring website Have I Been Pwned.
🗣️ “CoinMarketCap has turn out to be conscious that batches of knowledge have proven up on-line purporting to be an inventory of consumer accounts,” the crypto worth website mentioned in a press release. “Whereas the information lists we’ve seen are solely electronic mail addresses (no passwords), we’ve discovered a correlation with our subscriber base. Now we have not discovered any proof of an information leak from our personal servers—we’re actively investigating this situation and can replace our subscribers as quickly as we’ve any new info.”
The week forward ✨
👀 Look out for these crypto and crypto-related occasions this week…
🚀 In the present day, VanEck‘s bitcoin futures exchange-traded fund (ETF) is ready to start buying and selling in New York, following the launch of the primary “historic” bitcoin ETF last week.
📢 The CoinAgenda convention kicks off in Las Vegas for the eighth time, that includes Caitlin Lengthy, the chief government of Avanti Monetary Group and crypto billionaire Matt Roszak, the chairman of blockchain infrastructure firm Bloq, amongst others.
👍 Social media big Fb will dominate the information agenda all week as whistleblower Frances Haugen testifies earlier than the U.Okay. parliament’s web security committee right this moment. Fb can even report earnings after right this moment’s market shut and chief government Mark Zuckerberg will reveal particulars of its metaverse metamorphosis and new branding at its digital Fb Join occasion on Thursday.
🌍 This weekend, the COP26 local weather summit will get underway in Glasgow, Scotland. Bitcoin and crypto’s eye-watering carbon footprint could possibly be in for a kicking.
Now learn this: Forget NFTs, I collect cashflows