Welcome to the Decentral Weekly Crypto News Wrap-Up, where our colleagues Neil and Em review trending crypto news and debate, declare, or deny: “Is this a thing?”
What an incredible week for Bitcoin, and cryptocurrency news in general. Emily eats crow, Bitcoin EFT is approved and hits an all-time high, investment scammers are swiping right on dating apps, and we made a Squid Games crypto meme. While we usually have differing opinions, it’s impossible to paint this week as anything other than a resounding victory for the entire crypto sector.
We finally did it: the first Bitcoin ETF begins trading
Cryptocurrency investors and traders have all had a major question ever since they went down the crypto rabbit hole: when will the first Bitcoin ETF happen? Finally, the world’s first Bitcoin ETF began trading on Tuesday at $40 a share. The ticker, “BITO,” jumped over 4% on the New York Stock Exchange.
The trading volume was more than impressive at around $1 billion dollars. The beauty of an ETF is that it allows investors to invest in Bitcoin without having to deal with wallets or crypto exchanges.
Many cryptocurrency analysts have stated in the past that it would take an ETF to help introduce cryptocurrency to more “mainstream” investors. Without a doubt, the ProShares Bitcoin ETF was a complete success.
Neil says:
I’ve been following/researching the space for years, and the entire community has been waiting for a Bitcoin ETF for a long time. This is pretty massive news, and it’s further proof that crypto is ready for mass adoption. $1 billion the first day? This is a big win.
Em says:
Well, let me eat crow. Last time I said I wasn’t holding my breath for an ETF approval and here we are just days later and I’m proven wrong. Let’s hope this is the first in a domino of crypto-legitimizing moves by the SEC. Let’s go!
Bottom line:
Both Neil and Em agree this is a very good thing.
What do you think about the Bitcoin EFT news??
Comment on twitter using the hashtag #BitcoinEFT and tag @decentralpub –> your tweet could be featured in an upcoming shout out
BTC breaks all-time highs
The Bitcoin ETF was a major catalyst that was widely applauded by the cryptocurrency markets, so much so that Bitcoin has now made a new all-time high, above $66,000. This is a massive day for all Bitcoin investors, and a validating moment for the many crypto skeptics over the years who claimed that Bitcoin was a “fraud” or “worthless.”
CoinDesk claims that Bitcoin could hit $86K very soon according to its chart, but it might just be time to stop making predictions and enjoy the ride. In other incredible cryptocurrency news, Paul Tudor Jones, the legendary billionaire investor, just declared that he thinks crypto is a better inflation hedge than gold.
Neil says:
There’s no way to disagree here: this is massive! The fact that Bitcoin continues to make new all-time highs is a validation of the entire cryptocurrency space. It should be interesting to see where Bitcoin ends up by year’s end.
Em says:
I think everyone’s crypto wallets are sitting fat and happy this week. Who could really be mad, watching those green candles? I hope you all bought the dip and you’re ready to ride the bull market.
Bottom line:
Both Neil and Em agree BTC hitting an all-time high is validating for the cryptomarket in general?
What do you think? Is this the beginning or end of Bitcoin’s bull run?
Comment on twitter using the hashtag #BitcoinBullRun and tag @decentralpub –> your tweet could be featured in an upcoming shout out
Tether's under the weather
One of the reasons that investors are drawn to crypto is because of principles like trust and transparency. It doesn’t look like Tether Ltd got the memo, given that the stablecoin issuer was recently hit with a $41 million fine. While this might not be a massive blow, it does, once again, have many crypto enthusiasts wondering about Tether’s legitimacy and credibility. The CFTC, or Commodity Futures Trading Commission, was the regulator responsible for the fine.
For a long time, Tether has been mired in controversy for some reason or another. Many cryptocurrency analysts have suggested that Tether was artificially propping up the market, and that it wasn’t the dependable stablecoin that others imagined. In July 2021, it was reported that Tether executives were going to face a criminal probe. Vitalik Buterin famously called it a “ticking time bomb.”
Is this really the demise of Tether, or is this just another day at the office?
Neil says:
It’s a bit depressing because it literally seems like Tether is involved in one massive scandal after another. I’m not sure if a $40 million fine really does much, but I do wonder if other stablecoins will emerge eventually. It seems like the scandals never end with Tether.
Em says:
Isn’t the whole point of cryptocurrency to escape the stranglehold of debt-backed fiat? What exactly is the point of debt-backed stablecoins? Especially if Tether was advertising it as being backed by actual dollars. Maybe it’s only a slap on the wrist but, as far as I’m concerned, keep the fines coming.
Bottom line:
Emily thinks the fines should keep coming, while Neil thinks the fine doesn’t address the real issue.
Who’s right?
The NBA plays ball with Coinbase
What’s more “mainstream” than basketball?
It appears as though Coinbase has struck a sponsorship deal with the NBA and WNBA. Although exact terms were not disclosed, the company will apparently be leveraging multiple NBA platforms, and the ultimate goal is to increase public awareness about the company and blockchain technology. With viewership back up, this partnership will certainly help spread the word about cryptocurrency investing.
The NBA is hoping to rake in somewhere around $10 billion this year, an obvious improvement from last year. Fans are returning to games, and sponsorships are expected to pick up rapidly. This is the first cryptocurrency sponsorship deal in NBA history, so Coinbase has made quite the major move here. The NBA is currently enjoying its 75th anniversary season.
Coinbase remains one of the most powerful and influential companies in the cryptocurrency sector, boasting a market capitalization of over $60 billion. The company trades under the ticker symbol COIN.
Neil says:
Yeah, I’d say this is a thing—and a pretty big deal. I don’t know if there’s going to be a Coinbase stadium anytime soon, but Coinbase has a lot of money, and they benefit from growth in the crypto ecosystem.
Em says:
Cool. Good for Coinbase and the NBA, I guess. Honestly, though, I don’t care about sports so this advertising will never hit my eyeballs. Perhaps the basketball viewing audience is a good market to target but it’s not really an arena I have much stake in.
Bottom line:
Neil thinks this is a thing, but Emily isn’t moved.
Who’s right?
All I want for Christmas is crypto
Mariah Carey has had an incredible career in music, but it looks like she’s interested in crypto these days. The Queen of Christmas has teamed up with the cryptocurrency exchange Gemini, offering $20 worth of free Bitcoin once followers sign up for a Gemini account. Gemini was founded by the Winklevoss twins, crypto billionaires, and influential figures in the crypto sector.
This is more than your average celebrity sponsorship deal. Through the Gemini partnership, a portion of trading fees will be donated to Black Girls Code, a nonprofit focused on providing technology education to African-American girls.
Look, we’re not saying that Mariah Carey can single-handedly move the markets…but Bitcoin DID hit an all-time high right after her Instagram post. Just saying.
Neil says:
Mariah Carey’s a legend, and it’s cool to see her embracing crypto.
Em says:
We love it for her! Hopefully the queen of Christmas will hodl to the moon. My only concern is if she gets so immersed in crypto (how could she not, amirite?) that any forthcoming, iconic Christmas content gets compromised. Please don’t let it happen Mariah!
Bottom line:
Both Neil and Em appreciate the Carey to crypto storyline arc.
Do you agree?
Bad idea of the week: Bitcoin and Bumble don’t mix
Hundreds of millions of people all over the world turn to dating apps to find love, lust, and everything in between. If you’ve ever had a Tinder tryst, you aren’t alone: 30% of Americans have tried out online dating in some form or another.
What does this have to do with the cryptocurrency news?
Unfortunately, it appears as though scammers are finding victims on apps like Tinder and Bumble. Apparently, the scam extends across continents, and cybercriminals racked up almost $1.4 million in Bitcoin from it. It gets worse: the cybercriminals can actually access the phones of the victims and control their devices remotely.
The scam is quite simple: the scammers would suggest that they move the conversation outside of the app. Once this was accomplished, the scammers would try to convince victims to download a fake cryptocurrency trading app. If you’re looking for digital love, keep your eyes peeled for anyone telling you to install anything…even if they compliment your selfie.
Neil says:
If you match with someone on a dating app and they ask you to download something, I hope that most people understand that it will never be something good. Dating apps are already hard to navigate, but…
Em says:
I mean…all I can say is that if you were unlucky silly enough to get your wallet drained by a dating app scam, I hope you at least found love—although I’m just a tad skeptical. RIP everyone taking investment advice from randos in your DMs.
Bottom line:
Both Neil and Em agree that crypto scams on dating apps are not a good look.
Do you agree?
Meme of the week
We hoped you enjoyed reading our hot takes and debates in this weekly wrap-up of the cryptocurrency news from Decentral Publishing!
Here is your beloved meme of the week.
Squid Game just became the most-watched Netflix show of all time, so it’s only right that we give you the best—and most wholesome—Squid Game crypto meme around.
