welcome back everybody to altcoin daily where you subscribe for daily videos on everything
going on in cryptocurrency cryptocurrencies are in free fall there's no getting around this
this is coming after well the biggest catalyst perhaps in the recent weeks is the fed rate hike
the largest in over two decades today bitcoin was hovering around thirty four thousand dollars
ethereum hovering around two thousand five hundred i still don't fully understand break it down for
me real simple what is causing crypto to tank all cryptocurrencies are being weighed down
as central banks globally try to control inflation by raising interest rates bitcoin in fact is down
more than 20 percent since the beginning of the year and what exactly is the policy change that's
making bitcoin go down well the u.s federal open market committee last week voted to raise
interest rates by 50 basis points marking the biggest upward adjustment in over two decades
is that it no that's not it but that's part of it why is bitcoin going down well tldr runaway
inflation war in europe parabolic dydx raising interest rates s p and nasdaq putting in new lows
the fact is the macro environment is risk off and bitcoin and crypto is a risk on asset class in the
short term whales in full control so where does that leave us well in the cryptocurrency market
for those uninitiated we're seeing extreme fear is extreme fear in the market now there was extreme
fear in the market yesterday there was extreme fear in the market last week of course you know
what they say if your investment thesis has not changed when there's fear in the air that's the
time to get greedy when there's blood in the streets that's the time to buy so my question
to you is has your investors thesis changed for bitcoin or ethereum or whatever it is for you
for me no it hasn't keeping my eye on the prize over three billion users coming to crypto by the
end of the decade total global crypto users are in the orange total global internet users from
92 to o6 are in the white the technology adoption curve is still in growth mode and when you look in
to what's going on behind the scenes these are things we talk about on the channel nearly on a
daily basis you come to understand that building integrations are getting put in place today that's
going to be here for years down the line if not decades for instance this is really big
meta's instagram instagram to support nfts we already knew that the news is they will
be supporting nfts from ethereum from polygon from solana and from flow the social media powerhouse
won't charge users for showcasing their crypto art find out the details understand why this is big
nfts from some of the most popular blockchain networks for crypto art are coming to instagram
with the announcement of a pilot as soon as monday the pilot will feature a small group of nft
aficionados based in the u.s it wasn't immediately clear whether instagram would support nfts from
all four chains at launch what we tend to see is ethereum first and then maybe polygon or solana or
maybe flow but ethereum seems to always be one of the first instagram intends to support widely used
crypto wallets such as metamask plugging in their wallets users will be able to prove nft ownership
showcase them on their profiles and tag creators who made them coindesk has confirmed instagram
will not charge users for posting and sharing nfts as twitter initially did with its hexagonal
nft profile picture in january this means to me way more people will take advantage of it
the decision likely spells a rush of new cultural visibility for nfts instagram has
over 1 billion monthly active users many of whom use the platform to promote and market their art
how about this google cloud forms web 3 team with blockchain focus the division will primarily serve
business customers looking to leverage blockchain google getting in is a big deal how about this
robinhood lists grayscale's bitcoin and ethereum products well wait a second i thought robin hood
laid off nine percent of its workforce last month i thought we were seeing bearish things
from robin hood well understand this yes robin hood laid off its workforce last month almost 10
but its crypto business is proceeding unabated this is the tl dr robin hood now supports the
greyscale bitcoin trust and the greyscale ethereum trust while its overall business has suffered
robinhood's crypto revenue grew from q4 2021 to q1 2022 grayscale has also submitted new crypto
based products to the sec for consideration of course we're talking about the spot etf
but robin hood's crypto side of the business has not suffered and that is a big metric the fact is
we have by pressure coming from so many different types of entities now compared to where we were
two years ago four years ago definitely six years ago did you realize that terra is now beating
tesla as the second largest corporate bitcoin holder after their 1.5 billion purchased last
week now you might be saying well wait a second terry ecosystem is facing pressure the stablecoin
just got de-pegged true terra's ust stablecoin briefly lost its peg to the dollar earlier this
morning due to intensified selling pressure and borrowing demand and it's important to note that
terra did not sell one satoshi yes it briefly lost its peg it's getting battle tested this is how we
can have greater confidence in the future as these protocols get battle tested like bitcoin's been
battle tested for 13 plus years but tara did not sell one satoshi the reason i bring this up is
because let's pivot and talk about what cardano is doing do we have any cardano fans in the audience
let's update you on what's going on with their algorithmic stable coin cardano set to onboard
game-changing algorithmic stablecoin rivaling terra's ust the more types of these the better
the more competition the better better for us as users the concept of algorithmic stable coins has
recently created a lot of buzz in the crypto space with terra's ust as the center of many chatters
it appears that the model has gained adherence among crypto architects the news is this cardano
and eos have revealed that they will be taking a cue from tara by launching algorithmic stable
coins backed by crypto the two blockchains joined the likes of tara and tron in choosing
not to back their cryptocurrencies with fiat reserves so let's talk about how all this works
algorithmic stable coins are cryptocurrencies whose value is pegged to a real-world commodity
or fiat currency but backed and stabilized by other cryptos this new generation of stable
coins differs from collateralized stable coins like tether and usd coin backed by fiat reserves
the argument for this new model is that it creates a better decentralized system that eliminates the
risk that comes with a stable stablecoin having a centralized issuer and operator according to
this recent announcement cardano's algorithmic stablecoin offering djed is now live on testnet
djed according to the post will be stabilized by ada and backed by shen which will serve as the
assets reserve currency cardano's djed was first announced in september last year and
is expected to be used to pay fees on the cardano network so cordano's ecosystem
is growing there's so much building and integration happening behind the scenes
bullish on alternative layer ones like cardano bullish on scaling solutions for eth
like polygon seven reasons to be bullish on polygon in 2022 stripe and polygon
stripe the global payment giant is making its foray into the cryptoverse with polygon soon
stripe will allow business owners to pay using usdc on polygon plus twitter will be the first
to use it imagine the possibilities number two underpinning blockchain in lugano lugano is a pro
crypto city based in switzerland and has decided to settle its stablecoin transactions on polygon
thanks to its low fees the crypto friendly swiss town recently made bitcoin and crypto legal tender
investors in polygon polygon has been massively funded in february polygon raised 450 million in
funding led by asia's biggest crypto investing firm sequoia capital with participation from
leading global investors including animoka 776 and kevin o'leary aka mr wonderful
red pilling web 2 companies polygon is on boarding web 2 based companies into the decentralized world
of web 3. draftking is a nasdaq listed sports betting company has partnered with polygon
and has announced setting up a validator node to help decentralize its proof of stake network front
running the play to earn gaming space polygon studios the gaming metaverse arm of polygon
is working at the forefront to bring game fight and metaverse to the masses guess who's heading
it it's ryan watts ex-head of gaming at youtube to build out the gaming division on polygon
supernet chains polygon has several other scaling solutions besides its famed and widely used proof
of stake chain one of them is supernet chains these are a set of highly scalable interconnected
chains allowing devs to build their project in customizable environments with zero cost
to incentivize devs to build on these super net chains the foundation has announced a 100
million support fund and then finally hermes 2.0 nightfall avail maiden zero launching live this
year slash on test net these are big upgrades to polygon the polygon team will be launching
hermes 2.0 and nightfall to livenet later this year and the veil maiden and zero chains will
be hitting test net before the end of the year these coupled with the ethereum merge expected
in the fall will drive huge adoption also don't forget an enterprise chain is also in the works
so you better believe i'm bullish on polygon and other eth scaling protocols that's it for me today
my name is aaron at altcoin daily subscribe for daily cryptocurrency content we keep you updated
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