Hello,
Welcome to your bi-weekly crypto-verse update with Breach. |
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In today's edition:
- China's Property Markets and Global Stock Markets.
- Housing Markets want in on Crypto.
- Snoop Dogg is an anon NFT Fan.
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The Movers
Bitcoin (BTC) - $44,856.17 (-6.67%)
Ethereum (ETH) - $3,134.50 (-8.34%)
Cardano (ADA) - $2.13 (-10.32%)
Solana (SOL) - $140.04 (-13.40%)
Binance Coin (BNB) - $381.78 (-7.16%)
Ripple (XRP) - $0.96 (-10.78%)
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What did Global Stock Markets say to Evergrande? |
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What's going on? The Chinese government has been working to reduce debt in their real estate market, and Evergrande (the most indebted property company in the world) may get the short end of that policy. The company has been struggling for months to pay its debt and officially informed investors and lenders that it might default on payments. This triggered liquidation (or sales) of high-risk assets, including cryptocurrencies.
And if Evergrande confirms defaults? It will affect stock market cash flow, and people might "sell crypto to raise cash" says Stephane Ouellette, CEO of FRNT Financial, a crypto derivatives firm in Toronto. Evergrande is also tied to China's commercial paper market, which Stablecoins (asset-backed digital currencies) like Tether is pegged to. Tether has since reassured investors that it has no ties with Evergrande.
How do you play? Investing in crypto is highly speculative and while sceptics are quick to sell, others like El Salvador's President, and investment professionals believe past crypto trends point to a rise is around the corner. This may be a good time to begin your investing journey or solidify your positions.
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Housing Markets want in on Crypto. |
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Bitcoin has seen the biggest applications and integrations in mainstream commerce. Now, real estate is gearing in. New York real estate company- Magnum Real Estate Group- is now accepting Bitcoin as payment for the sale of three stories valued at $29 million. This could be the largest real estate payment in Bitcoin, but it's not the only one. In June, an anonymous buyer paid $22.5 million worth of crypto for an oceanfront condo in Miami. Similarly, commercial real estate and shared workspaces company-WeWork- announced in April that all their locations now accept Bitcoin, Ethereum, and a few others as payment.
Digital Commerce wants a slice of the pie too. Commerce giants, Shopify has integrated Bitcoin, and word has it that Amazon and even Twitter's "Tip Jar" is considering Bitcoin and other crypto payment methods.
Real estate and commerce's interest in crypto signals that financial markets are warming up to digital assets, an indication of long-term value.
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Snoop Dogg is an Anon NFT Stan.
Will he be dropping NFTs like it's hot? |
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Remember when Snoop Dogg said "If you stop at general math, you're only going to make general math money"? It looks like the Famous rapper is living up to his own words. After launching his own branded collectibles, and bagging a collaboration with the creator of the popular meme, Nyan Cat, there's more stuff under Snoop Dogg's sleeves.
On Monday, he tweeted that he’s the one behind CozomoMedici, an anon Twitter account that discusses NFTs. Worthy of mention: CozomoMedici's wallet holds an estimated $17 million worth of Ethereum NFTs, including nine CryptoPunks.
NFTs are also gaining popularity in charity/fund-raising. On Monday, NFTs inspired by Freddy Mercury— the frontman of the British rock band, Queen—went up for auction on NFT platform SuperRare. The project was created to raise funds for Mercury Phoenix Trust (MPT), a charity created in memory of the singer, to raise funds for HIV/AIDS.
NFTs have a pretty diverse and solid fanbase- from sports celebrities to tech giants. More interest from pop culture trendsetters will further deepen market value.
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The Breach Read List
- After experiencing over 400,000 transactions per second in transaction load, the Solana blockchain came back online after an hours-long outage. (TheBlockCrypto)
- PayPal’s Bitcoin trading services are now fully available in the United Kingdom after the global payment giant began rolling out services last month (CoinTelegraph)
- Cross-chain DeFi platform pNetwork has been hacked on Binance Smart Chain to the tune of approximately $12.7 million worth of Bitcoin. The company has offered a Bounty and is currently working with authorities to find the culprit (Yahoo Finance)
- OpenSea executive who used insider information to profit off of NFT trades has resigned and the company has "banned insider trading" (The Street).
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