TS Weekly News 3 (13.06 - 19.06.2022)
Last week, #bearmarket was extensively trending on Twitter for terms related to finance, business, and the cryptocurrency market. Let's discover what occurred throughout the previous week!
Blockchain Market
Cryptocurrency Bear Market
The term ‘bear market’ expresses a period of which downtrend in the value of a securities or commodities. Cryptocurrencies are famous for their pumps in price and quick development in the short term. Many cycles of blazing summers have been observed in its history, followed by lengthy, freezing winters. The previous slump started in early 2018 and lasted around 2.5 years.
In the last three months, as inflation has risen and recession fears have spread, the price of bitcoin has plunged from $48,000 to around $21,000. A number of experienced investors believe that we are in a protracted period of low pricing. Proof of the sink to approximately $17,500 BTC and $880 ETH happened last week.
The orders to withdraw on Binance were then suspended because of a "stuck on-chain transaction." However, it just occurred in the 30 minutes, and CZ stated that “Funds are SAFU.”
In addition to larger economic concerns and the recent demise of the "stable currency" TerraUSD, widespread suspicions have emerged over the crypto lending platform Celsius. Coinbase, one of the successful exchange platforms, was public in 2017 and has since been the cryptocurrency entry point for many newbies. In February 2022, they planned to go on a 2,000-person recruiting but now, its stock value is only 15% compared to back then. A blog post from CEO Brian Armstrong said, "We expanded too rapidly." Due to increasing macroeconomic circumstances, Coinbase decided to lay off around 1,100 employees.
This period will pass, but investors are now hesitant to make decisions. Trait Sniper continues to strive to provide readers with valuable content. Reviewing and researching existing case studies in depth would be beneficial. Access our blogs here!
NFT Market
OpenSea x Seaport
OpenSea has announced the launch of their ‘OpenSea Seaport Protocol’ in May. In short, Seaport is the new web3 marketplace protocol for OpenSea. Furthermore, Seaport is an open-source protocol, allowing other markets to use it if they so want.
The purpose of Seaport is to make buying and selling NFTs more affordable and convenient. In addition to being an open-source project, OpenSea claims that Seaport is "inherently decentralized." This makes it more attractive to Web3 developers and lovers.
Buying NFTs with MasterCard
Mastercard revealed that cardholders may now buy NFTs without bitcoin. The move is an attempt to make purchasing NFTs simpler and more secure. The firm has worked with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and MoonPay to achieve this.
Currently, the majority of NFT markets solely accept cryptocurrency payments. This indicates that there is a substantial barrier to entry for non-crypto users. This issue is resolved by Mastercard's most recent project, which makes the acquisition of digital assets simpler than ever before.
Luxury brands and NFTs
Swiss Luxury watchmaker TAG Heuer
TAG Heuer collabs with BAYC and CLONE-X to create a smartwatch that can display NFT and connect to crypto wallets like MetaMask and Ledger Live. TAG Heuer said in his blog that “Some NFTs are still images, and some are animated GIFs. TAG Heuer’s watch face will support these formats in crisp detail, with animations looping infinitely” and "verified NFTs are displayed in a hexagon with a cloud of particles gravitating around the image.” The NFT function will be added free to all Tag Heuer Calibre E4 owners through Apple’s App Store and Google Play.
YSL Saint Laurent
Yves Saint Laurent Beauté, a famous beauty brand belong to L'Oreal, announce the debut in the NFT market. The beauty brand has cooperated with a number of Web3 players, such as the Wunderman Thompson agency and Arianee Web3 solutions.
YSL Beauté intends to develop a token-gated Web3 hub and branded wallet. Customers are able to discover and engage with communities established using the most recent Web3 technology. In addition, the virtual environment will be a place where everyone may feel bold, adventurous, powerful, and most importantly, liberated.
Final Thought
Despite a difficult week on the cryptocurrency market, the growing interest of investors in blockchain, Web3, the metaverse, and NFT is shown by the activity of leaders in industries such as banking, beauty, etc. Therefore, to avoid missing any information, access the Trait Sniper blogs and enjoy!