This week in cryptocurrency has been anything from dull; get ready for some significant upheavals, surprising turns, and plenty of digital drama. Click for more hints about this page!
First of all: The financial behemoth Vanguard attracted news for inaction. They have formally said “no thanks” to spot Bitcoin ETFs even though demand is great. The action infuriated the bitcoin community everywhere. “Like getting socks when you asked for a PS5,” one Reddit member said, capturing it exactly. Vanguard says its main focus is shielding consumers from changes in the market. On the other hand, behind the scenes Insiders imply it’s more about old-fashioned resistance to accept the future and regulatory difficulties.
Ripple (XRP) is once more in the forefront meantime. While some would consider a partial settlement with the SEC as a significant victory, others remain dubious. Still, XRP skyrocketed in value and started a trading frenzy. One fortunate investor even boasted about making a fast $2,000 profit. Still, given legal concerns, it’s not sure if the gathering has legs.
Users of Ethereum were pleasantly surprised to find that gas prices reduced dramatically over night. For what? A crypto whale left in great numbers, therefore relieving network congestion. While some praised the less expensive trades, others feared they might indicate liquidity fleeing the market.
NFTs are not remaining still either— Literally. This week the talk is on “Dynamic NFTs,” collectibles that change depending on actual data. Imagine fantasy sports in relation to blockchain. Reactions are divided; some people find it genius while others roll their eyes.
Not all the news, meanwhile, is positive. Using a flash loan exploit, hackers attacked once more draining $18 million from a DeFi platform. On Telegram, anarchy broke out, memes flying and trust suffering another blow.
All things considered? In cryptocurrencies, anarchy is a regular passenger. Prepare yourself.