Latest In Crypto, NFTs & Web3

Hello, again, and welcome to the most recent edition of my Latest in Crypto, NFTs & Web3 newsletter.?

As usual, things keep moving at a breakneck speed in this space, so let’s not waste any time and dive right into it.

Cryptocurrency Market Crash or General Market Crash?

During the months of May and June 2022, the crypto market has seen itself go down a rabbit hole of losses. As all markets suffer post-pandemic, global conflicts and inflation, it is normal to wonder if this is a general trend or specific to the crypto space. What do you think?

$5 Trillion Metaverse - McKinsey Report

According to a new McKinsey report, the Metaverse could be worth $5 trillion by the year 2030. The report analysed current adoption trends and gathered information from two other global surveys. The global consulting firm used the data gathered to predict the future of consumer behaviour inside the Metaverse, and narrowed down the five primary activities into remote learning, socialising, fitness, business, and, of course, gaming,

Circle To Introduce New Euro-Backed Stablecooin in the USA

Circle Internet Financial, the company behind the USD Coin (USDC) is set to launch a new euro-backed stable coin in the United States by the end of June. The Euro Coin (EUROC) will be backed by Euro reserves in the US.

As EU regulators continue in their process to set up rules for stable coin issuers, I wonder, how will they take the news of a euro-backed stable coin issued under U.S. standards?

Celsius Solvency Problem

As the CEL token takes a very downward turn, holders fret about the project’s insolvency. Over the last few days, the CEL token has gone down around 50%, and the company has, as of Monday, paused all withdrawals, transfers and swaps.

They claim the situation is due to ‘extreme market conditions’. Last weekend, withdrawal requests accelerated from CEL holders, but since it has all been halted, for now, holders have nothing to do but wait.

Crypto Companies Layoffs and Hirings

During these turbulent times in the market, a lot of cryptocurrency-related companies have been announcing lay-offs, Crypto.com, Coinbase and BlockFi among them. But, Binance, Kraken and Polygon have taken this time to actually add new people to their staff!

Lawsuit Against Musk, Tesla & SpaceX

It seems our modern-day Ironman, and two of his companies are being hit with a $258 Billion lawsuit from some people who have lost a lot of money trading with Dogecoin. The lawsuit claims Elon Musk allegedly pumped Dogecoin and was part of a scheme to back the cryptocurrency.

Security Vulnerabilities Solved

Two of the largest crypto wallet providers, MetaMask and Phantom, stated in a blog post this week that they fixed a security issue that could have made vulnerable users sensitive information from compromised devices.?

Both companies claim there is no actual evidence that this issue was ever exploited by any attackers, so no user funds were affected, but this brings to the spotlight the clear difference between digitally connected wallets and hardware wallets, which many consider, of course, a lot less convenient… but definitely safer.