Weekly Flip Thru: Positive News Percolating in the Crypto World
Crypto prices rebounded following the weekend of June 18, 2022, which saw prices for bitcoin (BTC) dip below $20K for the first time in 18 months. Although prices for bitcoin remain more than 60% off their all-time peak in late 2021, other coins continued a modest rally as July looms. Here’s a peek at some of the most relevant news from crypto markets and the macro environment as we head into the week of June 27, 2022. Volume may be slightly sleepy this week in the U.S., as investors head out early for the holiday weekend.
Crypto Market Cap to Reach $32.5 Billion by 2028, According to SkyQuest Capital (Yahoo! Finance): Even with the bear-market shift in crypto, at least one capital firm is confident of continuing demand for digital assets in the coming half-decade. SkyQuest Capital does acknowledge some of the big-picture developments that may have accentuated dips in the market, such as war in Ukraine and China’s ban on initial coin offerings (ICOs). But they back up their bullishness on crypto’s staying power by pointing to its backbone as a secure and anonymous platform for direct payments, as well as an influx of venture capital funding in the crypto startup space.
Crypto Platform FalconX Reaches $8bn Valuation (Reuters): Digital asset prime brokerage FalconX was recently given an $8 billion valuation by Singapore-based sovereign wealth fund GIC and B Capital. The crypto firm has more than doubled its valuation over the past year. And what’s more, FalconX is hiring. The digital assets platform has plans to grow by 30% over the next few months.
Solana Smartphone Announced (CoinDesk): Solana Labs unveiled their concept for a crypto smartphone. Not only viewing it as a piece of hardware, Solana is pitching the device as a proof of concept for a software development kit built for Web3 and dubbed the Solana Mobile Stack. The engineers behind the Solana phone, named the “Saga,” envision it as a privacy-first phone where logins and passwords aren’t needed, and apps won’t track user data by default. Could this be laying the groundwork for other big players in the mobile space to adopt their playbook? The Solana phone probably won’t outsell flagship phones from the likes of Apple, Samsung, or Google. But in a world where more users are likely going to care about safeguarding their privacy, the Saga may end up having plenty of fans.
Chainalysis Launches 24/7 Hotline for Crypto Crime Victims (CoinDesk): Scams are a blight that almost nobody welcomes with open arms. Each scam that’s identified and thwarted gives the crypto community a chance to teach others about the methods used by fraudsters and to create a safer community for investors overall. It’s important that more people feel safe and secure bringing their money to the table in the crypto world, so resources such as a hotline for scam victims are a step in the right direction.
What Can I Buy with My Crypto? (Cryptopolitan): Finally, let’s look into the expanding landscape of where crypto is being accepted as payment. Luxury fashion labels such as Gucci are leaping headlong into the crypto space, accepting a number of popular cryptocurrencies – even Dogecoin (DOGE) – as payment. More exchanges are looking into ways for crypto investors to use their crypto without needing to convert their holdings into fiat currency (which they can easily do with one of CoinFlip’s buy-sell ATMs, btw), including offering credit cards to early adopters, as digital wallet provider Xchange Monster announced it would do with its crypto-powered card.
More Reading: What Businesses Accept Bitcoin Payments?
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