Crypto News for Dec 6, 2021

  1.  Bitcoin falls over $9k in hours as Fed suggests higher interest rates 

Analyst and veteran trader Ilan Tennenbaum cited the correlation between the crypto market and the US stock market as a potential explanation for the drastic movement. Bitcoin had a rough weekend as the flagship cryptocurrency suffered a considerable drop in price on Saturday, plummeting from $53,000 to a low of $42,000, the lowest it’s been since October. The digital asset has since regained some ground, though, and was standing at just under $50,000 as of Sunday morning. Cryptocurrency as a whole is currently on the road to recognition by the Securities and Exchange Commission, which hopes to enact some form of regulation on decentralized currency.

  1.  Ross Ulbricht Genesis Collection NFT Auction Sees Millions of Dollars in Ethereum Bids 

On December 2, the Ross Ulbricht Genesis Collection auction of non-fungible token (NFT) assets kicked off at Art Basel Miami via the Superrare platform. After the bid of 666 ETH, the Twitter account that belongs to the creative director at Swan Studios, Brekkie, told his 40,000 Twitter followers that Ulbricht’s NFT art was beyond inspiring. The Ulbricht NFT collection auction ends on December 8, and so far the auction has seen a bid of 666 ether or roughly $2.6 million. Additionally the project Pleasrdao aims to up the ante as the “Free Ross DAO” bidding on the collection has raised 1,042 ether or $4.2 million to date.

  1.  Visual Arts Commentary: NFT Art — Disinterested Creativity or an Investment Strategy?

A non-fungible token is a unique and non-interchangeable unit of data stored on a digital ledger. NFTs can be associated with easily-reproducible items, such as photos, videos, audio, and other types of digital files. An NFT can be any type of digital file, including an artwork, an article, a photo, music or even a meme, such as “Disaster Girl,” the original photo of which sold for $500,000 in April this year. This NFT is an image of four year old Zoë Roth watching a house on fire in 2005. NFT art is a new way of categorizing digital artworks that enables artists to monetize their creations.

  1.  Virtual Land Adjacent to Snoop Dogg’s Sandbox Estate Sells for $450K in Ethereum 

The popular American rapper Snoop Dogg revealed at the end of September that he acquired land in the blockchain-based virtual metaverse The Sandbox and had plans to recreate his mansion. Then at the end of September, Snoop partnered with The Sandbox, a gaming ecosystem where people can create, share and monetize NFTs and gaming experiences on the Ethereum (ETH) network. On December 2, The Sandbox held a “Snoopverse Land Sale,” which allowed participants to purchase land adjacent to the famous hip hop star’s virtual estate.

  1.  Bored Ape Yacht Club NFT Sold For 90 ETH 

Bored Ape #7060 just sold for 90 ETH ($363,606 USD). The value of Bored Apes is typically determined by the Ape’s attributes, with the laser eyes, crown, and golden fur traits being the most coveted. Bored Apes are the ultimate store of culture for NFT collectors. The NFT collection has gained huge influence in 2021, with an ever growing list of top tier celebrities making apes their profile pictures on Twitter. With the recent explosion in popularity surrounding the Metaverse, rare blockchain-based avatars are all the rage for those looking to flex online.

  1.  Cryptocurrencies – with volatility comes opportunity 

Cryptocurrencies’ volatility is not without opportunity, stressed Sinegy’s co-founder and managing director, Kelvyn Chuah (pix). Volatility notwithstanding, Chuah pointed out that local digital asset exchanges (DAX) have engaged in educational outreach programmes to expose this asset class to the average consumer. “As the public become savvier, they will ultimately know what a good percentage of their net worth is to put into this asset class,” he told SunBiz. In November, bitcoin – the flagship cryptocurrency – reached an all time high of US$68,521 (RM289,878) on Nov 5, 2021 before plunging roughly 20% to US$54,321 on Nov 26.

  1.  NFT music platforms to disrupt Spotify in 2022, Saxo Bank predicts

According to one of Saxo Bank’s “Outrageous Predictions 2022: Revolution,” music creators will benefit from NFT-based streaming platforms, as they allow distributing music directly to listeners without centralized intermediaries charging a fee. As popular music streaming services like Spotify cut much of musicians’ revenues, new technologies like nonfungible tokens (NFT) will likely help artists grab back their fair share, Saxo Bank predicted.

  1.  Here’s Exactly How To Optimize for Social Security’s Monthly Max Benefit 

The maximum Social Security benefit is available only to people who earn the maximum taxable income. That’s because benefits are based on average wages earned throughout a career. To max out your benefit, you need the highest average wage possible. Work for at least 35 years. The average wage benefits are based on is calculated using the 35 years when you earn the most, on an inflation-adjusted basis. If you earn at least the wage base limit for a full 35 years, you still haven’t yet earned the max Social Security benefit. There’s one more step you must take. You’ll have to also wait to claim benefits until 70.

  1.  What is Bloktopia? (BLOK)

Ross Tavakoli, CEO, and co-founder of Bloktopia, wanted to have a platform where crypto natives can be transported in an alternative universe to experience virtual reality in a whole new light. Bloktopia is a virtual skyscraper filled with various functionalities that allows platform users to learn and earn in multiple ways. To enter Bloktopia, a user must create a Bloktopia Wallet which can be simply created through his email or social media account and this wallet will serve as an entry pass and storage for BLOK Tokens, which will be discussed later.

  1.  HurricaneSwap: How to Enhance DeFi Security?

For DeFi projects, safety is undoubtedly the first, followed by product experience and technological innovation, which determines the length of time to survive in the market. However, to chase the DeFi hype, batches of projects have emerged, many of which are just copycats, pursuing short-term benefits and ultimately causing loss of user funds when security issues are exposed. While DeFi has proven itself, many investors still worry about exposing their money to risk. Media headlines also highlight the frequency of hacks and rug pulls is increasing.