Metaverse-as-a-service will be the basis of the next internet era of Web3

The concept of the Metaverse has been around since the 1980s, but it has only been in recent years that we’ve seen hundreds of projects popping up on the scene. What we are currently experiencing are gamified worlds with limited integration and engagement abilities. Right now, the Metaverse is still a blank canvas for early adopters to test and entertain the concept. When looking at the future of engagement in the Metaverse and bridging the gaps between the physical and digital worlds, however, we need to push the boundaries and…

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Fed hikes interest rates by 50 basis points in effort to combat inflation

The United States Federal Open Market Committee (FOMC) concluded two days of meetings Wednesday with a widely anticipated announcement of an interest rate hike of 50 base points, or 0.5%. It is the second of an expected seven rate adjustments this year. In March, the Federal Reserve raised its benchmark rate by 25 basis points, or 0.25%, marking the first upward adjustment since 2018.  Markets were braced for Wednesday’s hike, which was the steepest since 2000, so the immediate reaction was expected to be moderate given that Fed chair Jerome…

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Grayscale tells SEC ‘no basis’ to approve Bitcoin futures ETFs and not spot ETFs

Grayscale Investments has fired back a the U.S. Securities and Exchange Commission (SEC) over the recent rejection of VanEck’s spot Bitcoin ETF application. The operator of the Grayscale Bitcoin Trust (GBTC) issued a letter to Secretary of the SEC, Vanessa Countryman, on Nov. 29 to argue the SEC is wrong to reject spot Bitcoin ETFs since it has now approved three Bitcoin futures ETFs, one each from VanEck, Valkyrie, and ProShares. Grayscale argues that the SEC has “no basis for the position that investing in the derivatives market for an…

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Top Trader Expects Ethereum and DeFi Remains Bullish on a Short-Term Basis

Ethereum currently trades for $450 as of this article’s writing, stuck in a short-term range with DeFi coins as Bitcoin has entered a phase of consolidation. Analysts are optimistic about the leading cryptocurrency due to technical signs indicating it may run back toward the highs. Bitcoin is also seen as bullish by many analysts, who point to on-chain trends. Bitcoin continuing to press higher should bode well for Ethereum over a medium-term and long-term time frame. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Ethereum and…

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It’s “Thin Air” For Bitcoin If Price Crosses $14,000 on a Macro Basis

Bitcoin has undergone another massive leg higher over the past day. After bottoming at $12,800 yesterday, the cryptocurrency has surged higher towards $13,800. The coin currently trades for $13,700 as it attempts to stabilize after the daily candle close. Analysts are getting ready for fireworks as Bitcoin nears the pivotal $14,000 resistance level. $14,000 has long been an important level for Bitcoin, marking the highs almost perfectly during 2019’s surge to the upside in the summer. Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom Bitcoin Expected…

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XRP Army’s Cost Basis Per Coin is $1.38 — 7X the Current Price

Most XRP investors are “deeply in the red” according to Messari crypto analyst Ryan Watkins, using realized capitalization as the metric Watkins made the claim in a June 16 tweet saying that “XRP’s aggregate estimated cost basis is $1.38”, based on the realized cap of the cryptocurrency. As the current value of XRP is $0.19, this would mean token holders paid on average more than seven times the price. The realized capitalization of a token is a metric created by crypto analytics site Coin Metrics. It is calculated by valuing…

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Digital Currency as a Basis of Post-Crisis World Order

The global economic crisis caused by the coronavirus panic is so severe that the world’s most powerful central bank, the United States Federal Reserve, announced “QE infinity.” Bank of America Securities is estimating that the Fed could spend up to $8 trillion. While the U.S. pledged to help support stocks with infinite asset purchases, it is believed that the U.S. unemployment rate could nonetheless hit 30% for  the first time since the Great Depression. The dollar’s reserve status continues to be questioned, especially as policymakers expand the money supply. The…

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Bain, Lightspeed Back First ICO With $133 Million Basis Funding

It turns out investors are interested in central banking alternatives. Announced Wednesday, Basis (formerly known as Basecoin) has raised $133 million (most of which was reported last week in an SEC filing) in an initial coin offering (ICO), a round that featured an all-star cast of investors originally first revealed by CoinDesk back in October. But if that funding round sounds big, so too are the project’s ambitions with Basis seeking to offer a so-called “stablecoin,” or cryptocurrency that would maintain a stable price in what has proven to be one of the…

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