In your nightly crypto news wrap-up, we bring you the top crypto stories. Barry Silbert lawyers up, filing a lawsuit against the SEC for its denial of Grayscale’s ETF application; Binance goes viral–announcing a partnership with Tik Tok influencer Khaby Lame; and Bitcoin gets thrown out of its latest haunt at 20K!
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0:22 Grayscale vs. The SEC
1:45 Market Watch with Frankie Candles
2:53 Tiktok Team-Up
3:38 Bitcoin Falls Below $20K
4:35 Closing Thoughts
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Facebook Says Goodbye to the Metaverse
According to recent estimates, the number of people using the Metaverse could increase to five billion by 2030, and the number of users could continue to grow exponentially. Despite this promise, there are many problems associated with the crypto-based game. One of the most obvious concerns is regulatory uncertainty. Additionally, there is the risk of money laundering, counterfeit NFTs, and trading scams. The high volatility of most cryptocurrencies is a significant drawback. Fortunately, big firms have the budget to invest in the metaverse and a degree of trust.
The change in name was one of the biggest catalysts for the rise of Metaverse gaming cryptocurrencies. After Facebook’s name change, the price of the native tokens of top blockchain-based play-to-earn games spiked by 10%. While this news may be alarming for investors, the new name does not change the fundamentals of the game. The name change will not affect other social networking platforms, including Instagram. However, it may cause an upheaval in the metaverse.
Despite the hype surrounding this new virtual environment, it is not yet clear how the technology will work. Some speculate that Metaverse will become a new internet with dimension, color, and texture. Some believe that it will replace the current internet. Though the Metaverse is yet to be defined, it will probably include a virtual world that all users will access through the internet. It will also likely be built on the blockchain, which is already used for cryptocurrencies like Bitcoin.