Were you waiting to buy the dip? If so last week was your chance, as the largest cryptocurrency by market cap and popularity dropped to $47,000! Is the bear market knocking on the door or was it just a correction? Just a matter of time until we find out?
Now let's dive into the most significant crypto news from the last week:
Jack Dorsey, Twitter, Square (Block)
One of last weeksmost notable news was Jack Dorsey's stepping down from his role as CEO of Twitter. The new Chief Executive Officer will be Parag Agrawal, Twitter's former CTO. Dorsey will maintain his position on the Board of advisors.
In a letter, shared by Twitter, Dorsey explained that he has been working for the company for over 16 years and he feels that it's now time to leave.
In addition to his role as a CEO of Twitter, Dorsey is also the CEO of the payment company Square. under his guidance Square has become an important crypto player allowing users to buy, sell and hold Bitcoin since 2017.
Over the last year, his crypto ambitions have continued to grow, and he added Bitcoin to Square's balance sheet. Dorsey also announced that the financial firm is working on a hardware wallet and building DeFi atop Bitcoin. Recently the CEO revealed that they also have Bitcoin mining plans.
A day after the announcement that Jack is leaving Twitter, Square changes its name to Block. According to the company, the rebranding is a reference to blockchain.
With these ambitions, Block could become an important crypto conglomerate combining many crypto industries.
Crypto ETFs around the world but not in the USA
The USA is still skeptical when it comes to crypto spot ETFs but other jurisdictions seem not as conservative.
Last week one of the largest asset managers, Fidelity, launched a stop Bitcoin ETF in Canada. The Fidelity Advantage Bitcoin ETF is trading on the Toronto Stock Exchange under the ticker FBTC.
Fidelity is also waiting for the US SEC to approve its application for Bitcoin spot ETF but the regulator does not seem to be in a hurry for this financial product.
Another investment company, Invesco, entered the crypto ETP space and launched a Bitcoin ETP in Europe.
The ETP or exchange-traded product is similar to the ETF and is backed 100% by the underlying asset, in this case, Bitcoin and It gives a potential new audience exposure to crypto via the ETP.
Last week saw many crypto exchanges making their first steps into the NFT space.
Firstly, FTX US added Ethereum NFTs to its marketplace. The company allowed its users to trade Solana's NFTs in October and noted that the Ethereum NFTs are coming in the following weeks.
A day later another crypto company, Blockchain.com, opened doors to the NFT space allowing Ethereum NFT trading. Blockchain.com delivered one of the first Bitcoin wallets and has over 80 million wallets registered. If the company could convert even a fraction of its wallet holders into NFT buyers, it would have large implications for the NFT world.
However, the most significant news in the NFT space last week was made by the hip-hop artist Snoop Dogg.
He dropped an NFT called Decentral Eyes Dogg on the non-fungible token marketplace SuperRare. The NFT is a collaboration with the mixed media artist Coldie and represents an animated collage of images taken from throughout Snoop Dogg's life.
Will the market cool down or run hot, we will keep a close eye and inform you of our upcoming articles.
Militsa Dimitrova is a crypto enthusiast with experience in content creation & social media, who produces her own Cryptocurrency Newsletter and Podcast both in English and Bulgarian. She joined FXCM as an Accountant in 2020, after obtaining a Bachelor's degree in Accounting from the University of National and World Economy of Sofia.