Bitcoin shocks investors as wall street continues to free fall. Crypto’s largest stablecoin goes live on Polkadot, and GPU markets wander without a home after a successful Ethereum merge. My name is J Chains and this is your nightly crypto news wrap up. Lets get it.
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With macroeconomic tensions boiling to levels not seen in decades (Video Clip 1:30- 1:35), the US dollar has decided to go parabolic, and with that speculative markets and commodities have felt the brunt of the pain so far. Bitcoin is looking to rise above the rest as cryptocurrency markets are now showing surprising strength in this uncertainty. Markets are continuing to expect monetary tightening from the Fed as inflation remains largely unchecked, and a crossroads is approaching for policy makers to decide the fate of markets as trade partners in western Europe fight to keep the values of fiat from crashing to dangerous valuations. Bitcoin and other top cryptos are shining a light of value for people looking to protect their wealth and many trillion dollar firms are positioning under the shadow of this bear market to give institutional level investors seamless entry points. The race is one as the DXY continues to skyrocket, will Bitcoin be able to keep up? Let’s throw it over to Frankie Candles for a market update.
Tether has been a top stablecoin for most of its time in the crypto market since its 2014 launch, and with that has come questions on its one to one dollar backing. Despite the ongoing audits and finance checks, many top crypto projects have continued to integrate into its massive market cap and provide users a smooth on and offramp for exchanges and projects. Polkadot, one of cryptos best in cross chain functionality, is the latest to adopt Tether or USDT to its growing ecosystem and with that a wave of direct exposure for Defi projects and services to take advantage of its functionality. According to CTO Paolo Arodino, USDT on Polkadot will bring a major upgrade in accessibility for the Polkadot network and reduce the negative impacts felt from market volatility. Exciting to see companies continue to upgrade and make a system worth mainstream adoption.
join the movement to support crypto adoption by smashing the like button, subscribing to the channel, turning on notifications, & sharing this video with a friend. GPU miners and manufacturers alike are left scrambling
In the afterglow of a successful Ethereum merge, GPU miners and manufacturers alike are left scrambling from a recent price crash as golden days of profits for GPU companies might have come to its abrupt end. South China Morning post reports a compounded loss in demand for GPUs is being seen across the market from energy cost increases, Proof of Stake upgrades on the Ethereum Network, and economic slowdowns. Sales have dropped off at breakneck speeds with a 37% drop in price on GPU’s over the last three months, and industries like gaming and Artificial intelligence are beginning to swoop in and make the best of this crash at rock bottom prices.
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