Here Are The Things You Need to Know:
Current Price: $20,697 - 7D Change: 7.93% - 30D Change: 7.93% - YTD Change: -182.56%
Current Price: $1,565 - 7D Change: 18.04% - 30D Change: 15.15% - YTD Change: -151.0%
Disclaimer: This newsletter is not financial advice. Always do your own research
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- 🚀 Why is ETH Going Up?
- 🐎 Western Union Enters The Crypto Game Again?
- ⚡️ CashApp Slides Into The Lightning Network
Job of the week
AND NOW THE NEWS
Why is ETH Going Up?
1. Shrinking Supply
The ETH supply has shrunk due to the Merge (as expected). The Ethereum annual issuance rate plummeted from 4% to 0%. In addition, burn fees appear to be steadily increasing, with over 2,000 Ether burned over the past 24 hours. 0% inflation combined with burn rates means Ethereum is and looks to remain deflationary. Essentially more ETH is being destroyed then created.
2. ETH Liquidation
Nearly 400M in ETH short positions have been liquidated in the last 24 hours. Essentially everyone betting that the price would continue to fall, bet wrong. As the price went up, the shorts got liquidated fueling the growth in price even more.
A decreasing supply and a continued market demand may result in a lack of tradeable ETH on exchanges and push prices further to the upside as traders pay a premium to enter the market.
3. Good Global News
The UK law makers this week voted to recognize crypto as a regulated finance instrument.
The lower house of the Parliament voted in favor of adding crypto to the scope of activities to be regulated via the proposed Financial Services and Markets Bill – which already seeks to extend payments rules to stable coins.
4. Increase Market Demand
Rent big project and increased holding of the token have kept big sell plays down. In addtion to staking, lots of ETH is being locked up instead of dumped back on to the market.
As of now everything seems to be going to plan so we will be keeping an eye on the price like everyone else while we keep building!
Written by: WarBiscuitNFT
Western Union Enters The Crypto Game Again?
Western Union, the company best known for charging you ~15% to wire your money to recipients around the world, is possibly taking a crack at crypto services again, based on trademark filings made last week. As remittance (a sum of money sent, especially by mail, in payment for goods or services or as a gift) channels are increasing, Western Union has tried to stay competitive by attempting several times to provide services through crypto, will very little success. Once partnering with Ripple in 2015 to provide remittance services, they stayed in a test phase for three years before dropping the endeavor altogether. Trademark Attorney Mike Kondoudis posted on Twitter what the company is planning to now do:
#WesternUnion has filed 3 trademark applications claiming plans for
▶️ Financial + Banking + Insurance
▶️ Virtual currency exchange + transfer
▶️ Commodity and Crypto trading + brokerage
▶️ Issuing tokens of value
…and much more
— Mike Kondoudis (@KondoudisLaw)
Oct 25, 2022
Cross-border remittances services are only getting hotter and more crowded, as Coinbase also started a remittance service in Mexico recently and leading other crypto services into the space.
At first, I thought I was missing something here. Isn’t the a major point of crypto-networks to help remove intermediaries like Western Union? Where we don’t need a broker to take a fee to do something within a system that was built to allow average people to do the same with ease? However, I remembered something….fiat. Not only are the majority of people out there are non-crypto users, but 99.99% of us still have reliance on fiat. We can’t just pay our rent or bills with crypto (except for maybe some extreme fringe cases) so we need a way to convert our crypto to fiat. And that’s where remittance services like Western Union and Coinbase are needed, for now. So enjoy your time for now, because once the crypto revolution truly takes hold and we all are fully transacting solely on the blockchain, your services will no longer be needed.
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AND BACK TO THE NEWS
CashApp Slides Into The Lightning Network
CashApp, a popular cash transfer and processing app created by Block, Inc., has now added support for Lightning Network and has expanded their support for Bitcoin transactions, which was offered in a limited capacity starting back in 2018. The addition proved to be very popular in the U.S. and United Kingdom. In fact, 81% of the company’s $12.3b in revenue last year came from Bitcoin transactions. Users can deposit $10,000 worth of Bitcoin every seven days, but can only transact $999 worth within the same time frame on the Lightning Network.
This is pretty good news for CashApp. As much as I feel like intermediary services like CashApp shouldn’t have a place in crypto, there are plenty of non-crypto users that need services like these, so we have to co-exist for now. At least they have a comparatively low fee structure and now that the Lightning Network has been integrated to allow fast Bitcoin transactions, this can only be seen as a positive for the crypto community. Especially since this has proven to be a gateway for non-crypto consumers to start embracing Bitcoin.
One Last Thing...
Elon has entered the chat...
Entering Twitter HQ – let that sink in!
— Elon Musk (@elonmusk)
Oct 26, 2022
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