The XBO Weekly #15 – Crypto News
Crypto weathers the storm of inflation, interest rates, and FUD
Another turbulent week for the cryptocurrency markets, which spiked after the US CPI report revealed slower-than-expected November inflation before falling after the Federal Reserve raised interest rates by 50 basis points to their highest level in 15 years. After the dust settled, total crypto market cap was down 4.6% week over week, while Bitcoin (BTC) closed 2% lower. Investors' concerns about significant outflows from Binance, the biggest cryptocurrency exchange, were allayed by assurances from its CEO that user assets are held 1:1 and that the largest crypto firm does not operate with fractional reserves. The Binance exchange-based BNB token experienced significant intraweek pressure but recovered half of its losses and finished the week at $251, down 11.7%.
Blockchain payments are used to help displaced Ukrainian citizens
The United Nations High Commissioner for Refugees (UNHCR) has started a pilot program to efficiently transfer money to internally displaced people (IDPs) in the form of Circle's USDC stablecoin. Utilizing the Stellar Aid Assist Platform, the service transfers USDC transparently and rapidly to the recipient's name on a Vibrant digital wallet that can be downloaded on a smartphone. The money is designed to offer humanitarian assistance to those most afflicted by the war, and help them meet basic requirements including rent, food, healthcare and heating during the winter.
Former US President reveals Polygon NFT collection
Donald Trump announced the release of 45,000 digital trading cards, reflecting his position as the 45th US president. The edition comes as a surprise given that the former president previously declared that he was not a fan of crypto due to its unpredictable value, which he claimed was “based on thin air… and facilitates illegal activities.” As recently as 2021, he had criticized the Solana (SOL)-based NFTs from former first lady Melania. While the collection depicting Trump in various fantasy costumes is reported to be of questionable taste at best, it will result in a significant push ahead in the adoption of crypto wallets, as well as of Ethereum (ETH) and Polygon (MATIC). Buyers of the collectibles, originally priced at $99 apiece, will also be eligible for prizes such as a dinner or Zoom call with the former president, admission to one of his golf clubs, autographed memorabilia, and more.
XBO featured Coin of the Week – Cosmos (ATOM)
Cosmos is a decentralized network of independent, parallel blockchains, known as “zones,” connected through a process known as interblockchain communication (IBC). This enables the various blockchains in the Cosmos Network to exchange value and information with one another, allowing the creation of a decentralized ecosystem. The central hub of the Cosmos Network (the “Cosmos hub”) is a proof-of-stake (PoS) blockchain that uses the Cosmos native cryptocurrency, ATOM, for paying the fees of the validators responsible for maintaining consensus among “zones” and as its staking token.
At its current price of $8.9, ATOM is the 24th most valuable cryptocurrency, with a reported market capitalization of $2.55 billion. Although it is currently trading 80% below its all-time high set in January 2022, it has risen by almost 60% from this cycle low.
Buy, Sell, or Swap ATOM - Simply and securely, with XBO.
Disclaimer: The above does not constitute financial advice. It is only intended for informational and educational purposes.