June 16, 2024

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Crypto Crunch: The Latest News in Blockchain, Cryptocurrency, and NFTs

Crypto Crunch: Opera Improves Web3 Experience, Dubai To Center Itself As Global Crypto Hub, Axie Infinity Suffers $625M Loss Through Largest DeFi Hack To Date

If you enjoy cryptocurrency, NFTs, and riding emotional rollercoasters, this is the place to be.

What a week! Bitcoin jumped by nearly $4K, Elon Musk didn’t Tweet about Crypto once, we’ve seen the biggest DeFi hack to date, Lionel Messi backs Crypto with a $20M deal, and we’re just getting started.

So are you ready for the crunch? Let’s get started.

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Opera Web3 Initiative Extends Integrations For Ethereum-Layer 2 Projects

As Opera continues pushing the envelope of Web3 browsing for its users, this week, they announced integrated support for Polygon, StarkEx, and “The Ethereum Killer,” better known as Solana, among other Ethereum-Layer 2 projects.

Jorgen Arnesen, EVP Mobile at Opera, recently stated, “Ultimately, Web3 is on its way to becoming a mainstream web technology, and users won’t need to know they’re interacting with it. They need to get a superior user experience and a true benefit.”

In January, Opera announced and released the first public beta version of its new all-in-one, fully-dedicated Web3 initiative: the Crypto Browser Project. This initiative allows users to access, manage, and use their cryptocurrency wallets safely online, which drives the agenda of a genuinely decentralized Web3 experience.

To learn more about Opera’s exciting Web3 experience, click here to view their Opera Crypto Pinboard.

Dubai, UAE, Inch Closer To Becoming Global Hub For Digital Assets

After a string of overwhelmingly positive statements from HH Sheik Mohammed regarding cryptocurrency at the beginning of the month, Bybit, an international exchange, announced Dubai as the landing spot for its global headquarters. In addition, Crypto.com will also be planting a hub in the region’s financial capital.

 These announcements followed after Dubai pushed through its first digital assets law at the beginning of March and launched VARA, an agency dedicated to managing regulations, compliance, and licensing of digital assets. An essential part of Dubai’s regulatory framework and management of digital assets is that only established businesses within Dubai will be granted licensing to market digital assets such as cryptocurrency and NFTs.

Axie Infinity’s Ronin Network Security Breach, Resulting In $625M Exploit

Earlier this week, one of the biggest crypto gaming giants, Axie Infinity, suffered excessive losses after a Ronin Network security breach that resulted in a $625M exploit.

After discovering the loss earlier in the week, Ronin Network took to Twitter, stating that their losses had concluded 173,600 Ethereum and 25.5M USDC. This hack is officially the most significant DeFi loss to date.

For more information, Ronin Network released a post outlining the details of the breach and has been updating it consistently as new pertinent information surfaces.

Vietnam Government Pushing Framework To Legalize Bitcoin & Cryptocurrency

According to a report by a local news outlet, Vietnamnet, Vietnam Deputy Prime Minister, Le Minh Khai, has assigned the country’s Ministry of Finance to research and implement the legal framework governing digital assets. As a result, Vietnam would join Ukraine, Dubai, and El Salvador as countries currently moving forward with full legal framework implementation for digital assets in 2022.

Vietnam continues to be one of the fastest-growing markets for cryptocurrency and digital assets globally.

Members Of US Congress Introduce A Bill Backing Digital Dollar Labeled “E-Cash”

Earlier this week, US Democrats have proposed a bill to develop an electronic version of the dollar for public use.

Could it be? The United States moves one step closer to mass adoption of digital assets accepted as legal tender?

 The ECASH Act establishes a two-staged piloted program led by the Treasury to develop and issue an electronic version of the US Dollar focusing on consumer safety and privacy, financial inclusion and equity, and anti-money laundering and counterterrorism compliance. While this news doesn’t wholly scream mass adoption of digital assets, this is absolutely a positive step in the right direction.

Bored Ape Yacht NFT-themed Restaurant To Launch in Long Beach, California

For 90 days, NFT enthusiasts will be able to dine in at Bored & Hungry, a Bored Ape Yacht NFT- backed pop-up in Long Beach, California.

Bored & Hungry will be the first-ever “Bored Ape” restaurant globally, utilizing Bored Ape Yacht as the intellectual property, and guess who’s backing this new hot spot? Restaurant entrepreneur and innovator Andy Nguyen.

“Bored & Hungry will be a Smashburger concept powered by Trill Burgers and Beleaf Burgers — two IRL concepts that Nguyen is bringing together under his Bored Ape brand,” the company said. In addition, according to Nguyen, if this 90-day pop-up deems successful, it could be the first of many locations to surface.

Greenpeace & Crypto Billionaire Pressure Bitcoin To Reduce Global Footprint With New Campaign

One of the biggest concerns revolving around Bitcoin is the environmental impact of energy consumption. As Bitcoin transactions currently stand, they consume as much power as Sweden and could consume as much power as Japan in five years.

While mass adoption of cryptocurrency on a global scale seems imminent, important environmental topics such as climate change will be a hot topic of discussion and remain to receive high levels of criticism, rightfully so.

To help combat the issue of unsustainable energy consumption, crypto billionaire Chris Larson, Greenpeace, and other environmental lobbyists are launching a “Change The Code, Not The Climate” campaign. This campaign will pressure Bitcoin developers to alter how it orders transactions to lessen its environmental impact over time.

Bitcoin is under pressure after competitor Ethereum reworked its code and process to cut its energy consumption to a projected 99%. “Now with Ethereum changing, Bitcoin really is the outlier,” Ripple founder Larsen told Bloomberg in a recent interview.

Picture of By Joshua Schweigert

By Joshua Schweigert

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