EddieJayonCrypto
28 Jul 22
• GDP drops .9% and increases recession fears• FTX.US becomes a full-blown brokerage adding fractional stocks• FTC files to shut down Meta's attempt at monopolizing metaverses• In the age of metaverses Solana open a store in real life; and their stablecoin crashes 99%The Gross Domestic Product (GDP)...
• GDP drops .9% and increases recession fears• FTX.US becomes a full-blown brokerage adding fractional stocks• FTC files to shut down Meta's attempt at monopolizing metaverses• In the age of metaverses Solana open a store in real life; and their stablecoin crashes 99%The Gross Domestic Product (GDP) drops .9% and the Cryptoverse responds by going green. Here is what is on my mind today.1. The GDP numbers have dropped for the second straight quarter. This is raising recession fears and may actually have a positive impact on crypto. With the recent bull market, over $202M in short Bitcoin and Ethereum positions have been liquidated. 2. FTX becomes a full-fledged broker, introducing stock trading on FTX.US platform, including fractional stocks. As traditional brokerages and slowly creep into the Cryptoverse FTX is flexing its muscles and going the reverse route. Of course they have been signaling this move for some time with investments like the one in Robinhood and buying a brokerage and obtaining appropriate licensing.3. For a while people have been pointing out Meta's approach to Virtual Reality (VR). Well, the Federal Trade Commission (FTC) has joined the fray and has filed a complaint to block Meat from buying Within, another VR company. If this were allowed to continue, It would be a $400M deal that would close in October. As you can imagine, Meta buying up all of the VR companies would be a major problem and have a profound effect in the metaverse arena. Mind you, this is on the heels of Meta losing about $2.8B in its VR division. 4. Solana opens the doors of its IRL (in real life) store today. A friend of mine works there and is hyped about it. I know it is supposed to bring awareness of Solana to the public and grow crypto adoption, but this is a big spend on a store that sell virtual goods. That's better news than then algorithmic stablecoin dropping 99% due to a flash loan exploit. Data from PeckShield shows the attacker was able to drain about $3.5M, causing ANA to plummet.