Major cryptocurrencies have gained in value this week despite the US Federal Reserve announcing on Wednesday that interest rates will rise by a further 75 basis points to combat inflation.
Usually, such ads are bad for crypto markets. Last month, the Fed raised rates by 75 basis points in the steepest increase since 1994. Crypto prices fell sharply as the cost of borrowing rose, and investors dumped riskier assets. No such response came this time, with all major cryptocurrencies posting seven-day significant price gains.
The debate is now raging as to whether the United States, after two consecutive quarters of negative GDP growth, is in a recession. The White House thinks not.
🇺🇸 WH Press Secretary Jean-Pierre denies White House officials are “redefining recession” after two consecutive quarters of negative GDP growth. pic.twitter.com/SkUWSHXnRy
— Watcher.Guru (@WatcherGuru) July 27, 2022
The debate has been so intense that Wikipedia has set its “Retrograde” page to “semi-protected” editing permissions, meaning new or infrequent users must wait four days and make 10 edits before they can edit the article on other pages.
Wikipedia’s protection policy states: “Medium protection is useful when there is significant disruption or vandalism from new or unregistered users.”
The news struck a nerve with Binance CEO Changpeng “CZ” Zhao, but he at least offered support.
Learn about recession, learn about inflation, then learn about #bitcoin and #BNB.
— CZ 🔶 Binance (@cz_binance) July 27, 2022
And he confirmed the meeting with Turkish Finance Minister Nureddin Nebati.
In April 2021, Turkey’s central bank banned crypto payments despite the country being the world’s largest user of crypto. However, a Bloomberg report in May confirmed that the country is drafting regulations to control the market. A tentative proposal requires crypto companies to have at least 100 million lira ($5.6 million), global exchanges and lenders that want to expand on Turkish territory to open branches taxed by the government.
In other CEO news, Bitcoin maximalist and MicroStrategy boss Michael Saylor, who has spent $3.98 billion on Bitcoin and is likely still afloat in the investment, is adamant.
After today’s Federal Reserve meeting, #Bitcoin’s monetary policy remains unchanged.
– Michael Saylor⚡️ (@saylor) July 27, 2022
Saylor threw shade at Ethereum in a video interview earlier this month, saying the world’s second favorite cryptocurrency is centralized security. In response to a tweet about it this week, Ethereum founder Vitalik Buterin was not happy.
Buterin also offered his opinion on corporate attempts to build the metaverse. Hint: He doesn’t think Mark Zuckerberg will corner the market.
The “metaverse” will happen but I don’t think any corporate attempts to deliberately create the metaverse will go anywhere. https://t.co/tVUfq4CWmP
— vitalik.eth (@VitalikButerin) July 30, 2022
In a reply to his original tweet, Buterin specified that he believed that Meta’s metaverse pivot will fail because it is too soon.
My critique is deeper than “Metaverse Wikipedia will beat Metaverse Encyclopedia Britannica”. Since we still don’t know the definition of the “metaverse”, it’s too early to know what people really want. So anything Facebook creates now will fail.
— vitalik.eth (@VitalikButerin) July 31, 2022
‘Web3 bingo cringe festival’
Coinbase teamed up with Bored Ape Yacht Club to produce a three-part metaverse film called “The Degen Trilogy. This may interest you : Everything New on Amazon Prime Video in July 2022.” The first part was released on Tuesday.
The film goes along with little sense of plot, suspense or drama. It’s really a five minute crypto shill. The project was widely publicized by Crypto Twitter. And someone better check if cryptopodcaster Cobie is still answering his phone.
hahahahahahahahahahahahahaha
— Cobie (@cobie) July 26, 2022
Web3 needed a cameo from Zuckerberg’s sister to end the bingo cringe fest
— Cobie (@cobie) July 26, 2022
A tweeter known as Coin Bureau suggested reporting the film to the Securities and Exchange Commission.
The SEC should investigate this for causing illegal kickbacks.
— Coin Bureau (guy.eth) (@coinbureau) July 27, 2022
Coin Corner CEO Danny Scott wants five minutes back.
I can’t believe I wasted 5 minutes of my life watching this.
I’m more confused at the end than when it started.
— Danny Scott ⚡ (@CoinCornerDanny) July 27, 2022
And finally, on a related note, multi-platinum hip hop producer Illa Da Producer announced that she has joined Yuga Labs’ BAYC team.
GM! Life/Career Update! @yugalabs – I’ve joined a company with a passionate web3 community that I’ve admired AND been a part of for a long time – as Head of Community & Collaboration.
— illaDaProducer (@illaDaProducer) July 26, 2022
Illa is known for her frequent collaborations with crypto rap legend Eminem.
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