The Cointraffic team is excited to introduce a new rubric on the website. This new monthly overview will highlight significant crypto industry news and developments. The crypto industry never sleeps, and this past month has resulted in some exciting events that may change the landscape forever.
Crypto Investors Rake In Massive Gans Throughout 2021
People involved in the cryptocurrency industry will fondly remember the year 2021. All major cryptocurrencies set spectacular new all-time highs, including bitcoin, ethereum, dogecoin, Shiba Inu, etc. When such all-time highs occur, many investors will be looking to cash out [part of] their holdings to secure a profit.
A report by Chainalysis confirms investors worldwide realized $163 billion in crypto gains throughout 2021. That is a significant number representing a 400% increase in realized gains compared to 2020. Most of the momentum comes from the new all-time highs set by the currencies mentioned above.
Coinbase NFT Goes Live
After months of teasing the launch of a non-fungible token marketplace, Coinbase NFT went live in April 2022. More specifically, it is accessible by select eligible users, although more Coinbase users will gain platform access over the coming weeks. The beta version of Coinbase BFT features collections on the Ethereum blockchain, including Doodles, Azuki, and World of Women.
The team behind Coinbase NFT has confirmed they will support more collections across other blockchains in the coming months. Moreover, collections on the platform will rotate to ensure people gain access and exposure to new and awesome NFTs. For now, Coinbase NFT charges no transaction fees, although that will change over the coming months.
Wyre Is Acquired By Bolt For $1.5 Billion
Online checkout startup Bolt intends to enable crypto and Web3 support to its digital wallet services. The company acquired crypto startup Wyre, a payments company, for $1.5 billion in cash and stock. It is the largest acquisition for Bolt and the largest purchase of any crypto company without a blank-check company. That is a testament to the appeal of crypto firms and the functionality they provide to customers.
Elon Musk Buys Twitter For $44 Billion
Buying up one of the biggest social media platforms is bound to create a storm. Elon Musk, CEO of Tesla and SpaceX, has had plans to buy Twitter for a while. However, his idea initially met much resistance from the Twitter management, which were not too keen on letting Musk run the show. Even so, Musk got what he wanted and paid $44 billion for the platform..
The acquisition will significantly impact Crypto Twitter. The social network is the go-to platform for cryptocurrency debates. Although Musk's libertarian ideas can benefit Crypto Twitter, not everyone is convinced things will turn out well. Some see it as an opportunity, whereas others maintain a level-headed approach.
Charles Hoskinson, the founder of the Cardano platform and an early Ethereum contributor, wants to chip in: “Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”
Sam Bankman-Fried, the founder of the crypto exchange FTX, also has a plan for how a decentralized Twitter might work: “Would this democratize social media, make the finances transparent, and remove single point of failure moderation? Yup.”
Justin Sun, the Tron network founder, said he would offer an even higher price for Twitter than Musk (with no other details): “We fully support the reform initiatives of @elonmusk and would love to see Twitter becoming crypto-native and Web3 friendly.”
Vitalik Buterin, the Ethereum network co-founder, has concerns: “Don’t oppose Elon running Twitter (at least compared to status quo), but I do disagree with the more generalized enthusiasm for wealthy people/orgs hostile-takeovering social media firms. That could easily go *very* wrong.”
Jackson Palmer, a co-founder of Dogecoin, isn’t so sure, either: “It takes some pretty impressive mental gymnastics to associate any type of ‘freedom’ with the richest man in the world initiating a hostile takeover and forcing one of the largest public social media platforms private.”)