TGH newscast

May 25, 2022

TGH Newscast

MAY 18, 2022

TGH Newscast May 9th - May 15th, 2022

This week we have probably seen the single most crazy event in yearswith the catastrophic collapse of the Terra Luna ecosystem. But before we getinto the craziness, let’s give an update on the TOTAL. The Total Crypto cap islooking rather dreary this week. On the week, the TOTAL dropped -14.10%,however, the wick on the downside was another whopping -18.47%. At one point wewere actually down -30% on the week before jumping back up. This appears to bea capitulation since the TOTAL is now down to the mid $1.2T area, BTC is downhovering around $30K, and ETH is hovering right around $2K. There are alsobears calling for a drop below prior all-time-high prices from 2017, due to thefears in the world economy. With the market experiencing heavy turbulence, andmany market participants worried about the future, anything seems to be on thetable. Let’s dive in. 

  • The     first piece of news is the Luna ecosystem collapse. If you haven’t lived     under a rock the last 7 days, you’ve probably noticed that Luna fell from     a market cap of ~$41B to ~$6M after it underwent hyperinflation. After the     UST token, the stablecoin for the Terra blockchain, depegged, Luna was     used to attempt to regain the peg. Unfortunately, this mechanism failed,     and resulted in the hyperinflationary minting of Luna in the vain effort     of buying back UST. This caused Luna to go -100.00% over the week before     validators moved to shut off the blockchain completely. The blockchain was     turned back on without minting, and since then has ranged in the thousands     of cents prices. Unfortunately, UST is still only around 10 cents, and     Luna has a supply of approximately 6.5 trillion; so the only solution is     to relaunch at a lower supply. How's that going to work? Your guess is as     good as ours. 
  • The     4th Ethereum Shadowfork was successful this week! Despite the price being     dreary, the core Ethereum developer team continues to plug along and keep     building. The Merge is soon.
  • After     a couple delays over the past few weeks, the first BTC and ETH spot ETF’s     have officially gone live in Australia! There was a slight delay due to a     lack of reporting information from one of the brokers last week, but all     the hurdles have finally been cleared. This is a massive step forward for     both BTC and ETH; having a spot ETF means that there will be real BTC and     ETH purchased here instead of just paper trading. 
  • After     releasing a rather dismal report for their Q1, Coinbase has now plunged to     ATL values yet again. Seeing volumes on the platform drop 44% from January     to March, alongside a net reported loss of $430M as of May 10th, investors     aren’t happy. A large part of this volume decline is likely due to the     choppiness and lack of trade opportunities over the past few months.     However, since nearly 80% of Coinbase’s revenues come from trading fees, a     drop in volume is a direct hit to their bottom line. 
  • Instragram     has now officially announced that they will be integrating NFTs into their     platform. This is an absolutely gargantuan integration, considering the     total number of daily active users on Instagram is 1.9 billion     people. In any other week, this probably would’ve taken the cake     as the top news spot, but unfortunately it was overshadowed by the     implosion of Terra. So short term, didn’t really have an affect on the     market, but long term this integration is massively bullish for     adoption. 

TGHPicks News

  • DigitalBits     has now partnered with Fireblocks! This partnership will allow users to     custody any fungible or NFT asset using the Fireblocks’ suite! The     Fireblocks’ suite gives the ability to mint, manage, move, and store     digital assets in an enterprise grade capacity. 
  • XCAD     has released a sneak peak behind their NFT Moments! The NFT Moments allow     users to open packs with CT’s or XCAD, and to own iconic Youtube Moments     that can build rewards! The NFT Moments is also going to be hyper     deflationary for creator tokens and XCAD, so definitely keep an eye     here. 
  • We     are extremely close to getting gameplay access for Gold Fever! According     to a recent tweet, the NGL holders have all been scanned and will soon be     getting access to participate in the Game of Diggers program. So if you’re     a holder and you registered last week, make sure to keep an eye on your     email!
  • Wilder     Worlds has announced that holding one Wilder Wheels will get you a Wilder     Moto! For every Wilder Wheels that’s bought before the snapshot, that NFT     will be able to claim a motorcycle for free, plus gas! This has     skyrocketed the Wheels floor since each Wheels will only be able to claim     their motorcycle one time.