Welcome to In Case You Missed It (ICYMI), a blitzkrieg of spicy crypto news from your decentralized best friend, Linzerd. Bear market finishes some cryptocurrency startups. Pump and dump operations are happening day after day in crypto. Ethereum shrinks to double digits. Pomp bets one million that crypto will outperform S&P500. Binance will rake in less money than expected and Coinbase BUIDLS a trademark.
Bear Market is Bankrupting Startups
An article by Bloomberg states that this bear market is causing a big number of cryptocurrency startups to shut operations. ETCDEV, a startup that led development for Ethereum Classic, will close its doors. ConsenSys, an Ethereum based company, will also lay off more than 10% of its staff. Steemit will reduce its operation and will fire 70% of their employees. Things like this let you see that prices are more than numbers on a screen, people and jobs and lives are at stake.
Pump and Dump is Still a Thing
Researchers of the Imperial College of London have found more than 7 million worth of trading volumes are the result of pump and dump schemes. Also, there are on average 2 pump and dump operations daily, directed to smallish cryptocurrencies that trap investors wanting to catch a new cryptocurrency with a good chance of earning a nice percentage. However, they are fooled and fall directly in the trap. So much for independent, decentralized and non-manipulable markets.
Morgan Creek Bets Crypto Will Top S&P500
Anthony Pompliano is bullish on cryptocurrencies even when they are going through a market that does not give any love to cryptocurrency investors. However, Morgan Creek, the crypto investment firm he co-founded, has proposed a public bet of a million dollars that their cryptocurrency index will outperform S&P500 during the next 10 years. Pompliano is pretty confident that this will be the case, and he is willing to put skin in the game.
Binance Slashes Revenue Numbers
Binance, one of the biggest crypto exchanges, has announced they are slashing its forecast for their revenue. They had announced before they expected revenue to reach 1 billion dollars and now have updated that number to just 500 million dollars, or just the half. However, this is a great outcome for an exchange with today’s market conditions, and they are still in the green. Bear market hits everyone, even the mightiest and wealthiest.
Coinbase Trademarks BUIDL
Move on HODL, there is a new cool ‘mistake’ word in town. Coinbase has just trademarked the word BUIDL to be used in conjunction with their software. According to the application, the neologism will serve to identify their transactional software and some cloud-based tools. So HODL to find out what Coinbase will BUIDL with this latest trademark. And BUIDLERS prepare to pay royalties!
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