Mastercard launches crypto-linked cards across Asia-Pacific
Mastercard announced on Tuesday that it will launch crypto-linked payment cards across the Asia-Pacific region. The crypto-linked payment cards will be offered first in Thailand and Australia. While it is good news for mass adoption, the card doesn’t allow you to spend or transfer cryptocurrencies directly. Rather, cardholders will be able to convert cryptocurrencies to fiat money through Mastercard’s service.
Web3 Social Media
Speaking at Breakpoint, in Lisbon, FTX CEO Sam Bankman-Fried highlighted blockchain-based social media as a big opportunity. He added that a web3 based social media would require a way to exchange messages in a secure and private way — one that could be accessible to multiple user interfaces. He said this protocol would need to be composable and cross-platform.
Blockchain technology has already inspired many web3 social media by creating a creator-economy such as Subsocial or Bluesky project by Twitter.
Reddit has been experimenting with blockchain technology. Reddit co-founder Alexis Ohanian said he will invest in building out a form of decentralized social media using the Solana blockchain. The initial size of the fund was $50 million, but he said he will increase the fund to $100 million.
The Financial Times reported Wednesday that Twitter has hired Tess Rinearson to be its crypto engineering lead. Tess Rinearson revealed the future plan for Twitter that the crypto team will focus on growing decentralized apps for creators to manage virtual goods, currencies, and ways for their fans to support their community. Furthermore, Rinearson hinted that her team will look to crypto tech to augment identity, community, and ownership on Twitter. Rinearson also notes that her team will collaborate with Blue Sky, Twitter's decentralized social networking project to “help shape the future of decentralized social media.”
Bitcoin prices reached $69,044.77 as CPI jumped to 6.2% in October.
The inflation (CPI) rose 6.2% from a year ago, this is the highest increase in the past 30 years. Since Bitcoin has been known as a hedging asset against inflation, the price of Bitcoin rose to $69,044.77, according to Coingecko. However, a few hours after the rise, Bitcoin price fell back to around $64,500 level.
The sudden decrease could be attributed to margined futures as Dylan LeClair, Co-founder of 21stparadigm, pointed out. As shown in the graph below, the number of long positions using BTC as collateral escalated on November 10. When traders go long on BTC futures using Bitcoin as collateral, the users are double exposed to the Bitcoin price fluctuation. If the price of Bitcoin decreases, traders’ PnL and collateral value fall together, leading to massive liquidation events of the collateral assets (in this case it is Bitcoin).
Bitcoin sets up nail-biting weekly close after Taproot goes live.
The implementation is a milestone for Bitcoin, considering that Taproot is the first significant upgrade in the network since August 2017 after the Lightning Network and Segregated Witness (SegWit) upgrades. While SegWit and the Lightning Network focus on making transactions faster and cheaper, Taproot brings a lot more than just improving scalability and reducing fees. As explained in a previous report, the latest upgrade aims to increase privacy and security for the protocol. Taproot brings Schnorr Signatures to reduce some of the burdens on the network while enhancing simplicity, efficiency, and security. It creates a sort of master key to summarize a set of signatures in a single one. This makes it possible to perform multi-signature multi-input transactions (UTXI) a lot easier, faster, and cheaper.
Trading Volume on OpenSea Doubles as Bored Ape Yacht Club Sales Spike 900%
Yesterday, the amount of Ethereum traded daily on NFT marketplace OpenSea jumped from around $48 million to $105 million. The surge in sales volumes for Bored Ape Yacht Club NFTs was the main reason for the increase.
Source: Dune Analytics
According to NFT data aggregator CryptoSlam!, the sales volume of Bored Ape Yacht Club (BAYC) NFTs went up 900% overnight, while sales of spin-off Mutant Ape Yacht Club (MAYC) are up 1,100%.
The BAYC NFT has received a lot of attention after the “Tonight Show” with Jimmy Fallon last Wednesday. In the interview with NFT artist Beeple, Fallon told the artist that he bought his first NFT — an ape — which Beeple quickly surmised was a Bored Ape Yacht Club NFT. The following day, Fallon changed his Twitter profile pic to his Bored Ape Yacht Club avatar and tweeted “Permission to come a bored?”. This news confirms our previous assessment that NFT and artworks are the best way to bring blockchain and crypto to mass adoption.