The Wall Street Journal questions Tether's business model; venture capitalists are buying up crypto at rock bottom prices.
This week's Crypto Biz newsletter: The Wall Street Journal questions Tether's business model; venture capitalists are buying up crypto at rock bottom prices.
It's no secret that the crypto world is full of FUD (fear, uncertainty, and doubt). And one of the projects that has been the target of much of this FUD is Tether, whose USDT stablecoin has a market capitalization of nearly $68 billion. This week, The Wall Street Journal ran a story claiming that Tether is on the brink of technical insolvency and that it wouldn't take much to push the stablecoin issuer into financial peril. Of course, Tether didn't take this lying down and immediately issued a response to what it considered to be a "disinformation" campaign by the Journal. It's impossible to know for sure whether there is any truth to the claims made by the Journal. But what is clear is that the crypto world is still full of FUD and that Tether is one of the projects that is often the target of this FUD.
It's becoming increasingly clear that there is a strong media bias against Tether. In fact, the Journal ran a story a few months ago claiming that more hedge funds were betting against the stablecoin around the same time that the crypto market as a whole was plunging. This bias is unfair and unjustified, as Tether has consistently proved to be a reliable and stable source of value in the volatile world of cryptocurrencies. We believe that Tether is being unfairly targeted by the media, and we stand by the coin as a strong and stable investment.
Welcome to Crypto Biz, your weekly update on all things cryptocurrency. This week, we're taking a close look at the Tether controversy. As always, we'll give you the latest information on the state of venture capital and nonfungible tokens (NFTs). So sit back, relax, and enjoy the latest edition of Crypto Biz.
Tether responds to Wall Street Journal's 'disinformation' with a statement.
The Wall Street Journal's recent article on Tether is yet another example of the mainstream media's attempts to discredit the popular stablecoin issuer. Tether has been the target of constant FUD since its inception, but has always managed to come out on top. The Journal's article is just the latest in a long line of attempts to spread false information about Tether. Don't let the FUD get to you - Tether is a reliable and trusted stablecoin issuer that has stood the test of time.
Lots of milking pic.twitter.com/ZBJnmvai9f— Paolo Ardoino (@paoloardoino) August 29, 2022
Reddit founder, Galaxy and Genesis execs raise big money in 'everything's on sale' push
This is good news for the blockchain industry, which has been facing challenges lately. With Seven Seven Six raising $177.6 million to invest in various crypto and blockchain startups, it is clear that there is still confidence in the sector. This is a positive sign for the future of blockchain, and we can expect to see more big funding stories in the coming months.
Facebook and Instagram users can now post NFTs from digital wallets.
Facebook's integration of NFTs is a clear sign that the social media giant is still very much interested in blockchain technology, despite the failure of its own stablecoin project. With over 2.9 billion users, Facebook is one of the largest platforms in the world, and its embrace of NFTs will no doubt help to legitimize the technology and spur adoption. It remains to be seen how Meta will generate revenue from NFTs, but investors are surely hoping that it will be more successful than Meta's ill-fated attempt at launching a stablecoin.
We’re introducing the ability to post digital collectibles across @facebook and @instagram. You can now connect your digital wallet to either app to share your #NFTs on both.— Meta Newsroom (@MetaNewsroom) August 29, 2022
What NFT are you excited to share? https://t.co/wa2wkWfI7p pic.twitter.com/SlpwAuY02c
JPMorgan blockchain head says most of crypto is still junk
It is encouraging to see that even JPMorgan, which has been critical of Bitcoin in the past, is now acknowledging the value proposition of digital assets. While Umar Farooq may be correct in saying that most crypto projects are not worth investing in, I believe that there are a few dozen tokens with real potential. I believe that these tokens have a bright future and will eventually be widely adopted.
Crypto Market Dump: Is It Over or the Start of the Next Mega Crash?
The crypto winter is starting to look like a deep freeze, as Bitcoin, Ether and altcoins all plunged this week. It's not clear if we've seen a definitive bottom in prices yet, but it's looking increasingly likely that more pain is on the way this fall. In this week's Market Report, I sat down with fellow analysts Marcel Pechman and Benton Yaun to discuss where crypto prices could be headed next. You can watch the full replay below.
The Crypto Biz newsletter is your weekly dose of business news and insights from the blockchain and crypto world. Delivered straight to your inbox every Thursday, it's a must-read for anyone interested in this rapidly growing industry.