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Summary of Past Week Articles September 23, 2022

This Crypto Insider believes Bitcoin has bottomed and will reclaim $60,000:

Michael Saylor, chairman and co-founder of MicroStrategy feels Bitcoin has reached a stable bottom at roughly $20,000.

He anticipates that the flagship cryptocurrency will reclaim its peak price of around $60,000 during the next four years.

Bitcoin’s next natural step is to replace gold as a non-sovereign store of value asset, Saylor remarked.

Meanwhile, during the conversation, the Bitcoin enthusiast revealed that MicroStrategy is developing a Bitcoin Lightning Network wallet.

According to Business Insider, the billionaire stated earlier this year that Bitcoin is the only scarcity in the world.

“I can create more gold.” was one of his statements. 

Saylor is preparing for a future controlled by Bitcoin. He believes Bitcoin will eventually price at roughly $500,000 per Bitcoin when its market size surpasses gold’s market capitalization of around $11 trillion.

According to Bloomberg, these Bitcoin investments have cost MicroStrategy $1 billion in losses.

Coinbase is giving away ENS usernames to make bitcoin wallet transfers easier:

Coinbase, a major cryptocurrency exchange, has partnered with decentralized identity infrastructure provider Ethereum Name Service (ENS). The collaboration will offer free Coinbase-managed web3 usernames to send and receive crypto using that username rather than a traditional address.

According to the exchange’s release, they collaborated with ENS to enable customers to claim “name.CB.id” usernames using Coinbase wallet’s browser extension to transfer crypto or non-fungible tokens (NFTs) more accessible and less scary.

With this feature, anyone may now claim a free “name.CB.id” web3 username to transfer and receive crypto. Coinbase said ENS usernames are human-readable names with a ‘.eth’ at the end (username.eth). 

According to the exchange, to have an open financial system, people from all walks of life must be able to use web3 and foster the adoption of a human-readable username standard. Coinbase claims that it is critical to make web3 user-friendly for all.

Jesse Powell is stepping down as CEO of Kraken, and COO Ripley will take over:

Kraken, a major cryptocurrency exchange, announced that co-founder Jesse Powell is stepping down as CEO. Powell co-founded the firm with Thanh Luu in 2011 and is widely regarded as a pioneer in the space.

According to the release, COO Dave Ripley will succeed Powell, who will become chairman of the board of directors.

Meanwhile, news publications like The New York Times and Bloomberg have highlighted Powell’s disagreement with Kraken’s employees, notably the debate that arose this year over his gender- and race-related utterances.

Powell’s position shift is not the only one due to the recent crypto market crisis.

Among those who stood down were Alameda Research co-CEO Sam Trabucco, who remained an advisor, and MicroStrategy’s Michael Saylor, who relinquished his CEO designation.

Powell also told Bloomberg that Kraken is positioning itself to have the possibility of going public, though he did not specify a particular date.

According to data provider CryptoCompare, Kraken’s global market share among the top 15 exchanges has plummeted by around 32% since the start of the year.

Meanwhile, Kraken was investigated in late July for allegedly violating U.S. sanctions by allowing users in Iran and abroad to buy and trade cryptocurrency. The New York Times reported, citing unnamed people involved with the company or with knowledge of the investigation.

Coincheck, a Japanese cryptocurrency exchange, collaborates with actor Kenji Kohashi on The Sandbox Project:

Coincheck, a Japanese cryptocurrency exchange, has hired top-tier movie director and event organizer Kenji Kohashi to develop it’s The Sandbox metaverse area.

The exchange revealed in a press statement that Kohashi would become the creative director of a project called Oasis TOKYO, which Coincheck refers to as a metaverse city.

The idea was jointly created by Coincheck and The Sandbox, according to the business.

Kohashi rose to prominence as an actor, acting in films such as “Azumi” (2003) and “Godzilla: Final Wars” (2004).

Kohashi most recently conceived and supervised the most recent Paralympic Games Closing Ceremony in Tokyo late last year.

He has also been tasked with planning and executing the 2025 Japan World Expo, which will occur in Osaka.

The Ethereum price is struggling, yet these NFT prices are skyrocketing:

Although the price of Ethereum’s native token, ETH, is faltering, other NFTs are flying high in the market following the network’s much-anticipated move to proof-of-stake.

According to DappRadar, the NFT collections that appear to have experienced a surge in popularity over the previous week are Bored Ape Yacht Club, RENGA by DirtyRobot, and Gods Unchained, which reported weekly trade volumes of $6.6m, $6.1m, and $4.9m, respectively.

Gods Unchained was the most outstanding winner, with its trade volume increasing by 391% over the previous week.

While Bored Ape Yacht Club is a well-known NFT compilation, RENGA by DirtyRobot and Gods Unchained is less prominent in the community. Moreover, despite a boost in popularity for particular NFT collections, total trading volume on the dominating marketplace OpenSea has fallen over the last seven days.

Furthermore, Bloomberg highlighted the Merge and its implications for NFTs, suggesting that increased transaction speed and cost on Ethereum could benefit NFT collectors.

16% of US citizens have invested, traded, or used cryptocurrency:

Approximately 46% of U.S. cryptocurrency users claimed that their investment fared worse than planned.

According to Pew Research, a comparably low fraction of Americans – 2% – had invested in non-fungible tokens (NFTs).

Per their research, despite growing media attention to the asset class, the U.S. crypto market has failed to see any significant rise in investors since 2021.

While the United States is a hotspot for crypto startups, with over 1,800 crypto companies and over 2,200 founders, according to Crunchbase data, the United States has trailed behind other countries in terms of crypto uptake and enthusiasm.

In its 2021 global crypto adoption index, blockchain and crypto intelligence firm Chainalysis rated the United States eighth, down from sixth, with 14% adoption.

According to the Ascent survey, around 56% of the adult population in the United States, or approximately 46 million Americans, intend to invest in cryptocurrency in 2022.

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