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Crypto news summary: Facebook, MicroStrategy and Opensea

In the last week, Facebook announced the testing of NFTs on profiles, Opensea got hacked, Microstrategy bought more Bitcoin, and much more.

Another week, another news for the whole crypto world. No time to sleep, because Opensea got hacked again! One of the most significant crypto hedge funds is getting liquidated and much more in just one week. Let’s dive in.

Opensea got hacked once again

Users have been advised to show extra caution around malicious hackers who pose as OpenSea via email after the firm has issued a warning that “email phishing attempts may be more likely than usual.” Although OpenSea.io is the organization’s official name, the company warned that malicious emails might also originate from similarly-sounding domains like opensae.io, opensea.org, and opensea.xyz.

You might want to read: World Bank chief economist talks about global recession

3AC is being liquidated

Three Arrows Capital (AC), a well-known Singapore-based crypto venture fund, is being liquidated after it had to file for bankruptcy. The company reportedly failed to meet margin calls from its lenders during this year’s dramatic market crash, which saw Bitcoin (BTC) plummet below $20,000 for the first time in two years. This brutal price decline also endangered other huge crypto companies such as Celsius Network, BlockFi, and countless others. 

The worst quarter in the history of Bitcoin

The last three months have seen Bitcoin lose over 56% of its value, making this the worst quarter in Bitcoin’s history. Until this point, the worst quarter was the first quarter of 2018, when BTC lost approximately 50% of its value after reaching a new all-time high level. Nevertheless, many people see this as a great chance to buy for the long-term or simply dollar cost average (DCA). 

Related blog: Harmony is offering one million to recover from the hack

Facebook tests NFT integration

NFT adoption continues. Just a few weeks back, Instagram announced the testing of the integration of non-fungible tokens (NFTs), and now even Facebook will do so as well. Facebook started testing NFTs running on Ethereum and Polygon blockchain on profiles. If the integration is successful, Facebook also wants to add Flow and Solana NFTs. In addition, individuals’ Facebook profiles would feature a “digital collectibles” tab, where they may display their NFTs. 

Users will also be able to link their Facebook profiles to crypto wallets. Additionally, they will have the option to convert their NFTs into Facebook posts, which may then be shared, liked, commented on, and responded to just like any other post. It is evident that Meta company aims to attract Web3 enthusiasts, so they don’t leave the old Web2, but is this really going to cut it? 

Breitling accepts crypto payments

Crypto markets are going through the worst period in their history, but that doesn’t stop several companies from accepting payments in cryptocurrencies. The latest luxury business to declare that it is embracing digital assets is Breitling. The ancient watch company has partnered with BitPay, and that will allow Bitcoin transactions to be finished through the Lightning Network thanks to an integration on the retailer’s website. It will accept five stablecoins in addition to Bitcoin, Ethereum, Litecoin, Shiba Inu, and Dogecoin.

MicroStrategy bought more Bitcoin

While many investors gave up their crypto portfolios when blood was on the streets, MicroStrategy disclosed that the company had spent about $10 million on 480 bitcoins in the previous two months. MicroStrategy now owns 129,699 bitcoins for a total of $3.98 billion after the most recent purchases. The company paid $30,644 on average for each bitcoin, which could pay out very well if Bitcoin goes above $100,000 in the next bull run cycle. 

Conclusion

Although the market conditions are callous right now, many companies see this as an opportunity to step in as they understand this is not going to last forever. Therefore, many people think cryptocurrencies and NFTs are here to stay, and they act accordingly.

I got into financial markets by accident in 2012 and started with Forex trading. Later in 2017, I started investing in stocks in cryptocurrencies and began writing articles profess...

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