While many crypto investors and traders expected a bear market to end, there are not many kinds of news coming out that still keep the prices down. However, some good news are appearing as well. What were the main events that influenced the market in the last week?
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Cristiano Ronaldo partners with Binance
Let’s start with the good news. Cristiano Ronaldo, one of the biggest football stars in the world, has just joined the crypto space by partnering up with Binance. According to Binance, this multi-year partnership would also feature a worldwide promotion seeking to introduce Web3 to Ronaldo’s fans. Cristiano Ronaldo has 101m+ followers to whom he can introduce Web3 possibilities, which is just another step to the massive cryptocurrency adoption. In a video, Ronaldo said:
“Together, we are going to change the NFT game and take football to the next level. And this is just the beginning.”
We're kicking off an exclusive multi-year NFT partnership with football legend Cristiano Ronaldo.
This is your opportunity to own an iconic piece of sports history and join CR7's Web3 community. pic.twitter.com/3j1lKcqrbn
— Binance (@binance) June 23, 2022
$100 million Harmony hack
Horizon, a so-called blockchain bridge created by cryptocurrency start-up Harmony, has been the victim of a hacker attack that has stolen $100 million worth of crypto. Token transfers between blockchains are made possible through bridges. Unfortunately, due to holes in its underlying coding, they’ve become a top target for hackers.
1/ The Harmony team has identified a theft occurring this morning on the Horizon bridge amounting to approx. $100MM. We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.
— Harmony 💙 (@harmonyprotocol) June 23, 2022
“We have begun working with national authorities and forensic specialists to identify the culprit and retrieve the stolen funds.”
That is the official statement of Harmony project after the hack attack. The theft of $320 million from Wormhole and the theft of $600 million from Ronin Network are only two examples of a slew of similar attacks on blockchain bridges that came before this one. It’s true when people say we’re still early in crypto. However, there are two sides to the coin. These kinds of events only show how fragile the industry still is.
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Charles Hoskinson testifies before Congress
The CEO and founder of Cardano, Charles Hoskinson, spoke before Congress about blockchain use cases and regulations. He informed Congress of the benefits of blockchain technology and possible forms of responsible industry and technology regulation.
While the Web3 industry flourishes on decentralization, many people, including Charles Hoskinson, agree that some form of regulation is needed. Moreover, he said the blockchain industry brings the transparency people can enormously benefit from.
Eminem & Snoop Dogg promote BAYC
A surprise music video featuring Eminem and Snoop Dogg has them turn into Bored Apes. The two rappers have worked together on a new song, “From The D 2 The LBC,” and both have avatars from this blue-chip NFT collection. The iconic stars are first seen in the song’s opening real-life imagery, but they are soon plunged into a cartoon movie.
Snoop Dogg is a well-known rapper and an NFT collector who gladly supports the industry as his collection and projects are worth millions of dollars. Dozens of other celebrities and influencers also support NFTs and cryptocurrencies, so this is just one of the stepping stones toward mainstream adoption.
Cardenas Markets adds 59 Bitcoin ATMs
All of Cardenas Markets’ locations in Arizona, Nevada, and California will get a Bitcoin ATM installed, 59 in total. The first ATM will be deployed in Las Vegas to test it all out. Customers will soon be able to trade 40 different cryptocurrencies, including Bitcoin, with cash. Due to a recent collaboration with Coin Cloud, a provider of crypto ATMs and Digital Currency Machines, the leading Hispanic grocery shop is now able to offer these services.
Coinbase gets downgraded by Moody’s
Coinbase, the biggest cryptocurrency exchange in the US, came under fire after credit rating agency Moody’s reduced the company’s Corporate Family Rating (CFR) from Ba2 to Ba3 and its guaranteed senior unsecured notes’ rating from Ba1 to Ba2. This is simply a logical reflection of a strong bear market and weaker interest in digital assets. In addition, Moody’s noted that it expects the company’s profitability “to remain challenged in the current environment,” hence the downgraded rating.
Say goodbye to Coinbase Pro
Amid a strong bear market and Moody’s rating decline, Coinbase decided to discontinue the usage of its Coinbase Pro platform. As a result, users will soon no longer be able to use Coinbase Pro, a professional trading platform, with the goal of unifying all of its services under one roof. Thus, users will be able to stake, borrow, and use the dApp wallet, and Coinbase Card from the main platform.
That’s all from the crypto world for now. After all the sell-offs in the market, it would only be logical to see some positive news coming out soon, which could result at least in a slight price pullback upwards.