Last Week in Review: Reddit NFTs taking off, and PayPal users can now easily buy Ethereum
The highlights from last week’s headline grabbers. All the important news, numbers and events from the crypto industry in easy-to-read, digestible news bites.
News from the block
Reddit users mint more than 5 million NFTs on Polygon
- Reddit Collectable Avatars minted on the Polygon network surpassed 5 million last week, according to data from Dune.
- The online discussion forum launched its NFT avatars in July 2022.
- In December, a new daily record was set when more than 250,000 NFTs were minted on Polygon, as reported by Decrypt.
Australia to release initial crypto regulatory framework
- The framework of regulatory reforms aims to modernise the Australian financial system, “positioning our economy to embrace new economic opportunities and respond to future challenges,” according to the Australian Treasury.
- Cryptocurrency reforms will include a framework for the licensing and regulation of crypto service providers.
- “The next steps in the Government’s ongoing ‘token mapping’ work will include the release of a consultation paper in early 2023 to inform what digital assets should be regulated by financial services laws, and the development of appropriate custody and licensing settings to safeguard consumers,” the Australian government said.
Paypal announces integration with Web3 wallet
- This will enable all Paypal users to easily buy Ethereum through Metamask, a Web3 wallet.
- This functionality is set to be rolled out in the coming weeks and will initially only be available to US customers.
- “This integration with PayPal will allow our US users to not just buy crypto seamlessly through MetaMask, but also to easily explore the Web3 ecosystem,” Lorenzo Santos, Product Manager for MetaMask, said.
Interest rates continues to play puppet master with markets
- The Federal Reserve signalled last week it will continue hiking interest rates well into next year, following another rate hike.
- “Slower growth forecasts, yet more hikes. That’s not a great combination for markets,” Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors, told Yahoo! Finance.
- Cryptocurrency and equity markets, both considered riskier assets than, say, bonds or the US dollar, have been in the red since last week’s rate hike.
What is Bitcoin?
Know the fundamentals of the OG of cryptocurrencies and you’re well on your way to understanding the rest of the industry. Dip your toes in, HERE.
Crunching the numbers
0.839 ETH – The peak floor price of Donald Trump’s newly released NFT collection, worth around $1,183.
13.03% – The percentage of all Ether (ETH) in existence currently deposited in staking pools.
15.63 million – The amount of ETH currently in staking pools.
2% – The Bank of International Settlements (BIS) has finalised a policy that will allow traditional banks to hold 2% of their reserves in Bitcoin.
The crypto time capsule
Top 20 Bitcoin moments in 2022.
What is proof-of-stake?
Ethereum recently switched to this new method of confirming transactions but what exactly is proof-of-stake and how does it work? Broaden your crypto horizons, HERE.