2023-08-18

💥 Bitcoin Crash…Not Just Elon!

August 18, 2023

Aloha 'ohana,Have you had to get medical attention after yesterday's crash?

Now you've picked yourself up and dusted yourself off, let's check the fallout.

☔ Bitcoin's Crash.. Why?!
🔋 Blockchain's Power Play
🥊 Crypto Clash Ensues

☢️ Bitcoin Crash Mysteries Unveiled

As Bitcoin plummeted below the $25,000 threshold, the crypto community was quick to spotlight Elon Musk's SpaceX, attributing its financial plays as the primary culprit.

However, James Butterfill of CoinShares is advocating for a broader perspective.Hmm, Butterfill...he sounds like a baker....you know where this one is going, right? 🥧He serves up an analogy: imagine Bitcoin's market as a delicious layered cream pie.The first layer? Anticipations concerning the U.S. SEC's stance on Bitcoin ETFs.Dig deeper, and there's a flavor of China's wavering economy. With China resembling a storm capable of creating significant waves, any fiscal tremors from this Asian behemoth could well ripple into Bitcoin's seas.Dive even further into the pie, and you'll find a liquidity layer revealing dwindling Bitcoin volumes.

While SpaceX's sensational $373 million BTC write-down garnished headlines and became the cherry 🍒 on top, Butterfill encourages the community to savor the entire pie.He suggests that while SpaceX had a role, the confluence of regulatory shifts, global economic health, and market dynamics played their parts in the grand theater of Bitcoin's fluctuations.The takeaway (apart from I'm really hungry now)? Bitcoin's market, though digital, remains inextricably linked to global macroeconomic movements, and understanding it requires sifting through more than just surface-level drama.

Mastercard Teams Up with Ripple, Consensys for CBDC Venture

Mastercard, the payment titan, is switching gears into the fast lane of the digital world.

They've teamed up with heavyweight partners, including Ripple and Consensys, to shape the future of central bank digital currencies (CBDCs).Web2 to Web3 transition! IYKYK....mass adoption! 🤔Imagine assembling a dream team of the most talented players to take on the World Cup of digital currency. That’s what Mastercard is aiming for here.

In a recent statement, Raj Dhamodharan, Mastercard’s digital assets and blockchain chief, spoke about fostering a spirit of collaboration with the key innovators in this realm.Zooming out, their CBDC endeavors began as early as 2020, with platforms for central banks to test the waters of CBDC systems.Fast-forward to 2021, and they were turning digital sand into real-world treasures, letting users in the Bahamas convert their Sand Dollar CBDC via prepaid cards.

With their latest initiative, Mastercard aims not to rush into the CBDC game but to ensure that when they do, it's a goal that benefits everyone.Fingers crossed they keep to this and not the usual "how much money can we make" ethos that many big financial institutions seem to roll with! 🙄They envision CBDCs that are not just another trend but valuable additions to the global economic arena.

🤬 Hoskinson Responds to Cardano Network Skeptic

It's a scene straight out of a superhero movie: the protagonist faces off against a doubter, defending their vision with unyielding conviction.

This time, the stage isn't a fictional city but the Twitterverse, and the protagonist is Charles Hoskinson, founder of Cardano.

When a critic, known by the Twitter handle "0xONLY.arf", prophesied Cardano's imminent fall and reliance on Ethereum for solutions, Hoskinson didn't hold back.Charlie loves to flex! 🏋️‍♂️With the flair of a maestro addressing a contentious audience member, he clarified that Cardano's Hydra protocol isn't just live—it's thriving and evolving rapidly.Additionally, Hoskinson revealed that Mithril is also up and running.

Diving deeper into the technical arena, Hoskinson discussed how Cardano's tiered pricing and Babel fees provide a unique way to manage transactions.With the vision of a chess grandmaster thinking several moves ahead, he recounted Cardano's four-year-old roll-up strategy, emphasizing its steady progress.Whether you like him or not…he knows his stuff!

It's a reminder: in the fast-paced world of crypto, even the giants face skeptics. But as Hoskinson's spirited defense showcased, they're more than ready to tackle challenges head-on.I don't know why but Cardano does seem to split the room