6/10/22 FAL Weekly Digest
The FAL Weekly Digest is a source for this week’s biggest cryptocurrency-related news and updates. This newsletter features excerpts and links to this past week’s biggest news articles written by members of FAL Consulting’s writing team or gathered from other listed sources.
Market
Overall Market Cap: $1.2127 Trillion
24h Volume: $66.22 Billion
BTC Dominance: 46.4%
ETH Dominance: 17.4%
Bitcoin broke out on 6/6 and consolidated strongly on 6/9 before dropping nearly 3% this morning on 6/10. The price is currently $29,520.52. ETH has been following the same trajectory.
Crypto Exchanges announce hiring freeze and layoffs
Coinbase announced that they would be freezing all hiring and even revoking some recent offers.
Gemini announced that they had cut 10% of its staff due to the ongoing crypto winter and current macroeconomic and geopolitical turmoil.
Robinhood also announced layoffs in late April, ahead of its first quarter earnings release.
Adoption
Paypal announces crypto transfer feature
PayPal announced earlier this week the release of a highly anticipated feature many crypto enthusiasts have been asking for: The ability to transfer cryptocurrencies purchased on PayPal to other platforms, bringing them more in line with others in the industry. The feature is being slowly rolled out over the course of a couple of weeks and will be available to all users in the United States. PayPal started to offer crypto services in 2020, giving users the ability to buy, sell, and hold four assets: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, but once bought you could not move them off to other exchanges like Coinbase or Gemini.
Crypto Accounts for 14% of AMC’s Online Purchases
AMC enabled crypto payments about a year ago, and now the movie theater company has revealed that the coins account for 14% of their online transactions. Users can currently pay for their tickets & concessions with Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
The news comes from CEO Adam Aron saying, “Big newsflash! As promised, many new ways NOW to pay online at AMC. We proudly now accept drumroll, please…Bitcoin, Ethereum, Bitcoin Cash, Litecoin. Also Apple Pay, Google Pay, and PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next.” Aron tweeted on Thursday.”
Mastercard is expanding its services to Web3, including NFTs
Mastercard announced that it has been building partnerships over their last year to extend their payment networks to NFTs. They have partnered with many of the leading NFT marketplaces to allow direct purchases of NFTs through their Mastercard rather than having to buy crypto first. A partnership with Coinbase was announced earlier this year to allow Coinbase users to purchase NFTs through Coinbase’s new NFT platform with their credit cards.
Opensea currently allows users to add crypto funds with credit or debit cards using MoonPay. Users can either deposit crypto from another crypto address or buy ETH with their card. A direct integration is expected similar to the direct purchases on Coinbase’s NFT platform. The option will likely be offered after selecting to purchase/bid on an NFT to prompt whether the user wants to pay in crypto or their card.
None of our posts or newsletters are meant to be taken as financial advice.
