Quote of the week: “The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for Bitcoin and crypto markets more generally.”- Note from JPMorgan to Clients. Source: https://cointelegraph.
Eyes on Polkadot (DOT): This week Polkadot parachains rallied after the launch of a $250 million USD stablecoin fund. Despite increasing market volatility, cryptocurrencies within the Polkadot ecosystem began to rally, indicating the possibility of some sub-sectors of the cryptocurrency market breaking from market trends. Source: https://
Andreessen Horowitz Continues Raising Money for its Fourth Crypto Fund: Amidst market turmoil, Andreessen Horowitz announced that the venture capital giant has raised $4.5 billion for its fourth cryptocurrency fund. Its total funds raised for digital currency investments are now upward of $7.6 billion. Source: https://www.fxempire.
GameStop Debuts Cryptocurrency and NFT Wallet: On May 23, GameStop launched its beta version of its new wallet, which allows holders to access, spend, and trade cryptocurrencies and other digital assets without leaving a game. Upon the announcement of its wallet, shares jumped approximately 3% in the pre-market trading. Source: https://finance.
International Cryptocurrency Policy Featuring Portugal: Portugal’s Congress rejected two bills that would have taxed cryptocurrencies. Portugal has an effective capital gains rate of zero on cryptocurrencies; but, it has a current capital gains tax rate for financial investments of 28%. The Socialist Party, which holds the majority of legislative assembly seats, has not put forth any tax bill of its own quite yet. Source: https://finance.
Founder of WeWork Creates $70 Million Cryptocurrency Carbon Credit Platform: Adam Neumann, founder of WeWork, is attempting to recreate himself in the cryptocurrency space, and he just recently raised $70 million for his blockchain-powered climate technology platform called Flowcarbon. The Platform is attempting to make carbon trading more accessible and efficient by putting carbon credits on the blockchain. Source: https://
And, that’s a wrap!