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• The Macroeconomic Factors Cause Another Crypto Market Shock

• Twitter (NYSE: ) Integrates NFT in Profile Pictures, Meta Exploring FFTs for Facebook and Instagram (NASDAQ: )

• A16Z Plans to Raise $4.5B for New Crypto Funds, “Crypto Is Hard to Ignore,” says CEO of Charles Schwab (NYSE:)

• New York City Mayor receives his first cryptopaycheck

The Macroeconomic Factors Cause Another Crypto Market Shock

The wider cryptocurrency market and Bitcoin have both plunged again due to macroeconomic forces. Over $300 billion of global crypto market capital was erased by Bitcoin falling by 8%. It traded at $38.5k and $2800.

Bitcoin and Ethereum are not the only ones that lost, but most other cryptocurrencies have also fallen into freefall. Global crypto market capital has dropped to $1.827 billion, down from $3 trillion as of November 9, 2021.

Chart of global cryptocurrency market 24-hours Source: Tradingview

The market crash has reportedly caused 185.450 crypto investors to lose all of their investments.

The continued rise in inflation and losses reported by Wall Street have led to the plunge of cryptocurrency. In addition, Nasdaq reports a 5% drop this week, and the S&P 500 heads into its third straight week of losses.

In the middle of the continuing market crash, the Federal Reserve of the United States issued a new whitepaper about the digital dollar. Many believed that CBDC could replace traditional cryptocurrency, and the market reacted accordingly.

Flipsider:

• Analysts have predicted that an eventual breakout is imminent after Bitcoin’s drop to $38k.

What You Need to Care About

The crypto market plunge coincides with the decline of tech stocks, a result of the Fed’s plans to taper asset purchases and raise interest rates several times this year.

Instagram Integrates NFTs into Profile Pictures and Meta Exploring them for Facebook and Instagram

NFTs may be used as profile images by any random person, almost negating the digital art’s unique ownership. Twitter introduced an official verification option for NFT profiles pictures in order to resolve this problem.

Linking your Ethereum wallet and Twitter will allow you to view all NFTs in your account. If you use verified NFTs as your profile picture, they will appear as a hexagon rather than a circle. Users can click for more details. The display of unverified NFTs is not as hexagonal, but will be circle-like.

Meta continues the NFT trend and is reported to be looking into plans for digital art integration in Facebook and Instagram. Reports show that Meta’s work could see users able to create, showcase, and sell NFTs on Facebook and Instagram.

The report states that users could display NFTs immediately while Meta is working on future releases to enable users to create new NFTs. It could represent the largest show of support to NFTs by mainstream people if NFTs were integrated into Facebook or Instagram.

Flipsider:

• NFTs were recently criticized for destroying art objects, such as Dune, in a wave of recent criticism.

What You Need to Care About

The non-fungible tokens are no longer a bubble. They have transformed the digital art narrative as they push for worldwide adoption.

Charles Schwab, CEO, of A16Z, announces that they will raise $4.5B for new Crypto Funds. Crypto is difficult to ignore.

Andreessen Horowitz, a venture capital company that has made significant investments in crypto investing, announced its plans to raise $4.5 Billion for new crypto funds. A16Z plans to raise $3.5 billion through its venture fund according to their report.

Additional $1 billion will be invested in seed investments for the web3 sector. These plans will be finalized in March. The funds would surpass Paradigm’s $2.5 billion to become the largest crypto fund by a venture capital firm.

As more financial service providers jump into the crypto space, Walt Bettinger, the CEO of another mega venture capital firm, Charles Schwab, has stated that cryptocurrencies are “hard to ignore.” He adds that cryptocurrencies have become “fairly significant.”

Explaining that Charles Schwab could fill a “tremendous void” in the crypto space, Bettinger notes that the firm would enter the industry “if the opportunity presents itself from a regulatory standpoint.”

Flipsider:

• The SEC has rejected Skybridge’s spot Bitcoin ETF, further delaying direct exposure to cryptocurrencies.

What You Need to Care About

Experts believe that venture capital firms will help crypto gain global acceptance as the industry matures.

New York City Mayor receives his first cryptopaycheck

Eric Adams, the new Mayor of New York City was proclaimed to have applied for three Bitcoin salary payments as his first paycheck in November 2021.

Mayor Adams will be receiving his first salary in Bitcoin and Ethereum, fulfilling his promise. Mayor Adams, in spite of the market crash, will be receiving his cryptocurrency payments on Friday after conversion via the Coinbase (NASDAQ.) exchange.

Reaffirming his drive to make New York a crypto center, Mayor Adams explained that “being on the forefront of such innovation will help us create jobs, improve our economy, and continue to be a magnet for talent from all over the globe.”

Flipsider:

• Russia proposed that cryptocurrencies be banned as the New York mayor accepts his first cryptocurrency paycheck.

What You Need to Care About

The Mayor’s drive to establish New York as a crypto center could set the standard for other cities to follow.

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