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Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos. Bitcoin (BTC) traded in a choppy range over the past week as volatility ticked higher. That could reflect uncertainty among crypto traders. BTC was down by 3% over the past 24 hours and is roughly flat over the past week. Meanwhile, several alternative cryptos …

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Web3, NFTs, Metaverse: The tools for a truly decentralized future

If the crypto community can successfully decentralize the internet, “it’s a future really worth getting excited about,” said NFT3 founder Dylan Dewdney. Attendees to the BlockDown Croatia 2022 festival were witness to Cointelegraph’s discussions around sociopolitics of the Web3 ecosystem, nonfungible tokens (NFT) and the Metaverse. It turns out that ongoing innovations across the crypto ecosystem …

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Tech stocks are mired in their longest weekly losing streak since dot-com bust

KEY POINTS The Nasdaq dropped 3.8% this week, notching its seventh straight weekly drop. It’s the tech-heavy index’s longest weekly losing streak since 2001 during the dot-com bust. The Nasdaq is 29% off its record reached in November, while the S&P 500 briefly fell into bear market territory on Friday, down 20% from its high. …

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LUNA and UST Crash Could Have Been Averted if Bitcoin Reserves were Used Earlier, Binance CEO Says

The collapse of LUNA and UST, the native tokens of the Terra network, could have been avoided if the Luna Foundation Guard (LFG) had used its Bitcoin reserves earlier, according to Binance CEO Changpeng Zhao (CZ). Sharing his insights on the Binance website, CZ noted: “The Terra team was slow in using their reserves to …

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Sony Announces Metaverse Push in Latest Annual Corporate Strategy Meeting

Sony, the global electronics giant, has announced it will take a more focused approach when it comes to metaverse experiences as part of its entertainment strategy. The company that owns the Playstation brand revealed that prior investments in Epic, makers of the Fortnite game, and Bungie, another gaming studio, are part of this new push. …

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Goodbye, American soft power: McDonald’s exiting Russia after 32 years is the end of an era

KEY POINTS In 1990, McDonald’s opened up its first restaurant in the Soviet Union, serving a record of 30,000 customers in a single opening day. The iconic American chain is leaving Russia and its 62,000 employees behind as hundreds of Western brands exit the country following its invasion of Ukraine. For a generation of Russians, …

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Ethereum Has Destroyed $8.10 Billion in Ether, ETH Scarcity to Increase After The Merge

According to current metrics, the Ethereum blockchain has burned 2.35 million ether since the implementation of Ethereum Improvement Proposal (EIP) 1559. The $8.10 billion in value was burned over the course of nine months and during the last seven days, 18,110 ether worth $34.9 million was destroyed. 2.35 Million Ethereum Burned — Ethereum Dev Says …

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Shopify Expands Crypto Payment Options With Crypto.com Pact

Shopify merchants also have access to Jack Mallers’ Strike, Coinbase Commerce and BitPay. Merchants using e-commerce platform Shopify (SHOP) now have access to Crypto.com as another way for accepting cryptocurrency payments. Sellers using the Crypto.com Pay feature can allow customers to settle their accounts with over 20 tokens, according to a statement. Strike, the payments network headed by Jack Mallers, announced …

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Blockchain, crypto set to take sports industry beyond NFT collectibles

Deloitte expects an eventual rise in blockchain-enabled innovations; as a result, “The use of NFTs, crypto, fan tokens, and ticket innovations will grow and evolve.” Bitcoin (BTC) has been attributed as the most prominent blockchain use case, showing the technology’s prowess in successfully delivering an immutable and truly decentralized ledger over the past 13 years. Adding …

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