The fall of the dollar and oil has sparked optimism after several weeks of pessimism. It is not uncommon for us to have bullish waves in a bearish cycle. The general expectation may be bearish, but that does not mean that the sentiment is bearish all the time. Especially after a long red streak, the market needs its breaks. Remember the summer rally?
These intermittent oscillations between optimism and pessimism are a reflection of volatility and uncertainty. It is not uncommon for investors to startle at the first change. Because nervousness and doubts are on the surface.
OPEC decided to cut 100,000 barrels of oil from production this week. Which is not much. But it is a first step in trying to rescue the price. We must remember that, at the beginning of June, the price of crude oil stood at $125. This week it hit $90 for the first time since last February. The price is falling due to expectations around a global economic slowdown. Nevertheless, investors are happy, because a drop in the price of oil is a victory in the fight against inflation.
Of course, one swallow does not make a summer. It is still too early to sing victory. There is still a long way to go until the next US Federal Reserve meeting at the end of this month. What will the data tell us from here to there?
Now, let’s talk, with a critical eye, about the top crypto news of the week according to Cointelegraph en Español.
OpenSea Says Market Won’t Support Forked NFTs After Merger
With every change, something is lost. Of course The Merge It will have its winners and losers. Therefore, the losing side may be tempted to emancipate itself. Ethereum miners, for example, are the most obvious losers with the adoption of a Proof of Stake system. We cannot say that it is a simple tantrum. Nor can it be said that it is a matter of not accepting the majority will. In the case of miners, it is almost 5 billion dollars in hardware that will have no choice but to say goodbye to their returns. So much money at stake hurts.
The split can be avoided by uniting the winners. If all exchanges refuse to admit the breakaways, this may force the defeated to accept their fate with dignity.
Ripple Plan To Tokenize Colombian Land Stalls Amid New Administration
In Latin America, everything can change from one day to the next. A new administration in government usually means a radical break with the previous administration in a spirit of a clean slate. However, surprise turns are also common during the same administration. It is not very easy to make plans in such an environment.
Spain: FTX collaborates with a program for athletes, certified by the Universidad Católica San Antonio de Murcia
The FTX exchange, it seems, is into it all. He definitely has the cash. Y he is obviously taking advantage of this advantage in lean times to gain space. FTX’s new CEO, billionaire Sam Bankman-Fried, reportedly just took 30% of SkyBridge Capital, Anthony Scaramucci’s fund. And the acquisitions continue.
If you have the capital, the crisis becomes an opportunity to take small fruits. Virtually all crypto funds are having problems right now. They promised villas and castles during the boom and now they are suffering the consequences. Nobody likes to lose money. If you raise expectations too high, you end up disappointing many.
This brings us to the subject of risk. How cautious is Sam Bankman-Fried? If the exchange is managed wisely in this regard, we are in the presence of a giant of the future. Otherwise, sooner or later, so much risk is expensive. At this point, it is very difficult to determine if FTX’s apparent strength with all the acquisitions, alliances, spending and buyouts is a product of its sheer creditworthiness or sheer recklessness. Time will reveal this truth to us in due course.
The president of Colombia, Gustavo Petro showed his sympathy towards cryptocurrencies
The popularity of cryptocurrencies in certain countries arises for multiple reasons. In most cases, that popularity is due to particular causes of that specific country. I mean, a person in Colombia does not necessarily use Bitcoin for the same reasons as someone in California. Therefore, it is not very accurate to think of the crypto community as a homogeneous group with identical ideas, intentions and aspirations.
On Twitter, it is suggested that this homogeneity exists in almost all aspects and particularly in the ideological. But this is not the case in reality. In other words, American libertarians do not represent the entire global crypto community. They represent a phenomenon of social networks. And certainly they are the largest, oldest and loudest minority. But the truth is that the crypto community is more diverse than it seems. The Colombian, Venezuelan or Argentine reality is not the same as the reality in London, New York or Seoul. However, the narrative used is usually the same thanks to the control of the narrative by American libertarians on Twitter.
The Argentine government could seize digital accounts and this ruling could affect crypto wallets
“Embargo on a digital wallet”. Aren’t Bitcoin and other cryptocurrencies supposed to be “unconfiscatable”? Okay, everything transferable is confiscable. The fact that one asset is easier to hide from the authorities than others is an issue of evasion, not “unconfiscability”. The FBI has seized a lot of BTC. And now, it seems, the Argentine government is going the same way.
It is valid to change the laws. It is valid to reinterpret the laws. It is valid to move to a territory with different laws. Or you can be outside the law. But it is not proper to abuse language to pander to our ideological biases. If something is transferable, that means it can also be forcibly removed by the authorities. More said, it is confiscable.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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