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US Raises Debt Ceiling, Crypto Goes UP
Last Updated: May 29, 2023
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THE US REACHES AGREEMENT ON DEBT CEILING
Amid worries of a potential default, Joe Biden and Republican House Speaker Kevin McCarthy have agreed to raise the federal government's debt ceiling to $31.4 trillion.
Their agreement was reached after a 90-minute phone call on May 27. As a result, the market responded positively, with most coins seeing a growth of up to 3%!
Things look optimistic... Yet, at the same time, according to Google Trends, the interest in crypto fell to 2020 lows:
As it's visible in the graph, the record-breaking demand for cryptocurrency-related topics was observed during the bullish market of 2021.
This interest persisted until 2022, but then the market turned bearish, and search queries began to decline.
In 2023, this downward trend has continued, despite the significant growth of Bitcoin and ETH in January.
Alas, even these price surges were not enough to revive the dwindling interest.
It's intriguing to note that the level of cryptocurrency-related searches on Google has dropped to a point last seen in 2020.
Interestingly, that was a time when cryptocurrencies were on the brink of a massive rally.
Will history repeat itself this time? Only time will tell.
While the current circumstances may reflect a decline in interest, it's essential to recognize that the crypto landscape is ever-changing.
Market cycles and trends fluctuate, and new opportunities emerge. So, while the current enthusiasm may be subdued, it doesn't necessarily signify the end of the crypto story.
There are many opportunities that await to be explored. However, it's important to always remain cautious. Read about it below!
TL;DR: President Joe Biden and Republican House Speaker Kevin McCarthy agree to raise the federal debt ceiling to $31.4 trillion, easing worries of default and causing a positive market response. However, interest in cryptocurrencies, as indicated by Google Trends, has dropped to 2020 levels despite recent price surges. This decline in interest raises questions about whether history will repeat itself with a new rally.
SCAMS GONNA SCAM
Despite an overall decrease in public's attention to crypto...
A decrease in people falling for crypto scams has not been noticed.
A memecoin scam "WandaNaraCrypto" managed to get a gold checkmark on Twitter, and then, by impersonating an Argentinian model (@wanditanara), they raised over 131 ETH ($242k).
Of course, it has a lot to do with Twitter not being able to solve the problem of scammers obtaining gold verifications…
But there's a different way of looking at these scams. Many of them are so stupid, so blatantly ridiculous, yet... People fall for them. HOW?
Statistics reveal that majority of scam victims have never used a non-custodial wallet.
They mainly hold their crypto on exchanges (it's thanks to this little circumstance, scammers get to trick people into withdrawing money to scammers themselves since it's way easier to do so when crypto is stored in an exchange)
Therefore, it's crucial to take matters into your own hands.
If you haven't explored the world of wallets, it's time to embark on a personal journey of discovery.
Familiarize yourself with such tools as Metamask, bridges, and other essential components.
Start small, perhaps with a minimal investment of around $10.
Through gradual steps, you will gain confidence and learn to discern between genuine opportunities and fraudulent traps.
Remember, knowledge and experience are your allies in distinguishing scams from legitimate ventures.
If uncertainty clouds your judgment, don't hesitate to seek guidance. Our dedicated team is readily available on our discord server to assist you!
TL;DR: Despite a decrease in public attention to crypto, crypto scams persist. A memecoin scam successfully raised over 131 ETH by impersonating a model on Twitter. Many victims of scams primarily hold their crypto on exchanges, making them easier targets. It's important to take control of your crypto by using non-custodial wallets and educating yourself to avoid fraudulent traps.
VENTURE MONDAYS
Privacy-Preserving Proof-of-Personhood Protocol Worldcoin raised $115M in a Series C funding round led by Blockchain Capital, with participation from Andreessen Horowitz (a16z crypto), Bain Capital Ventures (BCV), Distributed Global.
Before, the project had attracted over $125 million in investments (now, $240M in total).
Worldcoin is a project that aims to become the world's largest public network for identification and financial information, open to everyone regardless of their country, origin, or economic status.
It sounds good on paper (like many things)... We'll see whether they walk the walk. But, there's already one interesting fact.
Chinese users who don't have access to registering on Worldcoin started acquiring biometric data from African residents, hoping to receive token bonuses from the project after registration.
Worldcoin has confirmed the existence of the problem and will strengthen the verification procedure. But has that ever stopped everyone before? Unlikely, some airdrop hunters might be affected.
Also, today, a very important question about personal data deserves our attention.
Of course, Worldcoin promises to protect privacy via Zero-Knowledge tech, yet we will see if such crypto ID tool, as the one that's being proposed by Worldcoin, will succeed in gaining significant interest, especially after recent issues with popular crypto wallet producers.
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