NFT-themed cakes, mining “bans” and the Twitter drama

News from the crypto world

The week opened in the green for the crypto market but the trend diverted downwards over the course of the week. On Monday, Bitcoin bounced to €29,456 but fell soon after and is now hovering around the €28,000 level. Ethereum experienced a similar price movement on Monday, when it went up to €1,784, but then dropped to €1,622 on Tuesday. Cardano seemed to be approaching €0.60 at the beginning of the week and it’s still hovering around that level, posting a +12.49% increase during the past 7 days. The Crypto Fear & Greed Index is showing slow signs of improvement and is now at 36/100, indicating fearful sentiment among investors. 

New York trying to ban mining

Over the past few years, we’ve seen several countries warming up to cryptocurrencies, ranging between those that are growing slightly more accepting, to others that are going right ahead and making Bitcoin legal tender - El Salvador and the Central African Republic, in case you missed it. Of course, there are exceptions to this trend. The state of New York seems to be bound in the opposite direction, as the state passed a bill interpreted by some as “banning crypto” on Friday, which will now be either signed or vetoed by Governor Kathy Hochu.

The New York State Assembly member who wrote the bill, Anna Kelles, explained to CNBC that:

“It’s important to understand that it’s not a ban” 

but a two-year moratorium on energy-intensive types of crypto minings.

The bill is directed at Proof of Work mining and was vehemently criticised by the crypto community, who took to Twitter to express their dissent. The head of policy at the Blockchain Association, Jake Chervinsky, explained on the platform that he believes this bill is not going to be reducing carbon emissions at all and might actually drive miners out of the state of New York in search of more accepting locations. 

1/ As the anti-bitcoin wing of the NY political establishment takes a victory lap over the passage of its mining ban, remember:

It will not help reduce carbon emissions by a single ounce.

All it does is push miners to build in other places where NY has no influence over them.

— Jake Chervinsky (@jchervinsky) June 5, 2022

Snoop Dogg’s new Bored Ape restaurant

After the opening of the Bored Ape Yacht Club-themed restaurant, “Bored & Hungry”, in Los Angeles last April, NFT fans will now be able to count on another Bored Ape-inspired diner. Snoop Dogg and the start-up, Food Fighters Universe, recently revealed their plans to open the NFT-themed dessert eatery “Dr. Bombay’s Sweet Exploration”, named after Snoop Dogg’s Bored Ape. 

Announcing the newest member on the Food Fighters Universe team @SnoopDogg AKA Dr. Bombay 👀 pic.twitter.com/itZqpG3neQ

— Food Fighters Universe | MINTING JUNE (@FoodFightersU) June 3, 2022

In general, the theme of the restaurant will be based on the Bored Ape owned by Snoop Dogg, since the ownership of this NFT also grants him commercial use rights. The US rapper is known in the crypto sphere as a vocal supporter and collector of NFTs, as well as a contributor in the metaverse. 

Don’t miss this week’s video recap!

News from the stock market

Recent earnings reports:

• Ideanomics (IDEX): June 6

• Campbell Soup (CPB): June 8

→ Find out about upcoming corporate actions on Bitpanda

Stock market performance

The stock market opened the week with mixed performances. Major European indices started mostly in the green at the beginning of the week but proceeded to lose momentum later on. In the U.S. stock market, the S&P 500* posted positive on Monday but fell soon after. NASDAQ* saw a similar performance, which spiked up on Monday followed by a steep fall on Tuesday. The Asian stock market has seen a more positive week so far, with the Nikkei* and the Shanghai Stock Exchange Composite indices opening in the green. 

More Twitter-Musk drama

What had initially been regarded as the biggest deal of the year is turning out to be the biggest drama. A little over a month ago, Twitter* accepted Elon Musk’s offer to purchase the social media platform for $54.20 a share, totalling around $44 billion. 

Now the Tesla* CEO seems to be backing up and reportedly threatening to walk away from the deal. According to Musk, Twitter is breaching the merger agreement by not providing him with information about bots, spam and fake accounts. 

In particular, Twitter has stated in the past that fake accounts and bots constitute less than 5% of the entire user base and Musk has requested access to the data supporting this claim, since studies suggest the number could be 3 times higher. The deal seems to be hanging by a thread for now until this information is provided. 

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Disclaimer

This article does not constitute investment advice, nor is it an offer or invitation to purchase any digital assets.

This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein. *Bitpanda Stocks are contracts replicating an underlying stock or ETF. More information and the PRIIPs key information document (KID) are available at bitpanda.com.