Crypto Market Overview June 22nd | Dex-Trade

Crypto Market Overview June 22nd | Dex-Trade

At NFT.NYC, a Double of Snoop Dogg Was Responsible for the Hype

According to numerous testimonies of the NFT.NYC’s participants, it was attended by a double of hip-hop legend and loyal fan of NFT culture Snoop Dogg. A man posing as a famous musician walked around the entire territory of the NFT.NYC, attracting the attention of participants and journalists. It’s not known what kind of result the double or the organizers of the event were counting on, but the audience had mixed impressions about this. For example, NFT.NYC member Kevin Collier tweeted about his encounter with the fake Snoop Dogg at Times Square event. According to him, the guy who dressed up as a famous rapper was actually brought in to raise the hype around the event. Collier also added that it "feels like a metaphor," hinting at possible copyright issues with the NFT.NYC organizers. Reddit user az_is was also unimpressed by the fake Snoop Dogg. Expressing his dissatisfaction, the anonymous person noted that NFT, a technology created to protect identity, is currently "being marketed with a fake version of a person." It’s noteworthy that the double "roamed" around Times Square with a VIP tag “Doop Snogg” and actively photographed with visitors. Probably, in the near future he will still have to find out about copyright...


Vitalik Buterin Criticized the Bitcoin Stock-to-flow Model

Ethereum prodigy Vitalik Buterin has once again lashed out on Twitter at the controversial Stock-to-Flow (S2F) Bitcoin pricing model created by the Dutch statistical data analyst PlanB. Buterin stated that "financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get." In addition, he cited Ethereum educator and Ethhub co-founder Anthony Sassano, who called the Stock-to-Flow pricing model “an epic failure.” We are talking about the fact that S2F predicts a huge increase in the price of Bitcoin in the future, based on the assumption that the scarcity of the cryptocurrency should affect the value. It claims that the price of the benchmark crypto will continue to rise steadily with a roughly 10x return every four years. Thus, the model predicts that BTC will trade for more than $288,000 by December 2024. By the way, PlanB responded to Buterin, stating that people tend to look for “scapegoats for their failed projects or wrong investment decisions,” alluding to the current market crash and the low value of BTC. By the way, according to the Stock-to-Flow model, Bitcoin should now be trading in the range from $100,000 to $110,000. That is, something is clearly wrong either with S2F or with all providers of the crypto rate...


Tether Intend to Release a New Stablecoin Pegged to the British Pound

Tether has announced plans to launch a new stablecoin on the Ethereum blockchain called GBPT, which will be pegged to the British pound and should go on sale as early as July. At the same time, the company that created the most popular stablecoin pegged to the US dollar has already launched stablecoins pegged to the euro (EURT), offshore Chinese yuan (CNHT), and also announced the launch of the MXNT coin pegged to the Mexican peso. "We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide access to a GBP-denominated stablecoin issued by the largest stablecoin issuer." — Tether statement. The launch of GBPT coincides with the market capitalization of Tether’s main stablecoin, USDT, dropping to below $70 billion for the first time since October 2021. However, it’s not known whether the current market situation in any way affects the timing of the GBPT’s release.