On this planet of crypto, FUD stands for concern, uncertainty and doubt. It’s typically evoked deliberately to attract damaging consideration to a specific venture or enterprise. One in all crypto’s most enduring legacies has been the fixed FUD surrounding Tether, whose USDT stablecoin instructions a market capitalization of practically $68 billion. Whether or not intentional or not, The Wall Road Journal ran a narrative this week claiming that Tether was on the edge of technical insolvency and that it wouldn’t take a lot to push the stablecoin issuer into monetary peril. After all, Tether didn’t take it mendacity down and instantly issued a response to what it thought of to be a “disinformation” marketing campaign by the Journal.
No matter which facet of the controversy you’re on, it’s turning into clear that there’s a sturdy media bias in opposition to Tether. In truth, the Journal ran a narrative a number of months in the past claiming that extra hedge funds had been betting in opposition to the stablecoin across the similar time that the crypto market as an entire was plunging.
This week’s Crypto Biz e-newsletter dissects the Tether controversy and provides you the newest data on the state of enterprise capital and nonfungible tokens (NFTs).
Tether responds to Wall Road Journal ‘disinformation’
In an article printed on Saturday, The Wall Road Journal claimed that even a 0.3% decline in Tether’s belongings may deem the stablecoin issuer “technically bancrupt.” The Journal was referring to Tether’s most up-to-date disclosure on its web site, which confirmed that assets only narrowly exceeded its liabilities. Tether clapped back and accused the Journal of partaking in pointless FUD. “The article seeks to discredit the work that Tether has put into clear and sincere communication to the general public,” Tether stated. “Maybe the WSJ has confused Tether with a few of its opponents.” When you’re involved about Tether FUD, don’t sweat it. The stablecoin issuer has been always attacked by mainstream media since no less than 2017.
Numerous milking pic.twitter.com/ZBJnmvai9f
— Paolo Ardoino (@paoloardoino) August 29, 2022
‘All the pieces’s on sale:’ Reddit founder, Galaxy and Genesis execs increase huge cash
For all of the discuss crypto winter, enterprise capital continues to flood the blockchain trade. This week, Reddit co-founder Alexis Ohanian introduced that his venture firm Seven Seven Six is trying is elevating $177.6 million to put money into numerous crypto and blockchain startups. “That is one of the best time to purchase if you happen to’re actually lengthy on the trade. It’s on sale. All the pieces is on sale,” stated Katelin Holloway, Seven Seven Six’s founding accomplice. If recent history is any indication, Seven Seven Six will probably achieve success in assembly its funding goal. Anticipate extra huge funding tales from the world of blockchain.
Meta pronounces Fb and Instagram customers can submit NFTs from digital wallets
Mark Zuckerberg’s Meta couldn’t launch its personal stablecoin, however the social media large continues to be embracing blockchain expertise in different methods. Efficient instantly, Facebook’s roughly 2.9 billion users will have the ability to share NFTs by connecting their digital wallets on to the social media app. The announcement got here lower than a month after Meta enabled Instagram NFT integration in over 100 international locations. It’s not solely clear how Meta will earn money off its NFT integration. Buyers in all probability hope NFTs don’t burn a hole in Zuckerberg’s pocket like his firm’s Metaverse division (yikes).
— Meta Newsroom (@MetaNewsroom) August 29, 2022
‘Most of crypto continues to be junk’ and lacks use case — JPMorgan blockchain head
After bashing Bitcoin (BTC) for years, JPMorgan has spun out a devoted division for digital belongings — a transparent signal that the foremost banks acknowledge the sector’s long-term worth proposition. Umar Farooq, who heads JPMorgan’s digital asset division, not too long ago advised a panel that most crypto projects are “junk” and never price pursuing as investments. “I imply, except for, I’d say, a number of dozen tokens, all the pieces else that has been talked about is both noise or, frankly, is simply gonna go away,” he advised the Financial Authority of Singapore’s Inexperienced Photographs Seminar. I feel most buyers would agree that the majority crypto tasks don’t have a future. The issue is agreeing on which tasks outdoors of Bitcoin and Ether (ETH) will not be junk.
Don’t miss it! Crypto market dump — Is it over or the beginning of the following mega crash?
Crypto winter is beginning to appear to be a crypto deep freeze as Bitcoin, Ether and altcoins all plunged this week. Have we seen a definitive backside in crypto costs, or is there extra ache on the best way this fall? On this week’s Market Report, I sat down with fellow analysts Marcel Pechman and Benton Yaun to discuss the place crypto costs might be headed subsequent. You possibly can watch the complete replay beneath.
Crypto Biz is your weekly pulse of the enterprise behind blockchain and crypto delivered on to your inbox each Thursday.