This Week in Crypto
January 27, 2023
As the month of January is closing while the eastern part of the world is coming back from the long Lunar New Year holidays, the crypto market has also been making some news and advancements. In this week’s episode of “This Week in Crypto”, we look at some of this week’s splash makers in the industry.
NEO Breaks Records
NEO, the all-new, low-power multi-token miner from MatchX, has officially broken records on its day-one demand. Released on January 24, the mining rig has attracted so many people to the website that the MatchX server was temporarily halted. Priced at 495 Euros, the NEO is positioned to onboard thousands of miners all around the world to start providing connectivity points and certification layers to businesses using the MXC data network.
If you are looking for an easy, plug-and-play solution to start benefiting from MXC’s global mining network, check out NEO by clicking here. Bonus tip: There’s a discount code unlocked when you fill out the form at the bottom!
Visa Reviews Stablecoin and CBDC Initiative
The CEO of Visa — one of the world’s largest card payment networks — has revealed to the stakeholders that stablecoins and CBDC (Central Bank Decentralized Currency) payment could be of additional value and interest to Visa group.
While hinting at an initiative to further study the potential benefits of implementing stablecoins and CBDC into Visa, Alfred Kelly (CEO of Visa) has added that Visa group has also been investing in crypto-related funds and startups. Moreover, Kelly carefully added that Visa has not been affected by the recent downturn in crypto such as the collapse of FTX to calm the investors.
Next Round of Layoffs: Luno
Luno, a crypto exchange owned by DCG, has announced that due to the recent events and an “incredibly tough year”, it has decided to bid farewell to 35% of its team — around 210 employees. It appears that this is largely related to the ongoing saga of over $3 billion in assets that DCG and Genesis owe.
In total, CoinDesk has estimated that in the past 10 months, more than 29,000 jobs have been terminated.
However, MXC is still hiring! If you are looking for your next adventure in Web3, apply to join us and start building the global data network of tomorrow. You can find all the job availabilities through our sister company MatchX’s LinkedIn page.
Bearish or Time to Buy?
UN DESA has announced in its 2023 forecast that due to the current crisis such as the conflict in Ukraine and global inflation, the year is more likely to record a low growth rate of 1.9%. Moreover, the forecast added that due to high inflation and interest rate, in most countries public spending will decrease and investment will reduce. It also argued that until the overall economy recovers in the latter half of 2023 and in 2024, some countries might even go through a light recession.
However, some narratives are also suggesting that the current moment is a “generational buy” opportunity for crypto. According to some analysts, on-chain data is suggesting that now is the prime opportunity to obtain Bitcoin and other crypto assets. Quoting the Bitcoin entity-adjusted dormancy flow, the analysts have argued that the dormancy value has dropped to its lowest point in 2022, indicating a good buying opportunity.
Whether the UN DESA or on-chain analysts are right, only time will tell.
