Web3 News: What Happened Since Last Week 🚀
As of now, the Web3 industry is rapidly growing and expanding, with more individuals and organizations embracing decentralized technologies. We gather and curate news from the Web3 ecosystem to provide you with timely and informative updates. We want to keep you up-to-date on all the latest happenings in this dynamic field.
This week proved to be a bustling one for the Web3 world, with several notable events taking place. Among them were:
1- Crypto Chaos: Silvergate Shuts Down, Bitcoin Falls Off a Cliff!
Silvergate Bank, one of the biggest banks serving the digital currency industry, has announced its shutdown and liquidation, causing significant value loss in Bitcoin and other major cryptocurrencies within hours of the news. The impact is being felt in both the crypto and traditional financial markets, with many companies in the crypto industry experiencing a drop in stock prices. While reports suggest that the decision was voluntary, the reasons behind it remain unclear, with some speculating that competition and regulatory uncertainty may have played a role.
2- Meta Platforms Plans More Job Cuts Amid Ongoing Turmoil
Meta, the parent company of Facebook, Instagram, and WhatsApp, is reportedly planning to lay off thousands of employees across sales, engineering, and product development. This move is part of the company’s ongoing efforts to streamline its operations and cut costs. Despite the blow to employees, Meta remains a major force in the tech industry with billions of users worldwide and a market capitalization of over $1 trillion. As the social media landscape continues to evolve, Meta is looking to position itself for long-term success and sustainability. It remains to be seen how these layoffs will impact the company’s ability to continue driving innovation and growth in the years ahead.
3- Elon Musk’s interest has been switched from cryptocurrencies to AI
Elon Musk has shifted his focus from cryptocurrency to artificial intelligence (AI). He advocates for the responsible development of AI technology to ensure that it benefits humanity and is safe to use. With his extensive experience in the tech industry, Musk’s interest in AI and his advocacy could bring about positive change in this field. It is important to monitor his actions and those of other tech leaders to ensure that the development of AI is guided by responsible principles that benefit humanity.
4- US Govt dumps BTC amid Crypto Crackdown?
The recent regulatory scrutiny in the crypto market has taken a new turn with the New York Attorney General’s office filing a lawsuit against KuCoin, claiming Ethereum is a security rather than a commodity. This decision has caused ripples in the industry as Ethereum has always been considered a commodity. The US government’s abandonment of Bitcoin has further added to the unpredictability of the ongoing bear market, resulting in a new level of regulatory intensity. However, some experts view this as a necessary step towards greater transparency and regulation in the market. The industry will require a collective effort to navigate these turbulent times.
5- Crypto Community in Chaos as Huobi Token Plummets 90%
Huobi Token, the native token of the Huobi exchange, experienced a 90% flash crash on March 9th due to a massive sell-off triggering a chain reaction of liquidations on margin trading platforms. This event has amplified concerns over the crypto industry’s current state, with investors worried about the lack of regulation and reliability of cryptocurrency exchanges. It’s evident that the crypto industry requires regulation to safeguard investors and ensure market stability as uncertainty looms over the market’s future.
Regardless of whether you’re a seasoned Web3 enthusiast or just beginning to explore the field, we welcome you to join us