Main Takeaway: Market Holding Up Despite DeFi Jitters
The market remains largely unchanged d-o-d with a slight overall decrease of 1%, however, there’s been a flood of Solana revelations that have created a great deal of FUD, mainly a news story of brothers who faked TVL on stablecoin exchange Saber. The takeaway is data surrounding TVL and other metrics on DeFi need to be more thoroughly researched and verified, especially by leveraging the blockchain’s transparency. However, this will require more training in blockchain auditing and due diligence. As a result of this, Solana’s price has not been impacted.
Regarding the market, these past several weeks we’ve ended the work week in the green, so there’s one more day to see this out. So far the market has shown strength in recovering from June and July’s lows, so the further we get from those days the closer we are to breaking out from the bottom.
Key Stories: Meta Moves Forward With NFTs
Mark Zuckerberg and Meta have made their intentions known that they plan on pivoting to the metaverse, and one part of that strategy is having a digital asset expansion initiative. Just yesterday another update came out about that where Meta has now enabled Instagram NFT integrations in over 100 countries with third-party wallets such as Trust and MetaMask. Moving forward in the future, Instagram users will be able to post pictures by importing their NFTs from their blockchain wallets. The main takeaway is this should be great for increasing NFT adoption especially given Instagram’s huge user base. And if NFTs and crypto hold up, then this will onboard many new investors and get them into digital assets.
Second, on the economic side, the Bank of England has increased interest rates by 0.5% to 1.75%, the biggest rise in 25 years. Now, many analysts and bank spokespeople are saying that the UK will officially enter into a recession.