The previous seven days have been a week of significant drops in the crypto world, with the market value falling below $2 trillion to $1.7 trillion at the time of writing. Bitcoin, the world’s most popular cryptocurrency, has lost 8.40 percent of its value this week, falling from $46,453 at the start of the week to $42,550 at the time of writing.
The market’s dips this week were due to a higher dollar, which is currently trading at 99.79 basis points, a level not seen since March 2017. The dollar’s strength was due to the possibility of more aggressive Federal Reserve tightening.
Dogecoin, the world’s richest man’s favorite crypto, saw gains this week as a result of Tesla CEO Elon Musk’s recommendation that the token be used as a form of payment on Twitter. Earlier last week, Musk purchased a 9.2 percent interest in Twitter for $3 billion, making him the company’s dominant stakeholder. Musk was named a new member of the organization’s board of directors a day after the disclosure. The current CEO, Parag Agrawal, revealed this on his Twitter account.
Musk gave some suggestions on how Twitter Blue, the company’s first-ever subscription service, may be improved on Saturday. On June 3rd, 2021, Twitter Blue, a premium monthly subscription service, was unveiled.
According to Twitter’s blog post, the new functionality includes premium features such as bookmark folders, tweet undo, and reader mode.
Musk feels that the monthly subscription fee should be decreased to $2 from $3, that there should be no commercials, and that Twitter should consider accepting Dogecoin ($DOGE) as payment. “Yes, it should be proportionate to affordability and in local currency,” he said. Maybe even a Doge payment option?”
The Near Protocol is a layer-one blockchain that was created as a community-run cloud computing platform. NEAR is the native coin of the crypto. The increase may be traced back to the platform’s announcement of a $350 million investment round led by Tiger Global, a New York-based hedge fund.
This is the platform’s second fundraising round in 2022; it had raised $150 million in January 2022 in a deal led by Three Arrows Capital, Alameda, and Jump. According to the platform’s release, several more fundraising rounds are expected to be launched in the following weeks, focusing on NEAR and Aurora-based DeFi projects and applications.
The NEAR network also boasts that it has handled over 110 million transactions and has over 5 million accounts. More than 450 apps are currently live or being developed on NEAR, which has the sixth-largest developer community in the blockchain ecosystem, with over 200,000 members globally.