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Crypto SWOT: Gucci will accept payments in crypto in the U.S. starting this month

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was MetaPay, rising 720%.

  • DraftKings has teamed up with Metabilia, a memorabilia and NFT company operating at the forefront of physical and digital collectibles, which will become the latest NFT supplier on DraftKings Marketplace, according to Bloomberg. The collaboration introduces "Membership NFTs" for fans to chronicle the careers of young players and will feature star major leaguers beginning with Vladimir Guerrero Jr., Ronald Acuna Jr., Shane Bieber, Wander Franco, Joe Musgrove, and Fernando Tatis Jr.  

  • Gucci will accept payments in cryptocurrencies in the U.S starting this month, as the luxury industry takes a tentative step in the digital-asset universe. The company joins fashion designer Phillip Plein whose online store started accepting crypto payments in 2021, writes Bloomberg.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was United Bitcoin, down 95%.

  • Cryptocurrency-exposed stocks tumbled on Thursday as Bitcoin and Ethereum slid back to levels not seen since February. Ethereum dropped as much as 7%, back under $2,750 per coin.

  • Moody's Investors Services slashed El Salvador's credit rating by two notches. The agency cut the nations' long-term foreign debt rating Wednesday to Caa3 from Caa1. They state that "The downgrade incorporates Moody's expectation of high material losses to investors ahead of the two upcoming bond redemptions," reports Bloomberg.


  • Google's cloud group has formed a Web3 team to capitalize on the booming popularity of crypto, reports CNBC. Former Citigroup executive James Tromans will lead the new Google group that will build services to help developers construct Web3 applications. Early efforts could include better management of blockchain nodes and software for exploring blockchain data in third-party applications, the article explains.

  • Binance France SAS has acquired the digital asset service provider (DASP) registrations to operate in France by Autorite des marches financiers (AMF), according to Bloomberg. The DASP registration in the European Union highlights Binance's vision of being a compliance-first exchange. As part of the registration, Binance France SAS can operate as per French AML/CFT.   

  • Alborz, a joint venture between Bitcoin miner Cipher (CIFR) and renewable energy firm WindHQ, received a two-year $46.9 million secured credit facility from crypto lender BlockFi, according to a press release. Proceeds will be used to buy Bitmain S19J Pro mining rigs for Alborz's 40-megawatt data center in Texas that is powered by a 163 MW wind energy source.   


  • The U.S. SEC is adding 20 more officials to a team dedicated to policing cryptocurrency markets, the latest move by Wall Street's main regulator to crack down on digital tokens that may run afoul of its rules. The additions will bring the SEC's Crypto Assets and Cyber Unit to 50 people, writes Bloomberg. The focus of the expanded enforcement group will include virtual-currency offerings, decentralized finance and trading platforms, as well as stablecoins.  

  • Bitcoin dropped the most in almost a month as the optimism seen across financial markets following the Federal Reserve's meeting on Wednesday faded, writes Bloomberg. The largest digital currency fell as much as 8.4%, the biggest intraday drop since April 11, while Ether slumped as much as 7.2%.

  • Mike Novogratz, the CEO and founder of Galaxy Digital, told CNBC that the "amazing ride" from cheap money is over and that "we are not going to get a soft landing," according to Bloomberg. Novogratz noted that inflation expectations have become a "little unhinged" and that inflation "won't come down until the labor dynamic shifts away from the strong positions of labor right now."
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