BIG Bitcoin Lightning Update (Meta Falls Apart)
The Susie swap Dow approves restructuring. Amazon adds venmo for payments as PayPal files for crypto trademarks and whats, going on with meta watch to the end for my hot take on Zuckerberg Facebook and where the company went wrong with their metaverse. My name is AJ Wrights crypto, and this is your crypto news. Wrap up lets get it a new derivatives exchanged on the Bitcoin lightning Network wants to create a different kind of stable coin, but will it work collider with a K, just finish the seed funding round that raised 2.4 million to build what they call the first lightning Native derivatives exchange that will work with its lightning wallet as well as Bitcoin backed synthetic stable coins. The exchanges co founder promises features you cant get anywhere else. What are the features? Users can open and close positions directly from lightning wallets, no more having to fund accounts in order to trade and what about their idea for synthetic stable coins? Those will be created by simultaneously longing and shorting Bitcoin. Well, it sounds good in theory, but considering the catastrophes weve seen for stable coins that got a little too creative. This one will need to be battle tested before anyone can say anything for sure. You can go long and short on bitcoin on by bit click the link in the description for a bit squat exclusive deal time to hand it over to our guy Frankie candles for market watch thanks AJ. All right guys lets jump in and do a little market watch here.
Weve got Bitcoin coming in at twenty thousand two hundred and eighty five dollars down about two point: three percent on the day, weve got ethereum coming in at 15, 12 down about three and a half percent on the day. Now guys, obviously we are seeing a little bit of a pullback here on bitcoin, nothing drastic just yet uh. We were expecting this if you guys tune into my live streams at 5, 45 p.m. On the Frankie Candles YouTube channel, we were looking for uh a pullback here on Bitcoin in the short term, and you can see right here that weve come up to our daily value area. High we broke above it and we have bearishly retested with the confirmation of a yellow X and we are now breaking down back into the value area. Now some major levels to watch here number one obviously would be that POC. However, Im not saying were on our way to the POC just yet uh, some more likely levels that I would be looking at would be this level here at about 19, 957 or even just 20K. Even is gon na be a very, very important level that we hold if we want to continue to the upside, if we break that note that we do have a low volume Gap in between these two levels. Now, if we do come down here and we start to lose this level just understand, we have low volume between these two levels.
So if we break this level, we could get a quick move uh down to about 19 650 and that level should act as pretty strong support. If you guys want to follow me, its Frankie candles on YouTube or Frankie underscore candles on all socials back to the news. Thanks, Frank, following some scrutiny from the commodity and Futures Trading commission over ukidao and possible violations of U.S investment laws. Sushi swap decided to take some legal advice. The firm fenwink and West LLP recommended a divide into three legal entities and the Susie swap Dow voted anonymously to approve the restructuring. A foundation in the Cayman Islands will be responsible for maintaining the treasury, approving the grants and administration in Panama. The foundation will develop the sushi swap protocol and another Panama base firm will develop the platforms front end. You might remember the infighting that caused the 20 drop in the protocols native token last December. Is this Sushi finally picking up the pieces or are they as bad with chopsticks? As I am stay tuned PayPal stock Rose yesterday after Amazon announced theyll be using venmo payments as the checkout option. Venmo is a digital payment service that lets users send money to each other and its owned by PayPal. Shopify and Lululemon have also added this form of payment, among other major retailers. Shares of PayPal jumped up seven percent yesterday, and this shows how the industry is moving towards accepting new forms of payment. Great timing for crypto, because PayPal and Western Union have both applied for new crypto service trademarks for exchanging and trading digital assets, processing transactions right on the blockchain using digital currencies and more the trademark will be downloadable software to enable this kind of functionality.
Also, PayPal recently reinstated a very controversial policy, but Im scared to say it out loud because I dont want them to steal 2 500 from me. So the question is whats going on with meta. Just when you thought the company stock value couldnt go any lower. Facebook reports, a huge Miss in Revenue estimates for Q3, with more losses expected in 2023. Their shares immediately plunged over 24 percent. Following the news in a statement CEO Mark Zuckerberg appears unfazed by the numbers and instead he seems all in on the long term. Potential of the metaverse, he called not focusing on The Meta Verge, a huge mistake and after investing 70 billion into the project, and even changing its name, its clear that this is Zuckerbergs. Baby youve seen the metaverse teasers from the company that looked like it was made on home computer weve, seen the avatars with and without legs, and not to mention the risk. A corporate metaverse poses to decentralization so its possible that even with a big metaverse bet well have to see it through a VR headset to believe it. What well actually see through the VR will be be questionable, to say the least, because how many nft creators want to pay metas egregious 47 and a half percentage for commission on nft sales? How do you spell greed m e t, a my name is AJ, writes crypto thats.