26th Edition

This week in The Flippening, TL;DR

Warner Music to organise music concerts in the Metaverse with Ethereum-based game Sandbox. New-York based bank to offer crypto services. The Texas governor hopes to stabilize the grid with Bitcoin miners. Coin of the week, market performance, why should you look forward to a bear market, memes and more.

Top Highlights of the Week (ending 28th Jan)

Soon you will be able to enjoy music concerts within the metaverse

Warner Music Group, the label for artists like Lizzo, Ed Sheeran, and the Red Hot Chili Peppers, has announced that it has partnered with The Sandbox, and is planning a future of virtual concerts within the metaverse.

Using its virtual LAND plots in the game, the label will create a space that serves as both a music-centric amusement park and a venue for concerts from its artists. Sandbox will hold a land sale in March to let players purchase land plots adjacent to those belonging to Warner Music Group.

New York-based Flushing Bank to offer Bitcoin services

Flushing Financial Corporation, the company that owns New York-based Flushing Bank has announced that it has partnered with crypto firm New York Digital Investment Group to offer Bitcoin services to its customers.

The bank was founded in 1929, and recent reports show that it holds more than $8 billion worth of assets at the end of 2021. Financial Corporation CEO says that this partnership is a result of their ongoing digital transformation, where they recognize the importance of staying current with emerging market trends.

Russian president Putin backs Bitcoin mining despite calls of ban from Russia’s central bank

An official transcript published by the Russian government states that President Putin believes that Russia has "certain competitive advantages" when it comes to cryptocurrency mining. This comment sparks support for the Bitcoin mining industry in russia, especially after Russia’s central bank called for a ban last week.

In a call with government members, Putin highlighted that Russia offers certain advantages for miners, including surplus of electricity and well-trained personnel available in the country.

Other Highlights:

• Grimacecoin soars after Elon Musk and McDonald’s Twitter banter: Read it here
• Reddit will allow users to set any NFT as their profile picture in trial run: Read it here
• Apple CEO Tim Cook reveals he is investing in Metaverse, sends Apple price rising: Read it here
• Texas governor invites Bitcoin miners in a bid to stablize electrical grid: Read it here

Market Performance

Note: Market updates till Jan 28, 12:30 hrs UTC.

The story of red continued this week, as top cryptocurrencies witnessed substantial drops. While many tokens showcased minor growth in the last 24 hours, the week was still brutal for crypto prices. All major tokens witnessed over 5% losses, while ETH (15%), ADA (12%), SOL (25%) and LUNA (34%) dropped even further.

Note: Market updates till Jan 28, 12:30 hrs UTC.

Most of the sectors continued the momentum from the previous week. Currencies and Decentralized exchanges decreased marginally, while DeFi, Smart Contracts and Web3 witnessed significant drops.

Such market conditions provide the perfect opportunity to invest in good assets. Almost all of the top sectors are available at a bargain. It is a good time to diversify across sectors having strong fundamental value and long term potential. Mudrex Coin Sets lets you invest small amounts in your favourite sector in a few clicks!

Coin of the week
Polkadot: $DOT

Polkadot is one of the most well funded blockchain projects. It has raised $200 million from investors recently. Polkadot is a next-generation blockchain protocol that unites an entire network of purpose-built blockchains, allowing them to operate seamlessly together at scale.

With several new developers building projects on Polkadot, this blockchain has a lot of potential. And at current prices, the native token DOT is definitely a good investment for the long term.

Crypto simplified: Why should you look forward to a bear market?

Most investors would want the price of their invested assets to go up. All the time! However, financial markets seldom follow a linear trajectory. The current scenario across the crypto market is a testament to this. A few months back, Bitcoin went past the $68,000 mark, breaking past its previous all-time high. Many people who entered the market in 2021 would have expected BTC to keep going higher and eventually cross the $100,000 mark! The market, obviously, had other plans!

Seasoned investors always attribute bear markets to being creators of generational wealth. We are talking about building long-term wealth here, not mooning!

True wealth creation happens during bear markets. You should not expect to invest and cash out in a year. Wealth generation takes time and patience.

Here are a few reasons why one should look forward to a bear market:

During the coronavirus crash in early 2020, ETH was roughly above $200. By September 2021, ETH was trading well over $4000. The use cases of ETH remain the same today as it was in 2020. However, 2020 was a bear market, which separated the tourists from the settlers. During the bull market, everyone is an expert investor. Bear markets show which investors actually have the conviction to stay put.

It is easier to separate the noise during bear markets. Almost everyone is an investing guru handing out advice during a bull run.

Projects emerging during the bear markets are more likely to have a good use case and would likely stay for the long term. In a bull run, every other NFT project and random token would go up in value, and it becomes difficult to evaluate a project for what it is worth.

And lastly, the market works in cycles. If you have survived the bear market, you will thrive in any other market cycle. In the words of P.B. Shelley, “If winter comes, can spring be far behind?”

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Here we are, at the end of our 26th edition. We hope you liked reading it. Please write back with your feedback, comments, and stuff that you’d like us to include in the newsletter. We leave you with a meme that holds the emotions of all crypto traders for 2022.

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