Crypto Adoption Continues via Spotify, Robinhood & Australia Zoo
The crypto sector has been mired with bad news lately as an ongoing bear market has taken hold. With Bitcoin down 30% this month, many investors are wondering if there is any good news on the horizon. However, crypto is not the only market in the red - global stock markets are down a massive $26 trillion since last year, indicating a wider reason for the fall.
Since last year's highs, Meta (Facebook) is down 48%, Gamestop 72%, Docusign 74%, Netflix 73%, and Zoom a massive 83%. Bitcoin, on the other hand, is only down 57% from its all-time high, yet many still deem it risky compared to tech stocks. Furthermore, the number of people holding one whole Bitcoin has recently reached an all-time high, so conviction remains strong within the community. However, the crypto 'fear and greed' index is currently measuring 'extreme fear', so the market remains shaky at best.
In more positive news, delegates from 44 countries are planning to meet in El Salvador to talk about Bitcoin thanks to President Nayib Bukele's ongoing support of the world's leading crypto coin. This is despite El Salvador's own national crypto wallet, Chivo, experiencing a rocky start when 61% of citizens immediately sold their free Bitcoin. Although the country's current Bitcoin investment is down $30 million in this bear market, President Bukele remains faithful and continues to buy the dip on a regular basis.
The traditional investment app Robinhood has announced the upcoming launch of a user-controlled crypto wallet. Although users can already buy crypto via Robinhood they don't actually have access to their own keys or the ability to move coins to external wallets. The new wallet will add this functionally, while also being able to hold NFTs and allegedly operate with zero network fees. With Sam Bankman-Fried of popular trading app FTX recently investing in Robinhood, the project certainly sounds promising..
In other news, Spotify has begun testing NFT integrations on its Android app for selected artists like Steve Aoki and The Wombats. Specific details on the integration aren't yet clear but considering the popularity of Spotify, it's big news for crypto. Closer to home, The Australian Zoo is another, albeit smaller, company that has jumped on the NFT craze with a unique carbon-neutral NFT collection that will raise funds for conservation.
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