“It’s not what you look at that matters, it’s what you see.” Henry David Thoreau
Ahlan wa sahlan, and welcome to the 62nd edition of CoinMENA's weekly newsletter, Kalam Crypto. This week, Bitcoin Ordinals reach a new milestone, U.S. Crypto industry pushing back against SEC “regulation by enforcement” tactic, and the NFT marketplace war between Blur and OpenSea. All that and more, so let's dive into this week's letter, and talk crypto:
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Lightning Round ⚡
📈Ordinals up 10x: Ordinals, which are NFTs on Bitcoin have crossed 100,000 inscriptions, with over $1 million paid in fees to miners. There are now ordinal Punks & Apes, and one Punk was sold for 9.5 BTC! What are ordinals? Check out Kalam Crypto # 60 here.
💸Fiat collapses: Lebanon’s inflation rate reaches 170% in 2022, and Argentina’s annual inflation hits 99%. Imagine losing 50%+ of your buying power in one year. Truly sad and devastating. Bitcoin fixes this.
🤦♂️Too late!: Almost a year after the Terra USD & Luna collapse, the SEC charged Terraform Labs and CEO Do Kwon with “orchestrating” cryptocurrency securities fraud.
Global News 🌍
Punishing the innocent: US crypto firms are criticizing the SEC for punishing those who followed regulations, with the CEO of Custodia Bank, Caitlin Long, and CEO of Kraken, Jesse Powel claiming that regulators repeatedly ignored their warnings about crypto scams and crimes. Both expressed frustration that their firms were being used as examples of fraud despite their efforts to do the right thing all along. The current approach is hurting U.S.-based companies and pushing capital to offshore entities. To read more about how crypto regulation can be used to help or hinder innovation, check out our Co-Founder and Managing Director Dina Sam’an latest blog post.
Keep An Eye On 👀
UltraSound ETH: ETH continues its deflationary issuance rate post the Merge. According to ultrasound.money ETH supply has decreased by 29,000 ETH since the Merge 159 days ago.
Beef Of The Week 🥩
Blur vs. OpenSea: There’s a new NFT marketplace in town. On Febuary 15, one day after releasing their token $BLUR, Blur passed OpenSea in trading volume for the first time since its inception in October. On Wednesday, Blur published a blog post aimed at NFT creators, outlining the differences in royalty payment options between them and OpenSea and recommending their users blacklist OpenSea to receive full royalties. OpenSea responded and just announced its testing 0% fees, optional royalties, and removing Blur from its blocklist.
Tweet Of The Week 🐥
FYI: Act accordingly.
CoinMENA News 🗞
📩1,000 USDT Giveaway: Our giveaway is back by popular demand. 500 USDT each for two winners! Qualify in just one step: Simply trade for $20 or more before the end of the month.
🇸🇦Special offer for Saudi Foundation Day: Tomorrow, we will announce a 24-hour-only special offer in celebration of Saudi Foundation Day! Follow our social media accounts and enable push notifications on your CoinMENA app to be the first to know!
Quiz Corner ✅
Last week’s question: Which was the first Initial Coin Offering (ICO)?
This week’s question: Where is a cryptocurrency stored?
See the answer in next week’s newsletter.