Many developing stories are expected to go mainstream this new week. As part of the characteristics of the crypto industry, many activities happen each week, including controversies and positives.
Within the week, crypto influencers such as Logan Paul are currently facing a class action case after he promoted a fake NFT to defraud people. This is one of the negative news that is expected to be in the headlines during the week. Apart from the negative crypto stories, the good news is that many crypto-affiliated firms are expected to share their quarter-four earnings within the week.
Obviously, many things are expected to be discussed within the crypto community, both Bitcoin stories and others. Continue reading as we share with you some of the crypto stories that are expected to make headlines this week.
Logan Paul In a Big Trouble
Logan Paul is among the few social media influencers classified as a Jack of all trades. He's a YouTuber, a fighter, and even a crypto influencer. Recently he's been doing the latter more often than he's supposed to. A decision that has landed him in trouble after promoting a fake NFT that ended up defrauding people of their money.
Logan Paul and NFT project CryptoZoo led NFT enthusiasts astray after they made away with the money people invested in the project without rewarding them. The NFT project Crypto Zoo was announced when the rave for NFTs was still high. However, they failed to keep to their promises, leading to a class action suit from those who had invested in the project without receiving the rewards they were promised.
In a filing made in the District Court of the Western District of Texas, Logan Paul and the project developers were accused of rug pulling. Rug pull is when project developers deceive the public into investing money in their project and end up making away with the funds without fulfilling their promises.
Cardano Native Token at Crossroads
Cardano (ADA) is currently in a complicated situation as its next price movement can determine if the crypto experiences a major bullish or bearish trend. Currently, ADA is in a strong year-to-date (YTD) increase of around 62%, but it is also in a make-or-break moment. This means that the next price movement of ADA in recent days could determine if the cryptocurrency will make profits or losses during the year.
At the time of writing, ADA is at about $0.39, which may decrease further, assuming it does not change its course. In mid-January, ADA broke through the bearish trend it has been experiencing since October 2022. However, with its current market situation, it might even go down further, or it might increase sporadically. Cardano (ADA) is at a crossroads.
Uniswap V3 About to be Deployed
One of the crypto stories that every crypto enthusiast should look out for this week is about the Uniswap V3 proposal vote. Uniswap V3 is the latest version of the decentralized exchange which is expected to be deployed to the Binance chain. This is a massive moment for the decentralized exchange, as many crypto enthusiasts are waiting to see the outcome.
After the vote for deployment is completed on Friday, Feb. 10, it will determine if the latest version of the decentralized exchange is deployed on the Binance chain. OxPlasma Labs were the ones who put out the proposal, and they will be using the Wormhole bridge to deploy the latest version. It is an open battle between those with governing rights within the Uniswap ecosystem. Some are clamoring for the deployment of the newest version of the Binance chain, while others are against it.
Apart from developing Bitcoin stories, the story about Uniswap deploying their latest version to the Binance chain is one to keep an eye on. The success or failure of the proposal could bring a lot of changes within the crypto industry.
Earnings About to be Shared
Just last week, many tech companies announced they would be sharing their quarter for earnings so that their new fiscal year will properly begin. However, this week one of the most interesting crypto stories you need to keep an eye on is how many crypto-affiliated firms will share their quarter-four earnings. Sharing of earnings in firms comes with its dramas.
In recent times, PayPal has been heavily affiliated with the crypto industry as they have collaborated with some crypto firms to add crypto to their payment services. Recently, they collaborated with Metamask to increase the number of crypto payment services they gave in Europe. This week, they will be sharing their earnings from October through December. This is something to watch out for.
Japan's SoftBank, which was affiliated with FTX, also announced they would be sharing their quarterly four earnings on the 7th of February. Others, such as CME Group, will also share their quarter four earnings a day after Japan's SoftBank finishes its own.
Binance Makes Another Breakthrough in Asia
One of the Bitcoin stories focusing on the adoption of cryptocurrencies is the news of Binance reentering the South Korean market using the Gopax exchange. In recent months, one of the things Changpeng Zhao has been pushing for is the adoption and penetration of the crypto gospel around the world.
In the past, Binance had announced they were closing their crypto operations in Japan due to regulations from the government. However, they found a way to reenter the market pseudonymously. After acquiring a South Korean-based crypto exchange called Gopax, Binance has indirectly found a way of entering the South Korean market again. Binance has also made the official announcement on its website.