01 December 2021 05:13, UTC
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Tuesday’s session ended with a decline in the total value of cryptocurrencies within a percent. The fall in Bitcoin and a large number of altcoins was associated with fundamental news – the head of the Fed promised to tighten monetary policy, which led to a general outflow of funds from all risky assets.
Ethereum and the platforms competing with this blockchain – Solana, Polkadot and Avalanche, went against the negative trend, ETH added 5% at the end of the day, the rest of the coins grew within 3%.
The reason for the growth was the popular theme of the Metaverse, proposed by the head of Facebook, Mark Zuckerberg, who renamed the social network on this occasion into the new brand “Meta”. Crypto startups have also joined the race to create similar ecosystems on the blockchain, already receiving venture funding, for which billions of dollars are being created.
The largest number of these funds will go to DeFi platforms on Ethereum, Solana, Polkadot and Avalanche, which would have to compete with Meta (Facebook), or rather its blockchain project Diem (Libra). Yesterday it became known that Zuckerberg will not use blockchain in his version of the Metaverse.
It is for this reason that David Marcus made, he said, the difficult decision to leave Facebook at the end of the year. In 2014, he joined the team to become VP of Blockchain Products, and then lead Libra and the developer of the Novi (Calibra) wallet. Markus is disappointed with Zuckerberg’s decision to ditch the blockchain-based Metaverse after Diem has struggled for years against international pressure.
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