Web3 on 🔥 | 👴Ethereum Classic (ETC) is up 46% over the past week

GM, this is Web3 on 🔥 It's been a busy weekend in the world of crypto. Here's a recap of some of the news:

📇Vitalik: “Corporate attempts to intentionally create the metaverse” are not “going anywhere”👴Ethereum Classic (ETC) is up 46% over the past week💸 Tether says that the hedge funds shorting USDT "made no profit"

Ambire Twitter Spaces Series

Ambire announces its new Twitter Spaces Series! It will be hosting a new space every Wednesday, where the team will discuss all things web3, smart wallets and many more with host @megdematteo and the Ambire team.

Whether you're a beginner or an expert, join the spaces and you might possibly find out more about the industry. The team will be talking about what's hot and what's not, and where the tech is heading. You can find more information and join the conversation at our Twitter Spaces page.

Looking forward to seeing you there!

Vitalik: “Corporate attempts to intentionally create the metaverse” are not “going anywhere”

Vitalik Buterin, the creator of Ethereum, believes that large tech companies will have a difficult time building the Metaverse. In a tweet Sunday, Buterin stated his opinion on the future of the young sector and said he does not think current corporate attempts to create a metaverse will be successful.

Buterin's comments come as tech giants like Facebook and Microsoft are investing heavily in virtual reality and other emerging technologies that could be used to build a metaverse.

The Metaverse is a concept first popularized by science fiction writer Neal Stephenson in his 1992 novel Snow Crash. It refers to a virtual world that is populated by avatars and that allows for real-time interaction between users.

While the concept is still in its early stages, many believe that the Metaverse will eventually become a reality as technology advances. And it seems that Buterin believes Ethereum could play a role in its development.

In his tweet, Buterin said that he thinks the Metaverse will happen but that "none of the existing corporate attempts to intentionally create the metaverse are going anywhere."

Well, that's a bummer. I was looking forward to spending my weekends in the Metaverse instead of mowing the lawn. But I guess we'll just have to keep waiting.

Ethereum Classic (ETC) is up 46% over the past week

Ethereum Classic (ETC) is on a roll, with its market capitalization increasing by 46% over the past week. This surge in interest is due to the upcoming Merge upgrade on the main Ethereum blockchain. Investors are flocking to ETC in droves, in hopes of getting in on the action.

As of July 30, the market capitalization for ETC stood at a healthy $5.33 billion, representing an inflow of $1.69 billion or a whopping 46% growth from the $3.64 billion recorded just one week prior on July 23.

However, some people are cautioning against investing too heavily in ETC. They point out that the main Ethereum blockchain is still the more popular and widely used platform, and that ETC may not be able to offer the same level of functionality or support.

Nonetheless, the recent price surge is a positive sign for ETC and underscores the growing interest in this blockchain platform. With the Merge upgrade just around the corner, it will be interesting to see how ETC performs in the coming weeks.

Tether says that the hedge funds shorting USDT "made no profit"

Hedge funds that have been shorting cryptocurrency are finally starting to feel the pain, as their bets against digital assets have failed to pay off.

Tether, the issuer of the USDT stablecoin, criticized these hedge funds for their short positions, saying that they have not only failed to make money but have also incurred huge fees in the process.

“Traders have shown they are willing to be long USDT and collect the fees paid by hedge funds going short. Funds could have made large returns throwing darts…instead, they paid funding to traders who were long USDT on perpetual markets, locked up their capital, and made no profit.” Tether said in a blog post.

It is time for the Tether FUDers to face the reality that their short positions are not going to pay off. Maybe it is time for them to get out of the market and invest their money in something else.

How would you rate our content, comment below🔥🔥🔥🔥🔥 You're amazing! Keep up the good work🔥🔥🔥🔥 It's ok. Very helpful. "I love it! Picasso!"🔥🔥🔥 Could be better... I will give it another try🔥🔥 Meh... You can do better🔥 Go back to working at Mcdonald's.

Brought to you by Ambire Wallet - the non-custodial crypto wallet that requires only email for registration.