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[July Week 3] PEN TALK

Today’s Topic

📌 Protocon will be at the Singapore Blockchain Week 2022!

📌 Twitter vs. Elon Musk

📌 Bitcoin and Ethereum rally… is the market bouncing back?

Image credit : singaporeblockchain.org

Protocon will be participating in the Singapore Blockchain Week 2022, which will run from July 25 to July 29. With over 10,000 participants, the Singapore Blockchain Week is one of the largest annual blockchain events in Asia.

The event will focus on the rapidly developing phenomena of NFT, DeFi, Gamefi and Metaverse, and there will be exciting social events, such as the after-party, cocktail networking, gala dinners. Furthermore, the event will also feature many keynote presentations on various important topics in the blockchain industry.

With Singapore becoming a major blockchain hub, this event will be a great opportunity to collaborate and connect with various leaders in the blockchain industry. As blockchain companies from all over the world will be participating along with an introduction of various projects in the Singapore Blockchain Week, we are looking forward to finding brilliant projects for our new MOU and partnership. For more details, click here!

Image credit : The Chosun Ilbo

Do you remember the news about Elon Musk, the CEO of Tesla, announcing a $44 billion Twitter takeover plan? Elon Musk and Twitter are once again making headlines due to a sudden announcement of the acquisition contract cancellation from Elon Musk on July 8th.

Elon Musk blamed Twitter for the cancellation, saying that “The proportion of fake accounts among Twitter users is over 20%.” His lawyers also mentioned that “Twitter declined to send information about its business performance statistics, including reports about fake accounts,” citing an estimate of less than 5% fake accounts in Twitter’s SEC report.

However, some speculate that Elon Musk’s cancellation of the Twitter acquisition contract may have been planned for a long time. The SEC report that 5% of Twitter accounts are bots suggests that Elon Musk’s claim that “fake accounts is over 20%” is baseless. As Twitter shares fell from $54.20 at the time of the agreement to the mid $30 levels, Tesla’s burden has significantly increased. In fact, after Elon Musk’s announcement to cancel the acquisition, Tesla’s stock price rose by 2%, reflecting shareholders’ opinions on the contract.

Accordingly, Twitter has sued Elon Musk for breaching the acquisition contract, and if Elon Musk loses the case, he will be liable to purchase Twitter at the agreed $54.20 per share or pay Twitter a $1 billion penalty. Who will be the winner of this battle?

Image credit: CoinMarketCap

After weeks of decline in the cryptocurrency market and frustration for investors, Bitcoin surged to a monthly high of $22,740 on Tuesday, marking a 10% rise over the past week according to CoinMarketCap. In a recent interview, Jordan Belfort, also known as the Wolf of Wall Street, has said that Bitcoin is sure to recover in the long-term. Although Bitcoin is still far from a resurgence to its glorious days last November when it recorded an all-time high of over $65,000, investors hope that this spark will mark the end of the cryptocurrency shakeout that has plagued the market for the past month.

Moreover, Ethereum has demonstrated a strong rally in recent days, surging to above $1,500 on Tuesday. Over the past week, Ethereum has risen by nearly 40% in part due to high expectations and optimism about their long-awaited merge from its current proof-of-work (PoW) consensus algorithm to an energy-efficient proof-of-stake (PoS) consensus algorithm. The merge is expected to be completed in September.

With Bitcoin and Ethereum leading the charge, the global crypto market cap has recovered to the $1 trillion level. Hopefully, this trend will continue and the market can bounce back even stronger!

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