This Week on Crypto Twitter: Wikipedia Accused of Playing Politics, Coinbase-Bored Ape Collab Widely Mocked

Illustration by Mitchell Preffer for Decrypt

Main cryptocurrencies gained in value this week despite the US Federal Reserve announcing on Wednesday that interest rates will be raised an additional 75 basis points to fight inflation.

Typically, announcements like this are detrimental to the crypto markets. Last month, the Fed raised rates by 75 basis points in the biggest hike since 1994. Crypto Price crashed heavily as the cost of borrowing rose, forcing investors to dump riskier assets. No such response came this timeall major cryptocurrencies showing notable seven-day price gains.

A fierce debate now wonders if the United States, after two consecutive quarters of negative GDP growth, is in recession. The White House thinks not.

The debate was so intense that Wikipedia granted permissions to edit its “Recession” “semi-protected” page, which means new or infrequent users must wait four days and make 10 edits on other pages before they can edit the article.

Wikipedia Privacy Policy said: “Semi-protection is useful when there is a significant amount of disturbance or vandalism new or unregistered users. »

The news touched a nerve with Binance CEO Changpeng “CZ” Zhao, but at least he offered a helping hand.

And he confirmed having met with Turkish Finance Minister Nureddin Nebati.

In April 2021, Turkey’s central bank banned crypto payments despite the country having some of the highest per capita crypto usage. However, a report from Bloomberg in May confirmed that the country is drafting of regulations to control the market. A tentative proposal requires crypto firms to have a minimum of 100 million lira ($5.6 million), while global exchanges and lenders wishing to expand into Turkish territory may need to open branches that can be taxed by the government.

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In other CEO news, Bitcoin maximalist and MicroStrategy boss Michael Saylor had an amazing day $3.98 billion on Bitcoin and probably remains submarine on the investment, hold on.

Saylor threw shade at Ethereum in a video interview earlier this month, implying that the second favorite cryptocurrency in the world is centralized security. Responding to a tweet about it this week, Ethereum creator Vitalik Buterin was not happy.

Buterin also gave his thoughts on corporate attempts to build the metaverse. Hint: He doesn’t think Mark Zuckerberg will corner the market.

Responding to a reply to his original tweet, Buterin explained that he believed Meta pivot of the metaverse will simply fail because it is too early.

‘Web3 Bingo Cringe Festival’

Coinbase has partnered with Bored Ape Yacht Club to produce a three-part metaverse-themed movie titled “The Degen Trilogy.” The first part was released on Tuesday.

The film meanders with little sense of intrigue, suspense, or drama. It really is a five-minute crypto shill. Crypto Twitter largely brushed off the project. And someone better check to see if crypto podcaster Cobie is still answering his phone.

On reflection, he’s fine.

A tweeter known as Coin Bureau suggested reporting the film to the Securities and Exchange Commission.

Coin Corner CEO Danny Scott wants his five minutes back.

And finally, in a related note, multi-platinum hip-hop producer Illa Da Producer announced that he has joined Yuga Labs’ BAYC team.

Illa is well known for his frequent collaborations with crypto lover rap legend Eminem.

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