It turns out that 2022 isn’t the year of the metaverse at all. According to Oxford’s word of the year, 2022 is the year of goblin mode.
While goblin mode isn’t quite a crypto term, it’s definitely possibly to go “goblin mode” in crypto — aka behave in a way that is “unapologetically self-indulgent, lazy, slovenly, or greedy, typically in a way that rejects social norms or expectations.” (Sounds like a lot of Crypto Twitter).
Oxford University Press shuttled “metaverse” to the second position in its word of the year list, after a public poll that pitted metaverse against #IStandWith and winner goblin mode. These terms weren’t picked out at random; they represent the past twelve months, chosen by Oxford researchers who analyzed language data and frequency stats. For example, 2013 was the year of the selfie, and 2021 the year of the vax.
But in 2022, the public voted. And the public chose goblin mode.
I can only wonder what a world shaped by the goblin mode masses can turn into in 2023.
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A top Democrat is now urging Sam Bankman-Fried to testify before Congress next week — after her polite requests were rebuffed. Maxine Waters has rejected the FTX founder’s claims that he needs more time to get to the bottom of why his exchange collapsed — pointing to the multiple media interviews he has given. The chairwoman of the House Financial Services Commitee said: “As you know, the collapse of FTX has harmed over one million people … It is imperative that you attend our hearing on the 13th.” An appearance in front of U.S. politicians would undoubtedly pile pressure on FTX, especially because he would be under oath.
Standard Chartered has published a list of long-shot scenarios for 2023… and one of them isn’t good for Bitcoin. The bank argues that the world’s biggest cryptocurrency could fall by another 70% next year, plumbing new depths of $5,000. It’s important to stress this isn’t a prediction per se — just potential surprises that are underpriced by the market. Analysts believe this dire situation could be realized if the economy worsens, tech stocks fall further, and the contagion from FTX spreads. “The question of just what lies ahead for digital assets has arguably never been harder to answer,” Standard Chartered’s head of research Eric Robertsen said.
Goldman Sachs is planning to capitalize on the bear market by swooping in to buy crypto firms at rock-bottom prices. That’s according to Reuters, which claims the U.S. banking giant has a budget that stretches into tens of millions of dollars. Goldman’s head of digital assets said FTX’s collapse has emphasized why “more trustworthy, regulated cryptocurrency players” are needed. But some critics might argue that the notion of a legacy financial institution owning crypto businesses undermines why Bitcoin was created in the first place. The bank has refused to reveal which crypto firms it’s currently performing due diligence on.
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