Bitcoin Lunar New Year Impact, OpenSea Ape Failure And Dorsey Mocks Facebook’s Stablecoin

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Last Updated on 31 January 2022 by CryptoTips.eu

Jeroen Kok

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The Chinese celebrate the Lunar New Year tomorrow and the biggest part of the Asian subcontinent is pretty much taking an economic week off. From a trader’s perspective this could have serious impacts on the price of Bitcoin.

OpenSea, the biggest NFT auction platform, had to admit that some of it’s Boring Ape’s were sold well below market value because of a coding bug and Jack Dorsey, former CEO of Twitter, mocked the demise of Facebook’s once touted stablecoin.

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Year of the Tiger

The lunar New Year, which this year is the year of the Tiger, is the new year based on the traditional calendar of China, which revolves around the moon. Multiple major economies in Asia celebrate along the Chinese and a lot of the major stock markets, like those in China, Hong Kong, South Korea and Singapore are shut for a few days.

Trading is usually very light. Given that Asian traders make up a major component for Bitcoin, this could mean that the world’s biggest cryptocoin won’t move a lot this week.

Bored Ape Failure

OpenSea, the world’s biggest NFT platform, had to admit a bug in coding which allowed several users to make huge profits on the purchase of ‘Bored Ape’ NFTs, while others were forced to sell well below market value. In the end, the platform released a statement that it had reimbursed some $1.8 million to users for their losses.

After several users complained, OpenSea responded with an email seen by Fortune, which stated:

In consideration for any confusion, we would like to offer you a reimbursement.

Jack Dorsey mocks Mark Zuckerberg

Last week saw Facebook, now Meta, finally stop its doomed stablecoin project. What started as Libra turned into Diem and then got shut down.

Jack Dorsey, the former CEO of Twitter and not the best friend of Mark Zuckerberg apparently, tweeted out: ‘Carpe Diem’, or ‘seize the day’, in response.

Meanwhile PayPal has announced it would be starting a stablecoin of its own.