👋Hey Nimbus Community,

Bull markets are the raining money event in crypto 💸

Today’s #NimbusGlossary edition breaks down why they happen:

✅ Bull markets exist when most people expect prices to increase after witnessing prices go up

✅ As people buy crypto assets, asset prices rise, reinforcing the expectation of future higher prices — incentivizing more people to buy

But it usually starts with ✨Bitcoin✨

When Bitcoin’s price continually rises, other cryptos get a wake-up call and rise along with it.

Lastly…

Bull run, market rally, market pumping, and alt season are all synonyms for bull markets.

✨Your weekly crypto digest is here

🖌 This week U.S. President Joe Biden signed an executive order to examine the risks and benefits of cryptocurrencies. Thus, the White House looks to explore a competitive edge over other countries in the digital space. Regarding the CBDC, even though Biden didn’t say whether the U.S. should launch it, the government should place “urgency” on research and development of the new instrument.

📊 Goldman Sachs Group Inc. announced that it is exploring offering over-the-counter bilateral crypto options. This new product will allow trades to be customized so that crypto holders such as hedge funds and Bitcoin miners can hedge risks or boost yields. The question then becomes, who will be next?

🤔 In Iran, the government has announced the go-ahead for crypto mining. The only issue is that new licenses will only be issued to mining farms supplied by power from renewable energy sources. Somewhere else, Brevan Howard is making bets on the direction of bitcoin, ether, and other cryptocurrency prices, while also searching for arbitrage between currencies.

⚠️ Important update on the Lend and Borrow dApps! ⚠️

As a vital step in bug resolution, we’re implementing the following temporary changes to the Lend and Borrow dApps.

As we continue to resolve the Lend and Borrow bug, we wanted to update the community on the recent progress. 

For the Borrow dApp:

☑️ Borrowing new loans & extending existing loans has been ceased temporarily

☑️ Only repayment function for existing loans remains active 

For the Lend dApp:

☑️ Deposit withdrawal has been ceased temporarily

☑️ The rewards for existing lenders are being calculated, keeping the conditions for reward calculation the same as when operations were functioning normally 

☑️ Once the calculation concludes, liquidity will be injected into the pools, and deposit withdrawal will begin functioning once again. Reward accrual will resume at the same time.

⏳The bug resolution time is being estimated until the end of March.

✅ The bug has not affected or implicated the n-NFT functionality, and it continues to function optimally and unhindered!

👋Hey Nimbus Community, 

Metaverse…one of the hottest buzzwords today. 

For some, Metaverse is a Facebook rebranding, and for others, it is the recent GamFi or NFT boom.

But did you know the Metaverse as a concept dates way back to the late 90s?

Doe the most people, the Metaverse is formerly Facebook...If you ask, a crypto community metaverse is GamFi and NFT, and virtual reality. 

In reality, it is sort of a mix of both.

The term Metaverse was first coined in the cyberpunk novel called ❄️Snow Crash written in 1992 by Neal Stephenson.

In the book, the Metaverse was described as a shared “imaginary place” that is “made available to the public over the worldwide fiber-optics network” and accessed via virtual reality goggles. 

✅ With this definition, the argument could be made that the Metaverse is actually both those things. XR (extended reality VR/AR) combined with decentralized public trust (crypto)

Almost 30 years from its first mention in the book Snow Crash, Metaverse has evolved into a whole new sector, recalling the attention of even the biggest celebrities on the planet. 

For instance, 🎵Snoop Dogg is creating his very own Snoopverse, while 👸Paris Hilton is allowing users to purchase her virtual outfits.

Amidst skepticism, Metaverse seems to be blossoming into a prominent industry. 

The global metaverse market size is predicted to attain USD 678.8 billion by 2030, according to a new report by Grand View Research, Inc.📈

The bull market is here? Terra CEO, Do Kwon revealed plan to add $10b worth bitcoin to its reserves. The project expects to become one of the world’s largest stakeholders of BTC. This, in turn, will allow to backstop short-term UST redemptions and to build a decentralized forex reserve.

Crypto in masses! Ukraine’s president signed into law that bill, named “On Virtual Assets,” which establishes a legal framework for the country to operate a regulated crypto market. Crypto exchanges will now be required to register with the government to operate legally in the country.

PayPal’s CEO – the crypto industry could transform the financial system. Dan Schulman believes the intersection between digital assets, CBDCs, stablecoins, and digital wallets will redefine a lot of the financial world going forward. Hopefully, privacy will remain…

Metaverse continues to expand: Rihanna has filed for a trademark to sell virtual cosmetics under the Fenty brand. The product line will include makeup and hair accessories, skin care preparations, soaps, and perfumes for use in online virtual worlds.