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Welcome to another episode of our Daily Fintech Podcast.
This podcast episode is sponsored by MoneyLion. MoneyLion provides an all-in-one mobile banking experience. You choose the tools you need when you need them — and they complement the financial accounts you already have. They’ll help you decide what’s right for you, but the choice is always yours.
THE NEWS HIGHLIGHT OF THE DAY IS
A group of non-fungible token (or NFT) creators and collectors will soon be able to display their tokens on Instagram. Meta CEO Mark Zuckerberg confirmed in a post yesterday that the company is testing NFTs on the platform, with “similar functionality” coming soon to Facebook.
JUST IN:
Bitcoin is off nearly 55% from its November peak, and 40% of holders are now underwater on their investments, according to new data from Glassnode. That percentage is even higher when you isolate for the short-term holders who got skin in the game in the last six months when the price of bitcoin peaked at around $69,000. In the last month alone, 15.5% of all bitcoin wallets fell into an unrealized loss, as the world's most popular cryptocurrency plunged to the $31,000 level, tracking tech stocks lower. Bitcoin's close correlation to the Nasdaq challenges the argument that the cryptocurrency functions as an inflation hedge.
ALSO:
El Salvador just bought the wild Bitcoin dip yesterday with a 500 BTC purchase, at an average price of $30,744, according to a tweet from President Nayib Bukele.
FURTHERMORE,
Banks in the US will now have just 36 hours to report a cybersecurity incident to a federal regulator amongst the heightened potential for Russian-led cyber attacks. Although receiving final approval back in November 2021, the bill, imposed by the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), came into full effect officially on 1 May.
WHAT ARE THE LATEST INSIGHTS?
Australian B2B buy now, pay later (BNPL) firm BizPay has cut 30% of its workforce due to volatility in the tech sector and a “challenging market” for fintechs. The firm aims to solve cash flow issues associated with paying business invoices, enabling businesses to split bills into four monthly installments.