Many of these internet companies barely generated any profits. However, they were able to offer initial public offerings (IPO's), sending stock prices to incredible highs, creating a frenzy among interested investors.
As the market peaked, so did panic. The capital that was once easy to obtain started to dry up; companies with millions in market capitalization became worthless in a very short amount of time. As the year 2001 ended, a good portion of the public dot-com companies had closed.
In the late 90s' many people got carried away on technology and Internet stocks, believing the high-tech hype that the industry would outperform every other for years to come.
Upon such a big loss, Sir Isaac Newton forbade anyone from saying the words ‘South Sea’ in his presence for the rest of his life! Sir Isaac Newton was one of the greatest minds in the history of mankind, but even he could make the mistake of having FOMO.
@Indigo_protocol, a DeFi protocol enabling synthetic assets which are built on the Cardano blockchain, is integrating Chainlink Price Feeds as its primary oracle solution. #Cardano🔵#Chainlink⛓
Chiliz operated @socios is launching an NFT collection for 7-times Champions League winners, AC Milan. It drops on 31/10 exclusively for holders of Milan's fan tokens. #ACMilan#ACMNFT#Chiliz 🌶
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🚨Australia’s securities regulator (ASIC) has determined that Bitcoin and Ethereum are likely to satisfy its criteria as appropriate underlying assets for exchange-traded products (ETPs) following a guidance published on Friday. 🇦🇺 #Bitcoin#Ethereum
The 5 criteria Bitcoin and Ethereum has to fulfill are: High institutional support and acceptance; reputable service providers supporting products; mature spot market; regulated futures markets for trading derivatives and transparent pricing mechanisms. 🇦🇺#Bitcoin#Ethereum
Ripple has announced an On-Demand Liquidity (ODL) deployment in the Middle East, through a partnership with @pyypl. The ODL will bring instant, low-cost remittances to the region. 💧#ripple#xrp
So what is an ODL?
Just as its name suggests, currencies can be exchanged in a matter of seconds through XRP, to ensure payments are quickly sent and received in local currency on either side of a transaction. #ripple💧 #xrp
Following a launch delay, @vaneck_us' Bitcoin ETF futures could go live on either Thursday or Friday according to reports from Bloomberg. #bitcoin#ETFs#Bloomberg