What happened in crypto the past 2 weeks? Bitcoin is stabilizing a bit. Solana tried to adapt, but the ad misfired. ETH rebirth is coming soon. Coinbase wants your money. CryptoDotCom are axxxoles. What else? Read below:
- Bitcoin: BTC has corrected 23% since the January ATH, but it is still outperforming every major global asset class. As the Fed rates remained unchanged, Bitcoin went up to $87K, only to retrace to $85K after the announcement. Strategy is raising another $500M through preferred stock, to buy more Bitcoin. The stock will offer investors a fixed annual dividend of 10%, which is much better than Coinbase's verified DEFI pools. Just saying it. And we have it, as the SEC has said that Proof of Work mining doesn't fall under federal securities laws. Bitcoin's volatility just hit a 6-month high at 3.6%, most probably as Trump has been involved in this economic uncertainty too. He was the first sitting US president to address a major crypto conference, after all.
- Ethereum: Big whale business, as somebody shorted the market for $516M on Bitcoin, making a $9.4M profit, only to buy over 3200 ETH with a part of the money. Somebody is believing that ETH is going up? I would be pleased if this would happen, anyway. Ethereum processed $800B in monthly stablecoin transactions in February, with USDC and USDT accounting for $740B of the volume alone. With no impact on the ETH price? Heavy manipulation here, same as with the BTC, right?
- Altcoins and stablecoins: Volatility Shares is set to launch the first US SOL futures ETF. Yet, Solana's ad disaster continues, even if the ad was deleted, as the patriotic themes and politically charged messages were found divisive by many. Even the Solana co-founder distanced himself from the campaign, admitting that the previous marketing was better. Ton blockchain received over $400M from venture capital firms like Sequoia. Benchmark and Draper Associates.
- NFTs and blockchain games: I have enjoyed playing Golem Overlord lately on Hive, and it is quite profitable, I would say, with some great updates lately. On Splinterlands, we have had the Land NFT new update and improved tokenomics introduced on March 18. I hope this may help the game by increasing speed and stability. Check my Holozing article to learn about a new blockchain game that looks full of potential. I am also playing a cute little game called Chain of Legends, which reminds me of Heroes of Might and Magic, even if the overlap is not 100%.
- Good news: Pakistan is drafting a regulatory framework for crypto trading, to attract foreign investment, which was to be expected, despite the Central Bank warnings, as Pakistan is ranked ninth in terms of crypto adoption. Kraken acquired the US retail futures trading platform Ninja Trader for $1.5B (Ninja Traded is a CFTC-licensed platform launched in 2003), aiming to expand even further in the UK, EU, and Australia.
- Bad news: Crypto.com are the villain of the week, as they resurrected 70B tokens they promised to destroy forever, cancelling the biggest burn in history, with a suspicious proposal passing with 70% support thanks to some last-minute vote. They are not to be trusted, as this is not the first time when they are playing with people's hard-earned money. Finally, the SEC dropped its lawsuit against Ripple, after a long legal battle that started in 2020. They lost. Some funny ideas are going on in the crypto market, as China realized that all the USD-based stablecoins and the US Treasury back-ups will help the dollar survive, even if it is not looking that good right now. A strong Euro and other options for stablecoins should sort this issue out, but they do not have enough traction right now. The stablecoins are the future in terms of value and buying power, not BTC or ETH, and this is still to be seen, for now. As silly people were worrying about Canada's fentanyl, Chainalysis discovered where the money is, with a crypto pipeline connecting Mexican cartels directly to Chinese fentanyl suppliers, prioritizing speed over stealth. Check that USA!
- Joke of the week: Coinbase introduced verified pools to reduce counterparty risk for DEFI participants. Operating on Base, using Uniswap, the pools are non-custodial, only accessible to users who completed Coinbase's identity verification process. Now, let me explain this, non-custodial, means that is your problem if you lose money, not theirs, but they will charge you a lot of fees, getting your money out of it, while you get less profits, with less risk. Well, for that profit return, I can also put my money in a bank savings account, with instant access to cash, and fewer fees to pay when transferring to the bank. But they make it sound so cool. When it is not! Yet, some analysts see the $310 price target on the Coinbase stock. Americans!
All the best,
George
Why not...
...have fun and win rewards on my favourite blockchain games (Splinterlands- a Hearthstone-like card game) (Golem Overlord - a Play2Earn game on Hive) (Upland - a real-life virtual land) (Holozing - a Pokemon-like game)and ( Chain of Legends - with a hint of Heroes of Might and Magic).
...get crypto while writing on the Publish0x blog, using the Presearch search engine to maximize your income with PRE tokens. Use Torum instead of Twitter. I am also writing for crypto on Hive.
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I love this update and I will check out Chain of Legends!!!
!BBH
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STOPBitcoin slowly getting back to the top lately
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Crypto never disappoints, Solana’s ad fail was a mess, Crypto.com pulled a villain move and Coinbase found a new way to charge fees. Same big problems, different week. Let’s see if that big ETH buy actually means something hopefully
Interesting!