Interesting week, with some useless FUD, lots of NFT bullish news and some great ATH achieved by BNB and CAKE. I think I want more KSM and DOT, after this week passed.
The week started well, with Tobi Lutke, Spotify CEO, asking what role should his company play to help DEFI community grow, and many famous names answering to him, with some great advice here and there. As we talk about DEFI, Compound seems to do great, just reaching $15B in assets (almost 20% of the total value locked into DEFI market, mostly on ETH, DAI and USDC).
Force DAO was hacked in 5 separate attacks, with one of them returning the funds. Total loss $375K, but FORCE token price dropped 85% after. David Solomon, Goldman Sachs CEO, tried to bring some FUD saying that soon Bitcoin will be regulated. Really, is there something we don't know or you just want to buy some BTC on discount? Come on man, we are better than that. JP Morgan CEO, Jaime Damon, well known for his anti-crypto views (called BTC a fraud in 2017, after the bear market started), kind of bite his tongue and said in a shareholder letters that the crypto assets requires a closer look. European Central Bank board members tried their best to describe CRYPTO as a speculative asset without any value, but this took a twist when some people pointed that EURO doesn't have any intrinsic value either. Their answer: Yes, but EURO is backed by the European Central Bank. Some people, who were actually stock and economy analyst, told them that Bitcoin price swings and volatility is expected, as its monetary policy is independent and not centralized. I can't wait to see how this is going even further. Oh, the irony! Meanwhile, SEC Commissioner Hester Pierce said that you can ban BTC, make the effort, but you cannot stop people from trading it, so it will be a foolish thing for the government to try to do this.
Bitcoin was testing 60K once more, and probably will stay there for a while. Many corporate whales are directly interested to buy your crypto at 55K. So many buy and sell walls around 55-60K value. Sacramento Kings offered bitcoin payment options to all players and staff, after the club chairman had a talk with Tim Draper. Definitely, NBA is crypto-friendly. Roger Ver said that Blockchain.com domain is not for sale, and that GoDaddy ad quoting $100M price is a mistake. BCH was dropping in value a bit due to this, but completelly recovered by now. The Chinese company Meitu bought another 175 BTC, reaching their $100M target. Tesla is not only accepting BTC as payment, but somehow they also convinced their landlord, Caruso Properties, to accept Bitcoin payments for rent. MicroStrategy is buying yet more BTC, reaching $2.2B in total. And BTC hashrate just reached a new ATH, 179.4 exahashes per second, which means that even the 2014 ASIC mining chips are profitable right now. Time to search the garage for that 5 year old mining rig, we talk about this next time, right? Even the miners are bullish now, with total BTC sold from miners to exchanges dropping 40% since February.
2 Coinbase employees, getting married, had digital tokens made out of their rings, as NFTs, because blockchain is forever. Their words, not mine. But not all the NFT interactions are about love and laughter. Everybody wonder about Beeple selling his NFT collection for $69M, but behind this we have more than 13 years of daily basis work hiding on the background, with more than 5000 daily new cartoons being published. He is the 3rd highest best paid artist after Jeff Koons and David Hockney. With the latest not being that happy about it, calling Beeple work ''silly little things'' and asking why they are not printed. Beeple retaliated saying that ''nobody told me that you need to print them out to magically turn them into art''. Sound Ventures, a startup backed by Aston Kutcher, Guy Oseary, and supported by some heavy names like Cuban, Snoop Dog, Whale Shark and Metakovan (the latest being the guy who bought Beeple collection for $69M) is sponsoring a $1M NFT competition. And you may not believe it, but Paris Hilton knows her NFT and blockchain stuff, she also wrote some blog post explaining all this to others. Christie's is riding the NFT wave, with a nine rare CryptoPunks collection to be sold for an estimated $7-9M.
Guess what, XRP is back with a vengeance, reaching $1, and it is not stopping there. If you do not know, Ripple won the SEC lawsuit, with XRP classified as commodity, and not as security. SEC - Ripple 0-1. Game. Set. Match. Talking about relics, Bitcoin GOLD pumped 200% this week. It is just a huge misunderstanding, as a BTC fund called BTG was launched recently by a Brazilian investment fund. I would not buy more Bitcoin Gold.
Coinbase userbase increased to more than 6 million, and their net profit was bordering $800M, out of $1.8B total revenues. The company is evaluated at $69B, being one of the best ones going public lately, competing with AirBNB and Roblox ($40-113B market caps). The direct listing is expected to start on April 14.
The DEFI Stablecoin called FEI (pegged to 1$) is kind of funny, using a reweighting system pricing it at $0.136, when the real price was $0.73. Do you understand this information? Quite confusing, right?
1inch is rebranding itself, and they are exploring the posibility of expanding their activity on Polkadot, via sidechain. Thorchain will enable Thorchain Multichain Chaos net on April 13, and a hopeful feeling could be observed as the price increased lately, after a long stagnation. USDT will add Kusama and Polkadot to their blockchain collection, being the first stablecoin on DOT network. Signal, the messaging app, is launching its own native crypto called Mobilecoin (MOB) which can be used for inapp payments. By the way, Bancor v2 is masivelly shilled by Messari and its volumes traded lately are x60 up. Did you got some? Revolut added 11 new crypto, up to a total of 21 (ADA, UNI, SNX, YFI, UMA, BNT, FIL, NMR, LOOP, OXT, GRT).
Just to annoy my brother, did you know that you can set alerts on the TimeLock smart contract on Pancake Swap via BSCSCAN watchlist to find the new tokens to be added before everyone (they need to be broadcasted at least 6 hours before they can be executed). Please, do not steal all my profit, ok? My strategy, one week farming certain tokes with pumping potential and then exchanging into BNB was a huge success, expecially with BNB being the best performer this week. I can totally see BNB up to $1000 until the end of the year. Also CAKE, 3000% return this year, was the top performing asset in DEFI. It is only $21, long way until $100, at least, by the end of 2021. Compared to that, COMP 147% and SNX 168% are dissapointing. But personally, I blame EHT crazy fees for that.
I hope you enjoy my little round-up, all the best,
George
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