18 March

“Top Federal Reserve officials see inflation rising above 2% this year, but their median expectation is still for interest rates to stay close to zero at least through 2023.

Bitcoin prices pared earlier losses as Fed Chair Jerome Powell said during a televised press conference that the U.S. central bank expects to keep monetary policy loose “for as long as it takesto heal the coronavirus-wounded economy. The largest cryptocurrency is seen by many investors as a hedge against inflation, and a dovish monetary policy stance could allow faster price increases.”

See Also: Stocks, Bitcoin, & Bonds Bid As Dollar Crashes On Dovish Fed Statement
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“The Wall Street firm sees signs of maturation especially given its resiliency since the height of the pandemic.

A firming regulatory framework, deepening liquidity, availability of products and growing investor interest ­– especially among institutional investors – have coalesced… at a time when the challenges to conventional cash/stock/bond diversification are rising.”

See Also: Morgan Stanley to Offer Clients Exposure to Bitcoin Funds: Report
See Also: Meitu Buys More Bitcoin and Ether, Bringing Total Holdings to $90M

Last week, Vitalik Buterin released a “quick merge via fork choice change” document. While only a loose technical document, the plan ostensibly serves as a notice against any further agitation from Ethereum miners as the merge would allow Ethereum to abandon mining in a rapid fashion.

The Executable Beacon Chain is a proposal to attach Eth 1.x – which we will now refer to as Ethpow (proof-of-work Ethereum) – onto the currently running proof-of-stake Ethereum: the Beacon Chain.

The proposal works by having slightly altered Ethereum software, like Geth or OpenEthereum, point its transaction flow at the Beacon Chain. Instead of miners packaging transactions into blocks, the Beacon Chain’s validators will verify and finalize transactions. A quick merge to PoS would only require “at least one honest miner” in order to start the merge.”

See Also: Ethermine Adds Front-Running Software to Help Miners Offset EIP 1559 Revenue Losses

“Grayscale Investments, the world’s largest digital asset manager, is digging into the world of decentralized finance (DeFi) with five new new trust offerings Wednesday, including Chainlink’s link token, Brave Browser’s brave token and MANA, the money for virtual world Decentraland. The two remaining trusts will offer exposure to decentralized data storage provider Filecoin’s file (FILE) and decentralized video streaming network Livepeer (LPT).

The new trusts are the firm’s first additions since 2019, and come after Grayscale assessed both potential demand and did due diligence on the underlying protocols.”

“We’re trying to do two things; one is enable the purchase of Bitcoin on Visa credentials, and then secondly working with some Bitcoin wallets to allow the Bitcoin to be translated into a fiat currency.

Enabling the instant conversion of the cryptocurrency into fiat would enable some 70 million merchants around the world to accept BTC as a payment method.

See Also: Swiss Crypto Firm Bitcoin Suisse Turned Down on Banking License

“The exact BTC purchase size was not revealed in the document, but with Bitcoin trading between $29,000 and $37,000 in January, Tesla’s $1.5 billion outlay could mean the company holds at least 40,000 BTC.

Taking car sales across the year as a flat average, Tesla sold approximately 1,368 cars per day at a daily profit of $1.98 million. Tesla has made $19 million in unrealized profits per day holding Bitcoin. To achieve this feat in its actual business, the company would have to increase its daily car sales by over 860%.”

“The brainchild of Index Coop, which aims to do for DeFi what S&P and Dow Jones did for stocks, it allows an investor to easily take a leveraged position on ether (ETH) with just one transaction. The cooperative is releasing its first product using its Flexible Leverage Index (FLI), a token called ETH2x-FLI. It will target a value that goes up twice as fast as the second-largest cryptocurrency (and down the same way).

There really isn’t anything like this in terms of getting DeFi leverage in a single token.

Previously, to go extra long on ETH, a user would have to do the following: Deposit a bunch of ETH into Compound. Borrow a bunch of USDC, a stablecoin engineered to hold its value to the U.S. dollar, and swap all that for more ETH. With ETH2x-FLI, a user can get roughly the same exposure with a single transaction. The leveraged position is simply tokenized and traded like any other ERC-20 token.”

“A new bitcoin (BTC) “fear gauge” began trading last week. The T3i BitVol Index from T3 Index, a financial indexing firm, measures the 30-day implied volatility of bitcoin. The index offers cryptocurrency investors the ability to “trade volatility as a distinct asset class.”

Elevated volatility could be a signal of investor fear or uncertainty, while low levels of volatility signal investor complacency. The BitVol index has settled around an annualized 100% after reaching a high near 170% on January 15, which preceded a roughly 20% price correction.

The BitVol Index uses strike prices from tradable bitcoin options across various exchanges, a similar methodology applied by the Chicago Board of Trade’s (CBOE) VIX Index, which investors use to track volatility in the stock market.”

Recently, digital real estate prices have been appreciating more quickly than real-world real estate.

Domino’s has made it so people can buy pizza from a store in the metaverse Decentraland and receive the pizza at their real-world address. Also, this past week, Adidas dropped a collaboration with Karlie Kloss inside Decentraland, where attendees could get a free (virtual) pair of Adidas shoes for their avatar to wear. This corporate-sponsored virtual event was attended by people from all over the world. Companies are realizing that virtual events like these can be much more cost-effective than real-world ones.

Imagine the possibilities if instead of Nike having a store on every Main Street in America it built one jaw-dropping virtual retail experience in a metaverse that could sell to quite literally anybody anywhere at any time? At some point, every company will realize it needs virtual stores in a metaverse like Decentraland, just as they have all learned they must all have a website on the internet.

See Also: Avant-Garde Painting to Be Sold With NFT-Backed Proof of Provenance

Driving data will be uploaded to the Kiri cloud and automatically converted into KiriCoins, which can be later used to purchase products and services in the Kiri marketplace. Drivers with the best “eco:Score” will also receive additional rewards such as vouchers for Amazon, Apple, Netflix, Spotify, and Zalando.

Simply by driving the New 500, connected and equipped with the new infotainment system, KiriCoins can be collected in a ‘virtual’ wallet shown in the Fiat app.”

Crypto.com’s branding will be displayed at center ice starting with the next home game against the Vancouver Canucks on Friday night.

The Canadiens announcement comes days after reports that the FTX crypto exchange is in talks to purchase naming rights to the arena of the NBA’s Miami Heat.”

“Arthur Hayes, founder and former CEO of BitMEX, says he will surrender to U.S. authorities to face charges the cryptocurrency derivatives exchange facilitated unregistered trading and other violations. Under a proposal, Hayes would be allowed release on a $10 million bond secured by $1 million in cash.

Hayes intends to surrender in Hawaii on April 6, where the local FBI office would transport him to the courthouse. He would be allowed to keep his passport and stay at his home in Singapore and have pre-approved travel to the U.S.”