25 March

“Although the largest cryptocurrency was changing hands Wednesday around $56,500, traders were handicapping the odds of a plunge to about $44,000 by Friday, when a record $6 billion of options contracts is set to expire.

A drop to that price level would inflict “max pain” on buyers of options contracts, and it might be the most profitable price point for options sellers.

The max pain theory states that the market will gravitate toward the pain point while heading into the expiry. That’s because sellers – typically institutions or sophisticated traders with ample capital supply – often try to push the price toward the max pain point by buying or selling the asset on spot or futures markets.

The bullish spin is that if bitcoin makes it through Friday without a major correction, a major overhang will be lifted.

Max pain for the March 26 expiry is currently $44,000 on Deribit. That does not mean the market will move to $44,000 by the end of this week, but it does imply that after Friday this potential downward pressure no longer exists.”

“A Wednesday filing with the U.S. Securities and Exchange Commission (SEC) seeks approval for the “Wise Origin Bitcoin Trust,” an exchange-traded fund with multiple ties to Fidelity.

Fidelity affiliates serve as the fund’s sponsor, administrator, custodian and trustee, the filing states. The fund would track the performance of Fidelity’s bitcoin index. Peter Jubber, the managing director of Fidelity Digital Funds, serves as president of the trust.”

See Also: NYDIG cuts Bitcoin fee to 0.3% for investors as Morgan Stanley opens floodgates

“The Tesla CEO said via Twitter Wednesday the bitcoin the company receives will stay as bitcoin and not be converted into fiat. The move will see Tesla add to its already sizable bitcoin holdings, which Musk revealed on Feb. 8.

This option will also be made available outside the U.S. later this year. Musk added that Tesla operates Bitcoin blockchain nodes directly using internal and open-source software.”

“The network – which will be used by stablecoin giant Tether – will initially support five assets including ether, wrapped bitcoin, dai, tether and the hermez token.

As exorbitant gas fees continue to cripple the community, we must bring scalability and cheaper transactions to Ethereum now. We are now inviting developers, projects and users from around the world to join us on this journey towards a significantly cheaper and decentralized future.”

See Also: VCs bet big on layer two as StarkWare raises a staggering $75 million

“The Ethereum developer community is pushing with guns blazing toward proof-of-stake (PoS). Last Friday, Ethereum developers began spitballing possible dates for merging the Eth 2.0 client, the Beacon Chain, and the current Ethereum network, Eth 1.x, also known as Ethpow.

One idea circulating among developer communities slates “The Merge” for after July’s London hard fork in the subsequent hard fork, Shanghai.”

“Decentralized storage network Filecoin has integrated with decentralized finance (DeFi) oracle service Chainlink. The integration would enable connection between Filecoin and Ethereum and other smart contract-enabled blockchains.

The integration will automate Filecoin storage functions and make Filecoin’s state accessible on other blockchains.”

“The Miami Herald reported Tuesday that the 19,000-capacity American Airlines Arena will become the FTX Arena. This is the first occurrence of a crypto business winning the naming rights to a major U.S. professional sports venue.

This is yet another sign of the increasing integration of the cryptocurrency industry into the mainstream. This year has also seen exchange Crypto.com secure a partnership with the Montreal Canadiens to have its logo brandished on the ice at its home arena.”

“SushiSwap is wrestling with the issue of an estimated 47 million tokens ($880 million) that are set to be released from the end of April. The concern is that, if these tokens are suddenly dumped on the market, the project’s token—which only has a $2.3 billion market cap—could be crushed.

But on the flip side, if SushiSwap reneges on the deals—and some code suggests that the DEX could have the capability to do so—then it would be a slap in the face to those who bootstrapped the project through its early days. SushiSwap is changing how the tokens will be distributed, five months after the lock-up period was agreed.

This would result in a significant degradation of sushi’s reputation if they ask protocol participants to earn again what is already owed.”

See Also: Jeff Garzik’s DeFi protocol Vesper Finance tops $1B TVL in six weeks

“Buterin suggested two potential ways to help make NFTs more “legitimate” as a method of acting as a funding mechanism for causes which in some way promoted a social good.

Which NFTs people find attractive to buy, and which ones they do not, is a question of legitimacy.

Buterin said a decentralized autonomous organization could be set up which, with the collective approval of its decentralized governance community, would “sanction” certain NFTs if it was guaranteed that a portion of the sales revenue would be passed on to charitable causes.

Another way would be to work with social media platforms to integrate NFT displays into users’ profiles, allowing them to show off the thing they invested their money into. In combination with the first idea, wrote Buterin, this approach could work to ‘nudge users toward NFTs that contribute to valuable social causes.'”

See Also: Mark Cuban, Joe Lubin Invest in New NFT Social Platform Nifty’s

The code for Taproot could be ready for users to active in the Bitcoin Core client via “Speedy Trial” in May of this year. If Speedy Trial is successful, this would mean the upgrade could be online in November. Speedy Trial allots a three-month trial period to see if miners representing at least 90% of Bitcoin’s hashrate will signal their support for the upgrade.

As stakeholders appear to be in agreement on the timeline, bitcoiners finally have a (more or less) concrete deadline for when they can expect Taproot’s code to be available to the public to download, marking an end to what has become a painstaking road to a relatively simple upgrade.”

Uniswap V3

“China’s central bank and the U.S. Federal Reserve agree that a fully anonymous national digital currency is not feasible. But Fed Chair Jerome Powell believes when a digital dollar is developed it must provide users with more privacy than the People’s Bank of China’s (PBOC) planned digital yuan.

The lack of privacy in the Chinese system is just not something we could do here. We’re only beginning to think carefully about these things and it’s going to be a careful, detailed and probably lengthy process of consideration.

Powell said he agreed with Rep. Bill Foster (D-Ill.), who said during the hearing an anonymous, untraceable digital dollar ‘is not a viable option for our country or free world.’

See Also: German federal bank runs successful blockchain system without a CBDC

“Zamfir is accusing the startup of labeling its proof-of-stake (PoS) protocol “Casper” and for filing for federal registration of the Casper mark without his knowledge or consent.

The issue, Zamfir claims, is that CasperLabs has improperly used the mark to benefit commercially while causing confusion and damage because Zamfir’s own PoS research, stretching six years back, is of the same name.”