“Since the start of April, bitcoin’s dominance, a measure of the asset against the broader crypto market as calculated by charting firm TradingView, has plummeted. It’s down almost 10% since April 1, and bitcoin is currently at 51% dominance as of press time, roughly half the market. At the beginning of 2021, that figure was over 70%.
Traders are looking for opportunities elsewhere. That’s what seems to be happening now. It’s not bearish but a potential sign of confidence in the space.
As expected, we saw the April 14 ‘Coinbase top’ we were positioning for that bled into a deleveraging weekend sell-off. A week later, traders are looking at other markets to play in.
U.S. dollar inflation will continue to be a key driver for investment into cryptocurrencies, and the case for crypto remains.
Inflation and scarcity value could emerge as newer drivers for the crypto space, especially with a Fed meeting next week.”
“Known as the Eliminate Barriers to Innovation Act of 2021 (H.R. 1602), the legislation seeks to set up a digital asset working group with representatives from the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
The purpose of the group is to “ensure collaboration between regulators and the private sector” in order to foster innovation, according to the release.
The overarching goal of the legislation seeks to clarify when the SEC has jurisdiction over digital assets, in the case of when they are deemed securities, and when the CFTC has a final say, in the case of when digital assets are classified as commodities.
This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity.”
“A number of new collateral types have been proposed for MakerDAO, potentially increasing the number of digital assets that can now be used to mint its stablecoin, Dai. Voting began on Monday and will run for 14 days.
Seven tokens have been suggested as collateral for the Maker (MKR), including Moss Carbon Credit (MCO2), Rocket Pool’s staked Ethereum (rETH), the 1inch decentralized exchange token (1INCH) and the BadgerDAO Sett token (bBADGER). Three liquidity provider tokens are also being voted on as prospective collateral.
The MakerDAO community is also conducting a governance vote on a proposed upgrade to its liquidation system, dubbed MIP-45. The protocol has been working on an upgrade for the past year in response to the Black Thursday crash in March 2020.
Functionally, the new Liquidations system will provide greater security, predictability, and decentralization, facilitating wider participation by the Maker community and DeFi sector as a whole.”
“IPwe, a platform for the world’s IP ecosystem, today announced that it plans to begin representing corporate patents as non-fungible tokens (NFTs), in collaboration with major computer company IBM.
The tokenization of intellectual property will, per the announcement, help position patents to be easily sold, traded, commercialized or otherwise monetized. IPwe expects tokenized intellectual property on the platform to be “commercially available” in Q4 of this year.
The use of NFTs to represent patents will help create completely new ways to interact with intellectual property.”
“During the eighth congress of the Communist Party of Cuba, attendees proposed various changes that aim to improve the country’s economy amid global economic sanctions initiated by the United States. One of those objectives will now be to ‘advance in the study of cryptocurrencies in the current conditions of the economy.’
The idea that the island nation should explore ways to use crypto to circumvent economic sanctions had been previously discussed by government officials, but the recent measure makes it now official policy.
While it remains unclear what approach the Cuban government will take with crypto, citizens of the island nation aren’t waiting around, as Bitcoin adoption continues to rise.”
“The Graph has introduced Scalar, a microtransaction system meant to enable new ways for the platform’s node operators and data providers to make money.
The Graph, which describes itself as “the indexing and query layer of the decentralized web,” functions as a link between decentralized applications (dapps) and different blockchains, providing a data querying platform that other blockchains and projects can use for their data requirements.
The major jump in Web3 use cases has created unprecedented demand for a truly decentralized and scalable query processing system.
This is the first time state channels will be used in broad-scale production.”
“Bitcoin transaction fees have hit a new all-time high. The average transaction cost of sending Bitcoin is now $59.87. That’s more expensive than the last bull run, in December 2017, when the average cost hit $55.17.
Why? Quite simply, lots of people are using the Bitcoin network. And with more people using the network, comes costlier fees.”
“The publicly traded crypto exchange is launching an internal incubator program to find the Next Big Thing. “Project 10 Percent” will seek industry-disrupting ideas with “10x impact.” Employees will have two pitch days per year to showcase their ideas.
It’s still early days for the crypto economy. By maintaining our culture of repeatable innovation through these 10 Percent projects, we’ll be in a position to continue building powerful, simple and compelling product experiences that define the future of our industry.”