Bitcoin’s 1 week range: $36,123-$39,279
The Bitcoin Takeaway: Big-time bitcoin ($BTC) holder MicroStrategy held an event this week to promote the institutional adoption of bitcoin. Luminaries such as Jack Dorsey, the former CEO of Twitter and current head of payments company Block ($SQ), was one speaker evangelizing bitcoin.
The timing was prescient, as rumblings the Biden administration will put together crypto policies in the name of national security. MicroStrategy’s CEO Michael Saylor proclaimed more regulation is a good thing for the world’s oldest cryptocurrency.
Ether’s 1 week range: $2,316-$2,908
The Ether Takeaway: Despite hype surrounding the metaverse and web3 ether ($ETH), the native token of Ethereum, performing worse than bitcoin in what’s been a doldrum of a cryptocurrency market in 2022 so far. BTC has done -20% in 2022 while ETH is -29%.
Despite some concerns about market making via bots, analysis from Coinbase ($COIN) details the prospects of Ethereum. The company says the network is far ahead of competitors in the space, many of which are known as “ETH-Killers”.
What’s Hot This Past Week:
- Quant Network ($QNT) +32%
- Tezos ($XTZ) +17%
- Kyber Network (KNC) +17%
- Civic (CVC) +13%
- Maker (MKR) +12
What’s Not This Past Week:
- Chainlink ($LINK) -9%
- Ankr ($ANKR) -7%
- Ren ($REN) -6%
- Keep3rV1 ($KP3R) -5%
- Fantom ($FTM) -5%
What to Watch For:
- Jack Dorsey, whose firm Block, formerly known as Square ($SQ), proclaimed that Facebook’s ($FB) cryptocurrency project would have fared better using bitcoin. However, Block doesn’t currently have a payments product using BTC, although the company says it is working on it.
- The New York Times wrote an article about Matt Damon’s Crypto.com television commercials. The spots don’t really present crypto as anything other than FOMO. However, it does show that the cryptocurrency industry is moving into a world where marketing share and eyeballs attracted to pitchmen are needed to grow.
- GameStop ($GME) has decided to launch an NFT marketplace that will be stocked with in-game items and skins. The company has chosen Ethereum layer 2 Immutable X to mint the tokens, which has no gas fees. “Billions of low-cost, in-game assets that can easily be bought and sold,” the company stated.
- Disney ($DIS), which owns marquee brands such as Star Wars and The Simpsons, is dipping its toes in the crypto waters. Its former CEO sees huge potential in the world of NFTs. Comparing NFTs to baseball cards, Disney’s former head Bob Iger hinted at metaverse ambitions for the company.