Bitcoin continues to move in lockstep with the Nasdaq to S&P 500 ratio. The positive correlation suggests bitcoin is still a risk asset. Source
Bitcoin's Tight Correlation With Tech Stocks Muddies Safe Haven Narrative
Day: April 6, 2023
Japan Approves Web3 White Paper to Promote Industry Growth in the Country
On NFTs, the white paper proposes public-private partnerships to formulate guidelines on legal business models for fantasy sports services. It also recommends the public and private sectors work together to sort out data and NFT rights, and consider ways for content holders to legally license NFTs. Source
High Ether Yields Drive $50M to DeFi Protocol Pendle Finance
Pendle uses a dual-token model that breaks up and represents any investment into a decentralized finance (DeFi) protocol, such as Compound or Aave, into two parts: one, the initial principle put up by an investor, and two, the future yield expected to be earned on that position in the form of token rewards. Source
Nigerian crypto foreign investment is at a record low: Study
The largest economy in Africa has a foreign investment problem despite the exponential growth in crypto adoption. The National Bureau of Statistics (NBS) reported on Tuesday that foreign direct investment (FDI) in Nigeria, the largest economy in Africa, dropped by 33% last year due to a severe shortage of dollars, which discouraged crypto companies from expanding into the country. In 2022, investment declined to $468 million from the previous year’s $698 million. According to the data, FDI has decreased by approximately 90% since its peak of $4.7 billion in 2008.…
Bitcoin barely holds $28K as bulls see new rejection at key resistance
Bitcoin (BTC) saw another failure to exit a tight trading range into April 6 as $28,000 again hung in the balance. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Analysis sees traders “compressing” BTC price Data from Cryptox Markets Pro and TradingView showed BTC/USD trading below the the $28,000 mark at the time of writing. The pair had approached $29,000 the day prior, eating into ask liquidity in what analysis called a “choreographed” move by whales. That appeared to be true, as upward momentum soon faded and spot price remained in…
Meta Platforms CTO Says CEO Mark Zuckerberg Is Spending Time on AI
Bosworth heads the Meta Platforms unit that handles the company’s metaverse initiative and according to the veteran, the AI product being developed will help reshape this yet-to-be-launched technology in remarkable ways. Andrew Bosworth, the Chief Technology Officer of Meta Platforms Inc (NASDAQ: META) has revealed in a recent interview that the company’s CEO, Mark Zuckerberg, alongside other top executives is now spending considerable time on developing the firm’s Artificial Intelligence (AI) tools. As reported by CNBC, Bosworth noted that the AI solution that the company is working on will be…
Central Reserve Bank of Peru Finalizes CBDC Research Stage, Three More Phases to Production
The President of Central Reserve Bank of Peru (CBRP), Julio Velarde Flores, announced in November 2021 that the country would cooperate with India, Singapore and Hong Kong to develop a CBDC. The Central Reserve Bank of Peru (CBRP) has recently published a report on the need for a well planned Central Bank Digital Currency (CBDC) in boosting the fiat market. Moreover, the country has recorded a huge influx of crypto related businesses with Bitcoin transactions on the rise. In order to maintain a healthy digital economy, the CBRP has collaborated…
Reddit deploys Gen 3 NFT avatar contracts on Polygon
Online discussion platform Reddit has deployed the third generation of its blockchain-based digital collectibles dubbed “Reddit Avatars” on the Polygon blockchain, resulting in community members and collectors expressing their thoughts on the much-anticipated drop. The nonfungible token (NFT) avatars were first introduced in July 2022 to empower artists to create and sell their work. In addition, whenever users purchase a collectible, it can also be set as an avatar on Reddit’s website. The avatars were made available in August 2022, generating thousands of dollars in sales for the artists. On April…
Crypto trading vs. crypto investing: Key differences explained
The most significant advantages of trading cryptocurrencies are quick profit generation, secure value storage, low fees and universal accessibility. Meanwhile, crypto assets’ inherent risk and volatility count as disadvantages. The main benefit of cryptocurrency trading is the potential to generate quick profits by taking advantage of short-term price movements and market trends. Some cryptocurrency traders also value assets such as BTC as a secure store of value, especially since cryptocurrencies were designed to function independently of central institutions. Cryptocurrencies can also be traded peer-to-peer, incurring much lower fees than transactions…
Elon Musk and His Power to Sway Dogecoin Community, Does He Hold DOGE Massively?
Elon Musk’s recent move to replace the Twitter logo with a “Doge” meme resulted in a massive boost in DOGE social volumes. Traders hint at a possible price retracement ahead. Elon Musk created a storm in the crypto space earlier this week by changing the Twitter logo to a Shiba Inu “doge” meme. This was in direct reference to the billionaire’s everlasting support to the memecoin crypto DOGE. This development at Twitter was enough to send the DOGE price skyrocketing by more than 30% instantly moving to 10 cents at one…