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Bitcoin is so 2021. Here’s why some institutions are set to bypass the No. 1 crypto and invest in Ethereum, other blockchains next year

Happy Thursday! Welcome to our weekly crypto newsletter, the Distributed Ledger. I’m Frances Yue, a crypto reporter for MarketWatch. This week we’re talking about the latest and greatest digital assets so far. Find me on twitter @FrancesYue_ Send feedback and chat about crypto.

Crypt with snap


It has been almost flat since 7 days ago and recorded a loss of 0.2%. Cryptocurrencies, down about 30% from November’s record high of $ 68,990, have been under selling pressure over the past few weeks as investors expected the Federal Reserve to speed up bond purchases and possibly triple interest rates. But after the Fed’s decision on Wednesday, Bitcoin soars..


It has recorded a loss of 5.9% in the last 7 days and has recently traded at around $ 4,028. According to CoinDesk data, it has fallen by more than 15% from a record high of about $ 4,866.


Another dog-themed meme coin Shiba Inu with 3.4% higher deals in the last 7 days

It has decreased by 4.4% in the last 7 days.

Cryptographic metrics
Biggest winner


% 7 days return


$ 32



$ 107.1

twenty one%


$ 189.5


XDC network

$ 0.095



$ 13.09


Source: As of December 16

Largest decliner


% 7 days return


$ 68.2



$ 0.48



$ 0.0028


Theta fuel

$ 0.207



$ 0.008


Source: As of December 16

What is Bitcoin?

Clayton Gardner, co-CEO of crypto investment management firm Titan, said in a distributed ledger that more institutions bypassed Bitcoin as crypto accepted a wider adoption, and in 2022 other institutions such as Ethereum, Avalanche and Terra. He said he expects to invest in blockchain. Smart contract function.

Bitcoin has traditionally not supported complex smart contracts, which are computer programs stored on the blockchain. November major upgrade It may have unleashed more possibilities.

“Bitcoin was originally considered a macro speculative asset by many funds, but for many it is still the case,” Gardner said. “If there’s anything that solidifies the use case, it’s a valuable store. Perhaps from a medium of exchange point of view, it’s not actually being used as originally intended.”

For institutions looking for a blockchain that can “create practicality and intrinsic value over time,” it is driving the growth of the third generation of the Internet, decentralized finance and Web 3.0. You might consider a smart contract blockchain for. Gardner.

“Bitcoin is still one of the safest blockchains, but beyond Bitcoin, Layer 1 and Layer 2 blockchains handle most of the transactions and activities from NFT (Non-Fungible Tokens) to DeFi. I think, “Gardner said. “Therefore, financial institutions are aware of that, and as long as they want to capitalize within the next few months, I think it could be a place to invest capital.”

Partisan split over stablecoin

As highlighted in a hearing on Tuesday, the party sector is different from Stablecoin, Republicans point out the benefits of such tokens, and Democrats pay attention to the risks they may pose to consumers and the economy. I am urging you.

Senator Elizabeth Warren of the Democratic Party of Massachusetts, citing the largest stablecoin tether, expressed concern that some stablecoins may not be fully backed up. Holds about half of the reserve with commercial paper and certificates of deposit According to the June 30 certification report. Meanwhile, Pennsylvania Republican Pat Toomey touted the benefits of Stablecoin, including faster payments and lower costs.

As a working group of the president, the division between the senators is important Asked Congress to pass a new law quickly To do so, the insured bank will need to issue stablecoins in the November report.

However, some industry participants believe that people will find a way to access Stablecoin, regardless of whether a bipartisan agreement has been reached.

“There is growing consensus that it is the large financial institutions that are” quietly “working on their own cryptocurrencies and stablecoin projects that are lobbying to delay the use of stablecoin. “We are,” said Carlos Betancourt, founder of cryptocurrency hedges, fund BK Coin Capital, writing in an email.

Decentralized social media?

Decentralized Social (DeSo), a cryptocurrency that strengthens the blockchain that supports decentralized social media applications, starts at $ 94 after Deso was listed on Coinbase Pro on Monday, before it fell to about $ 95. It increased by about 74% to about $ 164. Coin Gecko.

In the eyes of Nader Al-Naji, Head of the DeSo Foundation, decentralized social media can be “much bigger” than decentralized finance.

“Today, only a few companies control most of what we see online,” Arnaji told a distributed ledger in an interview. But DeSo “creates many new ways for creators to make money,” Al-Naji said.

“If you find a creator or influencer when they are small, you can invest in it. And if they grow and become more popular, you make money, they make money, they Raises funds early on to create creative work. “According to AI-Naji.

BitClout, the first application AI-Naji and his team created on the DeSo blockchain, At first it was controversialSome people have noticed that users of the application have a profile on the platform without consent when buying and selling tokens that represent their ID. Such tokens are called “Creator Coins”.

AI-Naji responded to this controversy by saying that DeSo currently supports over 200 social media applications, including Bitclout. “If you don’t like these features, you’re free to use your favorite apps. Some apps don’t have them at all.”

Cryptographic companies, funds

Cryptographic company news, Coinbase Global shares

It fell 2.7% to $ 251.3 on Thursday afternoon. Trading in the last five days has fallen 4.8%. Meanwhile, MicroStrategy Inc.

With billions of Bitcoins on its balance sheet, this Bitcoin was down 4% to $ 575. As of Thursday, it was the last decrease of 2.9% in the last five days.

Mining company Riot Blockchain Inc.

Equities fell 7.7% to $ 23.90, contributing a 10% loss over the last five days.Shares of Marathon Digital Holdings, Inc.

It fell 8.8% to $ 35, contributing a 14.7% fall in the previous week. Another miner Ebang International Holdings Inc.

With a 1.1% slide in the last 5 days, we recorded a 4% loss to $ 1.30. Inc.

It was down 6.7% to $ 63.40. So far, stock prices have fallen 18.6% in the past week.

Block Co., Ltd.

Share fell 4% to $ 167, a loss of 10.7% in the last five days.Tesla, Inc.

Stocks fell 4.1% to $ 935.70, losing 6.8% in the last five days.

PayPal Holdings Co., Ltd.

NVIDIA Corp. recorded a loss of 0.6% in the last five days, while down 0.1% to $ 190.60.

It fell 6% to $ 286, contributing a 6.2% loss in the last five sessions.

Advanced Micro Devices Inc.

It gave up 5.4% and reached $ 138.60, recording a profit of 0.4% over a five-session period.

In Fund Space, ProShares Bitcoin Strategy ETF

Valkyrie Bitcoin Strategy ETF, down 3% to $ 30.30 on Thursday

It is down 3% to $ 18.70. VanEck Bitcoin Strategy ETF

It fell 3.3% to $ 47.40.

Grayscale Bitcoin Trust

It was down 3.5% to $ 36.40, a loss of 1.9% in the last five sessions.

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