Crypto Daily News from ZBG Exchange
1. Market Wrap: DeFi Tokens Aave and Uniswap Climb While ETH and BTC Dump
“The crypto market is primarily focused on Ethereum and the catapulting DeFi sector right now,” said one analyst.
Bitcoin and ether seem to be more sensitive to a fickle global stock market. But that hasn’t affected aave and uniswap and other altcoins making huge upward swings, fueled by DeFi hype.
Aave (AAVE) trading around $567 as of 21:00 UTC (4 p.m. ET). Gaining 27.7% over the previous 24 hours.
Uniswap (UNI) trading around $40.69 as of 21:00 UTC (4 p.m. ET). Gaining 7.6% over the previous 24 hours.
Ether (ETH) trading around $4,090 as of 21:00 UTC (4 p.m. ET). Gaining 0.33% over the previous 24 hours.
Ether’s 24-hour range: $3,955-$4,364
Bitcoin (BTC) trading around $54,547 as of 21:00 UTC (4 p.m. ET). Losing 3.8% over the previous 24 hours.
Bitcoin’s 24-hour range: $53,700-$57,944
2. Vitalik’s Regift of Unsolicited DOGE Knockoffs Sends Memecoin Prices Plunging
The Ethereum creator has turned a memecoin marketing stunt on its head.
Vitalik Buterin has told dog-themed memecoin creators to bark up another tree.
In a move that captivated the attention of Crypto Twitter on Wednesday, the Ethereum founder regifted tokens sent to his public wallet by the creators of Shiba Inu coin (SHIB), dogelon (ELON), Akita Inu (AKITA), mwDOGE (mwDOGE) and OURSHIB (OSHIB), blockchain records show.
Notably, Buterin donated 50 trillion SHIB tokens (worth a nominal $1.2 billion at press time) to the India Covid Relief Fund kicked off by Polygon founder Sandeep Nailwal late last month. He also sent about $431 million of AKITA to Gitcoin, a public Ethereum-based fundraising platform, according to Etherscan.
3. Facebook-Backed Diem Partners With Silvergate Bank to Issue US Dollar Stablecoin
Diem is moving its “primary operations” from Switzerland to the U.S.
The Diem Association, the Facebook-linked group building a stablecoin, is partnering with Silvergate Bank to launch a U.S. dollar-pegged stablecoin.
Diem Networks US, a subsidiary of the association, will run the Diem Payments Network and register as a money services business with the Financial Crimes Enforcement Network (FinCEN), while Silvergate will be the formal issuer of the Diem USD stablecoin. Silvergate will also manage the reserve backing the token.
The DPN will be a permissioned network, allowing only approved participants to transact, according to the Wednesday announcement. Silvergate already operates its own payments network, the Silvergate Exchange Network, and provides support for stablecoin transactions.
4. Bitcoin Plunges as Tesla Halts BTC Payments Over Environmental Concerns
The drop in value comes as Musk posted to Twitter that his car company is halting purchases of Tesla vehicles using bitcoin, citing environmental concerns.
An already down day for bitcoin (BTC, -11.46%) turned into a rout Wednesday evening with the leading cryptocurrency dropping to its lowest point in almost three weeks after Tesla CEO Elon Musk said the electric-car company will discontinue accepting bitcoin as a form of payment due to environmental concerns.
Musk’s about-face on cryptocurrency put to flight a market already in a nervous mood. And bitcoin wasn’t the only crypto affected — a screen showing the top 15 cryptos by market cap showed not a speck of green.
The decision by Tesla removes a psychological support for the original cryptocurrency. On Feb. 8, the price of bitcoin soared more than 14% after Tesla said it had put $1.5 billion of its treasury funds into the cryptocurrency and that it would soon accept the crypto as payment, a promise it kept.
5. Lubin, ConsenSys Vets Raising $75M Venture Fund, Documents Show
Ethereal Ventures has already started joining investments in early-stage blockchain startups. Other details are sparse.
Ethereal Ventures, the latest blockchain fund to emerge from Joseph Lubin’s extended ConsenSys family, is seeking to raise $75 million, according to regulatory documents.
Launched without fanfare earlier this year, Ethereal counts Lubin and Min Teo, a partner at ConsenSys’ VC wing, as directors. It was not immediately clear whether Ethereal is the first fund of a full-on spinoff. “Ethereal Ventures Fund I L.P.” had not reported any sales as of Tuesday.
Even so, Ethereal Ventures is already seeding investments in early-stage crypto companies. In late April it joined a $28 million round backing Aleo, a decentralized application developer platform. Aleo described Ethereal as “a new venture fund established by Joseph Lubin” at the time. Project leads did not immediately return requests for comment.
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May 13, 2021