Macro Tailwinds For Crypto? 🌬️
US moving towards rate-cuts and positive economic data can boost crypto. Ripple to launch US dollar-backed stablecoin. FTX CEO John Ray III gets paid $1575/hour. Crypto Twitter is obsessed with goats.
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Bitcoin bulls charge back, briefly reclaim $69,000 glory.
After a recent dip, the price surged over 5% today.
Currently at $67,000.
What fuelled the rally?
Optimism from the US Federal Reserve and positive jobs data.
The Fed Chair hinted at potential interest rate cuts later this year.
US jobless claims came in slightly higher than expected, but it was still enough to boost market sentiment.
Analysts point to strong buying pressure from real cryptocurrency markets (spot market) rather than derivatives.
And halving is coming in two weeks.
Funding rates, a sentiment indicator, are near record highs.
This usually means bulls are overconfident and paying to keep bets on a rise (like in April 2021, which preceded a major crash).
US data shows hedge funds are shorting Bitcoin at record levels (betting it will go down).
Exchange reserves, where investors store coins for trading, are at multi-year lows, according to CryptoQuant.
Some analysts see promising signs in Bitcoin's technical indicators, suggesting a potential climb to $82,000.
Meanwhile, Plan B predicts $200,000 floor and says it won't fall below $60,000
Block That Quote 🎙️
John Mullin, Mantra Chain CEO.
"Everything will be tokenised"
John Mullin believes real-world asset (RWA) tokenisation is a game-changer, especially for institutions.
What did he say? TDLR
Tokenisation lets you turn real-world assets (think stocks, real estate) into digital tokens.
This could make them more accessible and efficient for investors.
Mullin sees institutions as the early adopters, not retail investors.
"I think the whole world will be tokenised. My personal perspective is if Web2 was bringing the world online, Web3 is bringing the world on-chain.”
Ripple Is Jumping Into The Stablecoin Market
They're launching a US dollar-backed stablecoin to compete with big players like Tether (USDT) and USD Coin (USDC).
Features: Pegged 1:1 to the US dollar, backed by a mix of cash, Treasuries, and cash equivalents. Aims for transparency with regular audits and attestations.
“We think it will be over $2 trillion ( stablecoin space) by 2028, and there’s only two market leaders. We don’t think it’s a winner-take-all-all ecosystem, particularly on the DeFi side.”
In the Numbers 🔢
$1,575 / hour
That's how much FTX CEO John Ray III is getting paid.
From March 1 to March 31, Ray worked 231 hours and was paid a total of $363,825, according to a monthly staffing report.
Remember, Ray cleaned up Enron's corporate collapse.
Ray also claimed that the FTX bankruptcy being worse than Enron.
He has been roped in to clean up the FTX mess, get back creditors money and offload FTX's assets. Not to forget navigate through the heady courtroom drama played out in courts involving Sam Bankman-Fried and Co.
Crypto Twitter is Obsessed With Goats
It all started with a man named Richard Opany, who used his Worldcoin airdrop to buy a goat and name it after the company's co-founder, Sam (Sam Altman)
This sparked a trend. Now, crypto users are sending Opany money to buy more goats - with one condition: they get to pick the names.
Users sending crypto for goat naming rights:
"Higher" (desired price movement)
"Base" (Coinbase's Layer 2 network)
"Nic Carter" (VC partner)
"Boaty McBoatFace" (meme name)
The Surfer 🏄
Ethena Labs has added Bitcoin backing to its USDe synthetic dollar. Before: USDe relied on Ether, other Ethereum-based assets, and Tether for backing.
Big opportunities for job seekers. 20-30% month-over-month growth in active companies seeking talent. Firms that hunkered down during the bear market are now staffing up for growth.
Google has filed a lawsuit against alleged crypto scammers. The scheme involved 87 apps and affected 100,000 users. The scammers posed as cryptocurrency exchanges and investment platforms.
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