The latest crypto, blockchain and Defi news

Let’s start our communication of the week by thanking the many curious or passionate about cryptocurrency who joined us last Thursday for the team’s very first 5-7 at the Hôtel Bonaventure in Montreal. If there is one certainty after the success of the event and the shared fun of the guests, it is that it will be the first in a long series!
It has been a particularly quiet week for cryptocurrency industry news, while the trend in the markets mirrored that of recent months, with a strong correlation between bitcoin and US technology stocks.

The latest crypto, blockchain and Defi news
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After Canada, it will be Australia’s turn next week to introduce crypto-asset-backed exchange-traded funds. 21Shares and ETF securities will launch the first spot-traded products on bitcoin and ether. The funds will hold bitcoins and ethers in cold storage, with Coinbase being the custodian. “Australian investors clearly want and deserve an affordable, convenient and professional way to access the growing crypto asset class,” 21Shares CEO Hany Rashwan said in a press release. For his part, the director of VanEck Gabor Gurbacs took the opportunity to launch an arrow at the US SEC that, let’s not forget, still opposes the launch of such a product in the United States. He calls this conservative position of regulators a “great loss for investors”. l’Australian Financial Review reports that it could see inflows of up to $1 billion in these new funds. Needless to say, this is boosting demand for bitcoin reserves amid shrinking supply, which could be particularly positive for the markets.

the analysts ofInsider Intelligence estimates that the transaction value of crypto will increase by 70% in the United States by 2022. Indeed, according to the company’s most recent analysis, the number of Americans who will use cryptocurrencies to make purchases will reach 3.6 million by 2022. Meanwhile, a Gemini survey showed that new crypto investors nearly doubled last year in India, Brazil and Hong Kong. More than half of the survey participants in these countries said they will start investing in crypto in 2021.

The beta launch of Coinbase’s non-fungible token marketplace is now complete. To date, it only supports tokens based on the Ethereum blockchain. The platform includes a social tier and currently requires a standalone wallet. This launch comes six months after the project’s announcement. The platform is now available to some users who have been added from the waiting list, which has accumulated millions of potential members since October. According to the company, users will be added in the order they sign up, and the plan is to add everyone in the coming weeks. Coinbase’s platform will launch with no additional transaction fees, although there are still standard fees for Ethereum gas. The marketplace will eventually introduce its own fees, which Coinbase VP of Products Sanchan Saxena described in a press conference as “low single-digit fees.”

The marketplace has strong social network appearances. While some of this functionality — including comments — will exist on Coinbase’s own centralized servers at launch, the company said it will gradually decentralize these features and move them to decentralized services in the future. At launch, Coinbase will not offer the option to mint NFTs through the platform, but this feature will be available soon. In addition, Coinbase also plans to welcome new NFT project repositories through the market, including some created by the various launch partners.

Too volatile, cryptocurrencies? But Netflix investors definitely want to be there today! On the other hand, bitcoin’s 30-day volatility is reaching its lowest level in 17 months. According to data from Arcane Research, the index, which measures the standard deviation of four-week daily returns, fell to 2.2%, its lowest level since November 5, 2020.

This decrease in volatility can be explained by several factors, most notably the decrease in the options available to speculate in the high-margin market. The type of investor currently entering the market may also see the nature of bitcoin differently. As the weekly letter from Kaiko Research notes, “Bitcoin and Ethereum trading volumes have both fallen significantly since December as investors scaled down their portfolios amid growing macroeconomic uncertainty.” This is a theme that is sure to resonate in the ears of those present at our presentation last Thursday!

For Ki Young Ju, CEO of on-chain analytics platform CryptoQuant, institutional purchase of BTC could once again be the hot story in the crypto space. Ki highlighted figures from Coinbase Pro, the professional arm of the US exchange Coinbase, which confirms that large tranches of BTC continue to leave its books. These tranches totaled 30,000 BTC in a single day this week, and this event is not an isolated incident as March saw similar behavior. This shows that the recent decision-making by the US government has not dampened institutional players in the market.

We often say that a long bitcoin is the same as a short US dollar. The continuation of the DXY index which crossed 100 for the first time since March 2020 this week will be particularly interesting to watch. Will we see a continuation of the dollar strength recovery or will this resistance lead to a trend reversal?

Regardless, it remained very positive that bitcoin’s $40,000 cap was held, especially as many analysts expected much lower support tests. It is the traditional 30- and 50-day moving averages that now need to be tested to hope for a rise in the key resistance – which was declined at the start of the month – of $48,000.

The picture for 2022 is much less worrying in current areas than in the most recent four-year cycle. This is so thanks to the lack of short-term holders, or those who use bitcoin as a completely speculative tool. Even the most recent all-time high of $69,000 in November 2021 was reached with relatively few speculative bets – in stark contrast to the all-time high reached during the last halving in December 2017. for a new price discovery, those who support the market are now, not the new speculators who want to “buy the dip”. In short, if the percentage gain after the last halving was not as spectacular as in previous cycles, any subsequent correction in parallel could be much softer.

This article is brought to you by Fonds Rivemont. The Rivemont crypto fund is the first and only actively managed cryptocurrency fund in Canada. RRSP and TFSA are eligible. Accredited investors can learn more here

Disclaimer: This column does not necessarily reflect the views of CryptonewsFR and does not constitute investment advice or instructions to trade.

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