After Miami, it was the turn of the City of Light to demonstrate blockchain, NFTs and the metaverse. Bitcoin pays off its correlation to the Nasdaq technology index, while Shiba Inu finally arrives at Robinhood. For its part, the migration of Ethereum continues to make it difficult. Elon Musk launches an attack on Twitter and Dogecoin rubs his hands. Our look back at the news that dominated the crypto world this week!
Paris lays out the red carpet for the crypto ecosystem
In a warm and friendly atmosphere, this year’s third edition of Paris Blockchain Week took place at the Palais Brongniart, the former home of the Paris Stock Exchange, between 12 and 14 April. Well-known industry figures such as Binance CEO Changpeng Zao and Tether CEO Paolo Ardoino, as well as thousands of cryptophiles attended the event. On the French side, we also noticed the presence of the co-founder of The Sandbox, Sebastien Borget.
The first day was all about the ecosystem of non-fungible tokens (NFT). The speakers discussed various topics related to the sector. First, it was a matter of analyzing and understanding the interest of major international brands in NFTs. Will this marketing mirage be a win-win? The speakers then discussed the role of these digital resources for the metaverse. Finally, they identified the risks of scams and hacks associated with NFTs.
During the second and third days, it was rather a matter of addressing broader topics on the cryptosphere such as: regulation, blockchain application cases, decentralized finance (DeFi), decentralized autonomous organizations (DAO) and climate. At the end of this event, we will remember Binance’s crypto billionaire’s love for the French crypto ecosystem, in which he pledged to invest 100 million euros.
Read our article for more information: Binance launches partnership with French start-up incubator Station F
Bitcoin also correlated to the Nasdaq
Would the first cryptocurrency on the market still be a good one” hedge † [couverture] against inflation? BitMex co-founder Arthur Hayes answered this question on his blog. The former investment banker does not go four ways with it. For him, BTC is destined for a tragic decline this year, due to its correlation with technology stocks. He’s not the only one making this comment; Bloomberg also noted that the correlation between BTC and Nasdaq continues to rise.
Financial media analysts noted that the correlation between Bitcoin and the tech index peaked at 0.6945. At the same time, the former of the cryptocurrencies is uncorrelated to gold and other so-called “safe haven” assets. To paraphrase Arthur Hayes’ words, BTC and other cryptocurrencies would not be portfolio diversification options.
Read our article for more information: Correlation between Bitcoin and Big Tech stocks hits new all-time high
Robinhood Announces Shiba Inu Listing on its Trading Platform
After six months of waiting, the prince of meme tokens finally arrives on Robinhood. Joined by Polygon (MATIC), Solana (SOL) and Compound (COMP), the US broker now has 11 crypto assets on its trading platform. SHIB price rose 35% within hours of the news.
The Shiba Inu list is anything but a gift from Robinhood to the Shib army. The broker also hopes to reproduce the DOGE Japanese dog trick. A strategy that can pay off if you know that the Shiba Inu strengthens its ecosystem. A layer 2 protocol and a “made in shiba” metaverse universe will have to make its way into the cryptosphere in the coming days.
Read our article for more information: Shiba Inu Listed on Robinhood: Broker’s Gift or Financial Gamble?
ETH Developers Postpone Mainnet Launch Date
We believed, with the launch of the first shadow fork, that we were very close to migrating to PoS. Unfortunately, the hard fork has been postponed again, according to Ethereum developer Tim Beiko. He said on Twitter:
“It won’t be in June, but probably in the coming months. No specific date yet, but we are definitely in the final chapter of PoW (proof of work) on Ethereum. †
According to his words, other tests on the shadow fork should be done before the arrival of “The Merge”.
Read our article for more information: Ethereum Developer Announces Postponement of “The Merge” Update
Elon Musk wants to tweet, the Dogecoin community is laughing
The Tesla and Space X boss just made a $43 billion offer to buy all of Twitter after acquiring 9.2% of the company’s shares in early April. Musk wants at all costs to appropriate the social network founded by Jack Dorsey with the aim of promoting freedom of speech, a principle from which the platform seems to deviate a few times.
If his offer were turned down, Cardano founder Charles Hoskinson offers to help him build a decentralized social network. In any case, the Dogecoin is only praying for the adoption of the billionaire’s proposal. Why? After announcing the purchase of 9% of Twitter’s stock, Doge’s price was up 20% in one day. And what are the consequences if the Californian company accepts the billionaire’s offer.
Read our article to learn more: Elon Musk proposes to buy Twitter to privatize the company
Top and flop: Shiba Inu, Compound and STEPN stand out
Another week that saw traders giddy with cryptocurrencies that failed to topple the $2 trillion market cap. That said, tokens recently listed on Robinbood, such as the Shiba and Inu and Compound, manage to keep their heads above water anyway. STEPN (GMT), which has been trading since mid-March, is on the rise again by posting a nice green candle over the course of the week.
here are the Highlights and flops this week:
|cryptos||current course||Profit in 7 days|
|Shiba Inu (SHIB)||$0.00002573||4.5%|
|cryptos||Current price||Loss in 7 days|
|Mina protocol (MINA)||$2.37||-27%|
|Terra Luna (TERRA)||$80.89||-14.9%|
If Bitcoin failed to knock down the $46,000 mark, this key technical level is expected to be overcome by its turn. Especially as the threat of a tragic decline hangs over the price due to its correlation with Wall Street’s technology stocks. In the coming days, BTC will play its name and character in the financial markets. Inflation hedge or another risky Wall Street asset?
Anyway, if the No. 1 asset in the industry struggles to satisfy, price buffs can check out Near Protocol (NEAR), which plans to launch a Terra Luna-style stablecoin. Experts believe that the price of NEAR should increase by at least 100% after the launch of its stablecoin.
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