GM, and welcome to another edition of CoinStats Scoop! 🥂 Here’s an overview of this week’s newsletter:
The usual market overview and analysis
Updates on this week’s noteworthy news and developments
Breaking down L2 developments
Highlighting the continuous increase in crypto's institutional demand
Reading & thinking about improved crypto interfaces leading to better products
Weekly wrap-up: predictions & takeaways.
Market Overview
Cheers to another successful week in life and crypto! We keep moving upwards and onwards. 💪 As we await its next direction, the market seems at a relative standstill, evidenced by the lack of movement in BTC & ETH. BTC attempted to break through the key level of ~29k+ twice, but unfortunately failed both times, culminating in a week where BTC gained 2.5%, and ETH lost a measly ~0.5%.
As a result, BTC is currently trading just below 28k, and ETH continues to hover around the mid-1.7k range as the market waits for its next direction. Will there be a slight correction back down to ~25k, or will continued momentum push BTC past 30k and ETH convincingly over 1.8k? Only time will tell. 🙏
Although it was a relatively calm week for crypto prices, there were, per usual, some tokens that outperformed the broad market:
GTC +34%, JOE +27%, OMG +26%, XRP +19%, LTC +11%, LPT +11%, RON +11%, XMR +8%, ADA +4.5% & LINK +3%
In the meantime, let's take some wise words from Chris Burniske, one of crypto’s best thinkers. As part of crypto's ethos of open, global, and accessible finance, we’re lucky to get the thoughts of some of the space's brightest and most engaged market participants. Burniske, who has been through essentially every crypto cycle, provided his thoughts in a thread on Sunday morning!
The entire thread consists of 12 tweets, but the opening two tweets are vital as they reinforce what we’ve been saying for months now: crypto's long-term future has never been clearer. 🌞
Finally, Chris concludes by saying that while the market may be frustrating and experience downturns at times, the crypto industry will eventually find its way. Investing in crypto can be all sticks and stones, but if you keep your eyes on the prize, blue skies are awaiting. Chris's advice is to have patience, stay engaged, and keep a long-term vision for crypto, and you'll be handsomely rewarded despite the bumps along the way! 🤑
News & Developments
Consensys, the largest development company supporting ETH infrastructure, launches MetaMask Institutional to enable companies and firms to stake their crypto assets
Nexon, one of Asia's largest game publishers, announces the expansion of their popular MapleStory game to crypto. The Universe will be built on Polygon’s MATIC
MagicEden, the popular SOL-based NFT marketplace, now supports Bitcoin NFTs in addition to the company’s previously announced support for ETH & MATIC
CCP Games, the studio behind the #1 free MMORPG game, Eve Online, raises $40 million to build a blockchain-based Web3 game set within the Eve Online universe
‘Alternative Internet’ builder Tomi raises $40 million for building crypto-enabled internet alternative
Turkey-based crypto startup Metatime aiming to develop an exchange, wallet, NFT marketplace, & stablecoin, raises $11 million
Nasdaq, the 52-year old global exchange operator, is set to launch a crypto custody service by the end of June, says the institutional appetite for crypto remains steady
Gaming giant Sony files new patent to enable customers to use NFTs both inside and outside the Sony ecosystem
Matter Labs, the development team behind zkSync, officially launches their zkEVM ETH L2, that's open and accessible to all users
Blockchain firm Radix Tokens, aiming to tackle the risk of DeFi hacks, raises $10 million in a token sale that gives the new chain a valuation of $400 million
Immutable X (IMX) partners with Polygon’s MATIC to announce a new gaming partnership and the launch of the Immutable zkEVM scaling solution
Telegram, one of the world’s most popular messaging apps, announces the launch of of a new feature, enabling users to transfer Tether (USDT) natively through chats
OP3N, a company backed by Animoca Brands and described as "web3 WeChat," raises $28 million, which brings its valuation to $100 million.
L2s Have Arrived
Over a month ago, we made an in-depth analysis of the broad L2 landscape called Who’s Winning the War of L2s, as Coinbase announced the launch of their new L2 Base. Well, as crypto moves as fast as any sector ever created, several developments have come to update what we wrote at the time!
Here's what we wrote: “...of course, it’s impossible to know who the winners will be, but one thing is certain: Ethereum and its ever-growing L2 ecosystem are hard at work scaling the base layer so users can benefit from higher throughput transactions and lower fees! 🤑”
This sentiment was amplified significantly this week as the L2 landscape continues to evolve rapidly. Protocols are racing to scale Ethereum, enhance its user experience, and attract more users! Arbitrum has launched their long-awaited token, Polygon is set to announce their zkEVM on Monday the 27th, zkEVM of zkSync is now live, and IMX has partnered with Polygon to introduce the Immutable zkEVM. 🤯 Whew, the race is never-ending! This week was overwhelming with L2 announcements, so let’s take a look.
Arbitrum’s official launch video as its token went live on March 23rd 🚀
Polygon details its new gaming partnership with Immutable X (IMX). Immutable will build on top of the new Immutable zkEVM powered by Polygon!
zkSync officially announces that their zkEVM ETH L2 scaling solution is live and open to all users!
Institutional Demand Increasing
In addition to the many announcements from Ethereum L2 platforms, this week was once again marked by a flurry of news and developments that demonstrate crypto's promising future! 🌞 Some of the most noteworthy developments from the past two weeks include:
Fidelity, one of the world’s largest asset managers, launches its retail product Fidelity Crypto, enabling millions of users to buy BTC & ETH
Microsoft, the world’s third largest company, is reportedly working on a crypto wallet for its web browser Edge; the company's working with Ethereum development giant Consensys to develop its native crypto features and support 🤯
Payments giants Mastercard and Visa continue to expand crypto offerings by partnering with crypto startups worldwide to offer crypto debit cards
Gaming giant Epic Games announces it has “close to 20” crypto games in its native store pipeline to add to its platform in the next year
Amazon plans to launch its crypto strategy and NFTs
Nexon, one of Asia's largest game publishers, announces the expansion of its popular MapleStory game to crypto, as the Universe will be built on Polygon’s MATIC
Telegram, one of the world’s most popular messaging apps, announces the launch of of a new feature, enabling users to transfer Tether (USDT) natively through chats
Gaming giant Sony files new patent to enable customers to use NFTs both inside and outside the Sony ecosystem
Nasdaq, the 52-year old global exchange operator, is set to launch a crypto custody service by the end of June, claims institutional appetite for crypto remains steady.
Read of the Week
“Better Interfaces, Better Products” — Gaby Goldberg
This week's read is from Gaby Boldberg of TCG Crypto. TCG is one of the space's most active, hands-on crypto investment firms with a team of deeply native crypto participants. As such, their words, thoughts, and investments carry weight throughout the space, and Gaby’s latest post is no exception! 💪
As the subtitle explains, Gaby delves into the topics of “Identity via algorithms, wallets as browsers, crypto's ‘front page’ — how interfaces govern the way we interact with the world.” Her writing weaves together various ongoing trends in the tech space, highlighting the key takeaway that “New interfaces will change the way we both create and consume media on the Internet and blockchains are a massive unlock as they globally democratize the access to that free, open, and transparent information.”
“Our language structures our experience of the world, our interfaces govern how we interact with it…better interfaces will lead to better products in return…the interface of a wallet governs how we interact with the tokens held at that address…wallets are more than just a display case…in a way, the Dune homepage becomes a “front page” for what matters in crypto at a given time…blockchain technology is a massive unlock on this front, because it democratizes the ability for any individual to see important activity and information at the inception of its development, and it changes the way these products are built in return.”
CoinStats Reads
We've put together a series of articles to help you navigate the world of crypto portfolio management and diversify your investment portfolio to minimize risk while maximizing returns. Plus, we'll share some insider tips on how to track your investments and stay up-to-date on market trends to make informed decisions.
And if you're not familiar with airdrops, you're in for a treat! These free token distributions can add tons of value to your portfolio.
Check out the articles below for insights and pro tips:
Learn about the benefits of crypto-portfolio-management and how it can help you create a well-balanced investment strategy based on your risk tolerance, investment goals, and the current state of the market. By selecting and overseeing a mix of crypto assets, you can aim to achieve your financial objectives while considering factors such as risk and time horizon.
Discover the world of crypto airdrops, where cryptocurrency projects distribute tokens for free or in exchange for minimal promotional work. Learn about the best airdrops and how-to-get-crypto-airdrops for some free money securely.
Looking to invest in cryptocurrencies but concerned about the risks associated with high volatility and regulatory uncertainty? Discover the benefits of strategic crypto-asset-allocation to diversify your investment portfolio and minimize risk while maximizing returns. Learn about the crypto asset allocation principles for a diversified crypto portfolio in our latest article.
Read our comprehensive guide to developing a successful cryptocurrency investment strategy. Learn about 10 proven crypto-investment-strategies to maximize profits and minimize risks in the complex world of digital currencies. With a solid understanding of the market and the right tools for analysis, you can make informed investment decisions and take advantage of opportunities in the ever-evolving crypto space based on your personal preferences, investment goals, and risk tolerance.
Tweets & Memes
BTC has been known as the original diamond-handed crypto, and this trend has continued in recent months! 💎
Polygon’s zkEVM solution is launching on Monday 💪
We've always got your back, and this time we're here to discuss proper portfolio management!
The demand for DeFi and crypto services is surpassing that of centralized providers! 💪
Wrapping Up
We'll wrap up this week’s CoinStats Scoop with the tweet highlighting the growth of DeFi and the rise of crypto services to new all-time highs. 💫
As usual, we provided the regular market update and discussed the positive long-term outlook for the crypto industry. We also delved into the ongoing L2 wars, including several announcements made this week, and highlighted the insane institutional demand for crypto in recent weeks. Plus, we read and examined how better crypto interfaces create better products and covered the flurry of news & developments. 💪
CoinStats will continue to guide you through the crypto and DeFi world. We'll see you next week for another edition of CoinStats Scoop! 😎
Thank you Coinstat
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