tl;dr
• There are some crypto whales dumping bitcoin & it may be a little while before we see prices rise• While Bitcoin whales are dumping, Ethereum whales seem to be snatching up a ton of SHIB• Is DOGE headed below $.10? My answer is "Yup!"• European Commission has voted down a ban on Proof of Work (PoW...
• There are some crypto whales dumping bitcoin & it may be a little while before we see prices rise
• While Bitcoin whales are dumping, Ethereum whales seem to be snatching up a ton of SHIB
• Is DOGE headed below $.10? My answer is "Yup!"
• European Commission has voted down a ban on Proof of Work (PoW) crypto mining…for now
• Can upstart Magic Eden take on OpenSea and win? Sequoia Capital has placed its bet
• 1Password is diving into the crypto market with wallet key security in mind
There is a lot in the news that can have effects on the cryptocurrency space. Right now, I am researching things that will either have a strategic effect a down the road. Here are some of my thoughts on what's going on:
1. So, yesterday I was speaking about how Russian oligarchs are dumping their cryptocurrencies in the Gulf states like the UAE. Now, we are seeing the numbers behind a lot of crypto whales, think Bitcoin, are dispersing their cryptos. That tells me the low prices are going to be here for a while as they continue dumping. That said, at some point, things will stabilize and then go right back up.
2. While some Bitcoin whales are dumping, Ethereum whales seem to be snatching up a ton of SHIB. They have been grabbing SHIB to the tune of millions. I don't know what they know, but I know SHIB is on the move. They are getting into the metaverse. They are getting into gaming. They are getting into NFTs. As I reported over a week ago, they are even getting deeper into burning their coins to help bolster growth. These actions tell me a lot about the future of SHIB or at least the support the coin has from its growing community.
3. Is DOGE headed below $.10? My answer is "yup!" The number are not showing me anything else. You have to go back over a week to see anything over $.13. Even with Elon Musk stating he is currently holding Bitcoin, Ethereum and DOGE, it hasn't moved favorably, nor do I expect it to, at least for a time to come.
4. The European Commission has rejected a de facto ban on Proof of Work mining. This ban would have gone mainly against Bitcoin. Over the past couple of weeks, a couple of bills had bans wording put back in them Thankfully, they were soundly rejected. Although this is a win it is still possible for such a ban to get passed in the future.
5. Solana is gaining on the big coins, especially Ethereum. Sequoia Capital is betting big that Ethereum NFT marketplace OpenSea can be taken down by Solana-based NFT marketplace, Magic Eden. They have stake in the $27M recently raised by Magic Eden. Solana has already proven it can handle more throughput than Ethereum and it's cheaper to launch NFTs. Magic Eden is hoping to take a bite out of the 43% market share currently enjoyed by OpenSea. There is hope, but let's keep in mind OpenSea was able to raise $13B back in January. One would expect that of the largest NFT marketplace in the world, right?
6. 1Password is diving into the crypto space with a crypto-specific feature aimed at wallet keys. This is interesting to someone that like me that has many wallets and, thusly, many keys. I have not tried it yet, but I think this is something I will be looking into.