Good morning Here’s what happens:
Prices: Bitcoin is flat at $28,000 while Ether is down 1.1% to $1878 as the market’s hopium wanes.
Insights: Twitter boss Elon Musk gave DOGE a leap forward and once again had the attention of the crypto world. But Musk’s long-term utility for the industry remains in question.
Good morning Asia, here’s a look at how the markets are shaping up this Friday morning.
Bitcoin climbed out of the red as the market shifted west to east, while ether was slightly down.
The world’s largest digital asset is flat at $28,067, while Ether is down 1% at $1,878.
Brent Xu, CEO of DeFi lender Umee, believes there is a gap between market reality and what the market wants to think.
In a recent appearance on CoinDesk TV, Xu pointed out that the mini bull market that has been forming since January 2023 was largely driven by positive sentiment.
“This is being driven by three factors: taming inflation, the market’s belief that there will be no future rate hikes, and avoiding a banking crisis,” he said. “So that’s what the market wants to think.”
But the joker here is interest rates, especially if they continue to rise.
“There’s a big fight going on right now between the bulls and the bears,” he said on CoinDesk TV. “There’s not that much liquidity and depth, that’s why you’re seeing these volatile moves right now.”
Next week is due to be released the latest consumer price index, which is crucial in determining inflation and thus putting the Fed’s hand on interest rates.
This will be a good update in the battle of the bulls and bears.
Is Boss Twit Elon Musk Also Top DOGE?
So this is how mass adoption happens? Elon Musk, at least at times the richest man alive, replaced Twitter’s classic blue bird logo with a sprite of DOGE, the Shiba Inu dog known for both the meme and the meme coin. Dogecoin is up around 40% and hasn’t crashed yet. I hear excitement brewing that DOGE could break the 10-cent mark, which is proportionally a tenth as exciting as it was when the so-called proletarian investors of the GameStop era were trying to push Dogecoin, which is sometimes unironically dubbed “the Cryptocurrency of the people”. ” after $1 (it didn’t work).
Dogecoin is apparently rising as people believe that Elon Musk may soon integrate a permanent Dogecoin payment system on Twitter, the microblogging platform he overpaid ($43 billion) for. Twitter has several million daily active users, many of them high-profile, and if even a small percentage start making DOGE transactions – kidding or not – it’s not entirely irrational to speculate that this will result in a higher price. Mind you, Twitter already has payment/tipping features using the US dollar and the Bitcoin Lightning network. The latter is rarely used, which gives an indication of how often the even less common and even less trusted crypto Dogecoin would be used (or not).
This, of course, is my attempt to attribute meaning to crypto price movements. Prices are basically the only thing that matters in crypto, but investors rarely rely on them when assessing an asset’s expected return. Instead, crypto prices almost perfectly reflect market sentiment – or, to use vernacular, sentiment. The corona virus is paralyzing the global economy? Bad mood. Jailed workers with excess cash turning into gossipy day traders? Funny mood. A massive stablecoin experiment crashes and burns? Bad mood. US Banking Collapse Reveals Bitcoin’s Virtues? Apparently good vibes.
Elon Musk has manipulated Dogecoin’s price in the past. The first time it happened in early 2020, DOGE jumped after the Tesla founder tweeted a meme. Apparently he got a taste of something he enjoys – power through s**tposting – because he’s pulled similar moves over and over again, upping the ante every time the joke got stale. He has interfered in a dispute between DOGE traders and crypto exchange Binance. Tesla, his car company, would allow DOGE payments. Musk planned to launch DOGE into space with a SpaceX satellite launch. After more than 30 tweets by the end of 2022, Musk has boosted DOGE’s price by an average of 4.5%, according to crypto-skeptical news site Protos.
Read the whole story here:
Ethereum’s Shanghai upgrade, also known as “Shapella”, is expected to go live on April 12th. It will mark Ethereum’s full transition to a Proof-of-Stake (PoS) network and enable ETH withdrawals with stakes. Max Williams, Chief Operating Officer of Runa Digital Assets, and Brent Xu, CEO of Umee, discussed. Also, a closer look at Japan’s new Web3 white paper, which provides recommendations for the growth of the country’s industry. And “The Crypto Lawyer” Irina Heaver shared her insights into the crypto industry in Dubai.
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