Calm before the Storm? Cautious Positivity in Crypto Markets

Market Movers

The weekend has seen a small revival to a total market cap of 390b, although there does seem to be a lack of overall confidence in the market short term that would lead to a larger uptick. BTC is once again nearing 8500 and ETH has rebounded past 700, both of which are good signs for short term stability. The biggest movers have been data privacy coin Holo (HOT) at +22.6% and protocol coin Bytom (BTM) at +21%. There were no big losers in the past 24h as no top 100 coin is down more than 5%.

News

On the news front, Nano has released “Universal Block Canary”. Universal blocks mean that the underlying tech becomes faster and more energy efficient. Even prior to the Universal block, each Nano transaction took 0.000112 kWh – compared to >200 kWh per transaction for BTC. This is a a potentially big step in the technical progression of Nano and is worth following. VeChain have also released an updated Development plan and Whitepaper where they have gone through their partnerships and changes in corporate governance at great length. They have indicated that their focus is on securing real world use cases rather than continuously improving the tech without a final goal in mind. This is a very pragmatic approach that should bode well for the future of VeChain.

French finance minister Bruno Le Maire has recently declared himself an avid fan of cryptocurrencies and blockchain in general and has indicated that he would like France to be the EU leaders in the blockchain space. High profile backing such as Le Maire’s is always a good sign for the long term of blockchain. Galaxy CEO Mike Novogratz also stated on the Unconfirmed podcast that he believes that institutional money is about to enter the space, a move that would of course cause a spike in prices – in theory at least.

Lastly, a $50m Peter Thiel-backed private crypto island project is due for completion in 2022. The island will be in the Pacific ocean near Tahiti and will have no governmental oversight and will use its own cryptocurrency, the “Vayron”. The island will hold approximately 300 houses and other facilities such as hotels, restaurants, offices etc. Such ideas of crypto havens, either in pro-crypto jurisdictions such as Malta or with no government authority such as in this case; have long been floated. It remains to be seen whether the idea will be a success.

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