| Your Weekly Update On All Things Crypto |
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| Post Coinbase Exit, Andressen Horowitz Doubles Down on Crypto With New 2.2 Billion Fund |
Last Thursday, Andressen Horowitz cemented its support for the crypto industry with the launch of a massive new crypto-focused fund called Crypto Fund III. The $2.2 billion Crypto Fund III will be among the largest capital commitments to the crypto ecosystem in history, and roughly four times the size of the firm’s second cryptocurrency fund a year ago. The fund will be co-lead by Andressen Horowitz partners, Chris Dixon and Katie Haun.
Andreessen Horowitz also introduced several new advisers to the crypto team, who are meant to help “translate crypto to the mainstream” and perhaps navigate future regulation over the crypto market. Tomicah Tillemann, the former chair of the Global Blockchain Business Council and an adviser to the White House, will join as global head of policy. Two others with government experience — Bill Hinman, the former director of the Securities and Exchange Commission’s Division of Corporation Finance, and Brent McIntosh, former undersecretary of the Treasury for International Affairs—will also join as advisers. Anthony Albanese, who left the New York Stock Exchange last year to take a role on Andreessen Horowitz’s crypto team, will now serve as chief operating officer.
In 2013, Andressen Horowitz took a bet on crypto by leading the first funding round for a little-known cryptocurrency exchange called Coinbase. The company pledged to be the financial exchange of the future. Eight years later, the investment has paid off. In April, Coinbase became the first major crypto company to go public and did so in spectacular fashion. Coinbase closed its first day of trading at $328.28 a share, putting its value at $85.8 billion—making it Andreessen Horowitz’s biggest exit yet.
After such a phenomenal exit, Andressen Horowitz has chosen to double down on crypto and roll some of their profits into a new gigantic fund. Andreessen Horowitz announced on Thursday its third crypto-focused fund for the “next generation of visionary crypto founders.”
Andreessen Horowitz said in a press release about the fund, "The largest crypto fund ever raised to date, Crypto Fund III is a validating moment for the ecosystem and another sign that crypto becoming an ever more mainstream part of our financial infrastructure." Let's hope this statement and the creation of Crypto Fund III serve as the dime light at the end of the tunnel of this major market correction. |
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| El Salvador to Airdrop $30 in Bitcoin to All Citizens |
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On June 9th, El Salvador made international headlines, passing a law to becoming the first sovereign country to accept Bitcoin as legal tender. With Bitcoin as legal tender, merchants in the country would have to accept Bitcoin for payments alongside the US dollar. The bill was passed by a supermajority and is set to come into effect on September 7, 2021.
Last Thursday we got more details on the rollout plan from El Salvador President Nayib Bukele. He highlighting an airdrop of $30 in Bitcoin for all citizens of El Salvador. The government will use the Chivo e-wallet, preloaded with US$30 of bitcoin for everyone who downloads it. The $30 in bitcoin will be sent to users' wallets once they verify their identities via the app's face recognition software, according to a video of Bukele presenting the feature on Friday.
Brut Force Mass Adoption While many around the world have rejoiced El Salvador's decision to make Bitcoin legal tender, the news regarding the airdrop has stirred up the opposition for privacy advocates. By forcing citizens to verify identity via facial recognition, this is seen by some as just another tool for mass government surveillance and some have even argued it violates El Salvador's constitution.
Taking the Good With the Bad Any effort to get Bitcoin in the hands of all a nation's citizens is definitely a step in the right direction. However, as Bitcoin continues its ascent to global adoption, it will not be able to maintain the anonymity and privacy that was envisioned by Satoshi. KYC and AML laws have done a lot to ensure the safety of consumers and organizations, but they do fly in the face of the initial ideals of Bitcoin. |
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| Marvel Studios Partners with VeVe to Enter NFT Space |
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The growth of the NFT market has undoubtedly been a major talking point throughout 2021. However, in recent months, there has been less talk of sky-high prices and a lot of the NFT projects have seen significant declines in their market-cap valuations. Indeed, the NFT train may have slowed down, but the organizations and partnerships evolving tell a different story.
Marvel Studios, one of the largest global film and entertainment producers in the world, announced last Thursday that it has partnered with Orbis Technologies, the company behind VeVe, to launch NFTs. Marvel fans will soon be able to collect digital 3-D versions of their favourite Marvel characters and comic books, that vary in rarity and can be displayed in the user's virtual showroom. The NFTs will be minted on the blockchain and available for users to buy and trade on the VeVe marketplace using the platform's token GEM.
The VeVe marketplace, also known as Ecomi (OMI), already consists of DC Comics characters like Batman, and other notable brands like Star Trek, Ghostbusters, Powerpuff Girls, and more. The marketplace reportedly saw more than 580,000 NFT sales since December 2020 and t's community continues to grow. If you'd like to learn more about the technical and token utility aspect of VeVe give this a read.
Marvel's VP of business development, Daniel Fink, said: “We hope to expand the limits of what Marvel fandom can be, starting with personal and interactive digital collectibles that, through NFTs, fans can truly collect, share, and enjoy in a way that they have not been able to do before.” Forget the current market sentiments- NFTs create new opportunities and experiences for creators, brands, collectors, and fans. Marvel, one of the largest entertainment studios in the world, is a prime example of how this industry will continue to grow regardless of market conditions. |
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| Alex Adelman - Earn Bitcoin When You Shop With Lolli | CryptoWeekly Podcast |
| | Why El Salvador Made Bitcoin Legal Tender with President Nayib Bukele  |
| | Bitcoin 'Fear and Greed' | Is Sentiment Signaling A Breakout?  |
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| Tough Times Continue. Bitcoin Forms a Descending Triangle |
The last two months have been rough for Bitcoiners. Form its peak of $62K on April 15th, Bitcoin fell over 55% down to $28,600 in just over one month. The move was largely caused by over-leverage and bearish sentiment coming from China and ESG concerns. Bitcoin is no stranger to 30% plus drops mid-cycle, however, this one feels different. From its trough Bitcoin rallied back to over $35K, gaining nearly $7K in 3 days. Bitcoiners were hopeful this was the beginnings of a V-Shaped recovery, similar to the bounce-backs seen in other mid-cycle corrections. However, that rally was met with harsh resistance and spurred further consolidation.
It now looks like Bitcoin is forming a descending triangle on the daily chart. This tends to be a bearish technical indicator. The horizontal support of $30K is weakening and the upper band is descending. For this reason, it is looking likely that we see further downside volatility in July.
View the chart here. |
| Altcoin Dominance Breaks Below 50-Day EMA, Prepare For Test at 50% |
Last week altcoin dominance finally broke down below the 50-day EMA, signaling further decline for the altcoin market. The next major test comes at the 50% dominance level, as it will attempt to hold the ascending (green) line. This line is very significant as it acted as resistance from July 2019, until August of 2021 when altcoin dominance was finally able to break above. If we are able to bounce off this line of support, signs look likely for a healthy bounce-back in the altcoin market. If we break below the line, however, there is a long drop before we touch the 200-day EMA at 46%. 
View the chart here. |
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| We at CryptoWeekly are not Financial Advisors. None of the content or opinions expressed in this newsletter should be considered financial advice. We highly recommend that you do your own research before investing in any project within or outside the cryptocurrency space. |
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