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| The latest moves in crypto markets, in context February 2, 2022 Sponsored by If you were forwarded this newsletter and would like to receive it, sign up here.
Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Bitcoin pauses after rallying toward $39,000. Zcash's ZEC tokens and Cardano's ADA saw gains on optimism over proposed network upgrades.Featured story: Trader Joe's native coin climbs as the decentralized exchange unveils 'modular staking.' And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests: Sheila Warren, deputy head, Centre for the Fourth Industrial Revolution Tanvi Ratna, founder, Policy 4.0 Ray Youssef, CEO, PaxfulToday's newsletter was edited by Omkar Godbole and produced by Parikshit Mishra and Bradley Keoun.
Market Moves By Omkar Godbole Bitcoin (BTC) was lower, slipping in early trading on Wednesday after gaining on eight of the past 10 days.
The latest rally has brought the largest cryptocurrency's price close to $39,000 from a low around $32,900 as recently as Jan. 24.
In broader cryptocurrency markets, Zcash's ZEC token posted gains in Asian trading as the protocol’s shift toward a proof-of-stake network and compliance directives won more support from market participants. Zcash cleared the $100 mark, rising as much as 6% over 24 hours and 12% so far this week, according to CoinGecko.
Cardano's ADA token was up 1.3% over the past 24 hours after Input Output, the development company behind the Cardano network, proposed increasing the network's block size.
“We have proposed the next parameter update as we continue to increase #Cardano network capacity in line with the plan. The proposal will increase block size by a further 8KB taking it from 72KB to 80KB,” Input Output said in a tweet.
Trader Joe's Native Coin Climbs as the DEX Unveils 'Modular Staking' By Omkar Godbole JOE, the native token of Avalanche-based decentralized exchange (DEX) Trader Joe, is leading a rally in DEX coins after the protocol announced modular staking – a system gives token owners three independent ways of staking their holding.
Messari data show the JOE token has advanced 58% in the past seven days, outperforming DEX giants like UNI, CAKE and CRV by a significant margin. The cryptocurrency was changing hands near $1.4 at press time, representing a 2% drop on a 24-hour basis.
"The token has been drawing demand probably due to its modular staking and the new primitive they are launching," Lucas Outumoru, head of research at IntoTheBlock, told CoinDesk in a Telegram chat. "The coin is relatively undervalued in terms of the revenue the DEX produces relative to its market cap." Full story here: Trader Joe's Native Coin Climbs as the DEX Unveils 'Modular Staking'
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Crypto Prices Bitcoin (BTC) See the latest price here Ether (ETH) See the latest price here The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: Biggest Gainers:
Biggest Losers:
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.
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Latest Headlines Trader Joe's Native Coin Climbs as the DEX Unveils 'Modular Staking' Japan's Crypto-Exchanges Body Considers Easing Rules for Token Listings: Report Indian Budget Provision Allows Government to Define NFTs Crypto Donations to Tor Surged 841% in 2021 Zcash Extends Rally Into Asian Trading Day FTX Buys Crypto Exchange Liquid Group for Expansion in Japan Cardano Developers Proposes Block Size IncreaseSEC Asks Bitwise to Address Concerns About Proposed Spot Bitcoin ETF
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ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
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