What you need to know today in crypto and beyond May 14, 2021 If you were forwarded this newsletter and would like to receive it, sign up here.
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Today's must-reads Top Shelf DOGS NOT DEAD: DOGE is up some 30% over 24 hours (at time of writing) after Coinbase announced yesterday it will list the memecoin and Elon Musk tweeted he was working with Dogecoin devs to “improve system transaction efficiency.” Meanwhile, Mumbai-based, Binance-owned WazirX exchange listed the shiba inu (SHIB) token on Thursday, after Ethereum founder Vitalik Buterin donated 50 trillion SHIB to an Indian charity. INSTITUTIONS AMASS: VanEck appears to have launched a private bitcoin fund with over $10 million in investments, SEC filings show. The mutual fund manager is waiting for an SEC decision on its bitcoin ETF proposal. Separately, Renaissance Technologies, a quant fund, amassed a $140 million position in mining stocks in Q1. MicroStrategy bought $15 million more BTC. DE-FUNDS? Hedge fund giants Millennium, Matrix and Point72 are standing up DeFi funds, according to sources. Institutions are edging toward DeFi, trying to figure out how to get a slice of the alpha, or above-market returns, that is commonplace on platforms such as Aave, Uniswap and Compound. PRIVACY IS POPULAR: Monero (XMR), a privacy coin with a $7 billion market cap, is now accepted at 950 merchants, up from 41 in July 2018, according to online directory Cryptwerk.
–Daniel Kuhn
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Overheard on CoinDesk TV Sound Bite "Overall, if you look at the distribution of hash power, China is still the dominant player, globally. … The trend will continue in the short term. … In the long run, given how distributed bitcoin is by design, hash power will be fairly well balanced across different regions."
–Babel Finance Head Of Partnerships Yulong Liu, on CoinDesk TV's "First Mover."
What others are writing... Off-Chain Signals
–D.K.
A message from Lisk Lisk.js 2021 is a free online event organized by Lisk, an open-source blockchain application platform. The two-day virtual event, open to all developers, blockchain enthusiasts and community members globally, will set the stage for the major reveal of Lisk's Interoperability solution. Developers can expect to learn how to develop a blockchain application with Lisk SDK in JavaScript, attend in-depth talks on blockchain interoperability, and get inspired by community members who have already built blockchain applications on Lisk.
A message from CoinDesk Introducing Unlocked 101 at Consensus by CoinDesk 2021 New to crypto? Here's a crash course. Unlocked 101 is a free educational series of sessions designed to give you the tools to navigate crypto. Sessions will be hosted May 4–20 to prepare you for Consensus by CoinDesk 2021, our virtual big-tent event.
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Putting the news in perspective The Takeaway DOGE on a Rhetorical Leash Elon Musk and Tesla have had a uniquely outsized influence on price movements for bitcoin and dogecoin in recent days and weeks. Through a series of announcements, tweets, and "Saturday Night Live" quips, the electric carmaker and its CEO have sent those prices on wild rides, and likely helped juice the overall crypto market.
–David Z. Morris
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