Your Weekly Update On All Things Crypto |
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World Economic Forum Suggest Blockchain Disruption Represents $867 Trillion Opportunity |
Last Thursday, the World Economic Forum released a report on the potential use cases of Distributed Ledger Technology (DLT also known as blockchain). The monstrous 100-page report highlighted the views of top global experts in financial services, policy, and technology. The report titled "Digital Assets, Distributed Ledger Technology and the Future of Capital Markets" explore many of the ways in which capital markets, institutions, and technology firms are experimenting with or building products enabled by DLT. It illustrates how individual DLT use cases may address challenges or inefficiencies in specific markets and shares insights from relevant experts on potential paths forward, challenges, or enablers for these use cases.
One of the most eye-popping figures in the report was the estimated size of the total global market that may be disrupted by the emergence of DLT technology. A Whopping $867 trillion! While it was clear these experts did not expect these changes to happen overnight, it was made abundantly clear that experts around the globe understand that blockchain is here to stay and that the opportunity in this industry is enormous.
The report also discusses in great length the composition of their total market opportunity estimation. The $867 trillion figure was comprised of:
- $95 trillion: Equity markets
- $106 trillion: Debt markets
- $10 trillion: Securitized products
- $560 trillion: Derivatives
- $4 trillion: Securities financing: repurchase agreements
- $2.9 trillion: Securities lending
- $89 trillion: Asset management/fund administration
What this means for crypto: With a current market cap of only $2.3 trillion, the report made it abundantly clear how early we all are in the adoption of this new technology. It also gives the green light to any financial institutions that are considering building blockchain-based applications and provides a roadmap of those who have already taken the path. In short, this is an incredibly bullish report that will be widely received by institutions around the world. |
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CryptoWeekly Launches New Crypto Intelligence Website |
Forgive the shameless self-promotion... but last week was a big week for us at CryptoWeekly.
On Wednesday we announced the launch of our completely rebuilt website and user experience. With the launch, we rolled out several unique and innovative features designed to support our cryptocurrency investors in their never-ending quest for crypto industry intelligence. We built a curated CryptoFeed that delivers new content from the top voices in crypto every day. We also increased the functionality and user experience of our Crypto Domains marketplace and increased our frequency of reporting on crypto Funding Deals.
Along with providing investor intelligence, we also expanded our suite of industry awards for the top leaders, companies, and influencers in the crypto space. Each year, our team debates the rankings on our awards list based on a number of characteristics, (size of the community, rate of innovation, and impact on the world, etc.) Our entire suite of industry awards now includes:
- Crypto 100 – the top 100 most influential people in crypto - Crypto 250 – the top 250 cryptocurrency projects - Female 50 – the top 50 most influential females in crypto - DeFi 50 – the top 50 defi projects
When announcing the release, CryptoWeekly CEO and Co-Founder, Mike Grantis said, “Our new user experience will allow our users to discover new projects, educate themselves on those projects, and reach out to the companies behind them. We have built a complete end-to-end platform that connects cryptocurrency investors with the companies they want to invest in.”
CryptoWeekly was founded in 2017 as a way to connect everyday investors to the stories, companies, and leaders they care about. Our latest website release is just another step in bridging the gap between cryptocurrency companies and their community of investors.
If you are interested in partnering with CryptoWeekly on the newsletter of our new website, please reach out to us at sales@cryptoweekly.co. |
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NFT Platform Bitski Raises $19M From a16z & More |
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Last week, the non-fungible token (NFT) platform, Bitski, announced a $19 million Series A funding round led by Andreessen Horowitz (a16z). The round saw participation from other investor's including Galaxy Digital and Kindred Ventures and notable celebrities such as Jay-Z, 3LAU and MrBeast.
Positioned as the "Shopify for NFTs", Bitski provides mainstream brands, game developers, celebrities and other creators to create custom NFT storefronts. Founded in 2016 by Donnie Dinch and Julian Tescher, Bitski seeks to bypass the crypto complexity of many marketplaces, making it easier and more approachable for non-crypto orientated consumers and brands to interact. The San Francisco startup is taking a subscription approach, powering the custom storefronts who can then sell directly through their own channel's instead of directing consumers to open marketplaces.
In a16z's blog post about the investment, the firm asks "Why shouldn’t buying NFTs be as easy as buying a t-shirt or in-game items with my credit card? Why shouldn’t selling one as part of a brand be as easy as setting up a Shopify store?" This seamless end-user experience is exactly what Bitski sets out to accomplish through direct credit card purchasing, "forgot your password" functionality, and by having user wallets hosted on Bitski's own server hardware. Scepticism among crypto and decentralization purists will exist, however the platform will help usher in a new user base of NFT consumers similar to the likes of NBA TopShot.
The round brings Bitski's total funding to-date to some $23.4 million. The platform has already worked with notable brands such as Adidas & the WWE. Exact details of what Bitski plans to do with the fresh capital wasn't announced, but they are hiring (see jobs) and are determined to continue making Bitski's platform more accessible and user friendly. |
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Bitcoin: Approaching Key Inflection Point Before Price Discovery |
Bitcoin's price has been struggling to regain the bottom support band in the ascending megaphone pattern all week. With that said, last week was a green week with a growth of roughly +5%. Currently, the price of Bitcoin is hovering right around where we were in mid-February. Since Bitcoin has not been in price discovery as of late, the alt-coin market has been in a steady uptrend for over two months. However, Bitcoin is reaching a key inflection point. As it approaches the previous all-time highs (represented by the top horizontal blue dotted line), if Bitcoin is able to stay within the ascending megaphone channel, we would hypothetically be ready to test all-time highs again before the end of the month. If price is able to break through into price discovery mode, we suspect much of the liquidity in crypto to filter back into Bitcoin as all eyes shift back to the king.
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Alt Dominance Prints 8th Straight Green Weekly Candle |
The altcoin market has been on a tear since the beginning of the year. It now equates to more than 50% of the total cryptocurrency market (roughly 54%). Although we saw healthy price action between January and March, those periodic drawdowns have died off as of late. Altcoin dominance has now risen consistently for eight weeks in a row. If we have learned anything throughout the years in crypto, it is that nothing can go up in a straight line forever. It seems as though we might be due for a minor correction and a swing back in the favor of Bitcoin dominance in the near future. If we do see a correction, we suspect to find support along the ascending green line of support near 50% dominance. While a short-term pullback looks imminent, our long-term view on altcoins remains positive. We expect to retest our all-time highs before the end of the year, and may even push higher.
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Decentral Capital provides secure access and diversified exposure to the digital currency asset class. |
| Cryptocurrency Investment Partner
The best place to invest, track and use cryptocurrencies for the long term investor |
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The Biggest Bitcoin News of the Year? NYDIG CEO Explains How Latest Partnership Could Bring Bitcoin to the Masses
Greg Foss and Jeff Booth - Canadian Takeover - Swan Signal Live
Ethereum Risk Against Bitcoin - Benjamin Cowen |
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 | OMG aims to increase the scalability and functionality of the Ethereum Blockchain. The OMG Network is a trustless, non-custodial, Layer-2 scaling solution for transferring value on Ethereum. With interest around Ethereum heating up, scaling solutions are already imperative to the growth and functionality of the Ethereum ecosystem.
OMG is currently nearly 95% down from its all-time high vs Bitcoin. It has been setting in higher weekly highs and higher weekly lows since January. Price spiked last week but quickly consolidated, showing there is a lot of interest growing for the coin. With low downside risk given its low relative value to Bitcoin, we may see the price of OMG start to run in the coming weeks.
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| | | Swipe powers a robust platform that enables businesses to create card programs for users to spend anything globally.
With Swipe, businesses are able to create, manage, and distribute branded virtual and physical cards while Swipe manages all the regulatory, compliance, and network responsibilities to quickly launch your program with our banking partners and direct licenses. They have established partnerships with major payment processors such as Visa, Mastercard, Google Pay, and Apple Pay.
Swipe is currently down 80% from its all-time high vs Bitcoin but has been printing higher daily highs and higher lows vs Bitcoin since January. If price can pass the major horizontal resistance (blue dotted line) a breakout may follow soon after.
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As featured in our Funding Deals section, Bitski is shaping up to become the "Shopify for NFTs". After closing a series A, the firm looks to hire multiple positions to advance their goal of making NFTs more accessible for mainstream brands and consumers. If your interested in NFTs and have the engineering skills, we suggest you take a peek at their job board! |
| Various Engineering Positions
💲 Competitive 🌐 Remote |
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inRate is an automated market making application for liquidity provision specific to stablecoins. The application is implemented across multiple Ethereum style networks, including Binance Smart-chain, Huobi Eco Chain, Polygon (Matic), etc. They are looking to hire a Smart Contract Engineer to join the team. Succesfull candidates will 1-3 years prior experience deploying complex smart contract systems to Ethereum and/or other EVM style blockchains. Extra points if you are also comfortable or interested in contributing to frontend development. |
| Smart Contract Engineer
💲 80-100k 🌐 Hong Kong (Remote) |
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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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