After Miami, it was the city of light’s turn to showcase blockchain, NFTs and the metaverse. Bitcoin pays its correlation to the Nasdaq technology index, while Shiba Inu finally arrives on Robinhood. For its part, the migration of Ethereum continues to give a hard time. Elon Musk launches an assault on Twitter and Dogecoin is rubbing his hands. Our look back at the news that dominated the crypto world this week!
Paris lays out the red carpet for the crypto ecosystem
In a warm and friendly atmosphere, the third edition of Paris Blockchain Week took place this year at the Palais Brongniart, former home of the Paris Stock Exchange, between April 12 and 14. Renowned industry figures such as Binance CEO Changpeng Zao and Tether CEO Paolo Ardoino, as well as thousands of cryptophiles took part in the event. On the French side, we also noticed the presence of the co-founder of The Sandbox, Sebastien Borget.
The first day was totally devoted to the ecosystem of non-fungible tokens (NFT). The speakers addressed several topics related to the sector. First, it was a question of analyzing and understanding the appetite of major global brands for NFTs. Will this marketing mirage be a win-win? Next, the speakers examined the role of these digital assets for the metaverse. Finally, they took stock of the risks of scams and hacks associated with NFTs.
During the second and third days, it was rather a question of addressing broader topics on the cryptosphere such as: regulation, blockchain application cases, decentralized finance (DeFi), decentralized autonomous organizations ( DAO) and climate. At the end of this event, we will remember the love of Binance’s crypto billionaire for the French crypto ecosystem, in which he promised to invest 100 million euros.
To learn more, read our article: Binance launches partnership with French start-up incubator Station F
Bitcoin too correlated to the Nasdaq
Would the first cryptocurrency on the market still be a good “ hedge » [couverture] against inflation? BitMex co-founder Arthur Hayes answered this question on his blog. The former investment banker does not go there four ways. For him, BTC is destined for a tragic fall during this year, because of its correlation to tech stocks. He is not alone in making this observation; Bloomberg also noticed that the correlation between BTC and Nasdaq continues to rise.
Financial media analysts observed that the correlation between Bitcoin and the tech index peaked at 0.6945. At the same time, the first of the cryptocurrencies is uncorrelated to gold and other so-called “safe haven” assets. To paraphrase the words of Arthur Hayes, BTC and other cryptocurrencies would not be portfolio diversification options.
To learn more, read our article: Correlation between Bitcoin and Big Tech stocks hits new all-time high
Robinhood announces Shiba Inu listing on its trading platform
After six months of waiting, the prince of meme tokens finally arrives on Robinhood. Accompanied by Polygon (MATIC), Solana (SOL) and Compound (COMP), the American broker now has 11 crypto-assets on its trading platform. SHIB price rose 35% within hours of the news.
The Shiba Inu listing is anything but a gift from Robinhood to the Shib Army. The broker also hopes to reproduce the DOGE trick with the Japanese canine. A strategy that could bear fruit when you know that the Shiba Inu is solidifying its ecosystem. A layer 2 protocol and a “made in shiba” metaverse universe will have to arrive in the cryptosphere in the days to come.
To learn more, read our article: Shiba Inu listed on Robinhood: Gift or financial gamble from the broker?
ETH Developers Postpone Mainnet Launch Date
We believed, with the launch of the first shadow fork, that we were very close to migrating to PoS. Unfortunately, the hard fork has been postponed again, according to Ethereum developer Tim Beiko. He said on Twitter:
“It won’t be in June, but probably in the next few months. No specific date yet, but we are certainly in the last chapter of PoW (proof of work) on Ethereum. »
According to his words, other tests on the shadows fork must be carried out before the arrival of “The Merge”.
To learn more, read our article: Ethereum Developer Announces Postponement of “The Merge” Update
ELon Musk wants to twitter, the Dogecoin community smiles
The boss of Tesla and Space X has just submitted a $ 43 billion offer to buy all of Twitter after acquiring 9.2% of the company’s shares in early April. Musk wants at all costs to appropriate the social network founded by Jack Dorsey with the aim of promoting freedom of expression, a principle from which the platform seems to derogate on a few occasions.
If his offer were to be rejected, the founder of Cardano, Charles Hoskinson offers him to build a decentralized social network. In any case, the Dogecoin only prays for the acceptance of the billionaire’s proposal. Why? After the announcement of the purchase of 9% of Twitter shares, the price of Doge had taken 20% in a single day. And what will be the impacts if the Californian company accepts the billionaire’s offer.
To learn more, read our article: Elon Musk proposes to buy Twitter in order to privatize the company
Top and Flop: Shiba Inu, Compound and STEPN stand out
Another week where traders have been dizzy with cryptocurrencies failing to topple the $2 trillion market capitalization mark. That said, tokens recently listed on Robinbood like the Shiba and Inu and Compound manage to keep their heads above water regardless. STEPN (GMT), performing since mid-March, is back on the rise by posting a nice green candle over the week.
here are the Highs and Flops of the week:
|Cryptos||Current course||Gain in 7 days|
|Shiba Inu (SHIB)||$0.00002573||4.5%|
|Cryptos||Current Price||Loss in 7 days|
|Mina Protocol (MINA)||$2.37||-27%|
|Terra Luna (TERRA)||$80.89||-14.9%|
If Bitcoin failed to topple the $46,000 mark, it will be expected, once again, at the turn to overcome this key technical level. Especially since the threat of a tragic fall hangs over its price because of its correlation to Wall Street tech stocks. In the coming days, BTC will play its name and nature on the financial markets. Inflation hedge or another risky Wall Street asset?
In any case, if the No. 1 asset in the sector is struggling to give satisfaction, price enthusiasts can watch that of Near Protocol (NEAR), which plans to launch a stablecoin à la Terra Luna. Experts believe that the price of NEAR should increase by at least 100% after the launch of its stablecoin.
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Crypto Hebdo: Paris Blockchain Week Summit, Ethereum PoS Postponement, Tops, Flops and Weekly Outlook – BeinCrypto
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