Investors big and small have had a difficult time making sense of the market lately. But just this week, there were some promising signs of life. Bitcoin just put up eight days straight in the green, topping out its mini-run at about $48,000 (at the time of writing, Bitcoin has cooled off, consolidating around $45k).
Perhaps a more bullish signal than a few green candles is a breakthrough above the one-year moving average. In case you’re not a finance nerd like us (no offense taken), the one-year moving average is a way to track the average price of Bitcoin over a long period of time. It helps eliminate short-term volatility to show a clearer sense of big price trends.
Philip Swift, an independent market analyst, feels this move could be the start of something big: “Price is now breaking back above the 1yr moving average. Historically this is an important level for Bitcoin signaling the start of a bullish trend.” (Cointelegraph)
Bitcoin is now no longer just seen as a transferable store of value, as its status as reserve currency grows. Terraform Labs, the project behind the LUNA token, continued to pad its Bitcoin reserves with another 2,943 tokens. That’s roughly $140 million worth of BTC at the time of purchase. One of the key reasons for their reserve is their stablecoin (UST) is backed by BTC instead of the more typical FIAT currency. Terra CEO, Do Kwon, revealed this purchase is just the beginning, with a goal to amass $10 billion worth of Bitcoin over time. (Cryptopotato)
Alongside massive purchases is continued mass adoption. Opera, one of the top five internet browsers, took a big step to bring Web3 to the masses. Last January, Opera launched the Crypto Browser project, which integrated eight major blockchains into their user-friendly browser. The goal was to simplify navigation for decentralized apps (DApps), play-to-earn games, metaverse projects, and more with a streamlined browser.
This week, Opera added even more blockchain integrations, namely Polygon and Ethereum layer-2 via StarkEx. While this may seem like incremental news to file away in the so what category, it’s another big step forward in the development of Web3. The more projects integrated into consumer-friendly browsers, the more ubiquitous Web3 becomes in our daily lives. Soon, people may browse and interact with Web3 without even realizing it because it’s so naturally integrated into their everyday internet activities. (Cointelegraph)
And what would a week of crypto be without a dose of NFT news? Visa–yeah, that Visa–unveiled a new NFT program targeted at entrepreneurs and small businesses. The Visa Creator Program will “help digital-first artists, musicians, fashion designers, and filmmakers advance their small businesses through NFTs.” (Cryptopotato)
Cuy Sheffield, Head of Crypto at Visa, notes, “NFTs have the potential to become a powerful accelerator for the creator economy. We’ve been studying the NFT ecosystem and its potential impacts on the future of commerce, retail and social media. Through the Visa Creator Program, we want to help this new breed of small and micro businesses tap into new mediums for digital commerce.”
While the program itself may be a drop in the proverbial headline bucket, the underlying story is one that gave us pause. Let’s stop and think about where this wild west, cyber-punk crypto experiment began. It was a movement created by Satoshi Nakamoto and a small group of people who were fed up with the traditional banking system after the 2008 crash. The goal was to create a new financial world that gave equal economic opportunity to all.
And now, let’s flash forward to the present. Here, we have Visa, the world’s largest payment processor, embracing what was once a radical technology and using it to uplift creators of all backgrounds. Sometimes, the crypto world moves so fast, you have to step back to admire the progress already in motion.
Top Market Movers as of April 1, 2022
- Skale Network (SKL) +98.5%
- Waves (WAVES) +71.3%
- DigiByte (DGB) +45.5%
- AAVE (AAVE) +45%
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