Bitcoin gave out good vibes this week as it pushed past $42K, signaling a possible recovery toward more positive price action in the coming weeks. Analysts speculate that the cause of this jump was the U.S. Dollar Index (DXY) slightly correcting after reaching 101, a number not seen since April 2020. Citizens also have their eyes on the new FOMC rule, which prohibits senior Federal Reserve officials from investing in several assets including cryptocurrencies. (Cointelegraph)
This new rule is meant to promote trust and maintain the integrity of Fed officials in the eyes of the people. Remember last week when we shared that article showing the rich only got richer over the course of the pandemic? Well, that’s partly why this rule is being implemented. Some officials were recorded as making million-dollar trades during the height of the pandemic while the Fed tried to stabilize the economy, leading Senator Elizabeth Warren to cite the “culture of corruption” within the division. (Decrypt)
Good thing crypto is promoting transparency, and Americans continue to embrace it in their everyday lives. A new study slates crypto’s use for payments for a 70% jump in 2022, meaning that an estimated 3.6 million Americans will be shopping with crypto by the end of the year. David Morris of Insider Intelligence, the firm that conducted the survey, attributes this to the advancements of stablecoins and their appeal as a tool for adoption.
"We also expect that more crypto options will be layered into how people pay, like cards and digital wallets,” said Morris. “These factors should spur high crypto payment growth rates over the next few years.” (Cointelegraph)
It helps that well-known merchants are making crypto payments possible. This adoption curve wasn’t lost on popular S&P 500 companies, with names like Starbucks, Whole Foods, and Home Depot (even Etsy, which is information that has my hot wallet shaking) accepting crypto as payment. Between this and the subsequent releases of crypto payment tools that offer immediate settlement into US dollars on the back end, a useful feature for merchants who are still adjusting, it won’t be long before you can pay with crypto almost everywhere (Actually, with our debit card you can do that anyway). (Cryptopotato)
Let’s take a trip away from the U.S.—like, all the way away—to Australia, where they’re launching their first-ever Bitcoin and Ethereum ETFs. The first, titled The Cosmos Asset Management Bitcoin ETF, offers indirect Bitcoin exposure through the Canadian Purpose Bitcoin ETF. The second, started by 21Shares in partnership with ETF Securities, will offer ETFs that allow access to both Bitcoin and Ethereum. Kickoff for both funds is slated for next week. (Coindesk)
This inaugural offering is anticipated to bring an influx of $1 billion into the Australian market, a prediction that tracks when you consider the latest study from Roy Morgan, the Australian research firm, which showed that “5%, or over 1 million Australians aged 18+, now own at least one cryptocurrency.” It also turns out that Australians over the age of 50 are reported to have the highest average investment numbers in crypto, coming in at around $56,200 and valued, in total, at around $7.6 billion in holdings. Clearly, Aussies are wasting no time engaging in the crypto space. (Bitcoin.com)
In other news, some monkeying around on social media led to a massive swing for ApeCoin. Rumor broke out that Yuga Labs, affiliated with ApeDao, the founders of the newly released ApeCoin and creators of the coveted Bored Ape Yacht Club NFTs, might be dropping land from its highly-anticipated metaverse project, Otherside, for BAYC owners. With Yuga Labs hinting that ApeCoin would be the powerhouse behind the Otherside ecosystem early last month, this teaser may have caused the 55% increase in ApeCoin’s market value. (Decrypt)
The NBA is also getting into NFTs to celebrate the Playoff season. The National Basketball Association announced the launch of 18,000 NFTs on the Ethereum blockchain, going live under the very official name The Association. The collection consists of 75 NFTs for each player that will evolve based on the player’s performance in the Playoff games. For this reason, they’re branded as “dynamic NFTs” that evolve over time. Not only that, but the NBA will make these NFTs free to mint (aside from gas fees), making them more accessible to a general audience. (Cointelegraph)
Although we don’t say it much, “dynamic” is probably one of the best words to describe crypto. Just look at the way it’s permeating society. What other asset can be so global and so engaging in almost every facet of life? In this article alone, you can see crypto disrupt sports, government, and art on a global scale—consistently growing and evolving every day. Crypto keeps us fresh, creative, and honest. From building equity to building fan clubs, we can’t wait to see what comes next.
Top market movers as of April 22, 2022
- JASMYcoin (JASMY) +22.2%
- 0x (ZRX) +21.8%
- Monero (XMR) +15.2%
- ApeCoin (APE) +15%