The crypto market reclaims US$2 trillion with ETH showing strength, Nayib Bukele delays the volcanic bitcoin bonds, and the Canadian government failed to seize 70% of crypto donations to the trucker protest.
All that and more!
- The Canadian government fails to seize crypto.
- Market update.
- El Salvador holds off on bitcoin bonds, for now.
- Yuga Labs achieves a huge US$450 million raise and a US$4 billion valuation.
Failure to seize
Showcasing the effectiveness of decentralized assets, 70% of crypto donated to Freedom Convoy protesters has failed to be seized by Canadian government officials, according to reports. Instead, the crypto assets were “drained” before authorities could reach the funds.
The protest turned into a national spectacle that led to President Trudeau invoking the Emergencies Act for the first time in Canadian history. The act allowed government officials to seize the funds of protesters without due process.
The seizure evasion will miss big headlines, but the significance of it won’t be lost on the crypto community, for whom the very notion of “freedom to transact” sits at the heart of basic citizens’ rights, and remains one of the foundational ideas behind crypto.
Watching it play out in the real world is an ideological (and practical!) win for the space.
Ethereum’s value proposition on the rise
Has Bloomberg been reading Crypto Banter?
Following on from yesterday’s story about ETH 2.0, the Bloomberg Terminal put ETH front and center this morning, suggesting that, according to the Discounted Cash Flow (DCF) model, the Ethereum network is massively undervalued.
Place your bets accordingly, folks.
The traditional markets continue to rip to the upside despite Jerome Powell’s hawkish stance in yesterday’s speech, and crude oil (BRENT) pauses its recent rally and slides -1.94% to US$111.00 a barrel.
|US markets close|
Source: Trading View
Bitcoin (BTC) rose to a high of US$43.3k during the US trading session, finishing the day at US$42.3k. The combination of bullish traditional markets and positive narratives (legal tender adoptions, LFG purchasing US$125M BTC) radiating in BTC has given it the fuel needed to continue a week of upside action.
Source: Trading View
The chart everyone is looking at ETH/BTC, which fell 0.56% due to bitcoin’s strength, but a breakout pattern has transpired.
Source: Trading View
Ethereum Classic (ETC) rose 83% in the previous week due to traders front-running the Ethereum merge. ETH miners are likely to transfer to ETC mining after the network moves to a proof-of-stake (PoS) consensus.
|Protocol (Coin)||Price ($)||Gain (%)|
|Ethereum Classic (ETC)||47.94||+24|
|Trust Wallet Token (TWT)||1.17||+24|
|Metis Token (METIS)||161.28||+9%|
|Bitcoin Fear and Greed Index||31 Fear (+5)|
|“Crypto” Google Trends||31 (+2)|
|“Bitcoin” Google Trends||29|
- The Finance Minister of El Salvador postpones bitcoin-backed bonds as the government waits for “favorable conditions in the markets”. However, Minister Zelaya noted that the country would take another look in May or June to deploy the popular bond that reached US$1.5 billion in estimated demand.
- The Japanese government released a list of 18 cryptocurrencies which it will allow exchanges to list without performing a screen to keep the country competitive in the space. Bitcoin, ether, XRP and litecoin were some of the cryptocurrencies mentioned.
- Bloomberg releases an article on Argentinians flocking to crypto games as the economy destroys salaries.
- Katie Hun, formerly of a16z, raises $1.5 billion for new Haun Ventures.
- Florida looks to accept bitcoin for tax payments.
- World Block Summit begins today in Dubai.
- Avalanche (AVAX) bridge adds native support for BTC.
- Anchor Protocol (ANC) adds sAVAX, allowing AVAX holders to borrow collateral.
- Curve (CRV) Rocket Pool vault is live on Yearn.
- Jerome Powell will speak about DeFi, crypto, and CBDCs later today at 1 p.m. UTC.
NFT and metaverse update
- Yuga Labs behind ApeCoin (APE) raises US$450 million for its MetaRPG (role-playing game) metaverse, achieving a $4 billion valuation.
The ideas behind crypto play a central role in personal freedoms highlighted during the Canadian trucker protest. Additionally, they play a similar role for countries, such as El Salvador, looking to utilize permissionless technology to benefit the country. Watching the events play out in real-time is part of the lore and enjoyment of this space.
On a side note, the market has been giving off 2021 vibes lately but stay tuned in because we know how fast sentiment can change.