This Week in Crypto [03/11]
Executive orders, high inflation and more funding for crypto projects...This week had it all.
President Biden signed an executive order instructing US Federal Agencies to review cryptocurrencies. The order aims to address the risks of crypto to investors and explore possible avenues for innovation. The order did not introduce any new laws or regulations. Source
Treasury secretary, Janet Yellen’s statement on the exec order was leaked on Tuesday night, leading to a near 10% rise in the price of BTC. Source
Inflation rose 7.9% in February, this number is up from 7.5% in January. These numbers have not been seen since the 1980s when high inflation came about due to the 1979 oil crisis (sound familiar?) Source
Bitcoin dropped 3.5% on the release of CPI numbers
Goldman Sachs will now be introducing Galaxy Digital’s ETH fund to clients. Source
Crypto Exchange FTX has announced its plans to expand operations into Europe. They will be doing so under the name “FTX Europe”, similar to their American counterpart “FTX US”. The exchange received approval from Cyprus’ SEC (Securities and Exchange Commission). Source
Avalanche (AVAX) announced the launch of their “Multiverse”, a $290 million incentive program to fund the growth and adoption of Subnets. Source.
Subnets are the Avalanche answer to scaling and allow users (companies, institutions etc) to create custom blockchains that are separate from the rest of the network. Source
A look at the numbers
Weekly change: - 7.4%
Bitcoin was mostly flat all week until Janet Yellen’s comments on Biden’s EO was leaked, this led to an 8% rise. That move was short-lived and quickly retraced the following day.
Weekly change: -7.9%
A rough week for Ethereum, mostly followed Bitcoin’s price action for the week.
The best of Crypto Twitter
This monster thread from @TheDefiEdge on creating wealth during crypto bear markets. Recommend this one to your friends and grandparents:
We can’t forget @nosleepjon’s reading list, here he is with volume #7, I particularly liked “Mental Models for Crypto” from @rainandcoffee