In the News

• The UK Treasury outlined its plans to issue an NFT in the coming summer as it tries to position itself as a crypto-friendly hub. Source

• Tesla has partnered with Block (formerly Square) and Blockstream to mine Bitcoin using Solar energy in the State of Texas. Tesla has a Giga factory in Texas. Source

• New week, new stable. NEAR has announced that they will be launching (USN), a stable coin on the NEAR protocol. Rumors on the block suggest they will be offering 20% APR to compete with Terra Luna’s Anchor UST stable coin yield. Source and source.

• Popular crypto wallet, Metamask announced they would be adding Apple Pay integration. Users will be able to buy crypto directly using Apple pay from their iPhones. Source

• Citing safety concerns, major SF-based Crypto exchange “Kraken” has shut down its San-Francisco office. “Numerous employees were attacked, harassed, and robbed on their way to and from the office.” Said CEO Jesse Powell. Source

• Crypto exchange Bitstamp will be offering a Whitelabel service of their exchange to banks and Fintech companies in the United States. Source

• Follow-up from last week’s Ronin Hack: Sky Mavis (the company behind Axie Infinity) has raised $150 million to refund users affected by the ~$600m exploit. Source

A Look at the Numbers

Bitcoin
Weekly change: -10.85%
Dominance: 41.5%

Ethereum
Weekly change: - 13.3%
Dominance: 19.5%

What Are We Reading?

• Capital Efficiency & Portfolio Margin

  • Want to know the ins and outs of differing margining types and how traders use portfolio margining to improve how efficient they are with money on exchanges? Machowski hits it out of the park once again. Source

• Status check on FOAN/SoLunAvax.

  • In this great thread you can keep up with the major L1 blockchains, a lot has changed since FOAN/SoLunAvax season. Source

• The Q-Trap

  • When Arthur speaks, we listen. In this essay, Arthur talks about the state of the markets and where he sees crypto going. Here is a summary of what he talks about:

    • Crypto and traditional markets are currently highly correlated

    • Arthur argues for patience when it comes to making a decision on whether to buy crypto

    • China will not save the west with economic growth and mass production as it did in 2009.

    • The NDX chart looks technically awful

    • “The Fed isn’t planning to grow its balance sheet again any time soon, meaning equities ain’t going any higher.”

    • The war in Ukraine isn’t ending soon

    • Price predictions:

      • Bitcoin: $30,000

      • Ether: $2,500