hello! Welcome to Distributed Ledger, a weekly crypto newsletter that arrives in your inbox every Thursday. I write it in the heat of Austin, Texas. There, a consensus, a crypto conference for several days, began today.
As always, find me on twitter @FrancesYue_ Please send us your feedback or let us know what we think we should cover.
Crypt with snap
Bitcoin BTCUSD
Thursday’s trading was around $ 30,181, up 0.8% in the last seven days, according to CoinDesk data. Ether ETHUSD
It decreased by 0.7% in 7 days to about $ 1,793. Meme Token Doge Coin DOGEUSD
Another dog-themed token, Shiba Inu SHIBUSD slipped 2%,
It decreased by 5.4% from 7 days ago.
Cryptographic metrics
| Biggest winner | price | % 7 days return |
|
helium |
$ 12.00 |
35.6% |
|
Chain link |
$ 9.38 |
35.3% |
|
Theta Network |
$ 1.44 |
19.6% |
|
Cardano |
$ 0.64 |
16.4% |
|
Tezos |
$ 2.21 |
13.3% |
| Source: Coin Gecko as of June 9th |
| Largest decliner | price | % 7 days return |
|
Terra Luna Classic |
$ 0.00007 |
-27.2% |
|
BitDAO |
$ 0.55 |
-23.1% |
|
Elrond |
$ 62.67 |
-17.1% |
|
Internet computer |
$ 6.52 |
-14.7% |
|
wave |
$ 7.87 |
-13.8% |
| Source: Coin Gecko as of June 9th |
Ether delay
Ethereum is ready for “Merge”, a long-awaited upgrade to move the blockchain from Proof of Work to Proof of Stake. This is a much more energy efficient consensus mechanism. Ethereum co-founder Vitalik Buterin said in May that the “merge” could take place in August.
Blockchain is one step closer to this milestone this week with a successful dress rehearsal on the Ropsten test network on Wednesday.
However, while ether has been below Bitcoin’s performance so far this year, both have plummeted. Bitcoin has fallen by about 36% to date, while ether has fallen by more than 51%, according to CoinDesk data.
Analysts attributed it in part to investors’ different perceptions of the two largest cryptocurrencies.
“We need to think of Bitcoin as a variety of valuation frameworks that are the reserve value of the ecosystem,” said Jean-Marie Mognetti, CEO of crypto asset manager Coinshares, in an interview.
Investors are worried about intensifying inflation, signs of economic slowdown, and tightening of the FRB’s monetary policy, so “we see that people are almost mitigating their risks by rebalancing to cryptocurrencies. Many of its cryptocurrencies have entered Bitcoin, a legacy of the economy, “Mognetti said.
David Siemer, CEO of Wave Financial, repeated this point. “Many of our clients are high net worth individuals, and Bitcoin is always the first to buy crypto through us,” Seamer said.
According to Katie Talati, Arca’s research director, Ether’s disappointing performance may also be related to uncertainty about “merging.” The upgrade has been delayed several times in the past, “I think there are a lot of question marks about when and how the merger will take place,” said Tarati.
Still, in the long run, investors see the upgrade as a bullish event, Tarati said. “We have seen many call buyings within our trading team seeking longer-term ETH options.”
Citadel and Birutu crypto push?
Citadel Securities and Virtu Financial Inc. are building a cryptocurrency trading platform with Fidelity Investments and Charles Schwab Corp., but Bloomberg reported that the product could be launched later this year or earlier next year.
This shows the first major push to Citadel and Virtu cryptography. Ken Griffin, the founder of Citadel’s billionaire, seems to have recently softened his stance on the fairly early wealth class.If he explains tracking Regarding cryptocurrencies as a “call for jihadistism” to the US dollar, he said in March that “cryptocurrencies have been one of the great financial stories of the last 15 years.”
“I’m still skeptical,” Griffin told Bloomberg in an interview at the time. “But today there are hundreds of millions of people in this world who disagree with it … We must seriously consider being a crypto market maker. In the coming months, we will It’s fair to assume that you’re engaged in creating a market with cryptocurrencies, “he said.
Coinbase Cancellation Offer
Last week, Coinbase extended the freeze on adoption of both new and backfill roles for a “foreseeable future,” with some “in response to current market conditions and ongoing business prioritization efforts.” He said he would cancel the accepted offer.
Coinbase Talent Hub, a site created by the company to connect affected candidates with other job opportunities, has recently attracted more than 300 people with expertise ranging from business operations to marketing and engineering. Submitted details of work experience. On LinkedIn, some said they left their previous work to Coinbase positions, while others rejected competing offers.
I talked to two people who faced such a situation. Read their story here.
Cryptographic companies, funds
Share Coinbase Global Inc..coin
It plunged 6% on Thursday to $ 64.95, down 12% in the last five trading sessions.Michael Sailor’s MicroStrategy Ltd.
MSTR
Thursday was down 5.22% to $ 220.74, down 9.7% in the last five days.
Mining company Riot Blockchain Inc.
Riot
Shares fell 8.6% to $ 5.46, down 20.4% in the last five days.Share Marathon Digital Holdings Co., Ltd.
Mara
The loss was 17.24% over the last five days, down 9.4% to $ 7.72. Another miner, Evan International Holdings Co., Ltd... EBON,
While recording a 1.2% increase over the last five days, it fell 3.1% to $ 0.97.
Overstock.com Inc.
OSTKof
Stocks fell 3.3% to trade at $ 30.95. The stock lost 5% during the five sessions.
Share Block Co., Ltd.
SQ,
Formerly known as Square, it plummeted 8% to $ 77.98 and lost 10.8% that week. Tesla, Inc... TSLA
Shares rose 1.2% to $ 734.62, while falling 5.2% in the last five sessions.
PayPal Holdings Co., Ltd.
PYPL
It was down 2.2% to $ 85.56, down 3.1% in five sessions. Nvidia Corp.
NVDA
Trading in the last five days has seen a 6% loss and the share price has fallen 1.2% to $ 184.26.
Advanced Micro Devices Inc.
AMD
Shares fell 0.9% to $ 101.03 on Thursday, down 6.9% from five trading days ago.
In cryptocurrency ProShares Bitcoin Strategy ETF
BITO
Thursday was up 0.1% to $ 18.70, Valkyrie Bitcoin Strategy ETF
BTF
It rose 0.2% at $ 11.64. VanEck Bitcoin Strategy ETF
XBTF
It increased by 0.4% to $ 29.42.
Grayscale Bitcoin Trust
GBTC
It rose 0.4% to $ 19.60.
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