Market correction or FUD? / DOGE enters top 5 crypto / Fresh Funding

Plus: Pluto Digital Assets plans to IPO

Inside.com Part of   Network April 19, 2021

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The global crypto market cap is $2.03T 0.46%▲ with a 24hr market volume of $231.92B -19.96%▼. Bitcoin's dominance is currently 51.40% -0.26%▼.  CURRENT PRICES BY MARKET CAP # Name Price 24h % 1 Bitcoin BTC $55,492.79 0.47% ▲ 2 Ethereum ETH $2,158.98 0.45% ▲ 3 Binance Coin BNB $499.11 7.56% ▲ 4 XRP XRP $1.34 2.66% ▲ 5 Dogecoin DOGE $0.3866 21.56% ▲ *Prices as of 3:30 p.m. ET.

The crypto market cap fell to $2.1T over the weekend, losing $300B in just a few hours.  What Happened? Bitcoin’s price reached a low of $51.3K, a $10K drop from the 24hr high of $61.3K, on Coinbase early Saturday. Bitcoin’s price has since recovered to around $55K. Ethereum dropped 11.45%, dipping below $2K for the first time since April 7. It has since recovered to $2,174. XRP sunk 20% to $1.29 despite a rally led by court victories in XRP v. SEC. Liquidations. Market volatility over the weekend triggered the liquidation of 875,000 crypto futures valued at over $9.26B.  $4.6B of the liquidated futures were bitcoin long positions following the 10% drop to below $52K on Saturday. 70% of the liquidations, or around $4.35B, occurred on Binance.  $7.6B in long positions were liquidated in just one hour after bitcoin’s price sunk to $52K on Sunday. Speculation on causes. Rumors immediately began circulating about the potential causes of the flash crash. After a flooding issue at power stations in China’s Xinjiang province, maintenance on the power grid caused almost 50% of the Bitcoin network to go offline in two days. China is home to the majority of bitcoin miners in the world. The power outages in Xinjiang resulted in a significant decrease in Bitcoin’s hashrate. Issues with order placements were reported on Binance from 5-6:30 a.m. UTC, which some believe may have compounded the rapid selloff during this time. An unverified tweet from the account FXHedge reported that the U.S. Treasury plans to charge financial institutions for money laundering using cryptocurrencies. No support has been offered to validate this claim.

Dogecoin joined the top five cryptocurrencies by market capitalization. With a market value exceeding $50B, Dogecoin is now bigger than Ford, Marriott, and other blue-chip companies. More: DOGE briefly overtook XRP for the #4 position on the top five before settling in at #5 in front of Cardano (ADA). Dogecoin holders have been pushing on social media to make tomorrow, April 20, Doge Day in hopes to bring the coin to $0.69 (in case you forgot, it’s still a meme coin). While sentiment for the Shibu-themed coin is at an all-time high, some analysts are skeptical of its rapid explosion in value. Eddie Ghabour of KeyAdvisor Group told Yahoo! Finance today that he believes Dogecoin “will probably cease to exist” if the crypto bubble pops.

A message from EXODUS Exodus shatters regulated crypto public offering record Exodus, one of the most popular cryptocurrency apps, is on a mission to help half the world exit the confines of traditional finance by 2030.  And if that’s a mission you believe in, you can be a part of it: Exodus is pioneering an offering of its common stock, represented digitally and secured by the blockchain. Currently, Exodus shares are offered at $27.42 a piece, valuing the company at $710 million. The Exodus Public Offering has commitments of about $60,000,000 within 5 days of going live. Exodus is fast approaching the $75 million offering maximum. Don’t miss out. Be among the first to own a stake in the future of finance. Invest in Exodus

🍋 FRESH FUNDING 🍋 Dapper Labs, NFTs: TBD. NFT development platform Dapper Labs is finishing another fundraising round led by Coatue Management. The NBA Top Shot developer is currently valued at $7.5B. More: Dapper Labs last held a funding round on March 30, raising $305M and giving the company a value of $2.6B. The latest funding round has yet to finish, and the valuation of $7.5B is only expected to increase as more investors get involved. The company recently launched its own blockchain system Flow, which is designed for new users of DeFi products and NFT artists to easily build applications, games, and digital assets. Occam Finance, DeFi: $2.5M. The decentralized platform held a successful initial decentralized offering (IDO), selling 200,000 OCC tokens in 20 seconds. More: The IDO event saw 150,000 visitors on the OccamRazer website, trying to participate in the IDO simultaneously. OccamRazer, the project's DeFi funding platform, and liquidity solution, is the first DeFi product built exclusively for the Cardano network. OCC, the native token of Occam, is a proof-of-concept token demonstrating the functionality of the platform. More IDOs are anticipated to take place on OccamRazer soon.

▲ TOP GAINERS # Name Price 24h % 1 Solana SOL $34.64 22.90% ▲ 2 Dogecoin DOGE $0.385 21.07% ▲ 3 Neo NEO $111.58 20.62% ▲ 4 Monero XMR $345.10 8.64% ▲ 5 Terra LUNA $14.34 9.49% ▲ ▼ TOP LOSERS # Name Price 24h % 1 Tezos XTZ $5.62 -6.62%▼ 2 Cosmos ATOM $19.57 -6.39%▼ 3 Bitcoin SV BSV $303.12 -6.35%▼ 4 Aave AAVE $357.43 -4.29%▼ 5 Stellar XLM $0.5095 -4.225%▼ *Limited to cryptocurrencies with a market cap >$4B. Prices as of 3:30 p.m. ET.

QUICK HITS If observability won't replace monitoring and a single datastore will never be sufficient, this is how users should model observability. * “The Fungible,” an NFT created by anonymous artist Pak, sold for just under $17M on auction at Sotheby's over the weekend. DeFi investment firm Pluto Digital Assets is planning an IPO on the Aquis Stock Exchange in London. Marc Berger, a former leader within the SEC who brought the lawsuit against Ripple, will join Simpson Tacher, a member firm of the Enterprise Ethereum Alliance, in June.  USDT has successfully integrated the Hermez Network, a layer 2 ZK-Rollup solution on the Ethereum mainnet. The Kimchi premium returned today at 18.6% as Korean exchanges offer bitcoin at the equivalent USD price of $65,882. Edward Snowden’s “Stay Free” NFT raised $5.4M for the Freedom of the Press Foundation. TIME magazine approved of a new payment ramp through a partnership with Crypto.com to allow for subscription payments in bitcoin.  The People’s Bank of China (PBoC) announced that it would view cryptocurrencies as an investment option and not a currency. Over 1 million people have joined Public.com to invest and share ideas with a community of investors.* *This is sponsored content

Griffin McShane is a J.D. candidate currently living in Portland, Maine. He is a graduate of Providence College, where he studied both computer science and business. Griffin aspires one day to go to the moon and bring some of his altcoins along for the ride. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

Exodus is making history raising $60,000,000 within 5 days of its SEC-regulated offering going live

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