fbpx

Crypto Flipsider News – Bitcoin Hits 3 Weeks High, Ethereum Outperforms Bitcoin; Goldman Sachs Now Offers OTC Bitcoin Trade; FTX $100M Dave Investment, Gemini’s Ireland License, Huobi Launches Livestreaming Platform; Developers Propose New Cardano Update

Read in the Digest:

  • Bitcoin hits 3 week high, Ethereum climbs $3K as excitement builds ahead of network upgrade.
  • Goldman Sachs now offers OTC Bitcoin trade while Bridgewater Associates prepares for its crypto debut.
  • FTX invests $100 million in Dave App, Gemini gets Ireland license, and Huobi launches livestreaming platform.
  • Cardano increases Plutus script memory as it looks into new burn mechanisms.

Bitcoin Hits 3 Weeks High, Ethereum Climbs $3K as Excitement Builds Ahead of Network Upgrade

After a torrid few weeks, the crypto market is beginning to show signs of recovery. The world’s biggest crypto, Bitcoin, gained more than 5% over the last 24 hours to reclaim highs last seen in the early days of March.

The 24 hour price chart for Bitcoin (BTC). Source: Tradingview

Over the last seven days, Bitcoin has rallied by 11%, pushing the price of BTC above $43k for the first time since March 3rd. Bitcoin is now trading at $42,902 and continues to rally as the SEC considers greenlighting the first Bitcoin spot ETF.

While Bitcoin’s gains were impressive, it was outperformed by its biggest rival, Ethereum, which has seen its native Ether token gain an impressive 19.5% over the last seven days. Ethereum’s gains has seen the Ether rise above $3k for the first time in 2 weeks.

The seven day price chart for Ethereum (ETH). Source: Tradingview

Ethereum’s gains come on the back of the rising momentum generating ahead of its PoW to PoS network migration. “The Merge”, which has been successfully completed on the ‘Kiln‘ testnet, has been billed to change how Ethereum operates in the future.

Flipsider:

  • Despite the crypto market being in the green, analysts have suggested that Bitcoin could experience a major pullback, which could send its price tumbling down to $32k.

Why You Should Care

Despite a rough start to the year, Bitcoin and Ethereum have continued to make significant developments.

.

Goldman Sachs Now Offers OTC Bitcoin Trade while Bridgewater Associates Prepares for Crypto Debut

As crypto adoption rises, Goldman Sachs Group Inc. has made history as it became the first major U.S. bank to complete an over-the-counter crypto trade. The trade was executed through Goldman Sachs’ trading partner Galaxy Digital. 

Goldman Sachs, which has dubbed Bitcoin a hedge against inflation, used Bitcoin to execute a non-deliverable option (NDO) – a type of instrument linked to Bitcoin’s price and paid out in cash. 

In a similarly impressive trend, Bridgewater Associates, the world’s largest hedge fund, is preparing a crypto investment. According to sources familiar with the matter, Ray Dalio’s hedge fund is preparing to back an external vehicle.

The hedge fund, which has $150 billion in assets under management (AUM), will allegedly invest in a crypto firm without directly investing in crypto assets. The outlay would mark Bridgewater’s first involvement with cryptocurrency.

Flipsider:

  • Despite its growing adoption, investors such Apple’s co-founder Steve Wozniak still remain skeptical about cryptocurrencies.

Why You Should Care

These recent institutional developments confirm that crypto isn’t going anywhere, and could become more mainstream than originally anticipated.

FTX Invests $100 Million in Dave App, Gemini Its Ireland License, and Huobi Launches Livestreaming Platform

Leading global cryptocurrency exchange FTX, which is on a mission of global expansion, announced a strategic partnership with ‘Dave (DAVE)’, and the strategic investment of $100 million into the publicly-traded banking app. 

As part of the partnership, FTX U.S. and Dave will explore how to introduce digital asset payments to Dave’s platform. FTX U.S. will also serve as Dave’s exclusive cryptocurrency partner.

Leading U.S. based crypto exchange Gemini has received an electronic money (e-money) license from Ireland’s Central Bank. Gemini, which applied for the license in 2020, can now operate services using electronic money in Ireland, joining the likes of Stripe, Meta, and Google.

Huobi Global, another of the world’s leading crypto exchanges, has announced the launch of an integrated live streaming platform, ‘Huobi Live‘. The service, which will be inaugurated on Monday, March 28th, will feature official shows hosted by Huobi experts.

Flipsider:

  • Over the last few weeks, crypto exchanges have come under immense pressure to restrict their services offered in Russia.

Why You Should Care

Crypto exchanges, and other firms offering related services are expanding their coverage and services to push cryptocurrencies into mainstream adoption.

Cardano Increases Plutus Script Memory as it Looks Into New Burn Mechanisms 

Cardano, one of the best performing crypto projects, continues to improve on its successes with new network upgrades, and the developers of Cardano, IOG, formerly known as IOHK, recently announced a proposal to increase the memory of the network Plutus scripts.

The proposal will see the limit of memory units per block in the blockchain’s Plutus scripts increase from 56 million to 62 million. According to the proposal, by increasing the memory of the Plutus scripts, IOG hopes to increase the network’s scalability.

Plutus enables users to leverage a programming environment, removing friction from the DeFi sector, and helping more users onboard to the Cardano ecosystem. The update, which came into effect on March 21st, will be monitored by IOG for five days.

In another interesting development, the ‘Hydra’ team has hinted that Cardano could embrace token burning in the future. In a roadmap update, the Hydra team reportedly “inspected the options of token minting and burning within a Hydra Head.”

Flipsider:

  • Despite significant network improvements, Cardano, along with Solana and Polkadot, are perceived as underperforming crypto projects.

Why You Should Care

Cardano continues to make incremental adjustments and network optimizations as it looks to use 2022 to scale for future growth.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

Rate This Article
In order to improve, we give you the opportunity to rate DailyCoin content
Author

DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Our dedicated and motivated global team is here to deliver the highest quality content. If you want to collaborate with DailyCoin and become our contibutor, please contact us at [email protected]