It has been a busy day in terms of news, so let us catch you up on the latest and greatest.
Today’s Agenda:
- Market Watch
- Highlights of the Day
- Coinbase Leads the Charge with Canadian Registration
- Doodles x Pharrell Williams
- Ripple Plans to Launch a Stablecoin
- Project of the Day
- Crypto Corner
- Crypto and Regulatory Scrutiny
- Business and Political Insights
Market Watch
Top Gainers
- Mantle ($MNT): +16.7%
- Bitcoin Cash ($BCH): +11.0%
- eCash ($XEC): +10.0%
Top Losers
- Wormhole ($W): -21.5%
- Core ($CORE): -21.1%
- Ethena ($ENA): -13.0%
Trending Crypto Sectors/Categories
- Parody Meme Coins
- PolitiFi
- LRTfi
Total Crypto Market Cap – 2.667 Trillion
Fear and Greed Index – 79
Top NFT Sale
- CryptoPunks #7466 Sold for 54.69 ETH
Highlights of the Day
Coinbase Leads the Charge with Canadian Registration
Coinbase, a prominent player in the cryptocurrency exchange landscape, has reached a significant milestone by becoming the first international cryptocurrency exchange to gain registration as a Restricted Dealer with the Canadian Securities Administrators (CSA). This achievement not only strengthens Coinbase’s footing in Canada but also signifies a crucial moment for the Canadian crypto community and the wider digital asset sector.
Looking Ahead
With its registration in place, Coinbase is ready to offer a wide range of products and services to its Canadian clientele. These encompass institutional services, custodial solutions, and staking features, among others. By adhering to local laws and regulations, Coinbase aims to establish itself as a premier crypto platform in Canada, thereby fostering increased adoption of digital assets across the country.
Doodles x Pharrell Williams
Doodles, a pioneer in the NFT space, is gearing up for a groundbreaking collaboration with none other than Pharrell Williams. This collaboration promises to be a multi-dimensional storytelling experience that is meant to take the Doodles IP one step further in its mission to be a global brand.
Dullsville and the Doodleverse
The latest installment in the Doodles series, “Dullsville and the Doodleverse,” is a collaborative project with Pharrell Williams, forming part of the ambitious “Project Gray” campaign. Set to premiere this summer, it aims to redefine storytelling by incorporating film, music, live events, partnerships, merchandise, and digital collectibles. With Pharrell Williams contributing his musical talents and voices like Lil Wayne and Coi Leray joining in, it promises to be an unforgettable experience.
Ripple Plans to Launch a Stablecoin
Ripple has announced its ambitious intention to launch a stablecoin linked to the US dollar. Expected to debut later this year, this digital currency will be compatible with both the XRP and Ethereum blockchain platforms.
Promoting Innovation and Adoption
Monica Long, President of Ripple, highlighted the anticipated impact of the stablecoin on the networks. She emphasized its role as a vital gateway for fostering new decentralized finance (DeFi) ventures across various blockchain ecosystems. Long referred to it as a “trusted stablecoin,” foreseeing its potential to drive adoption and development within the XRP Ledger (XRPL) community.
Project of the Day
Pendle
Pendle ($PENDLE) is a protocol that is revolutionizing the tokenization and trading of future yield. What sets Pendle apart from its counterparts is its unique time decaying automated market maker (AMM) model. This model is meticulously crafted to provide users with exposure to future yield in a more capital-efficient manner, opening up new avenues for traders and investors alike.
In terms of price movements, $PENDLE currently has a market cap of approximately $1.5 billion and a price hovering around $6.25. A closer examination of the charts and historical price movements reveals an intriguing trend – the price of $PENDLE is inversely correlated with that of the top 10 cryptocurrencies by market cap, excluding Tether. This correlation suggests that major shifts in the price of $PENDLE can be expected in response to movements in the broader cryptocurrency market.
Crazy Day in Crypto
- DappRadar’s latest report highlights a significant 77% increase in Dapp usage during the first quarter of the year, indicating a notable uptick in activity within the decentralized application ecosystem.
- $BODEN, a memecoin on the Solana blockchain, has recently reached a new all-time high, bringing it closer to attaining a significant milestone with a market cap nearing $500 million.
- The surge in the futures funding rate indicates bullish sentiment among long position holders regarding Bitcoin’s price trajectory, although caution is advised due to the potential for volatility and corrections amidst high optimism.
- Binance has announced that it will be discontinuing support for trading and deposits involving Bitcoin Ordinal.
Crypto and Regulatory Scrutiny
- The European Commission’s scrutiny of DeFi protocol regulation raises concerns that applications lacking full decentralization could be banned, potentially impacting the sector’s expansion and utilization of blockchain technology.
- JP Morgan reports that Ethereum’s likelihood of being classified as a security is diminishing as the amount of $ETH staked in Lido decreases.
Business Talks & Political Insights
- Deutsche Bank’s DWS and Galaxy Digital join forces to launch Bitcoin and Ethereum Exchange Traded Commodities (ETCs), offering secure investment in leading cryptocurrencies with enhanced security through offline vault storage.
- With Bitcoin prices soaring, major financial institutions are teaming up more with cryptocurrency mining firms to secure direct access to Bitcoin, aiming to alleviate potential market shortages.
