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February 22, 2021 The top stories in bitcoin, crypto and more – all in one place, delivered daily. Sponsored By: By Daniel Kuhn If you were forwarded this newsletter and would like to receive it, sign up here.
Sound bites This morning on First Mover, Muneeb Ali dug into the cultural differences between the traditional tech industry and crypto. The prevaling attitude in Silicon Valley, he argued, is constant iteration, perhaps best exemplified by the "move fast and break things" mantra.
Bitcoin is different. "Bitcoin doesn't change. Bitcoin is valuable because it is durable, because it is hard to modify," Ali said.
Watch the full interview here.
Market intel The pullback
How deep will it go? According to David Lifchitz, CIO for Paris-based quantitative trading firm ExoAlpha, a 15% correction isn’t out of the question. “$50,000 looks like the first stop for a mild pullback, but a second leg down could take it down to $40,000, while the $30,000 zone looks like the ultimate bottom should things turn ugly in the short term,” Lifchitz said. It’s not just tea leaves, there are macroeconomic forces that might explain this recent price action. CoinDesk’s Omkar Godbole notes that U.S. inflation-adjusted bond yields are rising, with the real yield turning positive for the first time since June 2020. This supports a bullish case for the U.S. dollar – as investors de-risk and put money in U.S. Treasury bonds when yields rise – and bearish case for gambles like bitcoin and stocks.
Speaking of, according to a new survey, 41% of U.S. investors think stocks and crypto are equally risky. One JPMorgan analyst might disagree. In a recent investor note the banker wrote that market liquidity in hedges like bitcoin and gold is “much lower” than in stocks, meaning that “even small flows can have a large price impact.”
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Introducing Money Reimagined, exploring the future of money on CoinDesk TV From the world leader in crypto news and events, the all-new CoinDesk TV covers the rapidly evolving world of digital finance and its role in the global economy.
CoinDesk's Money Reimagined, a newsletter and podcast series, expands into television with the same critical look at the issues and people that are influencing the future of money and economics as we know it. The TV series is a video production of the eponymous weekly podcast hosted by CoinDesk's Chief Content Officer Michael Casey and The World Economic Forum’s Sheila Warren.
Watch Money Reimagined Saturdays at 12 p.m. ET on YouTube or CoinDesk.com. Quick bites NFTs in the NYT. (NYT) Can governments stop bitcoin? TLDR: No. (Alex Gladstein/Quillette) Hacked exchange gets hacked again. (CoinDesk) I wrote about bitcoiners, lizards and dogecoin stans on Clubhouse. (CoinDesk) What’s up with the laser eyes on Twitter? (Slate) Inside the Fight Against India’s Proposed Crypto Ban. (Decrypt)How much did Tesla and MicroStrategy make on their bitcoin buys? (Protos) Australian Man Arrested for Trying to Launder $4.3M With Bitcoin. (CoinDesk)
Sperax launches mobile app Sperax Play to connect everyone with modern money
Sperax Play is a mobile app whose initial utility is a decentralized crypto wallet where users have full control over their accounts. Ultimately, Play will grow into a community hub for Speraxians, crypto enthusiasts, and everyone interested in decentralization.
Mine, add, earn, play.
Sperax Play makes crypto easier than you think.
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