Crypto Continues The Climb

Weeks ago, crypto investors were fearful at the prospect of a “Crypto Winter,” aka a prolonged period of bearishness and decline in the space. ❄️ However, in recent days, major cryptos have climbed higher on newfound optimism. 

Cryptocurrencies have played a meaningful role in the Ukrainian-Russian conflict, as well as the economic fallout arising from that conflict. Russia has considered taking payment in crypto as sanctions have stacked up. Meanwhile, citizens in both Ukraine and Russia have used crypto onramps to flee economic turbulence. 

The newfound energy in crypto looks like a weeks-long consolidation in both crypto prices and communities. The reason for this growth is simple: people like cryptocurrency.

All this “likeability” has sent cryptos like Bitcoin (+15.3%) and Ethereum (+15.9%) rising by double-digits on the week. Solana (+23%) and Cardano (+32%), which had been in dramatic decline during the latest round of market turbulence, outperformed even crypto royalty. 💪

Another indicator of crypto’s performance is the Crypto Total Market Cap, which sat at $2.109 trillion today (up +2% on the day.) We’ve zoomed out for dramatic effect:

Generally speaking, crypto has been hot for the last few weeks, and so have the crypto streams on our site! Today, $ETH.X and $LUNA.X were trending on Stocktwits at market close. If you’re looking for more news related specifically to crypto, check out our crypto newsletter, The Litepaper.

More in   Crypto

View All

Kraken The Whip

U.S.-based cryptocurrency exchange Kraken announced today via their corporate blog that they are cutting 1,100 jobs (roughly 30%) to weather the current crypto market storm. 

Kraken announced a very generous severance package for their departing employees (which they refer to as Krakenites):

Read It

I’ll Take Doge For Half A Million, Alex

Nearly everything about Dogecoin ($DOGE.X) that comes up in the news is silly to unbelievable. No one in their right mind would have thought that Dogecoin would be one of the highest market cap and stalwart cryptocurrencies to exist 3 or 4 years ago. But here it is. 

Did you know you can buy and sell usernames on Telegram? It can be done through Fragment (unless you live in the US). Someone paid almost $550,000 for the @doge Telegram handle. It is the 8th largest sale according to Fragment

Read It

Coinbase’s 2022 Institutional Investor Digital Assets Outlook Survey

Coinbase’s ($COIN) 2022 Institutional Investor Digital Assets Outlook Survey came out yesterday. You can find it here if you want to read it yourself.

The survey involved 140 institutions representing roughly $2.6 trillion in assets under management. 

We’ve summarized some key points made in the report:

Will crypto move higher over the next 12 months?

 

  • 62% of institutions increased their allocation to crypto, 12% reported decreases.

Read It

How Decentralized Is Bitcoin?

Curious about how much Bitcoin ($BTC.X) exists and who it’s owned by? We may know some identities tied to BTC addresses, but most are unknown.

But we can track how much exists and how much is in a wallet. 

Read It