Industry Weekly | Coinbase landed on Nasdaq, 20% of users believe that Bitcoin will exceed $100,000 within the year
Ouyi OKEx Information Bureau Industry Weekly will take you to quickly review industry trends and clarify industry trends.
Table of contents:
Market overview
Institution and company dynamics
cryptocurrency market
Market overview
industry voice
Market overview
Institution and company dynamics
Polkadot/DeFi dynamics
1. Institutional and company dynamics
industry voice
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Market overview
According to CoinGecko data, as of 16:00 on April 16, 2021, the total market value of the cryptocurrency market was US$2,290.5 billion, an increase of 12% in the past 7 days. The USDT premium rate is 3.0%, and the average OTC price is ¥6.72.
According to OKEx data, as of 16:00 on April 16, 2021, BTC was temporarily at $61,500, an increase of 6.03% in the past seven days, and OKB was temporarily at $19.9. The long-short position ratio of the OKEx BTC contract is 1.61, and the multi-party forces have a slight advantage; the total position of the BTC contract is 3.2 billion US dollars, an increase of 14% from the same day last week.
1. Institutional and company dynamics
1. The Coinbase team completed the bell-ringing ceremony and officially listed on NASDAQ
On April 14, the Nasdaq Exchange officially tweeted: Today Coinbase CEO Brian Armstrong and the Coinbase team completed the Nasdaq bell ringing and listed under the stock code COIN. The tweet is accompanied by a moving picture of Coinbase on the big screen in Times Square.
[Interpretation] The closing price of Nasdaq's first day of listing on Wednesday was US$328.28, with a valuation of US$86 billion, including unvested stock options and restricted stocks and a market value of US$65.39 billion. Historic moment!
2. The total asset management scale of Grayscale exceeded USD 50 billion
According to the official Twitter, as of April 14, EST, the total asset management scale of Grayscale exceeded US$50 billion, and now reaches US$50.6 billion. The Bitcoin Trust (GBTC) traded at $51.50 per share, down 6.24% from the previous day; the Ethereum Trust (ETHE) traded at $22.18 per share, down 6.10% from the previous day.
According to Financial Street, on April 14, New York City real estate tycoon Kent Swig became interested in cryptocurrencies after learning more about cryptocurrencies from his son. Dignity Gold, the token offering company of Swig and partner Stephen Braverman, has launched DIGau, a digital currency backed by gold. Swig has bought at least $6 billion in gold to back its new cryptocurrency.
2. Cryptocurrency market
【Interpretation】Bitcoin is becoming the gold of the Internet world, and real gold is being "sucked" by this virtual gold. Whether the gold-backed digital currency DIGau issued by Kent Swig can be recognized by the market is a big question mark.
4. Coinbase landed on Nasdaq, IDG capital is expected to get thousands of times the return on investment
According to 36 Krypton news, on April 14, the US cryptocurrency exchange Coinbase landed on Nasdaq, and its stock price soared to US$429 on the first day of listing, corresponding to a market value of US$112 billion. Based on this market capitalization, it is expected that Coinbase shareholder IDG Capital will receive thousands of times the return on investment. According to public information, IDG Capital invested in Coinbase’s angel round as early as 2012 when the blockchain and digital asset industries were still in their infancy.
[Interpretation] This includes the encryption fund giant a16z. It is understood that Chris, a partner of a16z, led the company's first investment in Coinbase in 2013. By 2020, a16z has invested in Coinbase 8 times.
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2. Cryptocurrency market
1. The survey shows that 20% of users believe that the price of Bitcoin will exceed $100,000 this year
Recently, Currency.com shared one of their surveys, which showed that about 20% of Currency.com users believe that the price of Bitcoin will exceed $100,000 this year. In addition, 53.8% of users believe that in a year's time, the price of Bitcoin will be between 50,000 and 100,000 US dollars, while 17.3% of respondents believe that the price of Bitcoin will fall to 25,000 to 100,000 US dollars. $50,000. Opinions also differ markedly on whether Bitcoin’s valuation is in line with its true value. Nearly half (44.8%) of current users believe that the price of Bitcoin matches its actual value. While 35.6% of users believe that Bitcoin is overvalued, and 19.5% of users believe that Bitcoin is undervalued.
[Interpretation] At present, Bitcoin is 61,000 US dollars, and it will rise by 64% to 100,000 US dollars.
2. Report: Long-term Bitcoin holders are less willing to sell BTC
On April 15, Coindesk issued a document saying that in the past year, Bitcoin has nearly tripled, which has rewarded long-term holders (HODLers) who are still in the accumulation phase. This suggests that the bullish activity has only just begun after Bitcoin breached its all-time high of $63,000. According to a new report from Glassnode, long-term Bitcoin holders are less willing to sell relative to previous bull runs.
Bitcoin mining consumes 66 times more electricity than it did in late 2015, according to a recent report from Citigroup Inc., citing Cambridge University data that said the network's global electricity demand could have hit 143 by mid-April. MWh of annual electricity generation, about 4% higher than Argentina's total electricity generation in 2019. Citigroup analysts said in the report: As the value of Bitcoin rises, energy consumption also rises accordingly. Given its impact on the climate, the expansion of bitcoin mining could face increasing regulations.
3. Polkadot/DeFi dynamics
[Interpretation] Bitcoin mining = power consumption = climate impact. If this logic holds true, then the power and computer equipment consumed by the complex settlement system of the banking system are far greater than the energy consumed by Bitcoin mining. Does it mean that we Need to replace the centralized and expensive bank settlement system with the more advanced Bitcoin?
4. Report: Digital asset fund inflows fell to $83 million last week
According to CoinDesk, the latest report from digital asset investment company CoinShares shows that although the latest round of profit-taking seems to have weakened, the net inflow of digital asset investment products decreased by about US$23 million to US$83 million last week. Increased inflows into products other than bitcoin and the popularity of ethereum "suggest that investors are starting to turn their attention to alternative digital assets," CoinShares said.
[Interpretation] In the first week of April, the digital encryption fund had an inflow of US$106 million, and the inflow of US$83 million in the second week (this week). Although it has declined, compared with the US$20 million in the last week of March, this week’s inflow Still pretty impressive.
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3. Polkadot/DeFi dynamics
1. Polkadot Weekly Report: Rococo has successfully upgraded, and each test parachain has increased to 17 validators
According to the Polkadot weekly report, Rococo has successfully upgraded, and each test parachain has increased to 17 validators.
1) Referendum 19 awaiting execution canceled a false proposal, which has passed with >99.9% yes. Even more controversial is the 21st referendum, hoping to rapidly increase the number of validators, which currently fails with 7.75% support.
2) Polkadot officially announced the Kusama auction rules. The key to Kusama's scalable multi-chain architecture is that the parachain rents a slot on the relay chain through a permissionless auction to connect to the network.
3) As Polkadot's canary network, Kusama will first launch parachain auctions for testing and optimization. It is likely that the parachain will be gradually launched on the Kusama network at the beginning, so as to ensure that everything can be carried out smoothly, but there are no promises.
4) Patract publishes a post on polkaassembly to solicit feedback on treasury plans for the next Redspot milestone.
5) Tether CTO announced that the USDT stablecoin will be issued on Polkadot and Kusama network's parachain Statemint.
6) The minimum number of staked DOTs that Era is currently rewarded with is 262.8 DOTs.
7) The Kusama Council is discussing the treasury proposal proposed by CryptoLocally to integrate Kusama into CryptoLocally.
According to news from Beincrypto on April 15, CoinGecko released its first quarter report for 2021. The report shows that the combined market capitalization of the top 30 cryptocurrencies has grown by 146%, and the trading volume has also increased by 155%. The report states that “altcoin season is upon us,” with Bitcoin’s dominance down 5.7%. Altcoins have performed strongly over the past few weeks. The DeFi market capitalization hit a record $95.7 billion during the quarter, up 382% from the start of the year and growing.
4. Industry voice
[Interpretation] The spring of the altcoin world and the DeFi world is here.
3. Song Mingshi: Confirmed that Plasm will deflate 1000 times, and it is expected to be listed on the exchange from June to July
On April 14th, the "Biworld Investment Code and Polkdot Frontier Offline Sharing Session" hosted by Bishijie was held in Beijing. At the meeting, Plasm China representative Song Mingshi introduced the characteristics of the Plasm Network platform, the first is the smart contract chain, and the second is compatibility. He said that DEPP is the most essential mechanism of the entire Plasm Network. Song Mingshi mentioned that members who participated in the first two rounds of the Plasm Network can directly obtain 1:1 SDN tokens through the Plasm tokens they hold. He also said that 1000 times deflation was confirmed, and the total amount of 45 billion tokens became 45 million. Regarding the time of listing on the exchange, Song Mingshi said that the current plan is after the auction, which is expected to be in June to July.
[Interpretation] Shiden Network is the leading network of Plasm Network, and the total amount of tokens has been deflated from 45 billion to 45 million.
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4. Industry voice
1. Gu Yanxi: In terms of Bitcoin as a safe-haven asset, American users choose very extreme, but there will still be a large amount of capital inflow
On April 13, Gu Yanxi, a blockchain and encrypted digital asset researcher, published a column saying that the additional issuance of the US dollar has brought about the depreciation of the US dollar and the inflated value of all assets priced in US dollars. For institutional investors, they must consider how to deal with the actual depreciation of their own assets brought about by such market developments. They began looking at alternative assets that could hedge against such market risks. Among these alternative assets, the safe-haven value of Bitcoin has gradually been recognized by the market. As this recognition increased, more institutions and individuals began to hold Bitcoin. In his article, he pointed out that Bitcoin was designed to provide a currency solution beyond the existing legal currency. In its design, the total amount of Bitcoin is certain. This avoids the characteristics of additional issuance of legal currency. Another basic requirement for a safe-haven asset is its weak correlation with other mainstream assets. The smaller the correlation, the higher its value as a safe-haven asset. According to a recent report, the correlation between Bitcoin and gold and the S&P500 is now increasingly trending towards 0, and the negative correlation with the US dollar has also begun to appear. Therefore, in terms of correlation with other assets, Bitcoin has more and more safe-haven value.
Gu Yanxi also said in the article that in the current US market, the continuous issuance of US dollars has caused widespread concerns about the depreciation of the US dollar. Therefore, the natural selection of the market can hedge against the risk of dollar depreciation. Bitcoin has also become the choice of safe-haven assets for some individuals and institutions. The common practice of financial institutions now is to use 0.5%~1% of their assets to hold bitcoins, so as to hedge the market risk of the entire investment portfolio. At the other extreme, there are naturally a large number of institutional and individual investors who are not optimistic about Bitcoin, and choose gold or some types of bonds as safe-haven assets. Therefore, in the U.S. market, in terms of choosing Bitcoin as a safe-haven asset, users' choices are still on a very extreme continuum. But judging from the current market development in the United States, more and more funds will flow into Bitcoin.
【Interpretation】Summary: The flooding of U.S. dollars has caused widespread concern in the fiat currency world. BTC has become the best choice for value storage. There will still be a huge amount of fiat currency entering the encrypted world in the future.
2. The CEO of Ouyi OKEx shouted to the producer of "The Simpsons": I hope to play a guest role to explain Bitcoin
The latest episode of the American animation "The Simpsons" shows that the value of Bitcoin has risen to an infinitely high level. In this regard, OKEx CEO Jay Hao tweeted that this may be the 19th time that "The Simpsons" has accurately predicted the future and made it through the air Man, hoping for a cameo role explaining Bitcoin.
[Interpretation] If this wish is realized, in the new season of "The Simpsons", there may be a Chinese geek with an image similar to Jay Hao, explaining to people what Bitcoin is on the street.
