Gemini reports the state of crypto globally. And will Musk integrate Dogecoin into Twitter? More importantly, the largest bitcoin conference kicks off today in Miami. Will Apple have any surprise announcements?
All that and much more!
TLDR:
- Gemini’s “State of Crypto Globally” report.
- Dogecoin + Twitter.
- Michael Saylor ups the ante.
- Call of Duty + NFTs.
Market
Gemini’s “State of Crypto Globally” Report.
Owned by the Winklevoss twins and one of the most respected crypto exchanges in the US, Gemini released its first “Global State of Crypto” report to “explore the attitudes, drivers, and adoption of crypto globally.” The report surveyed 30,000 individuals in 20 countries from November 2021 through February 2022.
Some notable takeaways:
- 41% of crypto global crypto owners purchased crypto for the first time in 2021.
- Of the people who didn’t own crypto, 41% of the cohort plans to buy crypto in the future. Additionally, 47% of the group that plans to buy crypto were women.
- Respondents in countries whose currency devaluation exceeded 50% vs. the USD over the last ten years were five times as likely to show interest in purchasing crypto.
- Of those who didn’t own cryptocurrencies, the most significant barrier is lack of education, but security poses a considerable concern.
Why haven’t you ever bought crypto?
Source: Gemini Report
- When asked if “Crypto is the future of money?” a whopping 59% in Latin America and 58% in Africa agreed. In contrast with 12-23% of Europeans and Americans.
- 79% of all respondents see crypto as a “store of value” and buy it for its long-term potential.
The data concluded that inflation appears as the strongest driver for crypto adoption globally, which grew in a year when many governments money-printed themselves through a pandemic. Additionally, the gender gap is closing as trust in crypto increases.
The cryptoverse lacks a reliable and trusted education source, which could prove a challenge considering the various aspects of the asset class. However, regardless of educational barriers, adoption looks healthy globally, with many sideliners waiting for the right opportunity to enter. According to the report, starting with the people affected the worst by national currency devaluation, crypto is emerging as a viable choice to fiat. All in all, the report paints a promising picture for the future of crypto assets globally.
Market update 🌍
The stock market became spooked when Federal Reserve (Fed) Governor, Lael Brainard, and Fed President, Mary Daly, spoke today and reiterated the Fed’s intentions to combat inflation through rate hikes. Daly went as far as to say “inflation is as harmful as not having a job.” Well, no sh*t. We all know rate hikes are coming. The market knows rate hikes are coming. So, I could only attribute Daly’s comments as an effort to cool down a red-hot stock market rebound. The S&P 500 was down -1.26%, and the VIX (Volatility Index/ fear gauge) jumped +13.24%, the highest print in 19 days.
Bitcoin (BTC) played ball, with a quick dip down to the US$44,450 region, which appears to have been quickly bought up.
And it’s possible it was Do Kwon pulling the trigger.
Is he frontrunning the big announcement…?
Who knows.
And the question on everyone’s mind is if we can expect more downside. If history were to repeat itself, we could see further price depreciation this week, the week of the Bitcoin Conference in Miami. Plus, we have the FOMC minutes coming out later today. And we can’t depend on Do Kwon to singularly support the market.
However, bitcoiners and degens alike are hoping some major announcements could propel markets upwards, after rumors of Apple involvement were sparked by Strike’s CEO Jack Maller’s overly obvious Twitter clues.
Finally, you either love it or hate it, but Dogecoin (DOGE) re-entered the limelight after Elon Musk purchased a 9.2% stake in Twitter and today joined its board of directors. Musk, a supporter of the meme coin, has ignited hopes it will become integrated into the social media platform. As a result, DOGE jumped +16.30% and reclaimed a US$22 billion marketcap on the news.
| US markets close | Gain |
| S&P 500 | -1.26% |
| Nasdaq | -0.18% |
| Dow | -0.81% |
| VIX | +13.24% |
Notable Gainers (24h)
| Protocol (Coin) | Price ($) | Gain (%) |
| Dogecoin (DOGE) | 0.17 | +15 |
| Mina Protocol (MINA) | 3.36 | +8 |
| Humans.ai (HEART) | 0.05 | +6 |
| Synapse (SYN) | 3.96 | +25 |
| Astroport (ASTRO) | 3.73 | +17 |
| TitanSwap (TITAN) | 2.58 | +43 |
| Boba Network (BOBA) | 1.71 | +18 |
| Ronin (RON) | 2.13 | +15 |
| RMRK (RMRK) | 20.41 | +10 |
| Bitcoin Fear and Greed Index | 53 Neutral (+1) |
| “Crypto” Google Trends | 36 (+5) |
| “Bitcoin” Google Trends | 33 (-4) |
Newswatch 📰
- Mind your own business. Despite the US’s lack of fiscal self-control, two US house representatives introduced a bipartisan bill to mitigate the risk of El Salvador’s bitcoin adoption titled the El Salvador (ACES) Act.
- Michael Saylor’s turn to buy. MicroStrategy purchased another 4,000 BTC for an estimated US$190.5 after securing a BTC-backed loan last week. Will Do Kwon and LFG follow?
- Crypto rich. Forbes releases “The Richest Crypto and Blockchain Billionaires in the World 2022.” Top three on the list:
- 1. Changpeng Zhao (Binance) – US$65 billion.
- 2. Sam Bankman-Fried (FTX) – US$24 billion.
- 3. Brian Armstrong (Coinbase) – US$6 billion.
On-chain ⛓
- Lightning Labs, the firm behind the Bitcoin Lightning Network, raises US$70 million to expand the network into a multi-asset layer atop Bitcoin. The additional layer will set the stage for stablecoins, NFTs and altcoins on top of Bitcoin.
- The Cardano Foundation announces a three-year partnership with Zurich University to expand academic blockchain research.
- Ethereum Layer-2 scaling solution, Boba Network (BOBA), secures a US$45 million series A round at a US$1.5 billion valuation behind 400 various investors. The fund will go towards the subsequent phases of strategic growth.
NFT & metaverse update 🐵
- News leak. According to reports, gaming giant, Activision Blizzard, considers incorporating NFTs into Call of Duty games. However, traditional gamers are seemingly not stoked about the information.
Notable mints:
| Project | Community score | Mint price | Date of mint | Time (UTC) |
| Shinsekai | 80 | 0.15 ETH | April 7 | 03:00 |
Banter’s take
It wasn’t just a feeling. Crypto appears to be growing globally, according to Gemini. To no surprise, the misuse of treasuries by governments is the most significant driver of adoption. So that’s that, what many had assumed.
But today, our focus turns to the Bitcoin Conference in Miami, and I heard the potential Apple announcement will be live-streamed by Banter. Is Apple integrating the Lightning Network into Apple Pay? Or are they planning to add bitcoin to their balance sheet? So many potentially tingly-good surprises in store! It should be a fun day, so get the f*ck outta bed in Banter fashion!
-Gabri
