Crypto Weekly Update #5 - 23/03/2021
It's been a largely sideways trading week for crypto. It seems the space is just waiting for the next hot piece of news for the next leg up on the journey in this bull-run. Stimulus checks are starting to hit households in the US, so this next week coming up could be very exciting!
In yet another historic moment for crypto, Morgan Stanley was the next big institution to dip its toes in Bitcoin this past week as we edge towards global acceptance of Bitcoin as an asset class, with news coming out that they would be offering access to Bitcoin funds for their wealthy clients.
"The bank considers it suitable for people with “an aggressive risk tolerance” who have at least $2 million in assets held by the firm. Investment firms need at least $5 million at the bank to qualify for the new stakes."
The market just had a small 10% dip a few hours ago, so the portfolio is slightly worse off compared to last week. No real action going on this week though, PayPal still not announcing the launch of their merchant payments service either. The calm before the storm maybe? We'll have to wait and see!
Weekly Change: +0.95%
Monthly Change: +1.16%
All Time Change: +134.96%
Having researched into Terra, it's certainly appealed to me. The Mirror protocol and recent launch of the Anchor protocol is definitely interesting. You can mint UST (Terra stablecoin) by burning LUNA, and can redeem the UST by minting LUNA in return.
The UST can be deposited and staked on Anchor for a healthy return of ~20-25%. It may be worth buying some LUNA after all during this dip to test out Anchor.
Aside from LUNA; DOT, ATOM and AAVE are the tokens I'll be purchasing next. It'll increase my portion of Ethereum competitors, and AAVE will provide exposure in DeFi.