Crypto Weekly Update #7 - 06/04/2021
This week there has been plenty of talk of large companies applying for licenses and ETFs, as well as developments in the NFT space. First we had news that SEC-registered crypto issuer INX is expected to complete their IPO in April, followed by CoinShares launching their physical backed Litecoin ETP. Data recently published showed how venture capitalists have invested over a staggering $16B into blockchain equity projects since 2012. Following successful pilot tests, Paxos has finally applied for a license with the SEC.
Akon has also been in the news as he hopes to build a second African crypto-based city in Uganda. Utilising Akon's Stellar network based Akoin (AKN), the team debuted a debit card which allows holders to spend AKN across 40 million online merchants across the world. Akon City is expected to reach completion by 2036.
The launch of PayPal's cryptocurrency feature doesn't seem to have had as big of an effect as initially intended, partly due to them converting the crypto back into fiat at checkout, so the merchant doesn't actually receive the cryptocurrency itself. There have been rumours lately though that PayPal will allow merchants to receive Litecoin in its fully form, potentially setting it up for an insane price action upwards hopefully!
XRP has been on fire in the past few days, with it surpassing $1 earlier today. As I'm writing, it appears they have won a discovery ruling that will require the SEC to hand over internal documents about Bitcoin and Ethereum. If Ripple were to win the entire lawsuit, it could be the perfect catalyst needed to propel the crypto space beyond the $2T total market-cap it hit just yesterday. Analysis shows at the peak of this cycle, the market-cap of the entire space could exceed $6T.
With my fixed term deposits on Nexo expiring as well, I converted the interest made in NEXO Tokens into BTC, retaining the initial investment to ensure my account was at platinum loyalty. This interest from hodling my crypto on the platform equalled 0.00712816 BTC, not too shabby.
April has definitely gotten off to a good start.
Weekly Change: +13.65%
Monthly Change: +28.30%
All Time Change: +186.79%
SLT is a project that has caught my eye in recent days. From their website, "Smartlands is the first UK-based digital investments platform with a proven use case for tokenising shares in real assets and issuing digital assets".
With LUNA dipping during this alt-pump as well, it may worth picking some up and using it to stake UST on the Anchor Protocol. OGN seems to have pumped 30-40% in recent days, which is a shame because I was looking to get into it before a pump.
Definitely time to start looking into projects on the Cosmos blockchain as well, after the launch of their IBC protocol (inter-blockchain communication).