First Mover Asia: Bitcoin Holds Firm Below $30K as Sam Bankman-Fried Returns to Incarceration

First Mover Asia: Bitcoin Demonstrates Resistance to CPI Effects

First Mover Asia: BTC and ETH Maintain Stability, While COMP and AAVE Experience Losses

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Cardano's latest upgrade focused on DeFi has introduced Hydra Head, a scaling tool that has now gone live on the blockchain's mainnet. Hydra Head functions as a "mini ledger" shared among a small group of participants, which significantly speeds up transactions. This upgrade is expected to enable developers to incorporate specialized DeFi protocols on top of Cardano, potentially rivaling the utility of Ethereum. Following the upgrade, Cardano's native token ADA has experienced a slight increase of 1.45% in the past 24 hours, outperforming the broader crypto market, which has fallen by 3.16%, as reported by the CoinDesk Market Index.

 

 

The Milady NFT collection experienced a surge of up to 60% in value after Elon Musk publicly acknowledged it, drawing similarities with his previous support for dogecoin. The Milady collection showcases cartoonish profile pictures with wide-eyed, childlike faces, and Musk tweeted one of the images with the caption, "There is no meme, I love you." Following his tweet, the collection became one of the most sought-after NFTs on the OpenSea marketplace, with prices reaching as high as $13,700 worth of ether at its peak and trading volumes exceeding $22 million in the last 24 hours. However, traders should exercise caution due to the parallels with dogecoin, as Musk's previous endorsements of DOGE have resulted in short-lived price increases for the memecoin.

Crypto mining company Hive Blockchain is planning to generate up to $100 million by selling common shares via an at-the-market offering to finance its goal of doubling its computing power. Hive aims to increase its hashrate from 3 exahash/second (EH/s) to 6 EH/s, with part of this target potentially achievable by the end of Q2 using machines already purchased. There is no information available on the sale's timeline, but Canadian investment firms Canaccord Genuity and Stifel will act as agents. After the tumultuous events of 2022, during which many miners went out of business, companies are taking advantage of the modest increase in crypto prices this year to establish new growth and operational objectives.

Chart of the Day

  • The displayed graph illustrates the 30-day options skew for Bitcoin, which refers to the variance between the costs of bullish call options and bearish put options purchased by traders.
  • At press time, the skew reached its lowest point in two months, falling to -2.37, which suggests a preference for put options.
  • The higher premium on put options implies a bearish sentiment towards spot prices.

Source Coindesk