5 Things to Know in Crypto This Week 💡

Bitcoin and Ethereum Prices Drop as Fear Grips Crypto Markets 🙃

• The 'Crypto Fear and Greed Index' currently stands at 28, indicating "fear," as Bitcoin (BTC) dropped 3% to $58,172 and Ethereum (ETH) fell 2.9% to $2,584.

• The U.S. government transferred nearly $600 million worth of Bitcoin to Coinbase, likely signaling a potential sell-off, contributing to market anxiety.

• Over the last 24 hours, 39,835 traders were liquidated, totaling $95.01 million in liquidations, with $18 million in long Bitcoin positions.

• View Full Article

Cardano Drops Out of the Top 10 by Market Cap ☠️

• Cardano’s ADA token has dropped to the 11th-largest cryptocurrency by market capitalization, now at $11.9 billion.

• ADA has been losing market share since January, despite a brief recovery post-2022 bear market.

• Launched in 2017 by Charles Hoskinson, Cardano was an early adopter of the proof-of-stake consensus algorithm.

• ADA’s market dominance peaked at 4.24% in 2022 but has since declined to 0.58%.

• View Full Article

Why DePIN Is Taking Off Now 💥

• DePIN (Decentralized Physical Infrastructure Networks) is evolving from its 2019 focus on digital infrastructure to include data and service networks, leveraging blockchain for decentralized coordination and impacting physical infrastructure.

• DePIN projects operate as two-sided marketplaces with a demand side (users seeking services/products) and a supply side (decentralized infrastructure like nodes and sensors).

• Supply side growth is driven by decreasing costs of infrastructure (memory and compute costs have dropped significantly) and improved utility token designs that align stakeholder incentives.

• View Full Article

Crypto's Recent Obession with ‘Prediction Markets’ and Election Betting Expands to Solana 🎰

• Solana-based Drift protocol is launching a Polymarket-style prediction market, allowing users to bet on binary outcomes using cryptocurrencies.

• Unlike Polymarket, Drift's ‘BET’ service will let users use various cryptos as collateral and earn yield on that collateral before the event's outcome.

• Prediction markets are gaining traction this election cycle, with mainstream media often citing Polymarket-derived statistics.

• Drift aims to attract Solana traders who avoid Polymarket due to its use of Polygon, offering a more DeFi-integrated experience.

• View Full Article

Kamala Harris likely to Crypto Critic Gary Gensler as Treasury Secretary if Elected: Senate Sources 🦅

• Senior Senate officials have confirmed Harris's plans to potentially nominate Gary Gensler as Treasury Secretary if she were to be elected.

• Crypto investors initially welcomed Gary Gensler due to his background in Bitcoin and blockchain courses at MIT, but their sentiment has turned negative since he took office.

• Former President Trump has stated he would remove Gensler if re-elected, and many investors support this view as Gensler is likely to implement stricter regulations.

• View Full Article

Thank you for reading this edition of Digital Asset Insights!

Let us know what you think!