July 10, 2023
First Mover Asia: Bitcoin Opens Week Defending $30K Support Level
Good morning. Here’s what’s happening: Prices: A Bitcoin ETF might be a divisive idea for some in the industry, but it's all the market has on its mind. Insights: The dYdX Foundation's Charles d'Haussy talks about the future of the platform post-Ethereum, and what he sees as developing regulatory trends. Bitcoin Opens Week Defending $30K Support Level A bitcoin ETF is the only thing on the market’s mind. BlackRock CEO Larry Fink’s embrace of bitcoin – an about-face for the finance executive – is dividing analysts and the industry at large. “So-called mainstream adoption will bring waves of new entrants to bitcoin, and the risk is that they won’t care, and won’t protect the decentralization properties that make it valuable over centralized alternatives in the first place,” Alex Thorn, head of research at Galaxy, wrote last week in his report. But the market, at large, doesn’t seem to mind, not caring about the nuances of decentralization. The world’s largest digital asset continues to defend the $30,000 mark, opening Asia’s trading week at $30,171. Ether is also holding above $1,800, trading at $1,863. “In a largely uneventful week, we saw bitcoin trending downward to test support levels near $30K,” BitBull Capital’s Joe DiPasquale said in a note to CoinDesk. “However, the market leader managed to defend the key level despite news of the SEC calling ETF filings inadequate.” BlackRock has refiled its application, and DiPasquale says the market awaits more clarity around this development. “We still maintain that continued trading above $30K will see more attempts to go higher. Meanwhile, $27K remains a strong support for now,” he said. Looking ahead to later this week, the market will have its eye on inflation numbers and jobless claims, two figures that the Fed will consider when making its next moves on rates. Expect crypto to trade accordingly. DYdX Foundation CEO Calls Move to Own Blockchain From Ethereum a Prelude DYdX announced last year that it was leaving Ethereum for its own proprietary blockchain, on Cosmos, over concerns about the scalability of the blockchain . In early April, the exchange announced it had launched a V4 of its private testnet, a pivotal step in its roadmap. In a recent interview with CoinDesk at the IVS Crypto Conference in Japan, Charles d'Haussy, the CEO of the dYdX Foundation, explained the move by equating it to tech sovereignty. Having its own blockchain, he explained, allows dYdX to control its full tech stack and not depend on the speed and trade-offs of Ethereum's roadmap. “When you sit on someone else’s blockchain, you have a dependency on their roadmap. It’s not yours,” he told CoinDesk. “By having our own chain, we are able to execute much faster by moving away from a general purpose blockchain.” DYdX isn’t a new platform, but there’s renewed interest in it as the Securities and Exchange Commission (SEC) goes after its centralized counterparts . The platform isn’t without its growing pains, and the question at the end of the day will be if its new technology stack is the cure. Its token is down roughly 6% in the last month as the price of ether is up 1.3% , meaning the market is taking a cautious look at this as the exchange prepares for its next chapter. Part of Broader Trend D'Haussy views dYdX owning its own blockchain as part of a broader trend where major crypto applications are optimizing for specific uses, thus making general-purpose blockchains less suitable. “At the beginning, you start with a Swiss knife, doing everything, but eventually, you want to become a craftsman and have specialized tools,” he said. “So I think we’ll see a lot of application chains and more interconnectivity between blockchains.” But this doesn’t mean that dYdX will be centralized around its own chain. D'Haussy also highlighted that dYdX is "blockchain agnostic," continually evolving and upgrading its technology. He believes this kind of adaptability is a key characteristic of successful decentralized finance applications. DYdX’s new blockchain will be open for other platforms to build on, but D'Haussy pointed out that it's specifically designed for its own uses, and likened it to a "Formula 1 for decentralized finance." Diversity of validators To prevent centralized failure, dYdX aims for diversity among their validators in geographies, underlying service providers, and types of providers. D'Haussy foresees a rise in domestic validators due to certain regions lacking regulatory clarity. “We work on this to make sure that we've got a diversity of geographies, diversity of underlying service providers, a mix of cloud providers, a mix of what we call bare metal providers,” he said. D'Haussy predicts that in the coming years, regulations may require financial institutions to access public networks via domestic nodes, in order to ensure that activities on-chain fall under the purview of local regulators, which will significantly increase the demand for domestic validators. Which means regulated crypto derivatives trading — if you’re in the right part of the world. 9:30 a.m. HKT/SGT(1:30 a.m. UTC): China Consumer Price Index (June/YoY/MoM) 1 p.m. HKT/SGT(5 a.m. UTC): Japan Economic Watchers Survey (June/Current and Outlook) 3 p.m. HKT/SGT(7 a.m. UTC): China M2 Money Supply (June/YoY) In case you missed it, here is the most recent episode of "First Mover" on CoinDesk TV : Binance's CZ Brushes Off News of Execs Leaving; Bitwise CIO on Spot Bitcoin ETF Race Fortune reports at least three executives left Binance as the company prepared to defend itself on multiple fronts. Fairlead Strategies Founder Katie Stockton shared her crypto markets analysis after the June U.S. jobs report was released. Bitwise CIO Matt Hougan and Ether Capital CEO Brian Mosoff weighed in on the spot bitcoin ETF race. And, Horizen CEO Rob Viglione explained why the self-described layer 0 blockchain was shedding its privacy coin moniker. Coinbase Knew It May Have Been Violating the Law Prior to the SEC's Lawsuit, Regulator Claims: The SEC pushed back against a previous Coinbase filing which argued that the regulator did not have sufficient jurisdiction to bring a lawsuit. BlackRock CEO’s Turnabout on Bitcoin Elicits Cheers, Skepticism of Crypto Cred: Larry Fink, CEO of the world’s biggest asset manager, says crypto could “revolutionize finance,” endorsing an industry he once viewed with skepticism. But the very nature of an ETF is at odds with the original ideals of Bitcoin. Three Arrows Capital Liquidator May Try to Claw Back About $1.2B From DCG, BlockFi: A July 7 report from Teneo, the hedge fund’s liquidator, described the potential claims. Binance Feels Strain of World’s Regulators Leaping Into Action: This week’s Australian probe, which sought out Binance employees outside the office, is only one of a growing list of legal entanglements facing the world’s biggest crypto exchange. The Real Use Case for CBDCs: Dethroning the Dollar: Central bank digital currencies will revolutionize how companies settle international trade and reduce the need for greenbacks in the world economy, says Michael Casey. Edited by James Rubin.
Related Stories
Latest News
Top news around the world
Academy Awards

‘Oppenheimer’ Reigns at Oscars With Seven Wins, Including Best Picture and Director

Get the latest news about the 2024 Oscars, including nominations, winners, predictions and red carpet fashion at 96th Academy Awards

Around the World

Celebrity News

> Latest News in Media

Watch It
JoJo Siwa Reveals She Spent $50k on This Cosmetic Procedure
April 08, 2024
tilULujKDIA
Gypsy Rose Blanchard Files for Divorce from Ryan Anderson
April 08, 2024
kjqE93AL4AM
Bachelor Nation’s Trista Sutter Shares Update on Husband’s Battle With Lyme Disease | E! News
April 08, 2024
mNBxwEpFN4Y
Alan Tudyk Does All His Disney Voices
April 08, 2024
fkqBY4E9QPs
Bob Iger responds to critics who call Disney "too woke"
April 06, 2024
loZMrwBYVbI
Kirsten Dunst recites a classic cheer from 'Bring it On'
April 06, 2024
VHAca3r0t-k
Dr. Paul Nassif Offers Up Plastic Surgery Warning for Gypsy Rose Blanchard | TMZ
April 09, 2024
cXIyPm8mKGY
Reba McEntire Laughs at Joy Behar's Suggestion 'Jolene' is Anti-Feminist | TMZ TV
April 08, 2024
11Cyp1sH14I
NeNe Leakes Says She's Okay with Cheating If It's Done Respectfully | TMZ TV
April 08, 2024
IsjAeJFgwhk
Ben Affleck and Jennifer Lopez’s wedding was 20 years in the making
April 08, 2024
BU8hh19xtzA
Bianca Censori wears completely sheer tube dress and knee-high stockings for Kanye West outing
April 08, 2024
IkbdMacAuhU
Kelsea Ballerini tells trolls to ‘shut up’ about pantsless CMT Music Awards 2024 performance #shorts
April 08, 2024
G4OSTYyXcOc
TV Schedule
Late Night Show
Watch the latest shows of U.S. top comedians

Sports

Latest sport results, news, videos, interviews and comments
Latest Events
08
Apr
ITALY: Serie A
Udinese - Inter Milan
07
Apr
ENGLAND: Premier League
Manchester United - Liverpool
07
Apr
ENGLAND: Premier League
Tottenham Hotspur - Nottingham Forest
07
Apr
ITALY: Serie A
Juventus - Fiorentina
07
Apr
ENGLAND: Premier League
Sheffield United - Chelsea
07
Apr
ITALY: Serie A
Monza - Napoli
07
Apr
GERMANY: Bundesliga
Wolfsburg - Borussia Monchengladbach
07
Apr
ITALY: Serie A
Verona - Genoa
07
Apr
ITALY: Serie A
Cagliari - Atalanta
07
Apr
GERMANY: Bundesliga
Hoffenheim - Augsburg
07
Apr
ITALY: Serie A
Frosinone - Bologna
06
Apr
GERMANY: Bundesliga
Heidenheim - Bayern Munich
06
Apr
GERMANY: Bundesliga
Borussia Dortmund - Stuttgart
06
Apr
ENGLAND: Premier League
Brighton - Arsenal
06
Apr
ITALY: Serie A
Roma - Lazio
06
Apr
ENGLAND: Premier League
Crystal Palace - Manchester City
06
Apr
ITALY: Serie A
AC Milan - Lecce
04
Apr
ENGLAND: Premier League
Chelsea - Manchester United
04
Apr
ENGLAND: Premier League
Liverpool - Sheffield United
03
Apr
ENGLAND: Premier League
Arsenal - Luton
03
Apr
ENGLAND: Premier League
Manchester City - Aston Villa
02
Apr
ENGLAND: Premier League
West Ham United - Tottenham Hotspur
01
Apr
SPAIN: La Liga
Villarreal - Atletico Madrid
01
Apr
ITALY: Serie A
Lecce - Roma
01
Apr
ITALY: Serie A
Inter Milan - Empoli
31
Mar
ENGLAND: Premier League
Manchester City - Arsenal
31
Mar
SPAIN: La Liga
Real Madrid - Athletic Bilbao
31
Mar
ENGLAND: Premier League
Liverpool - Brighton
30
Mar
SPAIN: La Liga
Barcelona - Las Palmas
30
Mar
ENGLAND: Premier League
Brentford - Manchester United
30
Mar
ITALY: Serie A
Fiorentina - AC Milan
Find us on Instagram
at @feedimo to stay up to date with the latest.
Featured Video You Might Like
zWJ3MxW_HWA L1eLanNeZKg i1XRgbyUtOo -g9Qziqbif8 0vmRhiLHE2U JFCZUoa6MYE UfN5PCF5EUo 2PV55f3-UAg W3y9zuI_F64 -7qCxIccihU pQ9gcOoH9R8 g5MRDEXRk4k
Copyright © 2020 Feedimo. All Rights Reserved.