NYC NFT Conference Recap, Ethereum's Shanghai Upgrade, Ontario Teachers Pension Fund Avoids Crypto, and the Latest on Pepe Token
A Comprehensive Overview of the Latest in the Cryptocurrency and Web 3.0 Space, Including Major Updates and Market News You Need to Know
NYC NFT
Last week, I had the incredible opportunity to attend NYC NFT in New York City. The experience was simply phenomenal! It was wonderful to catch up with familiar faces in the space and meet some of our portfolio companies in person. Many have been inquiring about the atmosphere at NYC NFT, and I can confidently say that the energy was electric. The conference was a testament to how the bear market has motivated countless individuals to put their heads down and create incredible products. As the markets begin to recover, these talented individuals are now bursting with enthusiasm, and it was truly inspiring to witness. Overall, it was an unreal week that left me ecstatic, and I am thrilled to share my thoughts with you all again through this newsletter.
On March 12th, the Ethereum network underwent a remarkable upgrade called the Shanghai Upgrade. This change is the largest one to date, and it empowers validators to withdraw their staked coins. This marks the first significant upgrade since the merge in September 2022, which transitioned the Ethereum network to a proof-of-stake system. Under this system, users leverage cryptocurrency as a form of guarantee to help secure and confirm new data blocks.
Bitcoin
Bitcoin prices have taken a hit, plunging to 28k, marking the third consecutive day of losses and leaving traders on edge. This market slump was triggered by the Federal Reserve's announcement of an upcoming quarter-point interest rate hike in May, causing Bitcoin to decline. The economic situation is deteriorating, with several industries experiencing distress, leading many to speculate that a recession is on the horizon. While the terminology around the current economic situation remains uncertain, experts suggest that it will only get worse. The Federal Reserve's interest rate raise will only compound the problem. If we enter a recession with skyrocketing unemployment rates, the Fed must use its standard playbook: either print more money out of thin air or cut rates.
Despite the uncertainty and volatility, one of Bitcoin's most remarkable features is that it is decentralized, immune to inflation, and beyond government control. This makes it a unique store of value that has proven highly resilient, especially during economic turmoil. However, the ongoing regulatory uncertainty around cryptocurrency’s future has left many investors hesitant, as evidenced by SEC Chair Gary Gensler's recent testimony before the United States House Financial Services Committee.
The potential for a channel downtrend looms if Bitcoin fails to remain above the 50-day moving average of 26k. However, the 200-day moving average of 21.396 remains bullish.
Crypto News
Ontario Teachers Pension Fund Avoids Crypto after $95M FTX Loss
The Teacher Pension Plan of Ontario has announced a write-off of its $95 million investment in FTX, the now-bankrupt cryptocurrency exchange. In light of this, the $190 billion Canadian pension fund has resolved to proceed with caution in any future dealings with cryptocurrency investments. In addition, it investigates the failed investment's circumstances to ensure such events do not recur.
You've probably already heard of $PEPE, which has been making headlines since its launch on April 16, 2023. Like many other projects in the space, the creators of Pepe token prefer to remain anonymous, which is par for the course in the Web 3 world. The token takes its inspiration from the iconic "Pepe the Frog" meme, which has captured the hearts of millions since the 2010s.
Meme coins are a type of cryptocurrency that draws inspiration from internet memes, aiming to capture the attention of social media users who can't get enough of these hilarious digital creations. While meme coins are undoubtedly risky, they also offer the potential for high rewards, which is why they've become so popular among Web 3 degens.
PEPE coin is the newest player in the meme coin arena, and it's already making some serious noise. With a circulating supply of 420 trillion, this token has gained a following of over 34,000 holders, and its market capitalization has skyrocketed to almost $100 million. NFA and DYOR
I hope you're all enjoying my crypto and digital asset newsletter! I'm eager to hear your thoughts on any subjects you'd like me to dive into over the next few weeks. Please feel free to share my newsletter with people who want to learn about the latest in Web 3
Not Financial Advice
Please note that all opinions in my newsletter are strictly my own and should not be considered financial advice. It is important to conduct your own research and make your own investment decisions. Always consult a qualified financial advisor before making any investment decisions.