🗞 Daily Crypto News, April, 13th💰

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Market Wrap: Bitcoin Near $60K as Coinbase Listing Stirs Fresh Crypto Hype

Bitcoin’s 24-hour range: $59,428.21-$61,219.72 (CoinDesk 20)

BTC trades between its 10-hour and 50-hour averages on the hourly chart, a sideways signal for market technicians.

Bitcoin surged early Monday to a four-week high of $61,219.72. Analysts said the largest cryptocurrency might have gotten a boost from the hoopla surrounding U.S. exchange giant Coinbase’s coming direct stock listing Wednesday.

In cryptocurrency circles, the “Coinbase effect” is when a digital token gets a price pump after getting listed on the cryptocurrency exchange. But bitcoin might get the benefit of a different type of “Coinbase effect” – if newbie investors, spurred by mainstream press coverage of the stock listing, decide to put money into cryptocurrencies.

.QCP noted that bitcoin prices, despite doubling so far this year, have underperformed the Standard & Poor’s 500 Index of large U.S. stocks in the past month, so a successful Coinbase listing might lead to a reversal.

Ether and altcoins

Ether hit a new all-time high price at $2,199.87 during trading hours in Asia Monday, but exchange tokens including Binance’s BNB and Uniswap’s UNI stole the thunder with staggering double-digit percentage gains.

BNB was up more than 15% in the past 24 hours, while UNI was up more than 20%, according to Messari.

The exchange tokens’ rally in the past month is a “spillover” from Coinbase’s listing, according to QCP, which warned that the fuss surrounding the event could lead to “too much short-term froth” in the crypto market.

🗞 Binance launches tradable stock tokens in Tesla

Cryptocurrency exchange Binance is launching tradable stock tokens that aim to enable a wider section of the public to pocket capital returns on equities, including potential dividends, without having to purchase full, traditional shares.

The first publicly tradable equity in the form of a Binance stock token will be Tesla, the share price of which currently hovers around the $700 mark. Rather than purchase a full, traditional share, for which custody of a physical share certificate is required, users can purchase as little as one one-hundredth of a Tesla share represented by a digital token. Binance stated:

“Each digital token represents one share of equity stock and is fully backed by a depository portfolio of underlying securities that represents the outstanding tokens. Users will be able to trade fractional tokens.”

🗞 Thorchain Is Ready to Grease the Wheels of Crypto-to-Crypto Trading

Thorchain, a standalone blockchain for decentralized crypto trading, is set to go live Tuesday, potentially lubricating the gears of a global $2 trillion market six months into a bull run.

Three years in the making (a lifetime in crypto), Thorchain works a lot like other automated market makers (AMMs) such as Bancor and Uniswap, but with an important difference: it enables trades of real cryptocurrencies from completely different blockchains – not “wrapped” or synthetic versions. With each new blockchain that can trade over Thorchain, the so-called “chaosnet” expands.

“April 13 is delivering on the initial promises of the white paper: Delivering on a multichain chaosnet,” Chad Barraford, the technical lead at Thorchain told CoinDesk in a phone call. “You’ll be able to swap freely from one chain to another, one asset to another.”

If it works as intended, users will be able to make such swaps with real currencies (not an ersatz version like wrapped BTC on the Ethereum network) and without having to trust an intermediary. AMMs have been the leading kind of decentralized exchange (DEX) that are key to the decentralized finance (DeFi) boom on Ethereum, the second-largest blockchain.

Swapping

Thorchain uses a mechanic that’s very similar to that pioneered by Bancor. Sticking with the mythological motif, the native token of Thorchain is known RUNE. Every token in Thorchain is matched with an equal amount in value of its RUNE token.

🗞 TIME Joins Tesla in Keeping Bitcoin on Its Balance Sheet

It was only a matter of TIME.

One of the most recognizable publications in the world, TIME Magazine will now be receiving some payments in Bitcoin, according to Grayscale CEO Michael Sonnenshein. What’s more, unlike some people, it won’t be immediately converting that crypto to fiat.

“Thrilled @Grayscale is partnering w/ @TIME on a new video series coming this summer explaining the #crypto space,” Sonnenshein tweeted today. “Equally as important, @KeithGrossman & @TIME has agreed to be paid in #Bitcoin - and will hold the $BTC on their balance sheet. A first for our media partnerships!”

TIME President Grossman retweeted the news, blessing the partnership over Twitter.

🗞 Daily Crypto Calendar, April, 13th💰

SmartKey (SKEY)

SmartKey has been invited to host a lecture during Blockchain Technology Week, Glasgow. SmartKey NFT and 2nd Gen. Oracle.

PlotX (PLOT)

"PlotX testnet on Polygon is going public on April 13th!"

Harmony (ONE)

"It is a mandatory upgrade. The upgrade will require a hard fork of the protocol at the epoch 530, which is around 04/13/2021 2PM UTC."

Stellar (XLM)

"CEO Denelle Dixon will present the Stellar Development Foundation's Q1 in review on Tuesday April 13, 2021 at 9:00 am PT."

Ontology (ONT)

"Mark your calendar as @LiJun_Ontology will join @cryptocom for a live video #AMA on the 13th of April, 11am UTC!"

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