Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!
🗞 Bitcoin Price Falls $8K to 3-Week Low, Altcoins Crash
Bitcoin nosedived to three-week lows early Sunday, puncturing the frenzied speculative bubble built into several alternative cryptocurrencies (altcoins) in the wake of Coinbase’s recent debut on Nasdaq.
- The biggest cryptocurrency by market value dropped from roughly $60,000 to $52,148 in 15 minutes during the Asian session, liquidating almost $4 billion worth of positions in the derivatives market, according to Messari's Ryan Watkins.
- While the exact reason for the sudden crash is unknown, the market mood may have soured due to rumors that the U.S. Treasury is planning to charge several financial institutions for money laundering using cryptocurrencies. CoinDesk has been unable to independently verify any pending government action.
🗞 Mark Cuban Invests in NFT Tracker CryptoSlam
Billionaire investor Ray Dalio’s fear of governments outlawing bitcoin to preserve their monopoly over currencies has come partly true in Turkey.
- Mark Cuban has invested in popular NFT aggregator site CryptoSlam.
- The amount he put in hasn’t been disclosed.
- Cuban’s pretty bullish on NFTs.
Billionaire Shark Tank star, Dallas Mavericks owner, and high-profile crypto fan Mark Cuban has invested in an NFT data aggregator service called CryptoSlam through his venture capital company, Radical Investments.
CryptoSlam started life in 2018 in Austin, Texas, when digital collectibles fan Randy Wasinger launched the site to track Major League Baseball Champions collectibles. Wasinger has since built the site into one of the biggest NFT aggregators on the web, tracking trading metrics from over 50 different NFT projects, including NBA Top Shot, NFT fantasy soccer game Sorare and art project Cryptopunks.
In an announcement on CryptoSlam’s Medium page, Cuban said CryptoSlam is “the industry leader in tracking transactions for NFTs,” and that its dominance “is only growing.” He added: “I’m excited to be part of the amazing company Randy is putting together.”
🗞 Coinbase insiders dump nearly $5 billion in COIN stock shortly after listing
Insider activity reports for Coinbase’s COIN stock indicate that multiple early investors and executives sold billions in equity shortly after COIN’s direct listing. While the filings initially indicated that multiple executives sold a high percentage of their stake in the company, a representative for Coinbase told Cointelegraph that the sellers maintain strong ownership positions.
Data from Capital Market Laboratories and confirmed by filings on Coinbase’s Investor Relations website shows a total of 12,965,079 shares were sold by insiders, worth over $4.6 billion at COIN’s $344.38 per share Friday close.
Notable transactions include Coinbase CFO Alesia Haas selling some 255,500 shares at a price of $388.73 (though her Form 4 states that she retains options), while CEO Brian Armstrong sold 749,999 shares in three transactions at various prices, netting a total of $291,827,966.
According to his Form 4 disclosure, after the sale Armstrong retains 300,001 shares worth over $1 billion. In a filing prior to the direct listing however, he was reported to have 36,851,833 shares, indicating that he sold just over 2% of his stake in the company.
🗞 After a remarkable run, social media sentiment sours on DOGE
It was a Shiba Inu shooting across the sky: Dogecoin’s run over the past week will be one for the history books. However, for all the fireworks social media data is indicating that the meme’s run may have met its end.
The digital currency, which originally launched in 2013 and has been at the center of a number of absurd headlines and scams over the years, notched another chapter in its often puzzling history over the past few days. On Friday, DOGE managed to eclipse Ethereum in total exchange volume (doubling, in fact), the capstone to a remarkable run that saw it double in price in a day, capping over 5000% gains on the year.
However, at its core DOGE is a meme, and memes are propagated by and fundamentally rely on social media. When the meme can’t spread, the price will crash.
Volume verses sentiment
On Friday, Google Trends posted a Tweet highlighting the worldwide search habits of Bitcoin and DOGE traders. They found that while most of the world remained focused on BTC, American traders only had eyes for Dogecoin.
This heatmap concurs with data provided by The TIE. Total Tweet volume referencing DOGE ebbs as the US sleeps and perks up during American daytime hours, often peaking at noon EST, with volume especially robust while DOGE is rallying:
🗞 Daily Crypto Calendar, April, 18th💰
- BarterTrade (BART)
"Details about Token Bridge, Listing time etc will be announced on April 18th at 14:00 UTC"
- BlowFish (BLOWF)
"CryptoPuffs NFT sale is launching on Sunday 4/18 11 AM PST"
- Butterfly Protocol (BFLY)
Before next week, we will announce our first partnership dedicated to increase adoption and that will help the project to grow.
- Wault Finance (WAULT)
"We'll do a snapshot on Sunday, April 18th, 2021, to determine how many tokens each user is staking in our vaults."
- Ruff (RUFF)
"The first round of freezing $Ruff token is about to be released on April 18th, 2021."
- 🗞 Daily Crypto News, April, 17th💰
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- 🗞 Daily Crypto News, April, 11th💰
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