Dispatch #165: The Power of Internet Money • Nexo

In this patch of your weekly Dispatch:

  • A $1M Crypto Punk ????‍????
  • A $5K Crypto Phone ????
  • A $$$ Crypto Job ????

The Big Idea

A Powerhouse of a Crypto(currency)

The digital asset sector reached a valuation of over $1.35T this week, marking its highest point since May 2022 – remember when crypto winter started? And with Bitcoin dominating the market (and Dispatch), some may wonder what’s up with the other crypto behemoth.

Just over a year after one of its most significant updates, Ethereum continues to stand as a powerhouse in the field. While Bitcoin’s dominance exceeds 50%, ETH still boasts a hefty $250B in value for a 17% market share. Whale-spotting hundreds of millions in single Bitcoin transactions is exciting, but we shouldn’t forget that Ethereum serves as the foundational layer for almost 1400 blockchain networks, including some of the most successful crypto companies.

How To Get Free Crypto  

Mind you, these musings stem from the fruitful week Ether has had:

So ETH’s moving. And like Bitcoin carving its niche as an innovative tradable asset and a decentralized store of value, Ether has been on its path as “internet money,” in the words of founder Vitalik Buterin. The Shappella upgrade enabled Ethereum to reshape finance through its pioneering shift to proof-of-stake and the revolutionary concept of the staking rate. This integrated yield has been a pivotal attraction for investors looking beyond Bitcoin for its benchmarking, research, and risk transfer qualities. Could this be Ehtereum’s crypto-native forte to position itself as a bridge between digital assets and traditional finance? It’s the big idea for some.

The Latest In…

No Backyard Sales in DeFi

Ether’s positive week has partially helped NFT trading hit a three-month high, surging to $19.1M in daily transactions on Monday. Bored Ape Yacht Club Founder Wylie Aronow’s $1.1M purchase of a CryptoPunks NFT #7458 played a key role in the $3.6M in sales of the collection on the day. This upswing in the market aligns with increased mainstream attention and involvement of major brands (Gucci) in the Web3 and NFT space. Despite recent declines in unique NFT buyers, Tuesday saw the highest daily level since June with Blur surpassing OpenSea.

The Latest In…

Ring-Ring & Bling-Bling

Luxury phone maker Vertu unveiled its Metavertu II Web3 smartphone, targeting the crypto-rich with a starting price of $5,100. Packed with Web3-friendly features like a built-in crypto wallet, the phone boasts an I-DID identity system for user control and an “unhackable” secure element chip. CEO Gary Chan emphasized Vertu’s commitment to serving high-net-worth individuals and their alignment with future trends.The Metavertu II introduces a unique “Hybrid AI Butler Service,” combining AI with Web3 on a decentralized foundation to enhance convenience and restore data sovereignty. Chan remained optimistic, positioning Vertu as a pioneer exploring the essence of Web3 with a focus on digital sovereignty and decentralization. Yay or nay?

The Latest In…

Who’s Up for the Job?

London Stock Exchange Group (LSEG) actively seeks a Director for its digital asset operations, aiming to enhance collaboration across markets. The job posting emphasizes the need for an experienced professional with a deep understanding of the crypto and digital asset sector, focusing on the go-to-market strategy for private markets. LSEG’s commitment to blockchain-based systems for trading digital assets signals an optimistic future, with plans to create a global platform for widespread participation. No pressure towards applicants, then.Among the world’s oldest stock exchanges, LSE is already set to implement blockchain-based trading for traditional financial assets.

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The Week’s Most Interesting Data Story

Saving Up for Rainy Days, Bitcoin Style

Here is how it looks when small investors accumulate Bitcoin slowly and steadily, while massive whales take BTC off exchanges. The chart below displays Bitcoin’s dwindling short-term supply at historically low levels.

Crypto adoption par excellence.

The ins and outs of spot BTC ETFs.

House of Gucci in the Metaverse.

What to Watch for Next Week:

  • Is the Altcoin season coming?
  • Is Bitcoin’s price on track with the Halving?
  • Is Asia advancing faster in its crypto regulation?

Go to Source

Recommended Crypto Services, Products and Strategies:

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If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

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For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

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What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

Crypto Renegade http://cryptorenegade.com

Web developer with a keen interest in the disruptive potential of cryptocurrency and blockchain technology. Experienced investor in various markets, including equities, bonds, real estate, p2p lending, and cryptocurrency. Loves coming up with solid investment strategies based on objective data to mitigate emotional risk. Believes in dollar cost averaging for long term investing while keeping a small allocation in cash for larger market dips.

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