Good morning Asia, here’s what’s driving the markets today.
Both bitcoin and ether start the week flat, with the world’s largest digital asset at $22,463, up 0.6% on the day, and ether at $1,569, up 0.1%.
Observers say the market is currently on a precipice. While it’s no longer the depths of crypto winter, the market must decide how much to continue pricing in Silvergate’s crypto failure while also factoring in positive economic data out of China.
“It doesn’t look like the Silvergate issue will lead to widespread contagion. And we may have already seen most of the pullback related to this news,” Matt Weller, global head of research at Forex.com, told CoinDesk TV on Friday. “I wouldn’t be surprised if bitcoin pulls back to $20,000, maybe even $18,000 to sort of retest those lows. But… it looks like the depths of winter are behind us.”
At the same time, economic data from a reopened China that quickly dropped all Covid restrictions earlier in the year could bolster the “China narrative” that fueled the mini price rally in late February. The coming week will be very busy with releases of economic data from the country, with expected trade balance data, foreign exchange reserves and data on the inflation rate.
“China’s opening up is a positive factor for the global economy, suggesting certain animal spirits are back in Asia,” March Zheng, co-founder and managing partner of Bizantine Capital, said in a note to CoinDesk.
These so-called animal spirits, Zheng said, could lead to an increase in appetite for assets like crypto.
“We believe it will offset ongoing, ongoing fears in US stock markets as well as rising interest rates,” he continued.
EthDenver shows that Ethereum has a real community
This weekend marks the culmination of ETHDenver, currently arguably the most important annual gathering for smart contract and decentralized finance (DeFi) developers, on Ethereum and beyond. I wish I could be there this year, but I’m still recovering from a pretty intense four months of doing cool stuff and exposing bad guys.
Luckily, lots of people are sharing clips from the event so I can enjoy it vicariously. Unfortunately, many of these posts express something between innocent confusion and derisive shutdown of the supposedly lame goings-on at ETHDenver.
This article is an excerpt from The Node, CoinDesk’s daily roundup of the top stories in blockchain and crypto news. You can subscribe to the complete newsletter here.
But this attitude, to paraphrase fugitive philosopher-thief Do Kwon, is a great formula for getting rect. It may seem like silliness and disorganization to you, but the rough edges of ETHDenver are actually strong signals that a real community has been pulled together by common interests to build something together from the ground up. This is the type of community that has survived and will survive slow periods of crypto growth like what we are going through right now.
It’s true that ETHDenver and certain related events can seem just a little bit slapdash and more than a little bit bizarre compared to many crypto conferences. Take the annual contributions of Jonathan Mann, aka “The Song a Day Guy,” for example. He’s been creating and performing goofy, slightly amateurish tunes for the event for a while now – and every year people take to Twitter to dig into him.
But let me tell you, a silly song is hardly the only thing that could make you uncomfortable at ETHDenver!
When I attended last year, ETHDenver was held in a refurbished parking garage where the bathrooms were partially or completely broken for much of the event. About a third of the ground-floor seating couldn’t see the main stage, and the speakers at the back of the room drowned out the speakers to some extent. Every once in a while someone would drop 500 pizzas onto an upstairs table, causing huge queues that made it almost impossible to move.
And you know what? It was fantastic.
The full article can be found here:
Bitcoin (BTC) and ether (ETH) fell as customers fled cryptobank Silvergate, whose shares closed 58% lower during US trade yesterday. Forex.com Global Head of Research Matt Weller shared his reaction. Sotheby’s is also auctioning off the original manuscript of Snow Crash, Neal Stephenson’s seminal 1992 science fiction book that coined the terms ‘metaverse’ and ‘avatar’ . Founder and CEO Roneil Rumburg explained how the music streaming platform web3 integrates with TikTok.
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