🗞 Daily Crypto News, April, 21st💰

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

🗞 Market Wrap: Bitcoin Flat at $56.7K, Ether Rises and It Wasn’t Dogeday’s Afternoon

Bitcoin’s 24-hour range: $53,780-$56,574 (CoinDesk 20)

BTC close to the 10-hour and 50-hour moving average on the hourly chart, a sideways but rising and trending bullish signal for market technicians.

Despite going as high as $56,574 to as low as $53,780 over the past 24 hours, bitcoin’s price is relatively sideways since 0:00 UTC on Tuesday (8 p.m. ET Monday). It’s a respite for a market that saw a deep dive during the weekend as record-high action in the derivatives market saw the price of the world’s oldest cryptocurrency drop to $53,787 according to CoinDesk 20 data.

“There are indications that this week will see downturns in our short-term gauges,” Stockton noted. “For one, risk-off positioning has become evident on the sector front in assets like gold and bitcoin.”

Ether making moves in price, dominance

Darius Sit, chief investment officer for quantitative trading firm QCP Capital, doesn’t see any fundamental reasons why ether’s performance was much higher on Tuesday when bitcoin traded relatively sideways. “Don’t see anything material,” he told CoinDesk.

🗞 Uniswap Hits Record $10 Billion in Weekly Trading Volume

Uniswap is the top decentralized exchange on the Ethereum network.

It's managed to stay popular despite the blockchain's high transaction fees

Despite the high transaction fees on the Ethereum blockchain, people continue to flock to the network’s DeFi platforms.

For evidence, look no further than Uniswap.

The decentralized exchange has recorded more than $10 billion in weekly transaction volume for the first time, according to statistics from Uniswap Analytics. The $10.17 billion haul is a 26% increase over the previous seven days.

Decentralized exchanges, or DEXs, allow users to swap tokens without giving up custody of their coins to a third party. They’re the primary onramp to the world of decentralized finance (DeFi), which enables people to earn interest and take out loans in cryptocurrencies without going through financial institutions.

Uniswap faces pressure for customers from SushiSwap, 1inch, and other Ethereum-based DEXs. But it also faces competition from non-Ethereum DEXs such as Binance Smart Chain’s PancakeSwap as traders look to evade Ethereum’s high fees, which average north of $20, according to BitInfo. By contrast, the relatively uncongested Binance Smart Chain charges in the pennies while being compatible with Ethereum applications (though PancakeSwap has its own 0.2% fixed rate).

🗞 DOGE Army Retreats, Tail Between Legs, as Dogeday Ends With 21% Drop

Some fans of the joke cryptocurrency dogecoin had positioned Tuesday as a day to send its prices skyrocketing – to $1, or maybe just a meme-y 69 cents. On the meme-y date of April 20, or 4/20.

Prices for the eight-year-old cryptocurrency, ticker DOGE, had surged more than 60-fold this year to a market value of more than $40 billion. So it seemed like anything was possible. Social media posters dubbed it “dogeday.”

But as of midafternoon, the joke appeared to be on the dogecoin holders. As of press time, the token, symbolized by the Shiba Inu dog breed, was down 21% on the day, to the decidedly unremarkable price of 34 cents. Earlier it had fallen to as low as 29 cents.

Blockchain data shows that activity is increasing on the network: Active Dogecoin addresses have climbed to record, and transactions are at a seven-year high, according to the analytics firm Coin Metrics. CoinDesk reported earlier this year that project development on the blockchain has picked up, with top contributions from Bitcoin Core developers, based on activity on the open-source software site GitHub.

🗞 Mike Novogratz’s Galaxy Digital Said to Be in Talks to Buy Crypto Custodian BitGo

Galaxy Digital, the cryptocurrency-focused financial services firm run by Michael Novogratz, is in advanced discussions to buy BitGo, the U.S.-regulated crypto custody specialist, according to four people familiar with the situation.

Silicon Valley’s BitGo was last year reported to have been in acquisition talks with fintech giant PayPal. No deal was reached, but PayPal offered as much as $750 million in cash for the custody company, CoinDesk reported last month, citing two sources familiar with the matter. PayPal later agreed to acquire Curv, another cryptocurrency custody firm.

“Galaxy does not do custody so it makes sense to bring that in-house,” one of the sources familiar with the discussions told CoinDesk. BitGo also administers WBTC, a service with $8.5 billion in locked value that “wraps” bitcoin into Ethereum-compatible tokens.

The sustained buoyancy of cryptocurrencies since late last year has seen a marked increase in activity involving custody firms, a key component in the institutionalization of digital asset trading. (Fireblocks, for instance, raised $133 million and confirmed it is working with BNY Mellon to power the global custody bank’s forthcoming crypto service.)

🗞 Daily Crypto Calendar, April, 21st💰

IOTA (MIOTA)

"Today we are happy to announce the official start date of the Chrysalis network migration - Wednesday, April 21st 2021."

Theta Fuel (TFUEL)

"... Mainnet 3.0 scheduled for April 21, 2021."

Binance Coin (BNB), General Event (CRYPTO), Dash (DASH), Litecoin (LTC), Nominex (NMX), SingularityNET (AGI), Waves (WAVES)

Blockchain Life 2021 is the main industry event of the year to take place in offline format. For 5 years the forum has been gathering more t...

Polkadot (DOT)

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Panda Dao (PDAO)

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