- Crypto markets rallied sharply over the weekend, with BTC and ETH 1.30% rising 10% and 28%, respectively, from their lows on Friday. At the time of writing, Bitcoin is up 6.82% today, and Ethereum is up 10.76%. Higher beta altcoins have seen massive gains - AVAX, SOL -1.76% , and MATIC are up 15.37%, 8.74%, and 20.32%, respectively. ETH/BTC, a metric that compares the value of Ethereum to Bitcoin, has risen ~38% since its lows in early June, demonstrating Ethereum's relative outperformance. We speculate that much of this outperformance is due to the upcoming Ethereum merge to proof of stake, which we wrote about in detail in our Crypto Weekly report last month. If the merge is successful in September, it should result in reduced token issuance and an immediate reduction in daily selling pressure.
- Christie's, a leading British art and luxury business launched an investment fund to support emerging Web 3 and fintech technologies. The investment fund, Christie's Ventures, will focus on three areas: Web 3 innovation, financial technology related to art, and other solutions that "enable the seamless consumption of art." Christie's Venture's first investment is in LayerZero Labs, an omnichain interoperability protocol. Ben Gore, Christie's COO, stated, "As a global leader in the art market, Christie's has both an incentive and a responsibility to further innovation and deepen experiences for our clients. The intersections of technology and financial products are increasingly relevant and prevalent, and we believe strongly in the opportunities ahead. For the companies we select to work with, as well as for our clients, the Christie's Ventures value proposition combines the power of our brand and capital together with our network and expertise; it is another example of the formidable Christie's Advantage".
- Otherside, the highly anticipated Bored Ape Yacht Club metaverse, had its first demo on Saturday. Yuga Labs invited 4,300 owners of "Otherdeeds," deeds to plots of digital land within the Otherworld metaverse, for a first look and tour of the online platform. In a litepaper released after the demo, Yuga labs gave a brief overview of what's to come for the platform. There will be three phases, but only the first phase has been outlined so far. This first phase will include an 11-part storyline game mode and allow users to explore what can "be harvested, crafted, traded, bought, and sold" in the game. The Bored Ape Yacht club's APE coin reacted well to the release and has risen nearly 40% since Saturday.
Crypto Daily Report – July 18
Jul 18, 2022
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