The Rising March. Global Cryptocurrency Market Becomes Stabler and Stronger.
Apr 14, 2021by Steaker
Focus of the month
- Coinbase reports estimated Q1 revenue of $1.8 billion, up nine-fold
- HEAT Inks Partnership Deal With FTX.us
- Three Highly Undervalued Altcoins Are Ready for Moon Liftoff, Says Tyler Swope
The global cryptocurrency market continued its strong growth this March. Along with PayPal announced allowing customers to transact with their cryptocurrency holdings, just like using credit cards. Other companies such as Visa also planned to follow suit, an unmistakable sign of the mainstream financial industry’s growing acceptance of digital currencies.
Besides, FTX, one of the top crypto derivatives exchanges in the market today, officially announced its 19-year partnership with the Miami Heat NBA. Aside from reaching a naming rights deal for the Miami Heat home, FTX has also pledged to provide funds for the local government to combat gun violence, revitalize the economy, and promote FinTech education. While making positive contributions to society, FTX is also helping boost the popularity of cryptocurrency.
With increasingly more cryptocurrency-related news coming out, financial markets are gradually warming to this emerging realm. In its Crypto Outlook report for April, Bloomberg indicates that Bitcoin has exhibited significantly lower volatility, falling to a historical low in the past six months. As cryptocurrencies’ market prices continue to rise and stabilize, the chances of another black swan event since the last occurrence in March 2020 may go down.
Bitcoin hits a new all-time high right before Coinbase sets to list on Nasdaq (April 14). Coinbase forwent an initial public offering (IPO) in January, opting instead for a direct public offering (DPO). In March, Coinbase arranged an online forum session on Reddit instead of a traditional roadshow for investors. Every strategy Coinbase has adopted along the way has attracted greater public attention to its public listing. On April 5, Coinbase reported an estimated $1.8 billion in total revenue for the first quarter of 2021. Seeing its bountiful profit, many investment banks have raised their price target for Coinbase shares.
Finally, let’s talk about the DeFi market. Both the total value locked and monthly transaction volume reached new highs, exceeding USD 45 billion and reaching USD 50 billion, respectively. In particular, the launch of Uniswap V3, the Genesis Group of algorithmic stablecoin Fei Protocol, the initial exchange offering (IEO) of Oxygen Protocol on Serum Ecosystem is the focus of discussion cryptocurrency investors. One of Taiwanese DeFi starts — Perpetual Protocol (PERP) skyrocketed 84% when listed on Binance. Due to its reliable and practical technical foundation, analysts have named PERP one of the most potential tokens.
Speaking of the Taiwanese DeFi team, Steaker is rolling out TWDFI recently, which includes four meticulously selected DeFi Projects launched by Taiwanese teams. Such as Perpetual Protocol, C.R.E.A.M. Finance, a renowned decentralized lending protocol, Hakka Finance, which constantly releases new financial products, and DeFi aggregator Furucombo. The application period lasts until April 19. Investors may show support for these Taiwanese teams while profiting alongside their growth.
The Rising March. Global Cryptocurrency Market Becomes Stabler and Stronger. was originally published in Steaker on Medium, where people are continuing the conversation by highlighting and responding to this story.