Top Stories
Trends to keep an eye on.
Bitcoin Tug-of-War
Tug-of-War Between Newbies, Crypto 1% Keeps Bitcoin Range-Bound [Bloomberg]
Bitcoin is trading in a range roughly between $32K and $47K. The speculation is that long term investors will buy in as prices drop, setting the floor at the lower end of the range. At the top end, short term buyers who are underwater sub $47K look to sell as prices rise to recoup their initial investment, setting the top of the range.
Long term holders will continue to sit on multi-year unrealized gains, while traders look to remove risk amid uncertainty around global macro events, and rising rates in the U.S.
Specter of Regulation Over the EU
EU to Review Regulatory Framework for Crypto [Bloomberg]
“A European parliamentary committee will vote Monday on a new regulatory framework for crypto assets, which could accelerate passage of a measure that industry executives say could practically ban key digital currencies including Bitcoin and Ethereum in Europe.” [Bloomberg]
The regulatory framework in question appears to target proof-of-work specifically under the umbrella of ‘sustainability.’ Passing of this bill in its current form would essentially ban Bitcoin and Ethereum in their current state—as both currently rely on Proof of Work as a consensus protocol.
This appears to be more fear-mongering over energy usage, but given the scope of the impact—it’s worth keeping an eye on.
Rethinking the Music Industry
Spotify Who? Musician’s Earnings Go From $300 to $60,000 in Web3
Musicians offering ownership in their music directly to their fanbases via NFTs are seeing massive paydays.
The streaming model, which has become popular in recent years, often concentrates payouts among the top artists. Smaller, independent artists often receive small payouts, if anything. Offering direct ownership, and cultivating a dedicated fanbase is a strategy that is working better for many creators.