🗞 Daily Crypto News, March, 1st 💰

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

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🗞 Bitcoin Heads Back Toward $50K, Rebounding From Disastrous Week

Bitcoin (BTC) started the month on a positive note, jumping more than 8% to about $49,000 after a price plunge last week that was the biggest since the coronavirus wrecked markets early last year.

The gains came amid fresh signs of adoption of digital-asset technologies. Citigroup, one of the biggest U.S. banks, wrote that bitcoin was at a “tipping point” as more institutions adopt the cryptocurrency. Google Finance added a data tab on cryptocurrencies. And Michael Saylor’s MicroStrategy, which has been a big bitcoin buyer via its corporate treasury, added another 328 BTC (worth $15 million), bringing the company’s hoard to 90,859.

The cryptocurrency’s price fell 21% in the seven days through Sunday, the biggest weekly drop since March 2020. Investors fretted that rising U.S. government-bond yields might signal heightened prospects for inflation, which could theoretically lead to an early unwinding of monetary stimulus by the Federal Reserve. Central bank stimulus has fueled concerns of inflation over the past year, and many big investors say that bitcoin might serve as a hedge against rising consumer prices.

“We think there’s still room for more weakness ahead and would caution against expectations that the bottom is in,” Joel Kruger, currency strategist at LMAX Digital, told CoinDesk. “At the moment, the biggest risk to bitcoin is the short-term risk associated with a downturn in U.S. and global equities.”

🗞 Cardano 'Mary' Upgrade Set to Go Live: Here’s Why It Matters

  • Cardano introduces a key platform upgrade, called Mary, today.
  • Mary will make Cardano into a multi-asset network, similar to Ethereum.
  • It will introduce new use cases, and features, and enable users to create tokens.

“Mary”—named after Frankenstein author Mary Shelley—Cardano’s newest upgrade, goes live at 21:44:51 UTC today. It means that, for the first time, users will be able to create their own unique tokens, including NFTs, and transact directly with these on the Cardano platform.

Mary’s main purpose is to transform Cardano into a multi-asset network similar to Ethereum but with some advantages. According to IOHK, the protocol’s developers, users can transact with tokens, but without the need for smart contracts. This means sending a token on Cardano won't be more expensive than sending its native token ADA (unlike with Ethereum).

Dispensing with the need for smart contracts “means that the accounting ledger will track the ownership and transfer of assets instead, removing extra complexity and potential for manual errors, while ensuring significant cost efficiency,” said Tim Harrison, IOHK marketing and communications director.

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🗞 DeFi Money Market Compound Embraces Multi-Chain Future With ‘Gateway’ Testnet

The Gateway testnet – the next home for decentralized finance (DeFi) money market Compound – is now live.

The Substrate-based blockchain is fully embracing interoperability, where application developers build on every base layer and not just Ethereum, Compound Finance founder Robert Leshner said in a phone interview.

“Gateway is really designed for a multi-chain future where assets live on multiple blockchains and where decentralized finance applications and logic runs on multiple blockchains as well,”* Leshner said.

🗞 Rakuten's customers can now use Bitcoin for shopping

Crypto-friendly Japanese retailer Rakuten is now enabling users of Rakuten Wallet, its crypto exchange subsidiary, to easily spend their cryptocurrency holdings in everyday transactions.

According to an announcement published last Wednesday, users are now able to load up their Rakuten Pay accounts seamlessly with their wallet holdings of Bitcoin (BTC), Bitcoin Cash (BCH) and Ether (ETH). Rakuten Pay is a mobile payment app that is operational nationwide and supported at a wide range of large- and medium-scale retailers.

Back in 2019, Rakuten had already enabled consumers to convert their Rakuten Group loyalty points to cryptocurrencies like Bitcoin. Now, a deeper integration is being implemented, tying together Rakuten Wallet, Rakuten Cash (Rakuten's e-money service) and Rakuten Pay to support cryptocurrency spending at retailers such as McDonald's, Seiyu and FamilyMart.

🗞 Daily Crypto Calendar, March, 1st💰

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  • Cardano (ADA)

According to an update from Founder Charles Hoskinson, the Hard Fork Combinator (HFC) event will take place on the 1st of March.

  • Pokeball (POKE)

"PokeBall-V2 Is Coming"

  • PAID Network (PAID)

"Join our CEO @kyle_chasse in the Unifarm Cohort 3 Video Master AMA to find out more about #PAID and the Cohort 3..."

  • Conceal (CCX), Wrapped Conceal (WCCX)

"$CCX <-> $wCCX Swap Tool will be released on March 1, 2021!"

  • Horizen (ZEN)

Team updates at 3:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.

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6 comments
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Wow, this blog is really great! Earned a follow for sure :)
ADA has so much hype around it and it has potential for sure. I am seriously considering buying some.
This is the first time I read about POKE coins, fun concept. (Aren't there going to be copyright problems though?)

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Hello mate !

Thank you for this kind comment, ADA has definitely had so much hype lately, I am quite doubtful as I do not understand the value added and the project did not achieve much in 5 years of being around. This is just my own thoughts.

Poke coin might indeed have some issues with Nintendo, except if they are affiliated in some way which I doubt.

Take care and I hope to see you around 😉

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Very nice rebound for BTC today. Looks strong.

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It surely feels great after such a difficult few days ! Let’s hope it holds.
The correlation with stock market (especially Nasdaq) is quite significant unfortunately 🙄

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