Meanwhile, Coindesk reports that Bitcoin is becoming increasingly sensitive to interest rates, as evinced by the outflow of $97 million of digital asset funds during the week that ended April 15.
CoinShares attributed the investor moves to the Federal Reserve’s indication that it will become more aggressive about controlling interest rates.
CoinShares wrote in its report, according to Coindesk: “We have witnessed bitcoin becoming increasingly interest-rate ‘sensitive’ over the course of 2022 in a similar way to other stores of value.”
Trading of Bitcoin, the largest cryptocurrency, has in recent periods been about half the yearly average volume, Coindesk reported.
Elsewhere, Sam Bankman-Fried, a cryptocurrency billionaire, sees blockchain as a tool for fixing some of what’s wrong with social media, Bloomberg reports.
Bankman-Fried, according to Bloomberg, indicated he would like to talk to Elon Musk about challenges such as the lack of interoperability between social media platforms. The Tesla and SpaceX founder reportedly is weighing a renewed move to take control of social media platform Twitter.
In a recent interview with Bloomberg television, Bankman-Fried described what he called social media’s “broken model.”
“What is the moderation policy for all of social media — it’s like three guys? It’s the people who run three companies who choose what does and doesn’t get censored. That’s a broken model,” he said.
As for interoperability, he said: “It’s a really messy system where there is no interoperability between different platforms. There’s no ability to see a tweet on Facebook. If you message someone on Facebook, WhatsApp can’t read it and that’s the same company.”
Meanwhile, KuCoin, a Seychelles-based cryptocurrency-trading platform that boasts of being “the world’s largest social trading platform” and a tool used by 10 million investors, Tuesday (April 19) announced the creation of a $100 million creator’s fund for Web 3.0 projects.
The backers of the KuCoin Creators Fund Windvane and KuCoin Ventures.
KuCoin stated in the announcement that the new fund “will support and incubate the early-stage NFT projects, covering fields including arts, sports, PFPs, Asian culture, celebrities and GameFi.”
KuCoin launched in September 2017. The company states in marketing materials that it has 10 million users in 207 countries. Its funders include bluechip firms such as IDG Capital and Matrix Partners.