SpaceX is now accepting Dogecoin (DOGE) as payment to fund the upcoming satellite, DOGE-1, which will be launching in collaboration with logistics firm Geometric Energy Corporation (GEC).
SpaceX launching satellite Doge-1 to the moon next year
– Mission paid for in Doge – 1st crypto in space – 1st meme in space
DOGE-1 will be the first meme-inspired satellite on the moon, launched as a 40 kilogram cube flown up on a Falcon 9 rocket. The mission is set for the first quarter of 2022.
After the announcement of the DOGE-1 Mission, Dogecoin surged 30% in a matter of minutes, recovering from its previous crash after Elon Musk’s appearence on Saturday Night Live.
DOGE to the Moon, Literally
Dogecoin has been one of the main discussions in the crypto community, causing controversy as well, because what started as a joke became the best-performing asset of the market.
Since Elon Musk and other influencers started tweeting about Dogecoin, it has surged over 25,000%, and now holds a US$86 billion market cap for the past six months.
People all around the world have shown interest in investing in Dogecoin, possibly lured by the massive returns that the famous memecoin can offer. DOGE has also reached 1 million followers on Twitter.
Interplanetary Commerce Using DOGE
According to SpaceX Vice President of Commercial Sales, Tom Ochinero, DOGE-1 will set the foundation for interplanetary commerce, demonstrating the applications of cryptocurrencies beyond Earth orbit.
Indeed, through this very transaction, DOGE has proven to be a fast, reliable, and cryptographically secure digital currency that operates when traditional banks cannot and is sophisticated enough to finance a commercial Moon mission in full. It has been chosen as the unit of account for all lunar business between SpaceX and Geometric Energy Corporation and sets precedent for future missions to the Moon and Mars.
Goldman’s cryptocurrency trading desk has been buying and selling Bitcoin (BTC) futures. The team has successfully traded two kinds of Bitcoin-linked derivatives.
According to the memo obtained by CNBC, it serves as the first acknowledgement the New-York based company has given that it is trading in crypto. As part of their initial launch, they successfully executed Bitcoin Non-Deliverable Forward (NDFs) and CME BTC future trades “on a principal basis, all cash settling.”
GOLDMAN SACHS UNVEILS NEW CRYPTOCURRENCY TRADING TEAM IN EMPLOYEE MEMO – CNBC
Earlier in March this year Morgan Stanley became the first big U.S. bank to offer its wealth management clients access to Bitcoin funds. Additionally, Citi also plans to launch crypto trading services after seeing surging interest from clients.
Goldman Sachs might have started crypto trading due to mainstream adoption and to probe the crypto economy should it hold promise for financial institutions. Also, considering the attention other institutions have given Bitcoin, they would have risked being left behind.
However, the firm clearly stated that they are not in a position to trade Bitcoin, or any cryptocurrency (including Ethereum) on a physical basis. Which is why they are traded through CME features.
Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering.
Goldman Sachs Memo
Goldman Sachs Active In The Crypto-Sphere
Goldman has been one of the very active traditional financial institutions in the crypto space recently.
— News World Express (@Newsworldexpres) May 8, 2021
In addition to the crypto desk, yesterday Goldman launched their Digital Assets dashboard which provides daily and intraday cryptocurrency market data and news to their clients. They’ve also made Bitcoin more accessible to Wall Street with the release of their derivatives.
In today’s trading news, we’re looking at three Altcoins that might breakout this week by showing bullish trends in the charts.
1. Chainlink (LINK)
The Chainlink Network is driven by a large open-source community of data providers, node operators, smart contract developers, researchers, security auditors, and more. The company focuses on ensuring that decentralized participation is guaranteed for all node operators and users looking to contribute to the network.
LINK Price Analysis
At the time of writing, LINK is ranked 11th cryptocurrency globally and the current price is $63.86 AUD. Let’s take a look at the chart below for price analysis.
LINK price keeps going higher, with nearly 40% gains during the first week of May.
A consolidation near $62.35 could provide support as the price continues exploring new highs. However, a set of relatively equal lows near $61.25 AUD looks like a possible target for a stop run into support near $60.55 AUD.
A decidedly bearish shift in the market could reach support near $57.87 AUD, near May’s monthly open.
Almost no resistance seems to lie overhead, although low-timeframe traders might use the resistance below recent highs near $75.34 AUD as a first target. Beyond this level, extensions near $83.00 AUD, $95.12 AUD, and $112.23 AUD give possible higher-timeframe targets.
2. Filecoin (FIL)
Filecoin aims to store data in a decentralized manner. Unlike centralised cloud-storage companies like Amazon Web Services or Cloudflare, Filecoin leverages its decentralized nature to protect the integrity of a data’s location, making it easily retrievable and harder to censor. Decentralised storage systems like Filecoin try to allow people to be their own custodians of their data, as well as make the web more accessible to people worldwide.
FIL Price Analysis
At the time of writing, FIL is ranked 21st cryptocurrency globally and the current price is $180.65 AUD. Let’s take a look at the chart below for price analysis.
FIL retraced 45% during April before finding support near $165.25 AUD. The following bounce encountered resistance at the daily gap near $192.46 AUD.
Bulls might wait for a sweep of the local lows into support near $158.41 AUD before stepping in. A move to this level could reach into the higher timeframe gap down to $135.20 AUD.
In possibly the most bearish scenario, a significant turn in the market could push the price down to the consolidation near $105.45 AUD.
The local resistance near $206.46 AUD and the relatively equal swing highs looks like a first target. Just above, layered resistance near $223.48 AUD and $243.86 AUD could slow bulls down as they push the price towards a significant swing high at $295.20 AUD.
3. Venus (XVS)
Venus is an algorithmic money market and synthetic stablecoin protocol launched exclusively on Binance Smart Chain (BSC). The protocol introduces simple-to-use crypto-asset lending and borrowing solution to the decentralized finance (DeFi) ecosystem, enabling users to directly borrow against collateral at high speed while losing less to transaction fees. In addition, Venus allows users to mint VAI stablecoins on-demand within seconds by posting at least 200% collateral to the Venus smart contract.
XVS Price Analysis
At the time of writing, XVS is ranked 89th cryptocurrency globally and the current price is $176.43 AUD. Let’s take a look at the chart below for price analysis.
XVS bulls have enjoyed over 200% returns since the April lows, with little resistance above to end the current price discovery.
The price may find support near $155.22 AUD. Still, aggressive bulls should be wary of a potential stop run under the monthly open into support near $132.46 AUD. The area around $105.30 AUD should provide strong support if the price reaches this low.
The air above the current price is thin, but the level near $180.86 AUD could potentially provide some resistance in the short term. Extensions reaching near $225.10 AUD and $286.50 AUD look like take-profit zones if the bullish trend continues.
Where to Buy or Trade Altcoins?
These 3 Altcoins have the highest liquidity on Binance Exchange so that could help for trading on USDT or BTC pairs. Instead, if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is a popular choice in Australia.
After hitting the number one spot on Australian music charts in 2020, Aussie rapper The Kid LAROI also hit the trending section of Twitter by popping up in one of Elon Musk’s many Doge-related tweets.
Guest on SNL and Doge Tweets
The tweet came shortly before the rapper from Sydney was due to appear on SNL along with Miley Cyrus, in an edition of the show hosted by Elon Musk.
The original image – conspicuously missing the mischievous Shiba Inu – was posted to Miley Cyrus’s Instagram shortly before the edit made it to Twitter.
With Doge, Without You
Before getting tweeted with the mascot of Dogecoin (DOGE), The Kid LAROI and Miley Cyrus reportedly met through Omer Fedi, the co-writer and producer of his hit single “Without You”.
We met through Omer because we’d been working together, and we talked about maybe doing a remix of “Without You”. Omer came to me and was like, ‘Hey, would you want Miley to do the remix?’ And I was like, ‘Yeah, that would be dope’. So, we just linked up, met in the studio, she cut the record and then we went and hung out and had a little party. She’s cool as f—. I remember when my cousins used to force me to watch Hannah Montana, so collaborating with her was pretty cool.
Reaching international stardom through his singles Let Her Go and Go – both of which made the Hot 100 billboard – The Kid LAROI is also the youngest Aussie solo artist to gain the number 1 spot on the ARIA charts through his 2020 mixtape.
While BTC faces tough resistance, the altcoin market has been mostly bullish this weekend, with Ethereum achieving a new all-time high of $3,980 USD, maintaining a steady level between $3,800 – $3,900 USD.
Another great gainer was ADA, reached a new all-time high with a 14% gain after a sharp price drop, being traded at around $1.83 on many exchanges. The surge in price put ADA back on the fifth spot in the market according to CoinMarketCap, taking the spot of Tether (USDT). Now ADA seems to be aiming at testing the $2 psychological barrier if the bull run continues.
BNB gained over 10% in price in the last weeks, reaching $659 USD with a strong buying sentiment. If the bull run continues, the next target for BNB could be above $800 USD.
ETH vs BTC
After falling down to around $49k USD amid hashrate drops due to blackouts in China, Bitcoin recovered some of its market dominance, reaching $75k AUD on Saturday.
However, BTC failed to keep its upword trajectory, receeding to $72k AUD as the weekend trails away. At the time of writing, its price is hovering around $74k AUD.
Crypto Market Locking US$2.4 Trillion
Crypto Total Market Capitalization, 10 May 2021 [CoinMarketCap]
The total market cap added $60 billion this weekend, now sitting on a $2.46 trillion total market cap. The crypto market could experience a considerable boost if Citibank decides to add crypto-related services to its clients after seeing massive demand for crypto assets.
It seems cryptocurrencies are calling the attention of ASX investors as they seek more speculative assets like Bitcoin and Ethereum.
According to a survey from TradingView, cryptocurrencies are the second most preferred assets, outranking other traditional assets like bonds and futures.
Key Points:
59% of Australian traders said they trade cryptocurrencies (compared to 64% Stocks and 32% Forex)
230,000 Australians are registered on TradingView (up 340% since 2019)
Cryptos Brushing Stocks
The survey, in which 2,134 Australians participated, was divided into two categories: veteran traders with over five years of experience and newer traders.
54% of experienced traders said they would include crypto-assets in their portfolios, while 65% of new traders were even bullish on crypto, outlining the strong surge in interest for digital assets across the country.
Stocks remained the most popular option for investors, however, by a small 3% margin. Fiat currencies remained the third most popular option for traders, followed by exchange-traded funds, options, and futures.
Source: TradingView
Cryptocurrencies are having strong momentum in the country as more Aussies recurred to sites like TradingView to check in on the latest market movements.
There are 230,000 Australian users registered in TradinView, and at least 100,000 registered on the site in 2020, marking a 340% increase from 2019 and 2.25 million unique visitors in Australia last year.
“The popularity of cryptocurrency appears to be moving ahead of most traditional asset classes [. . .] This brings a new level of ‘credibility’ for crypto and Bitcoin in particular, and could help sustain the current momentum for a longer period of time.”
— Glenn Leese, director of growth for Australia at TradingView
Not only the number of investors is growing, but Australian-based blockchain companies and crypto communities are taking significant steps to bring awareness to the regulatory environment in the country.
A recent Australian company that hit an important milestone is Fantom Foundation, passing 3 million transactions on May 5, now processing over 200,000 transactions daily.
Citibank, the fourth-largest investment bank in the United States, is exploring the possibility of launching cryptocurrency services after experiencing massive client demand.
Itay Tuchman, Citibank’s global head of foreign exchange, told the Financial Times that the bank has not yet decided if it will offer crypto-related services like custody and trading. However, he said his company is not in a rush, as Tuchman believes crypto is “here to stay.”
I don’t have any FOMO [fear of missing out] because I believe that crypto is here to stay and that we are just at the very beginning of the market. This isn’t a space race. There is room for more than just one flag.”
Crypto Demand Surges in Citibank
Citibank has reportedly seen a “very rapid” surge in interest for cryptocurrencies from several clients, including major asset managers, according to Tuchman.
Back in March, Citibank researchers published a report outlining how Bitcoin could become an “international trade currency” as the market evolves.
“A focus on global reach and neutrality could see bitcoin become an international trade currency. This would take advantage of bitcoin’s decentralized and borderless design, its lack of foreign exchange exposure, its speed and cost advantage in moving money, the security of its payments, and its traceability.”
Reads the report.
Citibank is the latest financial institution to consider joining the crypto train. The news came shortly after Goldman Sachs announced offering BTC derivatives trading as institutional demand continues to grow.
Banks Coming to BTC
2021 has marked a shift in tone from most financial corporations, who at first dismissed cryptocurrencies. However, as the market keeps growing, it seems inevitable that most institutions will embrace cryptocurrencies. And this news follows a story Crypto News recently reported on that Bitcoin is Set To Be Supported By Hundreds of USA Banks This Year.
All the banks are coming to #Bitcoin – Morgan Stanley – Goldman Sachs – JPMorgan …Citibank + hundreds more.
QuickSwap: A new DEX built on Polygon (formerly Matic)
Low fees and high yield opportunities pushed QUICK price above the $1,500 mark as the Polygon-based layer-two solution sees adoption from new blockchain projects.
QuickSwap is a next-generation layer-2 decentralized exchange (DEX) and automated market maker (AMM). QuickSwap is a fork of the number one automated market maker, UniSwap. Other than their logos, each DEX looks practically identical. However, the difference is that UniSwap runs on the Ethereum Network, whereas QuickSwap runs on the Polygon (Matic) Network.
Fast and Cheap Trading Fees for ERC-20 Tokens
QuickSwap allows users to be able to trade any ERC-20 asset at lightning-fast speeds with near-zero gas cost. Because Polygon’s Network is much faster and cheaper than Ethereum, swapping tokens and yield farming on QuickSwap is extremely cost-effective. As more tokens become available through the decentralized exchange, we can expect increased adoption of the platform.
Because QuickSwap makes use of layer-2 scaling solutions, it ensures the speed and cost of transactions don’t increase substantially with higher network activity. Also, users can earn a passive income with crypto using the QUICK token: By becoming a liquidity provider on QuickSwap, users will receive LP tokens and a percentage of transaction fees. Although similar to many other automated market models (AMM), the scaling solutions provided by QuickSwap means gas fees for unstaking and receiving rewards are far lower than other AMMs on Ethereum.
QuickSwap is not the only DEX to move to the Polygon chain. SushiSwap (a fork of UniSwap) has also announced that it will become a multi-chain DEX, now offering contracts on Fantom, Binance Smart Chain and others.
The expanded adoption of the Polygon network has seen a 420% price increase. While QuickSwap is currently down -61.7% from it’s all time high just a week ago, QUICK has dropped from $1,590 to just under $600usd in the past 7 days.
As DeFi activity begins to rise again and a growing number of analysts begin to predict that a new altcoin season is in the works, the Polygon ecosystem and its QuickSwap DEX could pull in more liquidity, especially if Ethereum users choose to use Polygon’s MATIC bridge to shift over to a layer two-based, low-fee environment.
The sleeping giant, Nokia recently announced its Data driven Marketplace. This will enable businesses to monetise and safely exchange data and Artificial Intelligence (AI) models through a private blockchain.
According to a press release from Nokia their “Data Marketplace is designed to help enterprises and communications service providers (CSPs) use data in strategic decision-making, by providing real-time access to massive trusted datasets.”
Customers Will Be Able To Sell Data to One Another
There are quite the variety of use cases ranging from electric vehicle charging, to smart cities, and healthcare. Business participants of this solution will be able to exchange data with each other through the marketplace.
For example airline participants could share important datasets with each other that could significantly aid real-time decision-making, preventative maintenance, and safety all secured by blockchain.
The offering hooks into Nokia’s existing Worldwide IoT Network Grid (WING), which offers global IoT connectivity for a range of markets such as logistics and healthcare.
Assisting AI Initiatives
The marketplace accelerates AI initiatives through federated learning for machine learning algorithms to gain experience from a broad range of data sets located at different locations. The approach enables multiple organizations to collaborate on the development of models, but without needing to directly share secure data with each other.
This approach, combined with orchestration capabilities, allows collaborative development of very accurate machine learning models for analytics use cases. It also meets growing demand for a platform that can efficiently apply AI and machine learning algorithms to data collected from any measuring instrument or sensor connected to the network.
Our customers need secure and trusted access to data for effective business decision making. With Nokia Data Marketplace, enterprises and CSPs can now benefit from richer insights and predictive models to drive digital ways of working and tap into new revenue streams.
Friedrich Trawoeger, Vice President, Cloud and Cognitive Services at Nokia
The increase of in the use of Distributed Ledger Technology (DLT) by big companies such as Nokia is a good way to showcase to institutions and the public what can be done with blockchain technology.
Cash App, the crypto-friendly mobile payment application owned by Square Inc., generated $3.51 billion USD in Bitcoin revenue within the first quarter of the year.
Cash App Bitcoin Revenue Soared 11x
The peer-to-peer payment platform had a stellar record in Q1 of this year. Its Bitcoin revenue soared to about $3.51 billion USD and gross profit of $75 million USD from Bitcoin, according to the “Shareholder Letter”published by the parent company. The Bitcoin revenue and gross profit each represent about 11x increase from the previous record in Q1 last year.
Incredible.
Square did $3.51B of Bitcoin revenue in Q1 2021, for their 13th consecutive quarter of all-time high Bitcoin revenues.
In total, Square generated net revenue of $5.06 billion USD in Q1 – about 266 percent increase year over year. This means that its Bitcoin revenue from Cash App made up about 70 percent of the entire Q1 revenue.
Bitcoin Boosted Square’s Revenue in Q1
The Bitcoin revenue is the total sale amount of Bitcoin to customers. The 11x increase indicates that Cash App saw significant growth in the number of crypto transactions and customers. Unarguably, there has been an increase in demand for Bitcoin since the beginning of the year, following the massive increase in the value of the coin.
Bitcoin revenue and gross profit benefited from a year-over-year increase in the price of bitcoin, bitcoin activities, and growth in customer demand.
the letter reads.
Bitcoin reached a record high of $64,863 USD last month. At the time of writing, however, the largest cryptocurrency was trading at $58,253 USD on Coinmarketcap. This price places BTC at over 100 percent increase on a year to date (YTD).
![Crypto Total Market Capitalization, 10 May 2021 [CoinMarketCap]](https://content.cryptonews.com.au/wp-content/uploads/2021/05/20210510-marketcap-1400x536.png)
