View profile

$6 Billion Soros Fund Manager: Crypto Is ‘Here to Stay’

CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices have nearly taken back the loss incurred last week in a recovery seen as Bitcoin’s price managed to avoid a ninth negative weekly closure after making nine weekly red candles for the first time in its history.
The flagship cryptocurrency is now trading above the $31,000 mark after moving up 5.9% over the last few days. In comparison, the stock market’s benchmark index, the S&P 500, moved up 1.74% over a similar period, while gold moved up just 0.04%.
Zooming out, BTC is down around 13% over the past 30 days, while gold lost 1.5% of its value and the S&P 500 moved up 2.23% as it appears to recover ground lost earlier in the year. The cryptocurrency space’s market capitalization is now around $1.268 trillion, up from around $1.25 trillion last week.

$6 Billion Soros Fund Manager: Crypto Is ‘Here to Stay’
Over the week the CEO and chief investment officer of Soros Fund, Dawn Fitzpatrick, has revealed in an interview she believes cryptocurrencies have already gone mainstream and are “here to stay.” Fitzpatrick suggested Ethereum is set to “gain traction” over Bitcoin.
The CIO of the $6.5 billion family office noted that crypto has already gone mainstream and is “here to stay,” even amid a looming global recession. 
Fitzpatrick also suggested that markets may be wrong on how they’re pricing in a looming recession, explaining that she sees U.S. consumers as being in an “extraordinarily” good shape while the economy has some “shock absorbers built-in.”
The CIO noted that the world isn’t going to avoid a recession, but rather that it’ll be “further out than people expect.” She noted investors are pricing the recession “fairly soon,” with some markets expecting it as early as next year.
As CryptoGlobe reported, last year Fitzpatrick revealed that the Soros Fund holds “some” bitcoin and was predicting the flagship cryptocurrency would go mainstream. She saw BTC surpassing the $50,000 mark as a “really interesting thing.”
Crypto Fund Managers Increase Bets on $ADA, $XRP, and $DOT
Large investors managing approximately $200 billion worth of assets are moving away from the second-largest cryptocurrency Ethereum and are instead betting on three other altcoins: Cardano ($ADA), Polkadot ($DOT), and $XRP.
That’s according to CoinShares’ Digital Asset Bi-Monthly Fund Manager Survey, which found that investors have been steadily moving away from Ethereum since March, while allocating funds to these three cryptocurrencies, which appear to have potential bullish catalysts in the near future.
CoinShares 👩‍🚀
[4/5] The survey highlights increasing allocations to Polkadot, Cardano and XRP at the expense of Ethereum. https://t.co/lj9I6H928b
The report found that investors allocating funds to Cardano more than doubled from 5% to 12%, and those allocating to XRP rise from about 4% to 6%. Similarly, those betting on Polkadot rose from 9% to around 13%
Crypto Community Predicts Cardano Will Surpass $1 After Hard Fork
The crypto community has predicted that the price of Cardano’s native ADA token will surpass the $1 mark by the end of June, after the implementation of the Vasil hard fork, which is set to deliver considerable improvements to the network.
A poll run on CoinMarketCap’s “price estimates” tool, has seen over 24,460 cryptocurrency enthusiasts vote that the price of ADA will hit $1.06 by the end of June, with 15,900 votes believing the cryptocurrency’s price will drop to $0.97 by the end of July.~
The community’s prediction is relevant as it’s pointing to a date after the Vasil hard fork is implemented on the network. The hard fork is expected to be implemented on June 29 and according to Cardano’s Charles Hoskinson will deliver a “massive performance improvement.”
Dan Gambardello
One #Cardano data point I’ve tracked has been $ADA price leading into hard fork events (green boxes). Here you can see ADA trading up around 70% in our most recent Vasil Hard Fork green box range.

Compelling. https://t.co/X2juL6s4rL
The Vasil hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs).
Cardano Overtakes XRP in Market Cap
The hard fork has already seen ADA outperform numerous other cryptocurrencies, even amid a wider cryptocurrency market downturn exacerbated by the collapse of the Terra ecosystem. That performance saw ADA become the sixth-largest cryptoasset by market capitalization this week, surpassing XRP.
Activity on Cardano has also been rising, with over 5 million native assets having now been minted on top of the Cardano blockchain, doubling the figure seen at the end of last year. There are now 5.01 million native assets on Cardano deployed across over 54,800 policies. Minting policies, according to Cardano’s documentation, are a “set of rules that govern the minting and burning of assets scoped under that policy.”
Native tokens themselves are bespoke assets that can be interacted with “right out of the box – without the use of smart contracts.” The network’s documentation notes native assets can “practically be treated as ada in every sense because the capability is already built-in.”
RippleNet General Manager: ‘We Have Bigger Ambitions Than Replacing SWIFT’
Recently, Asheesh Birla, General Manager of RippleNet, at Californian FinTech firm Ripple, revealed in an interview that he sees RippleNet as having “bigger ambitions than replacing SWIFT.”
Birla added that to “to move money internationally, there’s two components. There’s a messaging component, but then you actually have to move the funds. That’s not what SWIFT does. SWIFT only does the messaging,” and that RippleNet does both. He said:
“Using SWIFT for messaging is like what’s happening using a fax machine today. So, we modernize that using APIs. It’s real-time. But then we also do the settlement. There’s not another solution out there that does both instantly like Ripple. And so, our solution is now a lot bigger than what SWIFT does.”
Per his words, SWIFT “is going to be around for five years” as it “takes a long time to change like the entire banking system.” It’s worth noting that RippleNet is one of Ripple’s solutions for cross-border transactions.
It offers “connections to hundreds of financial institutions around the world via a single API and makes moving money faster, cheaper and more reliable.” RippleNet helps eliminate the use of pre-fund accounts with its On-Demand Liquidity (ODL) solution, which uses the XRP token to source liquidity during cross-border transactions.
Chipotle Starts Accepting Crypto Payments
Popular Mexican-style fast-food restaurant chain Chipotle will now accept cryptocurrency payments through digital payments firm Flexa, which supports around 98 currencies including Bitcoin and Ethereum.
The cryptocurrencies that Flexa supports include leading assets such as BTC and ETH, as well as meme-inspired cryptocurrencies like Shiba inu ($SHIB) and Dogecoin ($DOGE) and several stablecoins tied to the value of the U.S. dollar and others.
The move sees Chipotle join a long list of restaurants accepting cryptocurrency payments. Subway was one of the first to do so, starting as early as 2013.
In Venezuela, Pizza Hut started accepting crypto in 2020, while Starbucks allowed reward members to turn cryptocurrencies into cash balances on the Starbucks app using a third-party app.
 
What Else Is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, rose slightly from 10 earlier this month to 13, showing a state of “extreme fear.”
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile remained relatively stable at $110 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 8.90% of the TVL with over $9.83 billion on its protocol.
Other Top Stores
19-Year-Old Artist Has Made Nearly $50 Million From Selling His NFTs | Cryptoglobe
Former Developer Advocate at Ripple Explains Why ‘XRP Has Stayed in the Top Ten’ | Cryptoglobe
FTX CEO Sam Bankman-Fried Becomes Latest Billionaire to Sign the ‘Giving Pledge’ | Cryptoglobe
Did you enjoy this issue? Yes No
CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary @CryptoGlobeInfo

Leading #crypto and #blockchain news source. Breaking news, data-driven research and thought-provoking opinion pieces.

In order to unsubscribe, click here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Created with Revue by Twitter.