The Safe Haven Shuffle As Crypto Waits To See What Next

Happy Tuesday Blockfolians,

The Lede

Well, today was a lot better than yesterday - no doubt about that. Both the equity markets and crypto markets recovered slightly on promise of fiscal relief. Indeed, for some, crypto price behavior in the last few days has demonstrated clear correlation. In his daily column for Bloomberg, Joe Weisenthal argued that bitcoin was a safe haven - just not for this type of crisis.

Coinmetrics, meanwhile, looked at the data and found, indeed, there was significant correlation between crypto and equities.

In truth, we are all of us still discovering what bitcoin does in a crisis - as this could be the first true crisis since it was born. Hang on.


Highly Relevant Reading

$12m for DeFi-friendly wallet Argent | Some further positive signs in the crypto startups funding market, Paradigm has led a $12m Series A for a wallet attempting to address many DeFi usability issues.

Blockchain.com jumps into retail lending | In 2 years, crypto lending has grown from nothing to a $5B annual market. Blockchain.com has brought its reported 46 million users to the party with a new offering in the space.

New crypto bill hits Congress, but many say DOA | A new bill called the “Crypto-currency Act of 2020” was introduced by Rep Paul Gosser to try to better define different categories of crypto, and was almost universally panned within the industry. These critiques ranged from the small to the, well…


Community Commentary

Another take on the viability of the new “crypto-currency” act from the head of CoinCenter.
Content creator Chris Blecc on the “DeFi North Star”

A Really Big Number We Should Be Paying Attention To

$2,534,760

That’s the amount of collateral liquidations experienced on Compound Finance on Monday - the biggest in the DeFi company’s history.


Final Thought

We feel you, Dog.