The Worst Day Since 2008

Markets wake up to a very bad case of the Mondays.

Happy (?) Monday, Blockfolians

The Lede

Everyone expected today to be a rough day for markets and boy, everyone was right. Within minutes, trading was halted to let everyone cool off.

Still, the DJIA is off more than 8% on a potent combination of Coronavirus concerns and a new handy dandy oil price war. Anyone watching this chaos in real time can probably relate to our ol’ pal Ramp:

Highly Relevant Reading

🌩️‘Skyweaver’ raises $5m | The blockchain gaming studio behind the Magic the Gathering/Hearthstone-esque Skyweaver has raised a fresh round, led by Alexis Ohanian’s Initialized Capital.

🎊Morningstar rates Ethereum securities | In another sign of growing institutional engagement, for the first time a security issued on a blockchain has been rated by asset ratings giant Morningstar. Good progress!

🦠More Coronavirus-related cancellations | Bitcoin2020 announced last Friday afternoon that it would be postponing the event till the fall. The Digital Asset Summit also postponed and implored other NY Blockchain Week projects to follow suit. Ouch.

Community Commentary

Joe Weisenthal argues that the fact that more institutions have gotten into Bitcoin means it’s behavior is more likely to be correlated
XRP’s former #1 fan has left the building

A Really Big Number You Should Be Paying Attention To


That was the drop in the Dow Jones Industrial Average today, the first time there has ever been a 2000 point drop in a single day.

Final Thought

A case for (some) optimism?