Shiba Inu Soars, Bitcoin Stalls, and Tooting Takes a Bite Out of Tradition

While Bitcoin struggles to gain momentum, Shiba Inu (SHIB) is making headlines with its growing adoption as a viable payment option. From movie theaters to luxury brands, SHIB is finding its way into more and more wallets. This surge in utility is coupled with the potential recognition of Shiba Inu's leadership within the Web3 space.

However, the market presents a mixed picture. Dogecoin (DOGE), another meme coin, has experienced a significant price drop, showcasing the inherent volatility of the crypto market. Meanwhile, across the pond in London, a historic market is embracing the future by accepting Bitcoin payments, potentially paving the way for wider adoption across the UK. Let's dive deeper into these developments and explore what they mean for the future of crypto.

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Shiba Inu Emerges as a Viable Payment Option, Leader Seeks Forbes Recognition

This week saw a double dose of positive news for Shiba Inu (SHIB). In a move that highlights its growing legitimacy, SHIB gained significant traction as a viable payment option.

SHIB Goes Shopping: Major businesses like AMC Entertainment, Newegg, and even luxury brands like Gucci are now accepting SHIB for payments. This integration extends beyond retail, with services like food delivery, travel bookings, and charitable donations also embracing SHIB. The ability to fund some crypto spending cards with SHIB further strengthens its usability. This broader acceptance by established businesses suggests a growing confidence in SHIB's stability and future.

Eyes on the Future: Adding to the positive sentiment, Shytoshi Kusama, the leader of the Shiba Inu ecosystem, is reportedly in talks to secure the prestigious Forbes Legacy Pass. This exclusive membership, designed for Web3 pioneers, grants access to networking opportunities, media exposure, and recognition within the industry. Kusama's pursuit of the Pass underscores Shiba Inu's ambition to be a major player shaping the future of Web3.

With its increasing utility and potential leadership visibility, SHIB is well-positioned to move beyond its meme coin origins and become a more widely used digital currency.

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#rekomBitcoin Acceptance Takes a Bite Out of London's Tooting Market

London's iconic Tooting Market, a historic marketplace dating back to 1930, has begun accepting Bitcoin payments. This exciting development is being driven by local Bitcoin advocates and Bridge 2 Bitcoin, a company that helps businesses seamlessly integrate Bitcoin transactions.

Early signs are positive, with reports of The Mezzanine bar experiencing a significant sales boost after accepting Bitcoin for the first time. This paves the way for wider adoption across the market, potentially including restaurants, bars, and even a vinyl record store. Industry experts view this as a tipping point for Bitcoin in the UK, citing the country's rapidly growing crypto user base and industry. With crypto payments gaining traction, the article also highlights the need for a clear regulatory framework to ensure safe and responsible adoption.

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Mixed Signals in the Crypto Market: Bitcoin Stalls, Dogecoin Tumbles, Altcoins Find Pockets of Strength

This week, the cryptocurrency market presented a mixed bag of signals. While Bitcoin continues its struggle to break above $66,000, some altcoins are finding pockets of strength. Analysts remain divided, with some predicting a "summer of easing" for Bitcoin due to its potential as an inflation hedge, while others urge caution, highlighting the inherent volatility of the market.

Dogecoin (DOGE) paints a contrasting picture. The meme coin has witnessed a double-digit price decline in the past week, leading to a surge in long liquidations (forced selling by overly optimistic traders) and a rise in short positions (bets on a price decrease). Negative technical indicators and a funding rate skewed towards short sellers suggest a potential continuation of the downtrend. If the bears maintain control, DOGE's price could plummet to $0.11. This development serves as a reminder that even within a potentially bullish broader market, individual tokens can experience significant drops. Investors, particularly those considering DOGE or similar meme coins, should exercise caution and conduct thorough research before entering the market.

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Enjin Ventures into Real-World Assets

Blockchain company Enjin is making a move into the realm of real-world assets (RWAs) through a collaboration with musicians and other creative partners. Their project centers on limited-edition vinyl records with embedded NFC chips that unlock digital experiences when scanned. This initiative highlights the potential of blockchain technology to bridge the gap between physical and digital ownership, potentially offering new benefits for both creators and fans.

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South Korean NFT Market Sees Major Shakeup

The once-booming NFT market in South Korea is experiencing a significant pullback. Major retailers like Lotte Home Shopping are shutting down their NFT platforms due to declining trading volume and interest. This trend reflects a broader slowdown in the global NFT market, which has seen a dramatic drop in trading activity compared to its peak in early 2022.

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Settles After Wild Inflation and Interest Rate Roller Coaster

Bitcoin's price took a wild ride this week, reacting strongly to both inflation data and the Federal Reserve's monetary policy stance. Initially, the news that inflation rose less than expected triggered a surge in Bitcoin's price. This makes sense, as lower inflation can signal a healthier economy and potentially lead to looser monetary policy from the Fed. However, the joy was short-lived. Federal Reserve Chair Jerome Powell's comments hinting at a limited number of rate cuts this year may have dampened investor enthusiasm, possibly causing Bitcoin's price to fall.

Lower interest rates are generally considered positive for Bitcoin because they increase liquidity in the financial system. Conversely, higher rates tend to make borrowing more expensive, potentially driving investors away from riskier assets like Bitcoin. The market is currently expecting a rate cut in September, with some anticipating another by December. If these cuts materialize, they could provide a tailwind for Bitcoin's price.

This isn't the first time Bitcoin's price has been sensitive to the Fed's actions. In the past, periods of quantitative easing (where the Fed injects money into the economy) have generally been positive for Bitcoin, while periods of tighter monetary policy have often led to price declines. The current situation is unique, with inflation remaining a concern despite rising interest rates. Some analysts believe the Fed may need to adjust its approach if economic data weakens, potentially leading to a more favorable environment for Bitcoin. However, others remain cautious, worried that the Fed's tightening measures could trigger a broader market correction.

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Other Noteworthy Stories From The Past Week:

Celebrity Memecoin Criticisms: With the boom in celebrity themed memecoins that have been launched over the past week, it is unsurprising that a number of commentators have taken to social media to voice their opinions on the matter. The co-founder of Ethereum, Vitalik Buterin, has been one of the most recent industry leaders to voice concerns on the trend, advocating for a more purpose-driven approach to financialisation within crypto, rather than tokens that lack utility and are merely driven by speculation.

Robinhood To Buy Crypto Exchange: The trading platform Robinhood has recently announced that it will be purchasing the U.K. founded crypto exchange Bitstamp in a $200 million cash deal - the aim being to leverage the acquisition to help the platform expand its global reach in crypto markets.

*The Quest For Conquering Web3 Social Continues: The research and development incubator behind the Arweave blockchain, Forward Research, has recently acquired Odysee - a decentralised alternative to YouTube. Whilst there have been many forays into the socials market, web3 teams have yet to find a solution that rivals traditional incumbents. Whether this move changes this status quo is still to be seen.

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* The Return Of The Algorithmic Stables: 
Whilst centralised stablecoin issuers have dominated crypto markets in recent years, particularly in light of the TerraUSD (UST) collapse, this hasn’t deterred the innovation in decentralised algorithmic stablecoins. From the rise of Curve Stablecoin (crvUSD) - a novel decentralised collateralised-debt position (CDP) backed stablecoin with soft liquidation implementation - to Ethena’s Synthetic Dollar (USDe) that also uses a CDP approach but uses a “delta-neutral” ETH position to back the stablecoin. It’s clear that Terra ecosystem collapse has not deterred the creation or usage of decentralised stablecoins, with Ethena’s TVL crossing $3 billion this week.

If you’ve been on Crypto Twitter this week, you will have seen a rush of different memecoins launching - all associated with different celebrities ranging from Caitlyn Jenner to Soulja Boy. Whilst celebrities promoting crypto related products is nothing new, a worrying trend with this string of launches is that there is evidence to suggest that the person behind the development and launch of these different tokens is allegedly a serial scammer.

Whilst it’s still a little unclear what has gone on here, whether it be a scammer swindling unsuspecting celebrities or whether it be celebrities jumping on the memecoin bandwagon and taking advantage of retail investors, it does serve as a prudent reminder to do your own research and not to rush any investment decisions - particularly when there are red flags surrounding these projects. As things stand, all of these recent celebrity-promoted

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Stablecoin Summer Is In Full Swing
Whilst “DeFi Summer” was all of the craze back in 2020, fast forward to today and we are on the verge of Stablecoin Summer - if this week’s news is anything to go by. From centralised stablecoins, to novel decentralised algorithmic stables, crypto’s most profitable business model is blossoming. From more productive stablecoin regulation being passed globally, helping open up the path to stablecoins become an everyday means of payments, to stablecoin businesses issuing more exotic forms of stablecoins - it’s safe to say stables have come a long way since 2020.

So what’s new this week and why are we on the verge of a Stablecoin Summer?

Seeking New Horizons:
 From PayPal’s USD stablecoin (PYUSD) launching on Solana, to Agora Dollar (AUSD) launching on Sui, the past week has seen a number of different coins moving onto other blockchain networks. This is an important step for any stablecoin as it not only diversifies risk through not being reliant on any single network, but helps increase accessibility and adoption.

Not So Boring: 
Stablecoins have historically been pretty basic in their functionality - i.e. they aimed to offer 1:1 redemption against their respective fiat currencies, but that was it. This has made them useful for payments and acting as a store of value, but they have never been as exciting as their more volatile cryptocurrency peers - and for good reason too, they are supposed to be stable! Yet, this hasn’t meant innovation has slowed down. This week, Paxos (a major stablecoin issuer) unveiled their yield-generating stablecoin Lift Dollar (USDL). Unlike many stablecoins, this stablecoin has programmatic daily yield, which is expected to be around 5% APY, backed by short-term U.S. government securities.

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Global Spotlight: Electric Vehicles Go Blockchain

Taking a broader look at the industry, a group of major electric vehicle (EV) manufacturers, including Tesla and BYD, have announced a groundbreaking initiative. These industry giants plan to develop a standardized system for integrating blockchain technology into their charging networks. This move aims to enhance transparency, efficiency, and security in EV charging transactions, potentially paving the way for wider blockchain adoption within the green energy sector.

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Market Movers: Hong Kong Web3 Carnival and Token2049

Shifting gears to the broader market, the 2024 Hong Kong Web3 Carnival kicks off today at the Hong Kong Convention and Exhibition Center. This four-day extravaganza brings together industry leaders, developers, and enthusiasts to explore the transformative potential of Web3. The event promises to delve into the future of this revolutionary technology and its potential to reshape various industries.



Meanwhile, Dubai plays host to the highly anticipated Token2049 conference, focusing on the future of digital assets. With both events happening concurrently, this week promises to be a hotbed for crypto discussions and developments.

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Bitcoin Halving: Brace for Impact

The Bitcoin market stands on the precipice of a significant event – the upcoming halving. Expected to occur this weekend, the halving will see the block reward for miners cut in half. While the long-term implications remain positive, analysts offer a mixed bag of predictions for the short term. Some anticipate a price surge, while others expect a period of adjustment as the market absorbs the change.



A recent report by JPMorgan throws a curveball, predicting a potential 20% decline in Bitcoin's hash rate – the computing power securing the network. This decline could be attributed to older, less efficient mining rigs becoming unprofitable after the halving.

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Market Anticipation and Beyond

The previous halving events have indeed been followed by significant price rallies for Bitcoin. With the upcoming halving just days away, the market is understandably excited. Trading volume for Bitcoin has surged, with many investors positioning themselves for a potential price rise. While some analysts predict a substantial rise post-halving, others urge caution due to external market factors.

It's important to remember that the halving's impact on price isn't guaranteed. Global economic conditions and regulations can also play a role. However, the halving is a pivotal event with the potential to influence the entire crypto market. It reinforces Bitcoin's core principle of scarcity and could trigger renewed interest and investment across the cryptocurrency landscape.🔥

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Hong Kong Embraces Bitcoin

Hong Kong is reportedly poised to approve the first-ever spot Bitcoin ETF by mid-April. This long-awaited development could significantly impact institutional investment within the Asian market, potentially leading to a surge in Bitcoin adoption

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Global Spotlight

Looking at the wider market, we’ve also seen institutions become more comfortable with moving on-chain, as signalled by BlackRock’s new tokenized fund, BUIDL, leveraging Ethereum. The fund has attracted a remarkable $245 million in just one week after launch and is comprised of US Treasury bills, cash, and repurchase agreements, is represented by the BUIDL token, which is pegged to $1.



At the other end of the market, where tokens are represented by cartoon dogs and frogs, we’ve also seen Dogecoin get a renewed interest from retail crowds as speculators are beginning to position for the possible inclusion of DOGE on X (prev Twitter), as Elon Musk shared a short animation from user @DogeDesigner. This is not the first time that Elon has teased the Dogecoin community with cryptic messages on this topic and so this should be treated as speculative, with there being no confirmation of DOGE’s inclusion as a payment method to-date. As of time of writing, DOGE is up 40% on the week, trading at $0.21.🔥

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Ethereum's Scaling Challenges

This week, the network celebrates a significant milestone with over 1 million validators and 32 million Ether, valued at approximately $114 billion, staked. This growth signifies increased confidence and participation in Ethereum's Proof of Stake mechanism, particularly as institutions such as Fidelity update their Spot Ethereum ETF applications to include staking, by which investors would not only get exposure to ETH but also earn rewards that are accrued by staking. Whilst Ethereum’s legal status has been subject to scrutiny by the SEC for a number of years now, this increased institutional backing suggests that there is some hope that that these ETF applications are approved - the only question is when.🔥

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Market Movers

Meme Coins See Renewed Interest: While the broader market dipped, meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) saw a temporary resurgence, potentially fueled by retail investor activity. However, the rally was short-lived.

BlackRock Hints at Potential Bitcoin Investment: Investment giant BlackRock deposited $100 million USDC on-chain, sparking speculation of a potential entry into the Bitcoin market. This could be a significant development for institutional adoption of cryptocurrencies.

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