CoinMarketCap Daily, Oct. 5: Bitcoin to $50K
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CoinMarketCap Daily, Oct. 5: Bitcoin to $50K

1 year ago

Today, Bitcoin finally gets back over $50,000, while we deal with the results of the Facebook outage.

CoinMarketCap Daily, Oct. 5: Bitcoin to $50K


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Molly’s Musings 👩‍💻

Bitcoin Never Goes Down

Yesterday’s Facebook/Instagram/Whatsapp outage awakened the Crypto Twitter hivemind — it’s almost too obvious of a tweet, but everyone tweeted it anyway. 

“Facebook is down, but Bitcoin never goes down.”

Just because everyone tweets something doesn’t make it true — but in this case, it definitely is true. The Bitcoin blockchain has actually never once had an outage in its over twelve years of existence. Plenty of other blockchain have seen downtime (with the recent Solana outage a notable example in recent history), but not Bitcoin.
With Bitcoin’s perfect record in mind, is the solution then to making sure that legacy Internet services like Facebook always stay online building them into the Bitcoin blockchain? Of course not. Is the solution then for everyone to stop using Facebook and move to some decentralized alternative? Maybe? At least the blockchain maxis would like to think so.
Long outages like the one that occurred for Facebook last night (especially after Facebook’s recent terrible press) are a chance for us to think about how the internet is built and why we use the platforms that we do. Twitter has already been thinking about this for a while — Jack Dorsey started a team working on a decentralized social media initiative back in 2019.

What would it take for you to stop using Facebook and switch over to some as-of-yet unbuilt decentralized alternative? 

(For me, it would take absolutely nothing….just waiting for the right platform to appear!).

Bitcoin! 😊 Altcoins! 😺

BREAKING: Bitcoin Hits $50,000 🔥
Bitcoin has managed to hit $50,000 for the first time in a month. On Tuesday, the world's biggest cryptocurrency smashed through stubborn resistance to reach this psychologically important price level. BTC is now outperforming ETH, BNB and ADA on a 24-hour timeframe — and many analysts expect $100,000 by the end of the year. The latest.
Crypto Twitter Smug as Facebook Fails 😏
Facebook, Instagram and WhatsApp all went down for hours on Monday — and Crypto Twitter was feeling especially smug. It's very rare for disruption to last this long. Blockchain enthusiasts argued that the outage powerfully proves why decentralization is important. To add insult to injury, Bitcoin's market cap has now overtaken Facebook's, too. Read more.
Is Cardano Undervalued? 🚀
Grayscale Investments believes that Cardano may be undervalued when compared with Ether. Dividing their market caps by users, the value of a Cardano user stands at $30,000, while Ethereum's are worth $55,000. In a new report, the firm said this "may imply Cardano's [valuation] is cheaper than its largest peer based on user value fundamentals." Learn more.
Best Blockchain Universities Revealed 🎓
CoinDesk has released its ranking of the top universities for blockchain in 2021. Educational institutions in Asia dominate the list. The National University of Singapore came out on top, followed by the Royal Melbourne Institute of Technology and University of California Berkeley. Unlike previous years, just five U.S. schools made the top 25. Find out more.

NFTs Galore 👾

OpenSea Sales Surge… But Why? 🤑
OpenSea’s daily trading volumes have surged to their highest level in over a month — and all might be down to an obscure new NFT collection. Sales on the world's biggest NFT marketplace hit $157 million on Monday, according to data from Dune Analytics. The bounce back in demand is being linked to a collection called CrypToadz. But what are they?
Stamp Collecting Gets Crypto Makeover 🤓
Swiss Post has announced that it is releasing a collection of 175,000 Crypto Stamps at the end of November. The physical stamps can be used to frank postal items, but a QR code also transports owners to a digitized stamp that's based on the blockchain. A total of 13 designs exist — and only 50 stamps feature the rarest design available. Check it out.

DeFi Never Sleeps 💫

Dapper Labs Acquires Influencer Platform Brud, Launches Unit Focusing on DAOs 💵

The organization behind NBA TopShots will be launching a new business, Dapper Collective, with Brud, with the aim of supporting communities to build DAOs on its Flow blockchain.

How Much Can You Play-to-Earn? 🎲

Yield Guild Games Commits to $1M Purchase of Star Atlas Game Assets 🕹️
One of the top play-to-earn games will be collaborating more with Star Atlas — a play-to-earn game that hasn’t launched quite yet.
Axie Infinity Creator Announces $152 Million in Series B Funding Led by A16z 🎮

Andreessen Horowitz led the funding round for the popular play-to-earn, Pokémon-like game’s creator, Sky Mavis.

No More FUD…😟

SEC Delays Decision on Four Bitcoin ETFs 
The push for a Bitcoin exchange-traded fund to be launched in the U.S. has suffered a setback. Four companies that have submitted an application have been told by the SEC that the deadline for a decision has been pushed back by 60 days. All of this means we'll have to wait until November or December to see if an ETF has been given the green light. Our story.

Who Got the Money? 🤑

Warsaw-Based Crypto Startup Ramp Hits $300 Million Valuation in Series A Raise: Sources 🤲
The start-up, which refers to itself as the “PayPal for crypto,” closed the Series A $30 million fundraise that was led by venture capital firm Balderton Capital, sources say.

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