If you only look at price action, crypto is dead dead these days.
Yes, Bitcoin is down 72% from its November 2021 high almost a year ago. Ethereum has fallen similarly, down 72% from its own high of $4,878. Weft.
Crypto advocates point out that it’s not just cryptocurrencies, it’s also hurting stocks. And they are right: everything is down nowBut for crypto devotees, it’s a cold consolation and a bit of trade secrets in the crypto media, but who cares to read crypto news when crypto prices drop. I don’t. Joe Lubin, CEO of ConsenSys, said last week: Technical success of the Ethereum mergerbut ETH has fallen a disappointing 21% since the event.
For a better temperature check on how cryptocurrencies are performing, take a look at the major recent signs of mainstream adoption. There have been a series of signs that it thinks it will take hold. At a time when the global economy is collapsing all around us, we can be forgiven for missing out on these news stories.
In August, BlackRock, the world’s largest asset manager, Launched Spot Bitcoin Private Trust To expose customers to the current price of Bitcoin. (As a reminder, the SEC categorically refused the green light In the listed spot bitcoin ETF, Bitcoin Futures ETF Onlybut BlackRock can offer any service to its own customers. BlackRock also said it has seen significant interest in cryptocurrencies from its institutional clients and is considering stablecoins and tokenization. Wow. Bitcoin was unfazed by the news. This shows how much the economy strains assets of all kinds.
Last week we had two more big statements of faith.
Google announced it would launch Accepting crypto as payment for cloud services Early next year by plugging into Coinbase. As part of the deal, Coinbase Commerce will migrate “data-related applications” from Amazon Web Services to Google. So this Google Cloud not only welcomes cryptocurrencies, but is also a form of partnership between Google and Coinbase.
Bank of New York Mellon, who turned 239 on the same day Launched its own Bitcoin and Ethereum custody serviceThe bank holds the client’s private key and provides accounting for the crypto portfolio. Following BNY Mellon become a guardian For cash reserves backing Circle’s USDC stablecoin in March.And last year, BNY Mellon Bitcoin custody service launched in Ireland.
All of this may seem like a sad attempt at rationalization to the cynical cryptocurrency skeptic. The mantra favored by Web3 builders, “Bear markets are for building, has become a clich because it is repeated so often at times like this. That doesn’t mean it isn’t true.
The first time I wrote about Bitcoin was in 2011. We have witnessed freezing crypto cycles in 2014, 2018 and now. Some of the most famous crypto companies and platforms were built during those winters.
Rubin said that the cipher “A very sick dog is wagging its tail“For now, it won’t get better until the economy does better,” Solana founder Anatoly Yakovenko believes. 12-18 months.
Meanwhile, they are all still under construction as signs of future adoption quietly increase.
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