Bitcoin’s Narrative as Digital Gold – Chung’s Weekly Digest (4/24)

Gold has been holding its value as Bitcoin is facing difficulties holding its support at $40k.

Store of Value

Bitcoin’s ($BTC) narrative as digital gold is under threat as investors are treating the top crypto asset as a risk-on asset. When the equities market is facing a period of uncertainty, investors and traders would often pool their resources and store these resources in risk-off assets to hedge their risks. 

Source: Geopolitical uncertainty is testing the public’s sentiment towards Bitcoin as the ultimate store of value 

Gold has breached the important $2,000 resistance on a few occasions before a mild retracement. Bitcoin, on the other hand, has been trending downwards from its previous high of $69k clocked in November last year. 

Bitcoin’s utility has largely been based on its narrative as digital gold. It is superior to gold in many aspects but the public’s perception has not been swayed. Bitcoin is still regarded as a risk-on asset and the recent price movement shows a strong correlation to the S&P 500.   

The global crypto market cap is now at $1.9 trillion. The coronavirus outbreak is still causing a lot of fear as cases in China are rising and the threat of another lockdown is a real concern. 

Source: New daily cases are on the rise in China as the country battles to contain the deadly coronavirus. 

The uncertainty arises from a few factors: 

The US Federal Reserve’s (FED) decision to raise interest rates 

The lack of a definitive crypto framework 

The refusal of the US Securities and Exchange Commission (SEC)  

The ongoing geopolitical crisis in Eastern Europe

The coronavirus threat in China

Weekly Recap

Axie Infinity reveals its land gameplay teaser.  

PancakeSwap and BNB Chain partners to offer cash prizes’s NFT Marketplace has added new features

PancakeSquad NFT sells for 600 $BNB.

Cronos chain surpasses 32 million transactions. 

CroSkull surpasses 4 million $CRO in secondary market sales. 

Binance.US arrives at Coachella Music Festival.  

Delta One managed to secure $9.1 million in its seed funding round. 

BabyDogeCoin NFTs are finally here.

Popular metaverse platform, Sandbox’s valuation is now above $4 billion

$CRO is now available on eToro

Binance.US obtains a money transmitter license in Puerto Rico. 

PancakeSwap defines Q2 roadmap and completes migration. is recognized as Sports Media Brand of the Year

$BNB continues its deflationary run

Coinbase launches its NFT Marketplace Beta version. 

Binance.US builds its own lobbying group in Washington DC. 

Binance agrees to comply to Euro’s decision on Russian users. 

Chainlink releases a report on how blockchain can impact climate change

Binance aids in the partial recovery of funds from the Ronin heist. commits to a four-year plan to support research on Bitcoin. 

Thomas Schumann Capital aims to provide 30 water purification facilities through crypto donations. 

Coffeezilla unravels the FUD surrounding SafeMoon

Market Sentiment


Bitcoin continues to be rocked by unfavorable market sentiment as it struggles to maintain its position at the $40k level. Altcoins took a more severe beating. The crypto market is also spooked by rumors that Micheal Saylor is secretly selling their Bitcoin.

In a medium post by Mr.Whale, a pseudonym to an anonymous person or group of people made claims that MicroStrategy has dumped more than 8000 Bitcoin discreetly. Micheal Saylor responded to deny the rumor in his Twitter post.

Gold’s ardent supporter, Peter Shiff is fueling rumors that MicroStrategy, the largest single entity that holds Bitcoin is off-loading their Bitcoin. Bitcoin and other crypto-assets have real-world utilities. The price of a trillion-dollar market cap industry cannot be determined by a single entity. Even if the rumors are true, the effect will likely be short-lived. 

Coins to Watch

Bitcoin ($BTC) – Bitcoin is the largest crypto asset by market cap. It is also the most stable and also one of the most widely accepted crypto assets in the space.  

Other crypto assets may be buoyed by volatility as the market tries to find its footing but Bitcoin will likely be the focal point when the market recovers. 

The SEC is likely to decide favorably on approving America’s first Bitcoin spot Exchange Traded Fund (ETF) soon. Australia recently approved its first Bitcoin ETF scheduled to start trading on April 27.

Terra ($LUNA) – Luna is the native crypto asset that powers the Terra blockchain. 

More than 100 projects are built on the Terra Network and the most widely known utility that is linked to $LUNA is its own algorithmic stablecoin, $UST

In order to mint $UST, $LUNA will be burned. $UST has a market capitalization of $18 billion and has been consistently increasing. 

Source: Terra network has a booming ecosystem and this drives the value of $LUNA its native asset

The Sandbox ($SAND) – The metaverse frenzy has simmered down but there is a huge demand for an alternate reality where real-world activities can take place. 

$SAND has dropped significantly from its all-time high, but as the leading platform in the metaverse segment, there is a lot of upside potential.  

Traditional brands are starting to reposition themselves to a paradigm shift. The Sandbox platform provides that avenue. 

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