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Quick Take

• Hong Kong still lacks a comprehensive regulatory framework for digital assets.
• Proposed changes to the 2019 regulatory framework for virtual asset trading platforms could soon force several local cryptocurrency exchange operations to relocate to other jurisdictions.

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The GameStop-galvanized “bear raid” by retail stock traders appears to have terrified Wall Street, but crypto-industry marketeers are salivating over the prospect of new customer leads, and more demand.

The app offers trading of crypto assets as well as tokenized stocks listed on derivatives exchange FTX.

The shorts were liquidated after Elon Musk added “Bitcoin” to his Twitter bio and prices rose by over 15%.

Users still have some crypto trading functionality, per a Friday report from CNBC.

Coinbase’s website is suffering from an outage since 7:41 am EST Friday, according to the crypto exchange’s status page.

The exchange said it is currently investigating the issue. Meanwhile, the popular trading app Robinhood told CNBC that it has halted the instant crypto buying feature due to “extraordinary market conditions.”

“Customers can still use settled funds to buy crypto. We’ll keep monitoring market conditions and communicating with our customers,” said Robinhood.

The issues occur as bitcoin has surged past $37,000 today after support from Tesla CEO Elon Musk.

Earlier today, Musk changed his Twitter bio to mention only Bitcoin. Shortly after that change, Musk tweeted, “In retrospect, it was inevitable,” possibly meaning that the bitcoin mention was sure to happen.

Bitcoin is currently trading at around $37,500, according to The Block’s Data Dashboard. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin Core developer and maintainer Jonas Schnelli has received a grant from Nasdaq-listed bitcoin miner Marathon Patent Group.

Marathon told The Block that the grant is worth a total of $96,000, payable monthly in bitcoin (BTC) over one year.

“It’s an acceptable salary,” Schnelli told The Block. “However, much less than I could get as a corporate software developer. But I’m in for the Bitcoin ethos and not for the money.”

Schnelli said he would use the money to continue to work on Bitcoin Core. Schnelli has been contributing to Bitcoin Core since 2013 and has contributed over 30,000 lines of code in over 750 commits. His work revolves around Bitcoin Core’s peer-to-peer transport layer encryption as well as its testing in general.

Marathon’s move comes shortly after rival Bitmain decided to halt funding for Schnelli and another bitcoin developer Joao Barbosa. Barbosa then received a grant from Coinbase at the time, marking the exchange’s first-ever such sponsorship.

Marathon CEO and chairman Merrick Okamoto said, “it is essential that we do our part to help advance the Bitcoin network. Absent core developers like Jonas, Bitcoin’s efficacy and long-term adoption, and therefore our business, could be impacted.”

As The Block reported recently, crypto firms have granted more than $3 million to date to Bitcoin developers and projects working to improve the Bitcoin network.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

The futures contract is based on a basket of stocks being targeted by WallStreetBets and dogecoin.

Quick Take

• Ren Project gives access to fast cross-chain swaps but is currently centralized.
• Due to market growth, the monthly fee for Darknode operators exceeded $1M in January.
• Despite the existence of seven renTokens, people only actively use renBTC.

This research piece is available to
members of The Block Genesis.
You can continue reading
this Genesis research on The Block.

The survey data shows that cryptocurrency investing is becoming more diverse, said Gemini in its new trends report.