Magnet Crypto Review | The weekly roundup of all things blockchain

Issue #59

Written by Magnet Capital | Sep 19, 2023 12:00:00 AM

Market Overview

As of the time of writing (Monday 5pm), the total market cap of the crypto asset market is $US1.10T, up (3.1%) from last week.

Below is the weekly performance of the top crypto assets. 

News Headline Highlights

 Crypto Asset Project Updates

  • “Flatcoin” a term coined by former Coinbase CTO Balaji Srinivasan, are stablecoins designed to peg its price to “...an on-chain basket of goods,” according to Srinivasan. This concept is designed to overcome the issue of fiat currency inflation that is not passed through to fiat pegged stablecoins. In an interview last week, Coinbase CEO Brian Armstrong showed enthusiasm and heightened interest in the implementation of a flatcoin, noting “[The Flatcoin concept is] a new thing on the horizon. There's a couple teams working on it,” said Armstrong in an interview with Yahoo Finance. “We're not building something in that realm yet, but we're interested in it”.

Regulation Station

The Weekly Deal Room

  • Animoca Brands, a metaverse and gaming venture capital firm, raised $20m to advance its Mocaverse project in a round led by CMCC Global.
  • Layer N, a rollup network designed to scale financial applications on Ethereum, raised $5m in a Seed Round co-led by Founders Fund and Dao5.
  • Movement Labs, the founders of Move, a smart contract development language, raised $3.4m in a pre-seed round co-led by Blizzard Fund, Varys Capital, Dao5 and Borderless Capital.
  • Only Dust, a web3 contributions platform, raised $3m in a Seed Round led by Fabric Ventures.
  • Ripple acquired Fortress Trust, a Nevada-based trust company and custodian of digital assets.
  • Mountain Protocol, a Bermuda-based yield bearing stablecoin issuer, announced their seed round led by Castle Island Ventures.

Metric of the Week

Realized Capitalisation is one of the most important Bitcoin on-chain metrics. It is a measure of cost basis for Bitcoin, attained by adding the price of every Bitcoin at the time that it last transacted. 

In the last 3 weeks, Bitcoin's market capitalisation has fallen below its realised capitalisation, an occurrence which historically represents an attractive time for investors to consider purchasing BTC. 

Source: Glassnode