Bitcoin Takes a Breather as Cardano's ADA and Zcash's ZEC Tune Up ~ CEOM Coin

The latest moves in crypto markets, in context

February 2, 2022

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Good morning, and welcome to First Mover. Here's what's happening this morning:

Market Moves: Bitcoin pauses after rallying toward $39,000. Zcash's ZEC tokens and Cardano's ADA saw gains on optimism over proposed network upgrades.
Featured story: Trader Joe's native coin climbs as the decentralized exchange unveils 'modular staking.'

And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time. Today's show will feature guests:

Sheila Warren, deputy head, Centre for the Fourth Industrial Revolution
Tanvi Ratna, founder, Policy 4.0
Ray Youssef, CEO, Paxful

Today's newsletter was edited by Omkar Godbole and produced by Parikshit Mishra and Bradley Keoun.

Market Moves

By Omkar Godbole

Bitcoin (BTC) was lower, slipping in early trading on Wednesday after gaining on eight of the past 10 days.

The latest rally has brought the largest cryptocurrency's price close to $39,000 from a low around $32,900 as recently as Jan. 24.

In broader cryptocurrency markets, Zcash's ZEC token posted gains in Asian trading as the protocol's shift toward a proof-of-stake network and compliance directives won more support from market participants. Zcash cleared the $100 mark, rising as much as 6% over 24 hours and 12% so far this week, according to CoinGecko.

Cardano's ADA token was up 1.3% over the past 24 hours after Input Output, the development company behind the Cardano network, proposed increasing the network's block size.

"We have proposed the next parameter update as we continue to increase #Cardano network capacity in line with the plan. The proposal will increase block size by a further 8KB taking it from 72KB to 80KB," Input Output said in a tweet.

Trader Joe's Native Coin Climbs as the DEX Unveils 'Modular Staking'

By Omkar Godbole

JOE, the native token of Avalanche-based decentralized exchange (DEX) Trader Joe, is leading a rally in DEX coins after the protocol announced modular staking – a system gives token owners three independent ways of staking their holding.

Messari data show the JOE token has advanced 58% in the past seven days, outperforming DEX giants like UNI, CAKE and CRV by a significant margin. The cryptocurrency was changing hands near $1.4 at press time, representing a 2% drop on a 24-hour basis.

"The token has been drawing demand probably due to its modular staking and the new primitive they are launching," Lucas Outumoru, head of research at IntoTheBlock, told CoinDesk in a Telegram chat. "The coin is relatively undervalued in terms of the revenue the DEX produces relative to its market cap."

Full story here: Trader Joe's Native Coin Climbs as the DEX Unveils 'Modular Staking'

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Crypto Prices

Bitcoin (BTC)

See the latest price here

Ether (ETH)

See the latest price here

The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours:

Biggest Gainers:

Asset	Ticker	Returns	Sector
Ethereum Classic	ETC	+8.8%	Smart Contract Platform
Internet Computer	ICP	+5.4%	Computing
Litecoin	LTC	+3.8%	Currency

Biggest Losers:

Asset	Ticker	Returns	Sector
Cosmos	ATOM	−3.6%	Smart Contract Platform
Polygon	MATIC	−1.4%	Smart Contract Platform
Chainlink	LINK	−1.0%	Computing

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.

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Latest Headlines

Introducing CoinDesk's Privacy Week. Cryptocurrency was supposed to be about privacy. While Bitcoin and its various knockoffs and descendants have become a $2 trillion asset class, privacy remains hard to come by, either for cryptocurrency users or everyday people. We take stock of the state of online privacy in 2022, in crypto and beyond, and where it might be headed in the years and decades to come. Explore Privacy Week here.

ICYMI

In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:

India Edges Toward Crypto Rule With 30% Tax and Announces Digital Rupee Launch, SEC Approves New US Exchange BSTX to Incorporate Blockchain Technology

CoinDesk Regulatory Reporter in India Amitoj Singh joins "First Mover" hosts to discuss Indian government's plan to place a 30% tax on crypto transactions and the announcement of the timeline for digital rupee. Ian Lee, co-founder of Syndicate, shares his views on the state of DAOs. Will Peck, head of digital assets at WisdomTree shares details behind the launch of the latest digital wallet WisdomTree Prime.

Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.