Avalanche-based decentralized finance (DeFi) protocol Wonderland has removed Sifu as its treasury manager after it was revealed he was Michael Patryn, the convicted co-founder of failed Canadian exchange QuadrigaCX. The project is now holding a poll on whether it should shut down.

Internet Computer (ICP) has released its roadmap, which reveals it plans to roll out integrations with Bitcoin and Ethereum by the end of this year. Direct BTC integration would be launched as part of DFINITY’s “Chromium Satoshi Release,” which is planned for Q1.

Goldman Sachs has warned that investors should not expect rising cryptocurrency adoption to translate to riches for their portfolios, as analysts at the investment bank have speculated prices may not rise as adoption grows.

Top stories in the Crypto Roundup today:

• Avalanche-Based Wonderland Considers Shutting Down
• Internet Computer to Roll Out Bitcoin and Ethereum Integrations This Year
• Mainstream Crypto Acceptance May Not Boost Prices: Goldman Sachs
• Chart of the Week: Can Fibonacci Retracement Offer Insight Into Bitcoin’s Bottom?

Avalanche-Based Wonderland Considers Shutting Down

Avalanche-based decentralized finance (DeFi) protocol Wonderland has removed Sifu as its treasury manager after it was revealed he was Michael Patryn, the convicted co-founder of failed Canadian exchange QuadrigaCX. The project is now holding a poll on whether it should shut down.

Wonderland unseated Sifu following a vote from TIME token holders after a blockchain sleuth who goes by Zach on social media revealed Sifu is Patryn. The platform’s other co-founder, Daniele Sestagalli, has said he was aware of who Sifu was but decided not to judge him.

Wonderland is a fork of Olympus DAO, a decentralized reserve currency protocol that lets users deposit or sell tokens to the Olympus treasury in return for discounted OHM tokens. Wonderland’s treasury is worth over $730 million.

A new poll on whether the Wonderland platform should shut down and return funds to token holders from the treasury is now ongoing. If the proposal fails, the DAO will identify a new entity to give control of the treasury to.

Internet Computer to Roll Out Bitcoin and Ethereum Integrations This Year

Internet Computer (ICP) has released its roadmap, which reveals it plans to roll out integrations with Bitcoin and Ethereum by the end of this year. Direct BTC integration would be launched as part of DFINITY’s “Chromium Satoshi Release,” which is planned for Q1.

The move will add smart contracts to the Bitcoin blockchain using “Chain Key cryptography,” displacing the need to use a bridge that could open the network to vulnerabilities. DFINITY director of product, Diego Prats, wrote that “smart contracts on the Internet Computer will be able to hold, send and receive Bitcoin, without the need for private keys.”

Integration with Ethereum is planned for the third quarter of the year with the “Vanadium Vitalik Release.” Details on the release still haven’t been made public. In December, DFINITY enabled smart contracts – which are called Canisters in its ecosystem – to hold their own balances of ICP tokens.

Internet Computer is a public blockchain and protocol that allows developers to launch smart contracts and decentralized applications directly on its blockchain. It was developed by DFINITY, a non-profit based in Zurich, Switzerland.

Mainstream Crypto Acceptance May Not Boost Prices: Goldman Sachs

Goldman Sachs has warned that investors should not expect rising cryptocurrency adoption to translate to riches for their portfolios, as analysts at the investment bank have speculated prices may not rise as adoption grows.

In a note sent to clients, Goldman Sachs analysts Zach Pandl and Isabella Rosenberg wrote that cryptocurrencies like bitcoin have been seeing their mainstream appeal grow over the last few years, which has to some extent seen their correlation with other macro assets grow.

The price of BTC, they added, appears to be positively correlated with proxies for consumer-price risk like crude oil prices and breakeven inflation, as well as with technology stocks. These are negatively correlated with real interest rates and the U.S. dollar. Goldman’s strategists wrote:

“While it can raise valuations, it will also likely raise correlations with other financial market variables, reducing the diversification benefit of holding the asset class.”

The strategists estimated that “further development of blockchain technology, including applications in the metaverse, may provide a secular tailwind to valuations for certain digital assets, but noted these assets won’t “be immune to macroeconomic forces, including central bank monetary tightening.”

Chart of the Week: Can Fibonacci Retracement Offer Insight Into Bitcoin’s Bottom?

Bitcoin hit an all-time high of $67,550 in November of last year after a massive bull run and its price has since fallen through its first ($58,445), second ($52,810), third ($48,260) and fourth ($43,700) retracement levels.

The cryptocurrency is currently down-trending towards its fifth retracement level at $28,970, the same it bounced off of at the end of July before returning to its all-time high.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.