First Mover Asia: KuCoin Plans to Bolster DeFi Activity on Its Blockchain After $150M Raise; Cryptos Gain

The crypto exchange will add technical features to support developers and build on KuCoin’s public blockchain; bitcoin outperforms ether.
CoinDesk - Unknown

Good morning. Here’s what’s happening:

Prices: Bitcoin recovers somewhat; most other cryptos are in the green.

Insights: KuCoin will use part of its $150 million capital raise to increase DeFi activity on its blockchain.

Technician’s take: BTC appears oversold, although trading conditions have been choppy over the past few days.

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Bitcoin (BTC): $30,185 +4.4%

Ether (ETH): 2,011 +3.6%

Biggest Gainers

AssetTickerReturnsDACS Sector
Internet ComputerICP+5.4%Computing
CosmosATOM+4.2%Smart Contract Platform

Biggest Losers

AssetTickerReturnsDACS Sector
AlgorandALGO−1.9%Smart Contract Platform
StellarXLM−1.8%Smart Contract Platform

Bitcoin posts a small recovery

As improvement goes, bitcoin didn’t have much about which to crow on Thursday. The largest cryptocurrency was still struggling to remain above $30,000, and well off where it was trading as little as two weeks ago.

But the largest cryptocurrency by market capitalization did a little better than ether and other major altcoins.

Bitcoin was recently changing hands at around $30,200, up more than 4.4% over the past 24 hours. The increase outperformed ether, which rose a little more than 3.5% during the same period, and other cryptos, most of which also registered smaller gains as investors continued to prefer the best-known digital asset over smaller, riskier ones. XRP, SOL, ADA and MATIC rose less than a percentage point. AVAX was among the losers, recently dropping more than 3%.

Still, the flavor of the market remained sour with investors continuing to chew on the triple whammy of inflationary pressures, central bank missteps and the looming prospect of recession. Altcoins have largely trailed bitcoin amid the mushrooming economic uncertainty in recent months. For the past 90 days, only 15% of the top 50 altcoins have outperformed bitcoin, according to the Blockchain Center, a provider of crypto data. The trend reflects the current risk-off environment.