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Cardano’s scaling tool Hydra head has been made live in the mainnet blockchain as part of the latest DeFi upgrade for the network. Hydra Heads are “mini ledgers” that can be shared by a group of people to help speed up transactions. Cardano’s native token ADA has seen a slight uptick following the upgrade. It is currently ahead 1.45% in the last 24 hours, outperforming the broader crypto market which has fallen 3.16%. Cardano native token ADA is up 1.45% over the past 24 hours. This outperforms the broader cryptomarket, which is down 3.16% according to CoinDesk Market Index.

Following an acknowledgement by Elon Musk that drew comparisons to the Twitter owner’s praise of dogecoin in the past, Milady NFTs spiked up as much as 60% . Miladys are cartoon-like profile pics with childlike faces. Musk tweeted one of these images overlaid with “There is not meme, I love You.” The collection then became the most popular NFTs in OpenSea with trading volumes exceeding $22 million and prices reaching as high as $13,700. Traders should be cautious about the comparisons to dogecoin. Musk’s alleged endorsement of DOGE has in the past triggered price spikes for memecoin, but they were often short-lived.

Crypto mining company Hive Blockchain plans to sell common shares up to $100,000,000 through a market sale to fund its goal to double its computing power. Hive wants to double its computing power from 3 exahash/second to 6 EH/s. It says that it can do this by the end Q2 of this year with the machines it has already bought. Canaccord Genuity, a Canadian investment firm, and Stifel will act as the agents for the sale. No other details have been provided on the timeline. After the turmoil of 2022 in which many miners didn’t survive to tell the story, firms are taking advantage of the modest recovery of crypto prices this year to to set new growth and operation targets.

Chart of the Day

  • The chart below shows the 30-day options skew for bitcoin, which is the difference between what traders paid for bullish call and put options.
  • The skew dropped to -2.37 by the time of press, which is the lowest since two months. This indicates a bias towards put options.
  • The relative wealth of put options indicates a negative attitude towards spot prices.

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Stephen Alpher edited the book.