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May 27, 2022, 3:29 a.m. EDT

Ethereum could ‘take over everything’, and there won’t be a multi-chain future, says EY’s blockchain leader

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By Frances Yue

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Terra 2.0?

Terra’s validators have passed a proposal to “revive” the blockchain after its crash , according to Terraforms Labs, which backs the blockchain.

The “revival plan” will create a new Terra blockchain without the stablecoin, which is expected to launch on Friday, according to the proposal.

The new chain will keep the name Terra, while the old chain will be called Terra Classic, with its token renamed Luna Classic, the proposal noted. The new Luna tokens will be will be airdropped across Luna Classic stakers, Luna Classic holders, residual UST holders, and essential app developers of Terra Classic, Terraform Labs tweeted.

A16z’s crypto fund

Andreessen Horowitz on Wednesday said it has  raised $4.5 billion for  its fourth and largest crypto fund. “We think we are now entering the golden era of web3,” which refers to the so-called next generation of the internet, Chris Dixon, founder and managing partner at the firm’s crypto unit, wrote in an email statement. 

Of the $4.5 billion, about $1.5 billion will be used in seed investments while $3 billon will go towards venture investments, according to Dixon.

Andreessen Horowitz raised the fund at a time when bitcoin is down more than 55% from its all-time high while ether trades about 60% lower from its record high.

Minerd’s bearish outlook

The crypto market is in mayhem this year, while Scott Minerd, global chief investment officer at Guggenheim Partners warned that digital assets could experience an even more brutal wash out, with bitcoin potentially sliding all the way back to $8,000.

“When you break below $30,000 consistently, $8,000 is the ultimate bottom, so I think we have a lot more room to the downside, especially with the Fed being restrictive,” Minerd told MarketWatch’s Joseph Adinolfi in an interview. 

The problem with crypto is that most coins are “junk” or “garbage,” according to Minerd. Although he believes that both bitcoin and ethereum will ultimately survive the downturn, Minerd said crypto likely hasn’t found the right “prototype” yet to help drive more widespread adoption.

Read more: Guggenheim’s Minerd believes fine art, real estate will outperform stocks, sees bitcoin bottoming at $8,000

Crypto companies, funds

Shares of Coinbase Global Inc . /zigman2/quotes/225893452/composite COIN +7.73% gained 3.2% to $69.28 on Thursday, and they were up 2.9% over the past five trading sessions. Michael Saylor’s MicroStrategy Inc. /zigman2/quotes/202561856/composite MSTR +4.70% rallied 8.9% Thursday to $215.82, and it was up 2.4% over the past five days.

Mining company Riot Blockchain Inc. /zigman2/quotes/209538617/composite RIOT +4.31% shares were up 5.8% to $6.80, while it was down 4.7% over the past five days. Shares of Marathon Digital Holdings Inc. /zigman2/quotes/205886758/composite MARA +6.11% gained 4.9% to $9.72, with a 6.1% loss over the past five days. Another miner, Ebang International Holdings Inc . /zigman2/quotes/219243771/composite EBON +4.95% , gained 5.4% to $0.74, with a 0.9% loss over the past five days.

Overstock.com Inc. /zigman2/quotes/200022359/composite OSTK +2.13% ’s shares jumped 9% to $32.30. The shares have gained 15.7% over the five-session period.

Shares of Block Inc. /zigman2/quotes/205989440/composite SQ +2.28% , formerly known as Square, rose 5.7% to $82.41, with a 5.4% loss for the week. Tesla Inc . /zigman2/quotes/203558040/composite TSLA +4.68% shares gained 7.8% to $710.03, and were up 0.1% over the past five sessions.

PayPal Holdings Inc. /zigman2/quotes/208054269/composite PYPL +2.01% slipped 0.1% to $80.02, and it was down 1.4% over the five-session stretch. Nvidia Corp. /zigman2/quotes/200467500/composite NVDA +4.27% shares rose 6.4% to $180.61, looking at a 5.5% gain over the past five trading days.

Advanced Micro Devices Inc. /zigman2/quotes/208144392/composite AMD +2.76% shares were up 7.7% to $99.80 on Thursday, while it was up 3.2% from five trading days ago.

Among crypto funds, ProShares Bitcoin Strategy ETF /zigman2/quotes/230440344/composite BITO -0.13% went up 0.4% to $18.41 Thursday, while Valkyrie Bitcoin Strategy ETF /zigman2/quotes/230473388/composite BTF -0.21% was up 0.3% at $11.49. VanEck Bitcoin Strategy ETF /zigman2/quotes/230997909/composite XBTF -0.18% gained 0.2% to $28.88.

Grayscale Bitcoin Trust /zigman2/quotes/203330852/delayed GBTC +0.26% traded up 1.5% to $19.29.

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