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A notable performance shift could be underway although it is perhaps too soon to tell. Tech saw heavy sell-offs last week as poor results came in but cryptos largely held their ground. 

This runs counter to past months of drawbacks in equities that have correlated heavily with crypto. Indeed, price resilience has become a growing story of bitcoin and ether since June as the correlations seem to have disengaged somewhat. 

Bitcoin for its part saw an early-week surge last week moving the cryptoasset above $20,000 on Tuesday, where it continues to hold its level this morning. The crypto saw a brief sell-off on Friday which took it below $20,000 but it has since traded back up to around $20,300 this morning.

Ether meanwhile saw a similar price shift, reaching over $1,450 on Tuesday. The crypto has however ticked up further still, trading above $1,500 in the latter part of last week, and currently above $1,560. 
 

Dogecoin gets the zoomies after Musk buys Twitter

Dogecoin saw an enormous price spike over the weekend on the back of Elon Musk completing his acquisition of Twitter. Expectations soared for the token among investors because Musk has at several points said it could be used as a basis for transactions on the social media site. 

Dogecoin has languished around $0.06 since the middle of the year, having come off its ATH of $0.5604 on the eToro platform in May last year. But the Musk bounce has sent the price back above 0.125 for the first time since May this year. 

Investors should treat such price spikes with care. The recent spike has catapulted dogecoin to the sixth largest cryptoasset by market cap, ahead of the likes of Cardano. Although it is perfectly conceivable that Musk’s move has altered the investment case of the token, if you look at other businesses such as Tesla, adoption has been limited.
 

Hong Kong embraces crypto

The Hong Kong Government has issued a policy statement on digital assets in the region, u-turning on previous skepticism toward the sector and launching a consultation on improving the regulatory environment. 

The special administrative region had previously said it wanted to strictly control cryptoassets on exchanges but appears to have done a full 180 calling it a “vibrant sector and ecosystem” while outlining some plans to create risk management controls and promote sustainable innovation. 

Hong Kong is not alone in changing its tune to a more melodious rhythm with crypto. The EU, UK, US, and other regions are all forging ahead with proactive and conciliatory regulatory frameworks for crypto. It is a potentially exciting time for the sector, which once properly codified, can provide enhanced reassurance to users and businesses while promoting innovation and growth. 
 

Google Cloud launches Ethereum node-hosting

Google Cloud has announced via blog post that it is launching a “Blockchain Node Engine.” The firm says it will be fully managed node hosting for web3 development. The project will focus primarily on the Ethereum blockchain for now.

Node hosting is a data- and energy-intensive process. It makes sense for firms such as Google to move into taking a ‘picks and shovels’ approach to this emerging technology as it allows for other businesses to build ideas, just using its platform to get there. 

This way the firm can avoid the labor and cost-intensive process of innovation and development, and instead focus on cashing in on hosting that environment. It's a quid pro quo for the companies that pick its platform too, as it takes some of the stress of building and hosting their own nodes away, leaving them the space to build dApps.

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