Crypto Markets Recover and Binance Cancels Voyager Deal
Market Update
- Crypto markets bounced back sharply today, with BTC up 5.42% and ETH 4.75% up 4.85%. Altcoins such as ARB 0.04% and INJ had huge recoveries, up 15.0% and 28.9% from their lows yesterday. The biggest winner on this bounce has been RNDR, up 40% from its lows yesterday and putting in new highs for 2023. Crypto's rally comes just after First Republic Bank shares hit record lows after depositors withdrew $100b. Traditional markets are up slightly today, SPX has risen 0.07%, and NDQ is up 1.11%. The US dollar has continued its move lower, falling 0.45%.
- Binance has backed away from its $1 billion asset purchase deal with bankrupt crypto exchange, Voyager. Voyager disclosed yesterday on Twitter that they received a letter from Binance confirming the termination and also stated that they would move to allow crypto and cash distributions to customers soon via the Voyager platform. This marks the second time a Voyager deal has fallen through - FTX had previously stated they would acquire Voyager, which fell through in November when FTX went insolvent.
- Alt Layer 1 blockchain, Avalanche, activated its Cortina upgrade on mainnet yesterday. It implements changes to help optimize the network for developers and migrate each Avalanche's chains to a single consensus mechanism. Avalanche currently has three different chains: the Avalanche X-Chain (Exchange Chain), the P-Chain (Platform Chain), and C-Chain (Contract Chain). The recent upgrade included modifications to the C-Chain, which is compatible with the Ethereum Virtual Machine and serves as the smart contract layer. The upgrade also increased the C-Chain block gas limit from 8 million to 15 million gas to enable more complex dApps to be deployed on the network.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Wednesday's 14% gains in ICE 1.32% look to have solidified its recent lows as having been important support after the steep drop from $2.10 over the last couple of weeks. As shown below, ICE maintains very bullish structure and trends have grown more parabolic starting with the breakout above February highs in late March. Its pattern has shown a steady pattern of higher highs and higher lows in recent months, and despite a sharp 35% + drop in just under two weeks' time, no technical damage has occurred to the daily chart. Recent consolidation has helped to alleviate overbought conditions and creates an attractive entry zone from a risk/reward standpoint following such a steep runup over $2 into mid-April. Gains to multi-day highs are thought to lead to an upcoming test and breakout back over April highs, with resistance materializing at $2.37-$2.40 before consolidation gets underway in May. Overall, until/unless its recent uptrend line is breached, it pays to think that ICE can still push higher in the weeks ahead. However, evidence of deteriorating momentum and/or failure to regain April highs on this bounce would necessitate paying close attention to recent technical structure for any evidence of deterioration. At present, ICE 's daily chart remains technically attractive, despite Wednesday's 14% gains.
Daily Important Metrics
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All metrics as of April 26, 2023 1:47 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $577B | $29,812 | ↑ 8.37% | ↑ 80% | |
 ETH | $235B | $1,955 | ↑ 6.66% | ↑ 63% | ↓ -17% |
 ADA | $14B | $0.4146 | ↑ 7.94% | ↑ 68% | ↓ -12% |
 DOGE | $11B | $0.0826 | ↑ 5.28% | ↑ 18% | ↓ -62% |
 MATIC | $9.6B | $1.04 | ↑ 7.94% | ↑ 36% | ↓ -44% |
 SOL | $9.0B | $22.81 | ↑ 8.12% | ↑ 130% | ↑ 51% |
 DOT | $7.3B | $6.18 | ↑ 5.57% | ↑ 42% | ↓ -38% |
 LINK | $3.8B | $7.42 | ↑ 4.77% | ↑ 34% | ↓ -46% |
 NEAR | $1.8B | $1.99 | ↑ 4.73% | ↑ 57% | ↓ -23% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -42% | $16.23 | ↑ 8.46% | ↑ 96% | ↑ 16% |
| BITW | ↓ -58% | $11.10 | ↑ 5.71% | ↑ 107% | ↑ 27% |
| ETHE | ↓ -52% | $9.03 | ↑ 3.79% | ↑ 90% | ↑ 9.75% |
| BTCC | ↓ -0.30% | $5.49 | ↑ 8.28% | ↑ 81% | ↑ 1.23% |
News
QUICK BITS
Coin Telegraph Bitcoin price jumps in the wake of First Republic Bank crash The price of Bitcoin has bounced upwards as First Republic Bank deposit slump sparks fresh banking crisis fears in the... |
CoinDesk Former Coinbase Employee Seeks to Limit Jail Term to 10 Months in Insider Trading Case Ishan Wahi faces a sentencing hearing on May 9 after admitting he’d revealed details of forthcoming crypto listings to his brother |
The Block Crypto’s perfect use case is right now in Argentina Despite Argentina grappling with an annual inflation rate surpassing 100% and enduring strict capital controls, many citizens still opt to trade currency via il... |
CoinDesk Sui Network to Issue Token Following Exchange Sale; Airdrop Hunters Dismayed The highly-anticipated release of the SUI token, the native token of layer1 blockchain Sui, will take place once the mainnet goes live on May 3 following token ... |
Fundstrat AI Robot Binance US has canceled its acquisition of cryptocurrency broker Voyager Digital, which has ... Binance US has canceled its acquisition of cryptocurrency broker Voyager Digital, which has gone bankrupt. On April 26, 2023, Binance US announced ... |
FUNDRAISING AND M&A
CoinDesk DeFi Protocol iZUMi Finance Raises $22M The fundraise involved issuing semi-fungible tokens (SFTs) to investors. |
PRODUCT UPDATES AND PARTNERSHIPS
The Block Avalanche core team implements Cortina upgrade on mainnet Cortina upgraded to latest version of Avalanche Go v1.10.0, bringing changes to help optimize the network for developers. The post A... |
Coin Telegraph The Sandbox partners with Ledger Enterprise to secure metaverse businesses As part of the partnership, all NFTs in The Sandbox's collection wallet will be transferred to the Ledger Enterprise w... |
CoinDesk Galaxy Digital to Develop ETPs Alongside Asset Manager DWS The two firms have formed a "strategic alliance, of which the ETP development is the initial aim. |
HACKS, EXPLOITS, AND SCAMS
CoinDesk ZkSync-Based DEX Merlin Drained of $1M During Public Token Sale Despite ‘Audit’ The project garnered hype among Crypto Twitter users for its attractive yield offered on deposits. |
Reports you may have missed
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CRYPTO MARKET UPDATE DESPITE BEING THE LAUNCH DAY FOR ETH 3.20% ETFS, CRYPTO BROADLY MOVED LOWER IN THE EARLY MORNING HOURS TODAY, POSSIBLY DUE TO MOVEMENT OUT OF THE MT. GOX TRUSTEE WALLETS. Mt. Gox sent approximately $130 million in BTC 3.21% to Bitstamp, leaving about 90k BTC 3.21% remaining in the trustee wallets. This move lower was likely also influenced by a rise in the DXY. Currently, BTC 3.21% is trading around $66.5k,...
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