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Data for Digital Assets |
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| Daily Updates from FSInsight | May 23, 2022 |
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- Cryptoassets are seeing some bounce this afternoon after coming off of the crypto market's eighth straight negative week. The global crypto market cap is trading 3.5% higher at the time of writing, as bitcoin (+1.1%) and ether (+2.4%) lead the way. Other layer 1's, such as SOL (+4.2%) and AVAX (+3.7%), are behaving as expected from high bitcoin-beta altcoins. Fantom (FTM) is the standout performer, up 18% compared to yesterday, following rumors of star developer Andre Cronje's return to the project. Moves in crypto remain highly correlated with public equities as the DJIA is up nearly 600 points, and the Nasdaq has gained over 1% on the back of apparent seller exhaustion. Some key events to earmark this week include a slew of earnings reports from retailers, which are likely to offer color on inflation, and the FOMC meeting minutes, to be released on Wednesday.
- The Federal Reserve released an annual study exploring the economic health of the US consumer. This year's study, which is the result of an 11,000-person survey, included topics related to crypto for the first time. According to the results, 12% of US adults held crypto in 2021. In terms of usage, the survey concluded that only 3% of crypto holders actually used crypto for payments or transfers. The study interestingly notes that of the 3% that used crypto for transactions, 13% of this cohort did not have a bank account, and nearly 60% had annual incomes below $50k per year. Meanwhile, those who held crypto purely for investment purposes were "disproportionately high-income." This data furthers the idea that a good portion of crypto's value proposition is more easily realized by those currently excluded from the western banking system.
- On Monday, a pair of non-crypto companies announced big moves into the world of NFTs. Gamestop, the video game retailer which became the poster child for meme stocks, launched a non-custodial crypto and NFT wallet. The goal is to allow seamless commerce on GameStop's soon-to-launch NFT marketplace built atop an Ethereum layer 2 network. Elsewhere, online marketplace eBay announced it would start to sell NFTs in partnership with OneOf. OneOf is a platform built on the Tezos blockchain and specializes in music, sports, and lifestyle NFTs. The offerings on eBay will initially concentrate on sports-related NFTs.
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| Daily Technical Strategy - Mark Newton, CMT | | Ethereum looks likely to outperform Bitcoin in the short run following some impressive stabilization and signs of ETHBTC lifting to multi-day highs in recent days. Daily charts over the last nine months show two former meaningful areas of lows in the relative chart of ETHBTC, and this looks to now be holding again for a third time. Overall, this looks to be an opportune time to favor ETH for some near-term outperformance over BTC. However, movement back over monthly highs is necessary before expecting this has any sort of longevity. In absolute terms, the first meaningful resistance on a bounce for ETHUSD should materialize near 2400-2500. Until this is exceeded, tactical longs are favored only in absolute terms, and this remains more of a relative outperformer over BTC. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $1.28T $-1.6B (-0.12%) BTC Dominance 45.37% (+1.91%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $73B (-0.00%) In Exchanges $11B (-0.80%) | Stablecoin Supply Ratio Bearish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 3.76 (3.11%) SSR Oscillator -1.22 (-6.05%) | Funding Rate Bullish Signal Positive funding rates indicate traders are Bullish Bitmex 0.0000% (-100%) Binance 0.0097% (+142%) |
| BTC Metrics Bullish Signal A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.5M (-0.03%) | Futures CME Bullish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $30,465 (4.12%) Spot Basis $35.42 (0.12%) Volume 10,665 (0.00%) Open Interest 12,011 (0.00%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 34.00 (0.00%) Open Interest 2,856 (0.00%) Calls CME No Signal Calls Volume 16.00 (0.00%) Calls Open Interest 1,159 (0.00%) Puts CME No Signal Puts Volume CME 18.00 (0.00%) Puts Open Interest 1,697 (0.00%) |
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| | All metrics as of May 23, 2022 9:27 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $580B | $30,430 | 1.15% | -35% | | | ETH | $250B | $2,069 | 2.35% | -45% | -9.48% | | ADA | $19B | $0.5530 | 1.59% | -58% | -23% | | SOL | $18B | $53.75 | 4.19% | -69% | -34% | | DOGE | $12B | $0.0873 | 1.28% | -49% | -14% | | DOT | $10B | $10.45 | 2.66% | -62% | -27% | | MATIC | $5.5B | $0.6916 | 3.44% | -73% | -38% | | LINK | $3.5B | $7.55 | 2.88% | -62% | -27% | | FTM | $1.3B | $0.5070 | 18% | -77% | -42% | | HNT | $985M | $8.33 | 1.02% | -78% | -43% | | Our Deep Research Projects | | AVAX | $8.7B | $32.12 | 3.71% | -71% | -36% | | IOTA | $986M | $0.3548 | 2.12% | -74% | -39% | | ZIL | $725M | $0.0565 | -3.00% | -26% | 9.37% | | AMP | $570M | $0.0135 | 2.08% | -72% | -37% | | ZEN | $268M | $21.58 | 2.74% | -65% | -30% | | VGX | $224M | $0.8046 | 2.29% | -73% | -38% |
All prices as of May 23, 2022 9:27 AM |
| Exchanged Traded Products (ETPs) | |
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| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| GBTC | -30% | $18.74 | -4.05% | -45% | -10% | | BITW | -26% | $17.83 | -5.01% | -53% | -18% | | ETHE | -33% | $12.99 | -2.88% | -60% | -25% | | QBTC | -1.36% | $28.03 | -13% | -54% | -19% | | BTCC | 0.26% | $5.41 | -3.22% | -37% | -2.21% |
All prices as of May 23, 2022 8:09 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to date | Relative to BTC YTD |
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| PYPL | $216B | $80.54 | -0.91% | -57% | -22% | | SQ | $76B | $83.44 | -4.25% | -48% | -13% | | COIN | $65B | $66.15 | -1.88% | -74% | -39% | | SBNY | $18B | $191 | 1.01% | -41% | -5.96% | | HOOD | $15B | $10.08 | -1.27% | -43% | -8.22% | | MSTR | $6.1B | $203 | -3.81% | -63% | -28% | | SI | $4.2B | $70.39 | -1.92% | -53% | -17% | | MARA | $3.5B | $9.77 | -5.60% | -70% | -35% | | RIOT | $2.7B | $6.84 | -4.07% | -69% | -34% | | VOYG.TO | $1.5B | $2.78 | -1.07% | -82% | -47% | | VYGVF | $1.2B | $9.39 | 0.97% | -25% | 10% | | MOGO | $223M | $1.16 | -0.85% | -66% | -31% |
All prices as of May 23, 2022 8:00 AM |
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| | | | 12% of Americans bought or used cryptocurrency in 2021, according to the U.S. Federal Reserve's annual survey on financial well-being. |
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| | | | Tether has seen its circulating supply plunge from a record $84 billion on May 11 to around $73 billion as of Monday. |
| | | Crypto yields have fallen consistently since peaking last year as stablecoin yields begin to follow suit. The post Waning institutional demand is forcing high-yield crypto accounts to slash rates appeared first on The Bloc... |
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| | | | Wormhole paid out $10 million to a hacker who reported a security flaw, according to its bug bounty partner Immunefi. The post Wormhole announces $10 million bug bounty payout appeared first on The Block. |
| | | As the broader crypto market turns green, Fantom (FTM) is among the top gainers with a 12% spike in price over the last day. |
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| | | | The French bank will use the Onyx network for short-term fixed income trading. |
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| | | | The World Economic Forum (WEF), one of the most influential international institutions, has expressed its worries about the safety of metaverse dwellers, especially younger ones. The group has raised a number of concerns regarding the anonymity and s... |
| | | Lagarde said she thinks crypto should be regulated to protect inexperienced investors. |
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| | | | Two exchanges have issued investment warnings about litecoin after a privacy update that allows transfers to be made confidentially. The post Korean crypto exchanges issue warnings on litecoin over confidential transactio... |
| | | The defendants transferred funds to accounts for their own benefit, including millions of dollars to an off-shore entity, the CFTC charged. The post CFTC charges two men with $44 million cryptocurrency ‘Ponzi scheme’ appea... |
| | | The chairman of the U.S. Commodity Futures Trading Commission (CFTC) says he is certain bitcoin and ether are commodities. He outlined how his agency is working with the U.S. Securities and Exchange Commission (SEC) to regulate the crypto sector, not... |
| | | The crypto billionaire gave $10 million to Protect Our Future, a super PAC that says it supports candidates who can help prevent the next pandemic. The post FTX’s Bankman-Fried donated $16 Million to super PACs in April, B... |
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| | | | Protego Trust Bank, a chartered crypto bank advised by Brian Brooks, raised $70 million in a Series A round last year. The post Protego Trust Bank targets $2 billion valuation after quietly raising $70 million appeared fir... |
| | | The funds were raised through the sale of bond vouchers and claims to back the new iZiSwap decentralized exchange. |
| | | UnicornDAO raised $4.5 million for LGBTQ community support but will also support marginalized artists so let’s read more today in our latest Cryptocurrency news. The UnicornDAO says its mission is to support the marginalized artists and groups in Web... |
| | | Pebble, a crypto app that lets people save, spend and send money, has raised $6.2 million in a seed round from Y Combinator and others. The post Y Combinator joins $6.2 million seed round for crypto savings app Pebble appe... |
| | | Dubai, UAE, 19th May, 2022, Chainwire Libera Foundation, a first of its kind data acquisition platform for Emerging Markets, has successfully secured an investment from GAINS Associates to support the launch of their new product, which will change t... |
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| | | | Video game retailer GameStop has unveiled a digital asset wallet for storing, sending and receiving crypto and non-fungible tokens (NFTs) ahead of the launch of its NFT marketplace later this year. |
| | | Links posted to a fake Louis Vuitton non-fungible token (NFT) raffle were made to capitalize on a recent real collaboration between Beeple and the luxury fashion brand. |
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| | | | The collaboration aims to speed up communication and reduce storage costs. The post Filecoin Foundation and Lockheed Martin partner to bring decentralized storage to space appeared first on The Block. |
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