Most Important Daily
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Data for Digital Assets |
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| Daily Updates from FSInsight | May 24, 2022 |
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- Majors BTC and ETH are currently trading flat on the day at $29.3k and $1.9k, amidst soft openings on NDAQ and SPX (~1.5% down). SOL and AVAX are trading at their local tops last May, changing hands at $50 and $29, respectively. Fantom has retraced most of its gains from yesterday, hovering at $0.42 at writing. At this juncture, altcoins are largely tracking BTC, which has been trading between $29k and $31k range since cascading down from $38k (and wicking to $26k). While it is difficult to where bitcoin will head in the near term, the price action shows a lack of accumulation between $14k and $30k given bitcoin's volatile move up in late 2020.
- FTX, the second-largest crypto derivatives exchange, is rumored to have started acquisition negotiations with a few brokerage startups. This development comes after FTX announced their 7.6% stake in Robinhood in April, and FTX USA's LedgerX acuiqisition back in 2021. As traditional financial institutions are regulated, their foray into the digital asset space is happening slowly but surely. On the other hand, crypto-first companies such as FTX can afford to acquire smaller FINRA-regulated players in the space, obtaining market data and features that they can then integrate natively onto their platform. This dynamic, from our observations, creates an unfair advantage for crypto-first firms to offer a comprehensive suite of investment products.
- Yesterday afternoon, Coinbase became the first cryptocurrency company to join the Fortune 500, a ranking of the largest U.S. companies by revenue. Posting revenues of over $7.4b and Adj. EBITDA of $4b in 2021, Coinbase is currently trading at attractive '21 multiples relative to its non-crypto peers (such as $HOOD). Additionally, the firm announced the integration of BNB and Avalanche assets to their in-app 'decentralized exchange', offering thousands of tokens that are unavailable through their centralized trading platform (173 currently offered). The valuations imply that market is placing a discount on Coinbase's trading revenues for 2022 and beyond, which is plausible if the bear market persists. However, the fact that crypto exchanges can start offering traditional products by acquiring smaller incumbents mitigates this.
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| Daily Technical Strategy - Mark Newton, CMT | | Solana has largely traded flat over the last couple weeks, in a trend that's been followed by quite a few Coins that have broken some of the recent positive correlation with the Equity market. The spike low on 5/12 was interesting in that SOLUSD bottomed right near an exact 61.8% Fibonacci alternative retracement to the initial pullback from last November when measured from April peaks. This level at $35.30 should be strong support if this is tested in the days/weeks ahead, and would constitute an attractive risk/reward area to consider buying dips. At present, momentum and price trends remain strongly negative over the last month, yet the recent stabilization over the last couple weeks is interesting given Solana's ability to hold up during an ongoing risk asset selloff. Technically this recent relative strength coupled with the degree of negative sentiment should mean that lows are growing near for SOLUSD and for Cryptocurrencies as a whole. While the high to low range is wide, one should keep a close eye on resistance levels near $60 and support at $35 as being important in the weeks ahead. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $1.25T $-21.6B (-1.69%) BTC Dominance 44.39% (-2.15%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $73B (-0.00%) In Exchanges $11B (+0.51%) | Stablecoin Supply Ratio Bullish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 3.61 (-4.08%) SSR Oscillator -1.32 (7.87%) | Funding Rate Bearish Signal Positive funding rates indicate traders are Bullish Bitmex -0.0086% (-37,386%) Binance -0.0115% (-218%) |
| BTC Metrics Bearish Signal A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.5M (0.12%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $29,240 (-4.02%) Spot Basis $-37.61 (-0.13%) Volume 15,661 (47%) Open Interest 11,793 (-1.81%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 67.00 (97%) Open Interest 2,884 (0.98%) Calls CME Bullish Signal Calls Volume 7.00 (-56%) Calls Open Interest 1,164 (0.43%) Puts CME Bearish Signal Puts Volume CME 20.00 (11%) Puts Open Interest 1,720 (1.36%) |
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| | All metrics as of May 24, 2022 8:10 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $558B | $29,295 | -2.69% | -37% | | | ETH | $236B | $1,949 | -4.97% | -48% | -10% | | ADA | $17B | $0.5100 | -7.23% | -62% | -24% | | SOL | $17B | $49.16 | -7.37% | -72% | -34% | | DOGE | $11B | $0.0825 | -4.78% | -52% | -14% | | DOT | $9.8B | $9.97 | -5.33% | -63% | -26% | | MATIC | $5.0B | $0.6342 | -7.71% | -75% | -37% | | LINK | $3.3B | $7.00 | -7.11% | -65% | -27% | | FTM | $1.0B | $0.4107 | -17% | -82% | -44% | | HNT | $914M | $7.73 | -7.38% | -80% | -42% | | Our Deep Research Projects | | AVAX | $7.6B | $28.25 | -12% | -74% | -37% | | IOTA | $912M | $0.3282 | -7.07% | -76% | -38% | | ZIL | $651M | $0.0508 | -10% | -33% | 4.22% | | AMP | $559M | $0.0132 | -2.46% | -73% | -35% | | ZEN | $248M | $19.97 | -7.22% | -67% | -30% | | VGX | $218M | $0.7811 | -2.75% | -74% | -36% |
All prices as of May 24, 2022 1:46 PM |
| 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% | $18.44 | -1.60% | -46% | -8.71% | | BITW | -26% | $17.47 | -1.58% | -54% | -17% | | ETHE | -33% | $12.72 | -1.01% | -61% | -23% | | QBTC | -1.36% | $28.03 | -13% | -54% | -17% | | BTCC | 0.26% | $5.45 | -0.55% | -37% | 0.67% |
All prices as of May 24, 2022 8:08 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 | $78.11 | -3.78% | -59% | -21% | | SQ | $76B | $76.09 | -8.77% | -53% | -15% | | COIN | $65B | $60.83 | -7.97% | -76% | -38% | | SBNY | $18B | $188 | -5.12% | -42% | -4.55% | | HOOD | $15B | $9.08 | -9.73% | -49% | -11% | | MSTR | $6.1B | $187 | -8.50% | -66% | -28% | | SI | $4.2B | $65.42 | -10% | -56% | -18% | | MARA | $3.5B | $8.82 | -11% | -73% | -36% | | RIOT | $2.7B | $6.14 | -10% | -72% | -35% | | VOYG.TO | $1.5B | $2.70 | -2.88% | -83% | -45% | | VYGVF | $1.2B | $9.39 | 0.97% | -25% | 13% | | MOGO | $223M | $1.09 | -6.03% | -68% | -31% |
All prices as of May 24, 2022 1:05 PM |
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| | | | Coinbase (COIN) became the first crypto company to enter the Fortune 500, ranking 437th in the business magazine's listing of the biggest companies in the U.S. by revenue. |
| | | FTX's U.S. arm previously acquired crypto derivatives trading platform LedgerX in August of last year. |
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| | | | In partnership with Sumitomo Mitsui Trust Holdings, crypto exchange Bitbank revealed plans to establish JADAT, a crypto-specialized custodian. |
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| | | | The Governor of the Bank of France François Villeroy de Galhau said that the world might see a strong central bank digital currency emerge in the next three years. The post IMF, Bank of France officials believe more CBCDs ... |
| | | The Ethics probe into Rep. Madison Cawthorn is the latest in a series of setbacks for the North Carolina Republican, who lost a GOP primary last week. |
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| | | | ADDX, a Singapore-based trading platform for digital securities, announced a $58 million pre-Series B funding round this morning. The post Digital securities platform ADDX raises $58 million appeared first on The Block. |
| | | The Singapore-based company has laid out plans to launch its own NFT marketplace and push into web3. The post Gaming platform Bud raises $37 million in round led by Sequoia Capital India appeared first on The Block. |
| | | Flowcarbon, a technology company aimed at bringing carbon credits to the blockchain, raised $70 million through a fundraising round and the sale of its Goddess Nature Token (GNT). |
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| | | | Coinbase has added BNB Chain and Avalanche to its list of supported networks for the Coinbase Wallet which will give traders far greater access to tokens that are not listed on the Coinbase exchange. |
| | | Cryptocurrency custodian Finoa has established a unit for liquid staking helmed by former members of Deutsche Telekom's blockchain team with help from staking specialist StakeWise. |
| | | Frank McCourt’s Project Liberty, a leading interoperability blockchain network, will collaborate with Polkadot to… The post Project Liberty to collaborate with Polkadot to democratize social media data appeared first on Coin Journal. |
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