Most Important Daily Data and News for Digital Assets |
| | Crypto Daily Report The Most Important Daily Data for Digital Assets |
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Daily Updates from FSInsight | May 17, 2022 |
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- The global crypto market cap is currently sitting at $1.4T, representing a 3.1% increase over the last 24hrs. BTC and ETH are up c.2% at $30.2k and $2.1k, while other majors SOL and AVAX are also up c. 1.5% at $55 and $34, respectively. The DeFi subvertical is trading at $58b market cap (-19% 24h change), NFT tokens are trading at $24b market cap (+2.5% 24h change), while Metaverse tokens are trading at $15b market cap (+2.2% 24h change). While markets have been tumultuous due to the LUNA / UST saga last week, CoinShares reported c.$300m in BTC ETP products inflows during the same period. It is worth noting that despite $2.8b of liquidity from LFG, BTC held 29k levels relatively well.
- In light of last week's events, the regulatory environment for digital assets has become stringent, in line with our expectations. The Dutch Authority for Financial Markets has expressed a desire to ban retail investors from trading crypto derivatives, making it only accessible in wholesale markets. The announcement suggests that the Netherlands aligns with the stance of U.K. Financial Conduct Authority, which banned options and futures trading for retail customers in 2020. Portugal has also announced its intention to begin taxing cryptocurrency gains, although there is no effective start date yet. This decision reverses the Iberian state's long-standing tax exemption on digital assets, to the dismay of Golden Visa holders.
- In yesterday's Crypto Daily, we reported that Japan's largest investment bank Nomura (AUM: $569b) is establishing a new subsidiary to help institutional clients invest in cryptocurrency and nonfungible tokens (NFTs). Nomura plans to hire about 100 personnel in preparation for launch by 2023. The subsidiary launch comes a week after Nomura started offering BTC derivatives trading to Asian clients, executed on CME-offered products. Nomura joins its competitor Goldman Sachs in investing in a digital future, with Goldman announcing a $70m Series A in Elwood Technologies, a crypto-focused trading platform.
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Daily Technical Strategy - Mark Newton, CMT | | Ethereum Classic looks to be finding strong resistance right near an area of prior lows from January at $21. These levels often provide meaningful technical support and then resistance when tested and always important to watch carefully. Overall, ETCUSD has fallen on tough times after pulling back to the lowest levels since last Spring. Momentum showed some positive divergence in oversold territory on this recent breakdown, yet trends remain very sharply negative and still difficult to have much conviction in prices stabilizing barring a move back to new weekly highs following eight straight weeks down. The ability to recoup $25 would be a meaningful first step which should count as the first sign of structural improvement. However, gains back over $27 are necessary before weighing in on the possibility of this turning higher in more meaningful fashion. Meanwhile, pullbacks down to test May lows of $15 look likely into early June and this is an important area which needs to hold on further weakness to give some confidence of the possibility of a trading low getting underway. At present, this remains quite weak, and additional downside looks likely over the next few weeks. | |
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Daily Important Metrics | | Sentiment
Crypto Size Bullish Signal Bullish signal is tied to the crypto market growing Market Cap $1.29T +$12B (+0.94%) BTC Dominance 44.27% (-0.34%) | Stable Coins Bullish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $76B (+0.00%) In Exchanges $12B (+3.82%) | Stablecoin Supply Ratio Bullish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 3.70 (-4.73%) SSR Oscillator -1.30 (8.99%) | Funding Rate Bullish Signal Positive funding rates indicate traders are Bullish Bitmex -0.0030% (-82%) Binance 0.0084% (+22%) |
| 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 (-0.40%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $29,595 (0.73%) Spot Basis $-9.91 (-0.03%) Volume 6,944 (-12%) Open Interest 11,539 (-0.61%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 53.00 (-61%) Open Interest 2,784 (1.13%) Calls CME Bullish Signal Calls Volume 18.00 (200%) Calls Open Interest 1,128 (1.53%) Puts CME Bearish Signal Puts Volume CME 35.00 (-73%) Puts Open Interest 1,656 (0.85%) |
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| All metrics as of May 17, 2022 2:38 PM |
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Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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BTC | $564B | $29,605 | -0.85% | -37% | | ETH | $244B | $2,017 | -0.78% | -46% | -9.12% | ADA | $19B | $0.5544 | -2.57% | -58% | -21% | SOL | $18B | $53.51 | -2.72% | -69% | -32% | DOGE | $12B | $0.0875 | -0.27% | -49% | -12% | DOT | $10B | $10.50 | -2.41% | -61% | -25% | MATIC | $5.5B | $0.6862 | 0.04% | -73% | -36% | LINK | $3.4B | $7.35 | -1.43% | -63% | -26% | HNT | $1.0B | $8.55 | -4.73% | -77% | -41% | FTM | $863M | $0.3391 | -1.78% | -85% | -48% | Our Deep Research Projects | AVAX | $8.7B | $32.39 | -2.80% | -70% | -34% | IOTA | $1.0B | $0.3706 | 2.57% | -73% | -36% | ZIL | $645M | $0.0504 | -0.29% | -34% | 3.10% | AMP | $579M | $0.0137 | 1.25% | -72% | -35% | ZEN | $251M | $20.26 | -2.75% | -67% | -30% | VGX | $227M | $0.8152 | -2.82% | -73% | -36% |
All prices as of May 17, 2022 2:38 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 | -32% | $18.75 | -4.82% | -45% | -8.47% | BITW | -26% | $19.35 | 9.01% | -49% | -12% | ETHE | -33% | $13.52 | -4.38% | -58% | -21% | QBTC | -1.36% | $31.72 | -1.55% | -48% | -11% | BTCC | -0.02% | $5.51 | -1.78% | -36% | 0.71% |
All prices as of May 17, 2022 8:01 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 | $78.17 | -0.84% | -59% | -22% | SQ | $76B | $79.70 | -5.29% | -51% | -14% | COIN | $65B | $64.14 | -5.50% | -75% | -38% | SBNY | $18B | $192 | -4.46% | -41% | -3.79% | HOOD | $15B | $10.11 | -5.43% | -43% | -6.29% | MSTR | $6.1B | $205 | 20% | -62% | -26% | SI | $4.2B | $72.04 | -5.05% | -51% | -15% | MARA | $3.5B | $10.32 | -9.39% | -69% | -32% | RIOT | $2.7B | $7.19 | -9.79% | -68% | -31% | VOYG.TO | $1.5B | $2.92 | -27% | -82% | -45% | VYGVF | $1.2B | $9.39 | 0.97% | -25% | 12% | MOGO | $223M | $1.06 | -4.93% | -69% | -32% |
All prices as of May 16, 2022 12:11 PM |
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| | | The firm behind the Bored Ape Yacht Club NFT collection is in talks with layer 1 suitors as the project considers a post-Ethereum future. |
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| | | The infamous Conti ring’s internal messages, leaked in February, served as a jumping-off point for a new transaction analysis by Crystal Blockchain. |
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| | | Internet security company Cloudflare has announced it will run and fully stake several Ethereum validator nodes in the coming months. |
| | This suite of tools is designed for developers to build products and services in the DeFi, GameFi, and NFT spaces. |
| | The cross-chain bridge is hoping to capture some of Algorand’s $136 million in DeFi TVL. |
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| | | The inaugural report discussed Web 3 trends and why Ethereum remains the dominant blockchain. |
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| | | Regulators think options and futures should only be for professional investors, but the Authority for Financial Markets doesn’t yet have powers for a UK-style ban. |
| | “Like Jason Voorhees, the myth of virtual currency’s anonymity refuses to die,” a federal judge wrote about using Bitcoin to dodge sanctions. |
| | The small Iberian nation is set to reverse a long-standing tax law that excluded crypto gains on the grounds that they are not legal tender. |
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| | | Galaxy Digital and Lemniscap led the round to help further Encode Club’s Web3 educational offerings. |
| | The Indian crypto startup that provides treasury management tools for DAOs and web3 firms plans to expand to new blockchains. The post Tiger Global leads $15 million Series A for web3 infrastructure startup Coinshift appe... |
| | The project seeks to make user data interoperable between Web 3 dapps. |
| | The Israel-based company provides security analysis tools for blockchain smart contracts. The post Certora Announces $36 million Series B funding round led by Jump Crypto appeared first on The Block. |
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| | | The leading Japanese bank plans on establishing a crypto subsidiary outside of Japan and will acquire about 100 personnel to work in the digital asset space. |
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| | | OpsChain will serve as a tool to help companies track supply chain information on the Nightfall blockchain. The post EY unveils supply chain tracking service on Polygon Nightfall appeared first on The Block. |
| | Crypto.com, a growing crypto platform, has announced that Shopify merchants will now be able… The post Shopify merchants can now accept crypto payments using Crypto.com Pay appeared first on Coin Journal. |
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| | | The firm is undercutting larger rivals in its bid to grow market share. The post BitMEX launches spot market in hopes of revival appeared first on The Block. |
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