ImmutableX Announces Web3 Passport and Blackrock Increases Stake in Silvergate

Feb 1, 2023
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

February 1, 2023
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT
Tickers on this report: ATOM, BTC, ETH, IMX, INJ
Market Update
  • Crypto and traditional markets consolidated ahead of today's FOMC meeting at 2 pm EST. The market is currently pricing in a 98.7% chance of a 25 bps rate hike according to CME Group's Fed Watch tool. BTC and ETH are down 0.57% and 0.70%, respectively, and SPX and NDQ are down 0.57% and 0.32%. Despite the broader market consolidating, certain altcoins have continued to rally. ATOM is up 6.55% and INJ in up 2.10%. Injective (INJ) and Cosmos (ATOM) strong performance comes after the announcement of a $150M Injective Ecosystem Fund, which will support apps developed to work across blockchains based on the Cosmos ecosystem. 
  • ImmutableX (IMX), an Ethereum L2 focused on web3 games, announced the launching of its Immutable Passport in April of 2023, which will accelerate the onboarding of new gamers to the platform. Features will include plug-and-play, security, modes of onboarding, and help with compliance. The tool will operate like a non-custodial wallet and also function as a solution authenticator or gamer profile like an Apple ID or Xbox Gamertag. ImmutableX offers zero gas fees and fast transaction speeds, making it well-suited for web3 games. IMX formed a partnership with GameStop in February of 2021. 
  • Asset management giant Blackrock (BLK) disclosed a 7.2% stake in crypto bank Silvergate Capital (SIL) as of Dec. 31, pushing the stock sharply higher yesterday and today. Blackrock now owns 228,000 shares of Silvergate, up from a year ago of 187,000 shares. Silvergate is still down significantly from its 2021 highs after taking a hit from the crypto bear market and it's FTX exposure. 
Daily Technical Strategy
ImmutableX Announces Web3 Passport and Blackrock Increases Stake in Silvergate

Mark L. Newton, CMT

Head of Technical Strategy

Injective has come back on the radar with its recent ecosystem fund announcement. Technically, this news helped propel prices to the highest levels since last Spring, exceeding last November's highs on healthy volume. Near-term, the symmetry and structure of this chart suggests that consolidation should provide a better entry than reaching for prices at current levels given prior history of violent price spikes. Yet, technical structure has grown more positive with the news of INJ pushing to new monthly highs. Daily charts have not shown any evidence of reversal thus far, and upside targets look to materialize initially near $290m, and then intermediate-term targets at $360, and /or $420. Pullbacks down to $190m or 171m would offer a better risk/reward opportunity to buy dips. Overall, a positive rally is underway, and while near-term overbought, INJ looks appealing to own and buy dips technically when given the chance.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $1.05T $-1.8B (-0.18%)

BTC Dominance   42.51% (+0.21%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $68B (-0.03%)

In Exchanges $17B (-0.15%)

BTC Metrics

A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage

# BTC in Exchanges 2.3M (0.01%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0076% (-0.0005)

Binance -0.0077% (-0.0171)

Bitfinex 0.0000% (-0.0005)

Bitmex -0.0077% (-0.0171)

ByBit 0.0100% (0.0000)

Deribit 0.0000% (-0.0000)

Huobi 0.0100% (0.0000)

Kraken 0.0036% (0.0016)

Mean 0.0076% (-0.0005)

OKex 0.0063% (0.0001)

SENTIMENT

ImmutableX Announces Web3 Passport and Blackrock Increases Stake in Silvergate

BMI: 58 (0.00%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $23,145 (-0.62%)

Spot Basis   $161 (0.70%)

Volume 836,572 (-32%)

Open Interest  333,258 (1.46%)

Options All Exchanges

Higher open interest change in a bull market is bullish for the sector

Volume 25,905 (-14%)

Open Interest 275,096 (2.38%)

Volume Put/Call Ratio 0.5512 (-52%)

Open Interest Put/Call Ratio 0.4303 (-0.26%)

All metrics as of February 1, 2023 12:50 PM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$443B$22,984-0.82%39%
ETH$193B$1,573-1.36%31%-7.44%
ADA$13B$0.3745-3.58%52%13%
DOGE$12B$0.0895-5.93%28%-11%
MATIC$9.4B$1.08-3.93%41%2.54%
SOL$8.5B$22.76-6.17%130%91%
DOT$7.0B$6.08-3.37%40%1.02%
LINK$3.4B$6.74-4.25%21%-17%
NEAR$1.9B$2.19-6.88%72%33%

All prices as of February 1, 2023 12:49 PM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-42%$11.98-1.36%45%5.83%
BITW-55%$9.44-2.48%76%37%
ETHE-52%$7.11-3.40%49%11%
BTCC0.06%$4.25-0.47%40%1.52%

All prices as of February 1, 2023 5:49 PM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$80.79-0.86%13%-25%
SQ$76B$80.44-1.57%28%-11%
COIN$65B$57.55-1.59%63%24%
SBNY$18B$1300.47%12%-26%
HOOD$15B$10.32-0.82%27%-12%
MSTR$6.1B$246-2.44%73%35%
SI$4.2B$14.803.93%-15%-54%
MARA$3.5B$6.89-4.38%102%63%
RIOT$2.7B$6.11-2.55%80%41%
MOGO$223M$0.8049-0.51%52%13%

All prices as of February 1, 2023 12:30 PM

News
QUICK BITS
Crypto Bank Silvergate Shares Move Higher After BlackRock Boosts Stake
CoinDesk
The troubled crypto bank gained nearly 10% in Tuesday's session.
Social token platform Rally announces shutdown of sidechain
Coin Telegraph
Rally cited a "challenging year" for the crypto industry in its decision to “begin to sunset” the platform's sidechain after Jan. 31. Rally, a social token platform, has announced nonfungi...
HSBC is now ready to venture into the crypto market
CoinJournal
HSBC posted crypto-related job openings on its career page today. Peers have already launched crypto products in recent years. Shares of the largest European bank ended slightly down on Tuesday. HSBC Holdings plc was in focus today on reports that th...
Toyota to explore blockchain use cases via DAO hackathon
Coin Telegraph
The automotive giant is exploring DAO tools and blockchain integration to improve company operations. Automotive giant Toyota is delving deeper into blockchain use cases through its involv...
HIRING
Huobi to cut 20% of its workfoce
BTC Manager
Huobi Global, a prominent global cryptocurrency exchange, has declared that it will be releasing nearly 20% of its employees. 
PRODUCT UPDATES AND PARTNERSHIPS
ImmutableX to launch web3 gaming passport system
BTC Manager
ImmutableX launches a set of gaming initiatives in web3 in April 2023. They include an authentication solution, a non-custodial wallet, and the gamer’s profile. Immutable Passport launch After comprehensive research by the ImmutableX R&D departme...

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