Metamask & Moonpay Partner and DeSantis Proposed Legislation Banning CBDC's

Mar 21, 2023

Market Update

  • Crypto and traditional markets moved higher today at the time of writing - BTC was up 0.72%, ETH was up 4.58%, and SPX and NDQ are up 0.74% and 0.50%, respectively. After a strong Bitcoin dominance run the past month, altcoins are beginning to show signs of life versus bitcoin. The ETH/BTC ratio is up 3.80%, and altcoins such as FTM, LTC, and SOL are outperforming BTC today - up 6.70%, 5.11%, and 3.89% at the time of writing. Ethereum Layer 2, Arbitrum, has seen significant activity leading up to the ARB airdrop this Thursday. The chain's TVL has nearly doubled in 2023 and is now at $1.85 billion. Many lower market cap tokens on Arbitrum have also been rallying this week as investors anticipate the ARB airdrop will inject liquidity into the ecosystem. These tokens and their performance can be found here on DefiLlama. 
  • Crypto wallet, MetaMask, has partnered with payment company MoonPay to allow users in Nigeria to buy cryptocurrencies directly from their wallets using local bank transfers. The integration aims to make it easier for Nigerians to buy crypto. Currently, a ban by Nigeria's central bank prohibits commercial banks from servicing crypto exchanges. Many Nigerian banks have also suspended using their debit cards on international exchanges. These regulations have forced Nigerians to rely on peer-to-peer transactions for crypto purchases - both inconvenient and potentially dangerous. Metamask and MoonPay's integration should solve this problem and allow users to onboard faster and more safely.
  • Florida governor Ron DeSantis announced legislation Monday banning Central Bank Digital Currency (CBDC) use as money, stating that CBDCs are about surveillance and control. DeSantis added that the proposed bill would protect consumers and businesses "from the reckless adoption of a 'centralized digital dollar' which would stifle innovation and promote government-sanctioned surveillance." The governor also clarified that CBDCs differ from decentralized cryptocurrencies such as bitcoin. This is one of many CBDC-related bills to be introduced recently. Last month, U.S. Representative Tom Emmer introduced the CBDC Anti-Surveillance State Act, which would "halt efforts of unelected bureaucrats from stripping Americans of their right to financial privacy," and last year, Senator Ted Cruz introduced legislation to prohibit the Federal Reserve from issuing a CBDC directly to individuals. 

Daily Technical Strategy

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Mark L. Newton, CMT

Head of Technical Strategy

Ethereum's jump to multi-day closing highs Tuesday should help to jumpstart a further advance following its recent stallout over the last few days. Gains up to challenge last August's peaks at $2029.90 look likely and above that would argue for a lengthier rally up to 2405, or 2874 which represents strong overhead resistance to an intermediate-term advance into mid-to-late April. Given the recent underperformance to Bitcoin over the past few weeks, it's expected that Tuesday's relative strength should help ETH start to trade relatively better than BTC in the days and the weeks ahead. Momentum indicators remain positively sloped and not overbought. Bottom line, it's thought that Tuesday's gains should help prices follow-through higher, and any dips likely should find support at $1770-$1790 and prove brief before turning back higher.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market cap $1.18T +$3.2B (+0.27%)
BTC Dominance
46.27% (-0.03%)
Stablecoins

Increase in circulating stablecoins is a Bullish signal

In Circulation $77B(+0.98%)
In Exchanges $14B(-0.43%)
BTC Metrics

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

# BTC in Exchanges 2.3M(-0.02%)
Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate0.74 (-0.22)
Binance-0.76 (-1.72)
Bitfinex0.00 (0.00)
Bitmex0.85 (-0.15)
ByBit1.00 (0.00)
Deribit0.52 (-1.67)
Huobi-0.03 (0.17)
Kraken1.00 (0.47)
Mean0.74 (-0.22)
OKex0.52 (0.29)
Sentiment
Metamask & Moonpay Partner and DeSantis Proposed Legislation Banning CBDC's

BMI : 70 (2.94%)

Futures

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price$28,330 (-0.12%)
Spot Basis
$201 (0.71%)
Volume1.9M (21%)
Open Interest
316,452 (-0.27%)
Options all exchanges

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

Volume60,114 (144%)
Open Interest414,395 (6.03%)
Volume Put/Call Ratio0.5881 (11%)
Open Interest Put/Call Ratio0.5175 (3.58%)

All metrics as of March 21, 2023 1:57 PM

All Funding rates are on bps

Crypto Prices

Symbol Market Cap Last Price Daily Change Year to Date Relative to BTC YTD
btc imageBTC
$544B $28,129 1.54% 70%
btc imageETH
$220B $1,797 2.45% 50% -20%
btc imageADA
$12B $0.3530 5.19% 43% -27%
btc imageMATIC
$10B $1.15 1.45% 50% -19%
btc imageDOGE
$10B $0.0754 4.07% 7.54% -62%
btc imageSOL
$8.7B $22.70 -0.08% 129% 59%
btc imageDOT
$7.3B $6.23 0.05% 43% -26%
btc imageLINK
$3.7B $7.25 0.50% 31% -39%
btc imageNEAR
$1.8B $2.03 0.90% 60% -10%

Exchange Traded Products (ETPs)

Symbol Premium to Nav Last Price Daily Change Year to Date Relative to BTC YTD
GBTC -36% $15.90 -0.63% 92% 22%
BITW -57% $10.83 5.37% 102% 32%
ETHE -52% $8.19 0.99% 72% 2.26%
BTCC 0.05% $5.22 1.56% 72% 2.48%

News

QUICK BITS

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The Block

MetaMask and MoonPay partner to let Nigerians buy crypto via bank transfer

MetaMask has expanded its partnership with web3 payment company MoonPay in Nigeria to enable users to buy crypto tokens directly from their wallets. ...

Coin Telegraph

OKX latest proof-of-reserves reveal $8.9B in assets

Lennix Lai, managing director of Global Institutional at OKX spoke with Cointelegraph about what it means to be transp...

The Block

Circle applies for French crypto license as stablecoin issuer expands in Europe

Stablecoin issuer Circle has applied for a French crypto asset license as part of a wider growth strategy for Europe.  The post Circ...

REGULATION

Bitcoin.com

FL Gov. DeSantis Proposes Ban on Central Bank Digital Currency Use as Money

Governor Ron DeSantis of the U.S. state of Florida has proposed legislation to prohibit the use of central bank digital currency (CBDC) as money in his state. “...

FUNDRAISING AND M&A

CoinDesk

Ethereum-Based Carbon Tracker Carbonable Raises $1.2M to Tackle Greenwashing

Carbonable was launched on Ethereum layer 2 scaling system StarkNet, whose parent company Starkware is also an investor.

CoinDesk

Crypto Trading Firm Auros Secures $17M Investment as It Recovers From FTX Woes

Auros Global, the trading firm that reportedly lost $20 million on FTX’s implosion, was released from provisional liquidation of British Virgin Island court aft...

PRODUCT UPDATES AND PARTNERSHIPS

CoinDesk

Dfyn Version 2 Goes Live With On-Chain Limit Orders and Enhanced DEX Security

New vault contracts aim to protect users against liquidity pool exploits.

CryptoSlate

Zilliqa mainnet EVM compatibility set to go live in April

Zilliqa users will be able to transfer original ZILs using wallets such as MetaMask and deploy Solidity smart contracts via developer tools like Truffle and Har...

HACKS, EXPLOITS, AND SCAMS

Coin Telegraph

Euler Finance to enter talks with exploiter over the return of funds

The flash loan exploiter claims they have “no intention of keeping what is not ours” and wants to “come to an agreemen...

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