The Market Dips and Fetch.ai Releases a Tool for DeFi Users
Market Update
- Crypto markets declined sharply late last night before finding some footing this morning. At the time of writing, $BTC is down 3.11%, and $ETH is down 4.93%. It's thought that this sell-off was triggered by a spot sale of 19.9k BTC (~$600M) on Binance over a span of 45 minutes. This is an unusually large sale to happen in such a short period of time. Altcoins have seen more significant declines than the majors - $SOL is down 5.64%, $LTC is down 6.22%, and $LDO is down 7.60%. The $ETH/BTC ratio, which had been rallying ever since the conclusion of Shapella has corrected a bit today, down 1.98%. Traditional markets are only down slightly, SPX dropped 0.24%, and NDQ is down 0.41%.
- Fetch.ai ($FET), a protocol that develops artificial intelligence (AI) tools for crypto, is releasing enhanced trading products for decentralized exchanges (DEX's). Today the protocol announced its plan to launch a suite of trading tools later this quarter to enable peer-to-peer transactions among DeFi users. The tools will be powered by AI agents that execute trades according to user-defined parameters. According to CEO Humayun Sheikh, users will submit their orders to an agent that will place them in escrow or an atomic transaction. The platform aims to generate liquidity with agents collaborating to form decentralized order books. This method also removes the need for a liquidity pool, which Fetch.ai hopes will remove some of the risks of scams and hacks.
- AAA Japanese gaming developer, Square Enix, announced that it is partnering with PC Gaming platform, Exlier to further Web3 game adoption. Elixer CEO Carlos Roldan stated, "Our team is incredibly excited to bring our technology to work, and we foresee Elixir users playing Web2 and Web3 games alike without distinction. 2023 has already seen more industry leaders enter the space with impactful projects, and we anticipate to see more as the year progresses. We've put all efforts to ensure we are ready for scalability." Square Enix has been bullish on the potential of Web3 gaming for years - even leading an investment round for the Ethereum game, Sandbox, in 2020.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Following three successful tests of the downtrend from last August's peaks, $SOL finally broke out on 4/11 on the highest volume in about a month. Prices surged initially, but the follow-through above 3/20 highs at $23.99 lacked some acceleration and began to stall out over the past week. Fast forward to present day, and Wednesday's minor pullback to multi-day lows doesn't look too negative technically, causing minor weakness only in SOL down to better areas of attractive risk/reward support. Given the recent technical breakout which helped to improve SOL's intermediate-term structure, pullbacks are likely to prove short-lived for now, offering opportunities to buy dips for another run at weekly highs. Gains up to $28 look possible over the next week, which lines up with a 50% retracement of SOL's Aug-Dec. 2022 decline. Additional upside targets should materialize near $33 and only a decline under $20 would serve to postpone its rally.
Daily Important Metrics
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All metrics as of April 19, 2023 11:55 AM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $565B | $29,221 | ↓ -3.12% | ↑ 76% | |
 ETH | $236B | $1,979 | ↓ -5.59% | ↑ 65% | ↓ -11% |
 ADA | $15B | $0.4209 | ↓ -4.68% | ↑ 71% | ↓ -5.86% |
 DOGE | $13B | $0.0905 | ↓ -3.95% | ↑ 29% | ↓ -47% |
 MATIC | $10B | $1.11 | ↓ -4.62% | ↑ 46% | ↓ -30% |
 SOL | $9.2B | $23.31 | ↓ -6.36% | ↑ 136% | ↑ 59% |
 DOT | $7.6B | $6.47 | ↓ -6.01% | ↑ 49% | ↓ -28% |
 LINK | $4.1B | $8.02 | ↓ -7.78% | ↑ 45% | ↓ -32% |
 NEAR | $1.9B | $2.19 | ↓ -6.66% | ↑ 72% | ↓ -4.62% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -38% | $16.80 | ↓ -1.98% | ↑ 103% | ↑ 26% |
| BITW | ↓ -56% | $11.46 | ↓ -2.47% | ↑ 113% | ↑ 37% |
| ETHE | ↓ -47% | $10.55 | ↓ -3.12% | ↑ 122% | ↑ 45% |
| BTCC | ↓ -0.07% | $5.42 | ↓ -2.52% | ↑ 79% | ↑ 2.48% |
News
QUICK BITS
CryptoSlate US judge rejects Do Kwon’s request to block SEC from accessing documents U.S. District Court Judge Jed Rakoff denied Do Kwon’s request to block the SEC from accessing documents related to Terraform Labs (TFL) and Luna Foundation Guar... |
Decrypt.co Hong Kong Is Vying To Be The Next Crypto Hub Hong Kong has historically provided fertile soil to grow financial institutions. Can it also make magic for crypto firms? |
The Block Tom Brady, Larry David took $100 million out of greed, says lawyer suing FTX influencers Attorney Adam Moskowitz breaks down his class action lawsuit that could leave FTX's celebrity ambassadors on the hook for $5 billion. ... |
Bitcoin.com Chip Giant Intel Abandons Bitcoin ASIC Production After announcing the production of bitcoin application-specific integrated circuits (ASICs), Intel, the world’s largest semiconductor chip manufacturer by reven... |
REGULATION
Coin Telegraph Hong Kong court rules cryptocurrencies as property The decision aligns Hong Kong with other jurisdictions that recognizes cryptocurrencies as digital properties. ... |
Coin Telegraph US Attorney seeks 7-year sentence for exec in crypto shadow banking case U.S. prosecutors are wanting Reginald Fowler to face at least seven years in jail if convicted on April 20. ... |
FUNDRAISING AND M&A
CryptoPotato Swaap Closes $4.5M Seed Round and Announces Upcoming v2 Launch [PRESS RELEASE – Paris, France, April 19th, 2023] Swaap Labs, the company building Swaap, has successfully secured over $4.5 million in seed funding. Swaap buil... |
Decrypt.co Karate Combat Secures $18 Million for Crypto-Driven Martial Arts The cash infusion will help the crypto league launch Karate Combat apps on iOS and Android. |
PRODUCT UPDATES AND PARTNERSHIPS
Decrypt.co Square Enix Teams With Elixir to Bring Web3 Games to Mainstream Audiences The Final Fantasy developer is continuing its push into Web3 via the Elixir launcher, which already offers an Epic Games Store integration. |
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