Yuga Labs to Launch Bitcoin NFTs, Robinhood Releases Self-custody Wallet
Market Update
- Equities are relatively flat today after posting losses for February, with the S&P and Nasdaq losing 2.61% and 1.11% for the month, respectively. Investors are assessing mixed signals, with China posting a surprisingly strong PMI of 52.6 overnight, a high not seen since April 2012. This is coupled with recent hawkish comments from Fed officials. Yesterday, Minneapolis Fed President Neel Kashkari stated he was "open to the possibility" of a larger interest rate increase at this month's policy meeting. Treasury yields continue to climb, with the 10-year currently sitting at 4.01%, and the six-month T-bill passing 5% for the first time since 2007. BTC is outperforming equities, gaining 2.49% over the last day, while ETH climbed 3.15%. China-based CFX is the largest gainer among the top 100 over the previous day, rising 16.8%. Conflux claims to be the only "regulatory compliant, public, permissionless blockchain in China." China has recently shown an interest in relaxing the crypto regulatory regime, leading investors to seek exposure to China-based protocols.
- NFT juggernaut Yuga Labs has announced they will launch a limited edition generative NFT collection native to Bitcoin. The new project, Twelvefold, will be a 300-piece collection and plans to mint through a Bitcoin-denominated auction later this week. It will be the first NFT collection officially launched on Bitcoin by a 'blue-chip' Ethereum NFT company. Yuga will capitalize on continued momentum and hype for Ordinal's NFTs, which have climbed to nearly 234k inscriptions. Yuga Labs have created an empire of NFT collections, having launched eight collections collectively worth over $4 billion at current market prices. Yuga's collections consistently make up a substantial amount of the total volume traded in ETH NFTs, ranging from ~23% - ~28% market share over the last year. The move could prove a historic embrace of Bitcoin Ordinal NFTs, which have yet to establish basic market infrastructure such as user-friendly wallets and marketplaces.
- Robinhood has released its highly anticipated self-custody wallet to Apple iOS customers globally. The wallet had a waitlist of over 1 million users. It will initially support 50+ ERC tokens and NFTs on the Polygon and Ethereum networks. According to Johann Kerbat, GM of Robinhood Crypto, the team seeks to "make Robinhood the most trusted, lowest cost, and easiest to use on-ramp to crypto." Robhinhood Wallet operates as a separate app from Robinhood's flagship trading platform, enabling users to swap crypto with zero network fees and connect to decentralized applications. While not required, users can set up a Face/Touch ID or a custom pin to authenticate and use the app. Robinhood has plans to launch additional web3 initiatives later this year, including expanding the wallet to Android and launching a web3 browser.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
0x Coin's (ZRX) more than 15% gains Wednesday likely should serve to jump-start momentum at a time when its recovery efforts have been slowly gaining steam over the last couple months. Following a doubling in price off its 0.15 low back in late December 2022, ZRXUSD found precise resistance at 0.30 before showing some minor consolidation over the month of February. Wednesday's (3/1) strong surge to kick off the month is set to help this lift to the highest levels since last fall and are constructive technically towards helping ZRX begin to rally higher a bit more quickly in the weeks ahead. Recent gains have been marked with above-average volume over the last couple months which looked to be an initial promising sign. However, it's today's huge low to high range which is important towards propelling prices higher technically following nearly a month of consolidation. Overall, ZRXUSD is bullish and expected to push higher up to $0.39-$0.45 technically before this finds resistance. Pullbacks should constitute buying opportunities, and dips likely find strong support at $0.25-$0.275 before continuing higher.
Daily Important Metrics
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All metrics as of March 1, 2023 1:31 PM
All Funding rates are on bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $458B | $23,708 | ↑ 0.86% | ↑ 43% | |
 ETH | $203B | $1,655 | ↑ 0.80% | ↑ 38% | ↓ -5.01% |
 ADA | $13B | $0.3611 | ↓ -0.27% | ↑ 46% | ↑ 3.16% |
 DOGE | $11B | $0.0819 | ↑ 0.13% | ↑ 17% | ↓ -26% |
 MATIC | $11B | $1.23 | ↓ -0.26% | ↑ 62% | ↑ 18% |
 SOL | $8.5B | $22.52 | ↓ -0.08% | ↑ 128% | ↑ 84% |
 DOT | $7.5B | $6.45 | ↓ -0.24% | ↑ 48% | ↑ 5.31% |
 LINK | $3.8B | $7.43 | ↑ 0.92% | ↑ 34% | ↓ -9.26% |
 NEAR | $2.0B | $2.30 | ↑ 0.27% | ↑ 81% | ↑ 38% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -45% | $11.85 | ↑ 2.69% | ↑ 43% | ↓ -0.17% |
| BITW | ↓ -60% | $8.71 | ↓ -0.15% | ↑ 62% | ↑ 19% |
| ETHE | ↓ -53% | $7.50 | ↑ 1.63% | ↑ 58% | ↑ 14% |
| BTCC | ↑ 0.10% | $4.38 | ↑ 1.74% | ↑ 44% | ↑ 1.27% |
News
QUICK BITS
The Block Bitcoin miner Marathon cancels Q4 earnings call over accounting corrections Bitcoin miner Marathon has canceled the earnings call scheduled for Tuesday afternoon after being notified about "accounting errors" going as far back as 2021. ... |
MARKET DATA
CryptoSlate True USD becomes 5th largest stablecoin after market cap surges 15% Over the last few weeks, the market value of True USD (TUSD) has surged and it is now ranked, according to Coin Market Cap, as the fifth largest stablecoin by m... |
FUNDRAISING AND M&A
CoinDesk Fan Token Project Chiliz Sets Up $50M Incubator Backed by Jump Crypto Chiliz Labs will invest in early stage Web3 projects in sports and other entertainment sectors that will build on the layer 1 blockchain. |
NFTS
Bitcoin.com Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection On Monday, Feb. 27, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain crossed 200,000 at 1:02 p.m. Eastern Time. In addition to the 200,000 ins... |
The Block Starbucks’s web3 Odyssey is seeing early signs of success, BofA says Starbucks's approach to web3 is "more holistic than the industry’s prior NFT forays," BofA analysts said. The post Starbucks’s web3 ... |
Decrypt.co How Much Wash Trading Is Really Happening on Blur? A leading NFT analytics platform has flagged 80% of recent trades on Blur as “inorganic,” but is it really wash trading? |
PRODUCT UPDATES AND PARTNERSHIPS
CoinDesk 0x Protocol's Token Surges After DEX Partners With RobinHood, Polygon For Tx Relay Robinhood wallet will be the first to use the Tx Relay API. |
HACKS, EXPLOITS, AND SCAMS
The Block Former FTX exec Nishad Singh charged by the SEC for defrauding investors Nishad Singh was charged Tuesday by the SEC for “his role in a multiyear scheme” to defraud investors in the crypto exchange FTX. T... |
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