A.I. Coins See Recovery and BitDAO Merges with Mantle Network
Market Update
- After bleeding lower this morning, crypto markets and gold saw relief immediately following Janet Yellen's statement to bank CEOs that "more mergers may be necessary." At the time of writing, $BTC is up 0.12%, $ETH is up 0.72%, and gold is up 1.07%. While most altcoins continue to underperform, AI-related coins have been standouts the past few days. AI coins SingularityNET ($AGIX) and Fetch.ai ($FET) are up 18.49% and 10.35%, respectively. These coins were among the top performers of Q1 2023 before cooling off most of Q2. Traditional markets are down slightly on the day, SPX fell 0.09%, and NDQ fell 0.22%.
- Digital asset financial services firm, Hashkey Group, is looking to raise $100 to $200 million at a $1 billion valuation. This comes after a ~$500M raise in January of this year. Hashkey plans to use this funding to invest in the Web3 ecosystem and expand to Hong Kong, which has seen a rise this year as a potential crypto hub. While the U.S. has been increasingly cracking down on crypto, Hong Kong has proposed more welcoming regulations that it hopes will attract talent and capital. Hong Kong is allowing retail traders to trade certain digital assets (replacing a 2018 framework that only allowed accredited investors) and creating a favorable environment for crypto businesses by facilitating communication between banks and crypto startups, many of which are looking for alternatives after Silvergate's meltdown.
- BitDAO, one of the largest DAOs that has a significant treasury, has merged with Mantle Network, an Ethereum Layer 2 solution. The merger was approved through a governance proposal called BIP-21, as voted by BitDAO community members. According to a press release, the partnership's primary goal is to refine branding and tokenomics and create a unified product focus. With this merger, Mantle Network developers inherit nearly $300 million in stablecoin reserves and over 270,000 ETH ($485 million) from BitDAO. Mantle looks to use these funds to fund the expansion and broader adoption of the Mantle Network.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Cardano looks like an excellent risk/reward technically following its recent stabilization near important uptrend line support. Daily $ADA charts show prices having held support at $0.35 which lies right near a 50% retracement area of its former December 2022-April 2023 rally. This area also adjoins a larger uptrend from last December 2022 lows and creates an opportunity where the downside risk is very well defined. This week's minor breakout of the downtrend of the last month should provide a bounce up to $0.40-$0.42 in the weeks to come which represents the first important zone of resistance on rallies. Intermediate-term, the ability to exceed this area would help to lift $ADA up to $0.4625 to test last month's highs. Only on a break of $0.35 would this rally be postponed.
Daily Important Metrics
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All metrics as of May 19, 2023 1:17 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $521B | $26,880 | ↓ -0.51% | ↑ 62% | |
 ETH | $218B | $1,815 | ↑ 0.33% | ↑ 51% | ↓ -11% |
 ADA | $13B | $0.3693 | ↓ -1.57% | ↑ 50% | ↓ -13% |
 DOGE | $10B | $0.0736 | ↓ -0.41% | ↑ 4.95% | ↓ -57% |
 SOL | $8.1B | $20.41 | ↓ -0.66% | ↑ 106% | ↑ 44% |
 MATIC | $8.1B | $0.8700 | ↑ 0.87% | ↑ 14% | ↓ -48% |
 DOT | $6.4B | $5.37 | ↓ -0.16% | ↑ 23% | ↓ -39% |
 LINK | $3.4B | $6.50 | ↓ -2.06% | ↑ 17% | ↓ -45% |
 NEAR | $1.5B | $1.67 | ↓ -0.04% | ↑ 31% | ↓ -31% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -41% | $14.41 | ↓ -0.04% | ↑ 74% | ↑ 12% |
| BITW | ↓ -57% | $10.28 | ↑ 0.69% | ↑ 91% | ↑ 29% |
| ETHE | ↓ -52% | $8.26 | ↓ -1.31% | ↑ 74% | ↑ 11% |
| BTCC | ↓ -0.02% | $4.94 | ↑ 0.41% | ↑ 63% | ↑ 0.77% |
News
QUICK BITS
Decrypt.co MicroStrategy Looking at Bitcoin Ordinals for App Development, Says Michael Saylor “Right now, enterprises have weak security compared to Bitcoin,” Saylor told Decrypt. |
FUNDRAISING AND M&A
CryptoPotato Ripple (XRP) Enters a $250 Million Deal to Acquire Metaco Followinng today's transaction, Ripple will become the sole shareholder of Metaco. |
The Block Hong Kong’s HashKey targets $1 billion valuation in raise: Bloomberg HashKey is hoping to capitalize on a suddenly favourable environment for crypto firms in Hong Kong with a big raise. The post Hong K... |
PRODUCT UPDATES AND PARTNERSHIPS
The Block Ethereum Layer 2 Mantle Network merges with backer BitDAO BitDAO, a prominent decentralized autonomous organization known for its sizable treasury, announced a merger with Mantle Network. Th... |
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