Market Update
- The S&P 500 saw a 1% weekly increase, while the Nasdaq Composite experienced a 0.9% rise during the same period. This marks the fourth successive week of gains for major indexes, the longest streak since June for both the S&P 500 and Nasdaq. Treasury yields reached their lowest levels in several months this week, fueled by optimism that inflation is subsiding and anticipation that the Federal Reserve might cease rate hikes. BTC momentarily reached the $38k mark this morning, a level not seen since May 2022. Since then, the largest cryptocurrency has pulled back a bit, yet it still holds a 1.5% increase for the day. ETH is following 1.7% higher, trading at $2.1k. Unlike Bitcoin, Ethereum has yet to make new YTD highs, although ETHBTC continues to show signs of bottoming as it looks to trade in its 3rd week of gains in four, reaching .055 at writing. NFT marketplace token BLUR has been the best performer among the top 100 this week, gaining 110%.
- Blur season 2 was set to end with a BLUR airdrop this week, but a new bullish development emerged: the introduction of Blast, an EVM-compatible Layer 2 aimed at enhancing the NFT ecosystem with native yield. The Blast bridge, a one-way multisig contract on Ethereum, will activate its chain and withdrawals in February and its token airdrop in May. $374 million in ETH and stablecoins have already been deposited, boosting Lido's TVL by 1.69%. Blur founder Pacman emphasized Blast's lower NFT trading gas fees and potential new derivatives as additional benefits. Despite Blur's usual secrecy, its large user base and market share indicate promising NFT applications on the new chain, which includes a rebasing currency to attract TVL and users. Half of the upcoming airdrop will reward developers, promoting growth and shared gas fee revenues. Season 3 rewards for Blur will be in Blast tokens, split between platform users and BLUR stakers, with an incentivizing points system for early staking. Currently, $207 million in BLUR is locked in the contract, leading to a 126% price surge post airdrop.
- Wu Blockchain reported that the bankruptcy trustee has informed Mt.Gox creditors about initiating repayments within the year. However, the process might extend into 2024 due to different payment types and processing times. The repayments will include distributing 142,000 Bitcoin (BTC), 143,000 Bitcoin Cash (BCH), and 69 billion yen, among other assets. Founded in 2010 by U.S. programmer Jed McCaleb and later sold to French developer Mark Karpelès in 2011, Mt.Gox was a dominant force in the cryptocurrency world, handling 70% of global BTC transactions at its peak in 2013. The exchange suffered a massive setback from the largest BTC hack at the time, losing 750,000 BTC belonging to customers and an additional 100,000 BTC from its reserves. This hack, suspected to have begun as early as 2011, led to the company's bankruptcy declaration in February 2014. Creditors have had a long wait to receive assets. While many have already sold their claims in the bankruptcy estate through OTC deals, we will closely monitor the release schedule for potential supply overhangs.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Please note Mark Newton is on holiday, the excerpt below is from 11/21.
Chainlink has managed to show positive performance during a day when many Cryptocurrencies are lower. As daily LINK -2.93% charts show, the early day weakness proved short-lived before a push back to above $15.50, which represents the highest daily close in over seven days. The area near $16 has importance and generally resulted in a slowdown as this was roughly double of the area of the breakout last month. Over the next 1-2 months, further strength looks likely despite the current overbought state, and rallies up to $23.50 look likely with an outsized chance that this moves to $29 which would represent a 50% retracement of the entire selloff from May 2021 peaks. Pullbacks should find ample support near $12.50 but breaching that level would temporarily derail the rally while LINK pulls back to $10. Overall, LINK is technically attractive here and Tuesday's gains likely could jumpstart the move over $18 in the weeks to come.
Daily Important Metrics
|
All metrics as of November 24, 2023 1:51 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $737B | $37,701 | ↑ 1.17% | ↑ 128% | |
 ETH | $251B | $2,092 | ↑ 1.50% | ↑ 75% | ↓ -53% |
 SOL | $24B | $57.57 | ↑ 1.59% | ↑ 482% | ↑ 354% |
 ADA | $14B | $0.3875 | ↑ 1.47% | ↑ 57% | ↓ -71% |
 DOGE | $11B | $0.0775 | ↑ 2.00% | ↑ 10% | ↓ -117% |
 LINK | $8.0B | $14.42 | ↓ -1.04% | ↑ 160% | ↑ 32% |
 MATIC | $7.1B | $0.7647 | ↓ -1.53% | ↑ 0.34% | ↓ -127% |
 DOT | $6.5B | $5.22 | ↑ 1.80% | ↑ 20% | ↓ -107% |
 NEAR | $1.9B | $1.85 | ↑ 3.30% | ↑ 45% | ↓ -82% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -9.25% | $31.21 | ↑ 2.50% | ↑ 276% | ↑ 149% |
| BITW | ↓ -25% | $23.08 | ↑ 2.35% | ↑ 330% | ↑ 202% |
| ETHE | ↓ -13% | $17.48 | ↑ 1.88% | ↑ 267% | ↑ 140% |
| BTCC | ↓ -0.19% | $6.90 | ↑ 1.62% | ↑ 128% | ↑ 0.14% |
News
QUICK BITS
CoinDesk Ethereum Layer 2 Blast Has Crypto Users Split on Its Impact Blast, a layer-2 blockchain that will go live in March, has garnered more than $225 million in staked assets since Monday, but many crypto investors remain skep... |
The Block Do Kwon’s extradition to South Korea and US approved by Montenegro court A final decision on which country takes precedence for Do Kwon's extradition rests with Montenegro's Minister of Justice. |
MARKET DATA
BTC Manager Mt. Gox set to begin cash repayments to creditors ‘shortly’ in 2023 Creditors of Mt. Gox, a Bitcoin exchange that ceased operations after losing 850,000 BTC in a 2014 hack, have reportedly received an email indicating forthcomin... |
THOUGHTS AND OPINIONS
CoinDesk Grayscale Bitcoin Trust Could See $2.7B of Outflows if ETF Conversion Is Approved: JPMorgan The bitcoin price could come under pressure as some of the money is likely to completely exit the ecosystem, the report said. |
REGULATION
The Block UK investment funds get green light for tokenization UK investment funds get the green light for tokenization, aiming to improve efficiency, transparency and competitiveness in the sector. |
Coin Telegraph Interactive Brokers Hong Kong licensed in Hong Kong for retail virtual asset trading Interactive Brokers Hong Kong was approved for a license in Hong Kong for virtual asset trading for retail clients, a... |
