Crypto Research
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INTRODUCTION Ethereum’s shift from proof-of-work to proof-of-stake enabled ETH holders to stake their tokens and help secure the blockchain network. As compensation for securing the network, stakers are rewarded with additional ETH tokens. At first, stakers were required to post 32 ETH (the minimum amount to run a node), and the user’s ETH tokens were to be locked until the Shapella upgrade was completed (successfully completed in March). Due to...
Japan Implements Crypto Friendly Tax Policy and HSBC Hong Kong Lets Customers Trade Crypto ETFs
Crypto markets pulled back today, BTC is down 1.44% and ETH -6.94% is down 2.81%. Altcoins took a bigger hit, especially those that Robinhood is delisting and expected to sell later this week amid the SEC's crackdown (Cardano, Solana, and Matic). ADA, SOL 1.76% , and MATIC are down 4.01%, 4,13%, and 3.62%, respectively. Interestingly, many of the "DeFi 1.0" tokens (DeFi protocols launched in 2019 and 2020) saw large gains over the weekend. AAVE,...
Crypto markets sharply continued their move higher today, with BTC and ETH -6.94% rising 4.23% and 2.32%, respectively, at the time of writing. Bitcoin continues to lead the market, evidenced by it breaking its yearly highs and Bitcoin's Dominance Ratio rising 0.86% to 51.84%, its highest level since April of 2021. This ratio measures Bitcoin's market cap relative to the rest of the crypto market, and its rising means that Bitcoin...
A WEEK OF TABLE-TURNING DEVELOPMENTS _ETF SUMMER_ Over the last five years, there have been numerous calls for traditional financial institutions to enter the crypto industry. Once total crypto market cap surpassed the $1 trillion mark for the first time, the industry’s investors, developers, and followers began to discuss how crypto had transformed into an investable asset class and projected a significant influx of institutional investors. Until recently, several signs...
After three consecutive days of declines, traditional indices are rebounding, with the SPY -0.47% and QQQ -1.14% rising 0.10% and 0.61%, respectively. In contrast, after three days of sharp gains, BTC (-0.22%) and ETH -6.94% (-0.57%) have cooled off. The emergence of multiple Bitcoin spot ETF applications from reputable financial institutions has sparked a Bitcoin-led rally, with Bitcoin dominance (BTC.D) rising to 51.34%, its highest level since April 2021. Despite Bitcoin outperforming most...
Bitcoin has crossed above $30K for the first time since April after rising 9.4%, on track for one of its best daily performances of the year. Crypto has seen its recent decoupling from equities continue, as the S&P and Nasdaq are down 0.41% and 1.22%, respectively. Initial bullish price action from BlackRock's ETF application was further reinforced by additional spot BTC ETF applications from both Invesco and Wisdom Tree yesterday....
Equity markets pulled back today amidst doubts about the global economy, stalling the recent rally that has seen equities de-couple from crypto. US Housing in both single and multi-family projects came in far higher than expected, China experienced trimmed loan prime rates for households and businesses (4.3% --> 4.2%) but whether it is sufficient to bolster its economic recovery remains to be seen, while US10Y slipped to 3.756% from 3.768% on...
Coinbase Announces Increase to USDC Rewards Program and the French Arm of Binance Under Investigation
At the time of writing, crypto markets have continued to lag behind other asset classes today - with BTC and ETH -6.94% down 0.34% and 0.17%, respectively. Traditional markets continue to move higher, with SPX up 0.18% and NDQ up 0.08%. Gold has also risen 0.10%. The majority of altcoins continue to underperform Bitcoin and Ethereum. OP is down 1.44%, SOL 1.76% is down 0.95%, and LINK -6.76% is down 1.83%. Chainlink's price...
Crypto markets have fallen sharply, with BTC down 3.8% while ETH -6.94% is down 5.7% over the last day. Equities are rebounding today after the Fed sent mixed signals for the interest rate outlook, keeping rates unchanged for the first time since they began hiking while signaling the possibility of future hikes. The S&P continues to push 1.06% higher, and the Nasdaq is up 1.05%. Crypto initially followed equities lower yesterday,...
COINS FACE ADDITIONAL TURBULENCE Last week, we seized the opportunity to "buy the fear" in response to the SEC lawsuits targeting major crypto platforms Coinbase and Binance. In our Core Strategy, we decreased our allocation to stablecoins to 10% and lowered our allocation to alts from 17.5% to 7.5%. This turned out to be fortunate timing on our part, as altcoins continued to face significant losses over the weekend. Moreover,...
