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​​📈 Market Overview

Crypto traders were greeted by green markets as the majority of altcoins saw their prices bounce back following last week's downturn that was the “largest deleveraging event since the March 2020 sell-off,” according to an on-chain report from Glassnode. After suffering the biggest monthly price drop in Bitcoin history, bulls now look to stage a comeback with a significant amount of support forming near the $37,000 level, and within the last hour, Bitcoin's price pushed up back to the $40,000 level.

The entire Top 10 is traded in the green zone. Binance Coin +23.8%, Ethereum +21.1%, Ripple +20.8%.

Market capitalization: $1.69T (+12.3%)
The BTC dominance: 42.57% (-2.97%)
Fear & Greed Index: 22 (Extreme Fear)

​​The Latest Breaking News 📣

#1 Bitcoin is officially a new asset class: Goldman Sachs — link

#2 Ray Dalio says he owns 'some' bitcoin — link

#3 South Korea’s central bank to choose supplier for digital currency pilot — link

#4 Asset manager One River files for carbon-neutral Bitcoin ETF in US — link

#5 Chinese bitcoin miners brace for impact amid regulatory uncertainty — link

​​The magnitude of realised losses on-chain this week has eclipsed all previous capitulation events, including March 2020, Nov 2018 and the sell-off that ended the last bull market in Jan-Feb 2018.

​​📉 Daily Bitcoin chart review 📈

Yesterday closed with bullish engulfing. The day before with long wick and volume. Bitcoin made it above 38851 which was also a factor I wanted to see in order to confirm end of correction and it happened. Today we may expect USDT market to pull back. Not sure if it will dip that low but my long orders are waiting for wicks at 33-34.5k support zone.

🟥 38850 - 42100 - 44900
🟩 34650 - 33100 - 30000

Momentum at daily:
~25: AO 🔻⬆️ AC ⬆️⬆️
24: AO 🔻⬆️ AC 🔻⬆️
21-23: AO 🔻🔻 AC 🔻⬆️
19-20: AO 🔻🔻 AC 🔻🔻

😱 Fear & Greed index: 22 (<= 10 <= 14 <= 12 <= 19)

​​Both Elon Musk & Michael Saylor twitted about leading North Americans meeting with Elon regarding future plans for renewable energy mining and etc. This might bring nothing, but as a first step means a lot.

Elon Musk certainly remember Michael Saylor calling him a fool, but he also realized he can't dump his own money. On the other side Saylor also swallowed the fact that without Elon's support it will be much much harder to push mass adoption of BTC. In the end they both support one industry but from different approach. Good for all.

P.S. Funny thing is that Saylor "was hosting the meeting" while Elon didn't even mentioned his name. I guess he is still very angry at Michael for basically calling him a clown 🤡

​​📈 Market Overview

Bitcoin prices pulled back on May 25, wiping a small portion of the gains it had made during the previous session amid another day of volatile trading.
The BTC/USD exchange rate fell up to 6.11% after opening the Asia-Pacific session at $38,856. The pair met a strong resistance force near its 200-day simple moving average (20-day SMA) that prompted a majority of traders to secure their intraday profits.

The entire Top 10 is traded in the green zone. Cardano +13.1%, Ethereum +8.4%, Polkadot +8.1%.

Market capitalization: $1.78T (+4.91%)
The BTC dominance: 41.38% (-1.92%)
Fear & Greed Index: 22 (Extreme Fear)

​​The Latest Breaking News 📣

#1 Coinbase expands prime brokerage services to institutional users — link

#2 Indonesia plans to issue a central bank digital currency — link

#3 Mark Cuban invests in Ethereum Layer 2 Polygon — link

#4 A CBDC rollout would require Congress to give the Fed more authority — link

#5 Crypto VC 1confirmation raises $125m for third fund — link

​​May 19th’s trade count was magnitudes higher on Coinbase than on any other exchange.

Coinbase processed 1.7 million trades for their highest volume pair, nearly double the number of trades on the next highest day.

​​The proportion of old $BTC spent on-chain increased last week, as some investors de-risk and take profits.

So far the market has absorbed these realised profits, despite an overall net inflow of coins to exchanges.

​​📉 Daily Ethereum chart review 📈

Ethereum hit target zone at 3343 resistance but failed to grow higher. I see a slightly ascending channel here and ETH is in the middle of it moving from the top. That makes me feel price should touch the bottom as well and that can be around 3000 support. Perfectly fits monthly VWAP location 👌 Obviously wicks below that level also possible even in bullish scenario.

The rest of support zones in case of deeper retracement scenario which is not yet visible but as everything in this crypto life possible - 2900-2950 and 2700-2760.

MAVW:
4H 3171 🔼➡️
D 2221 🔼↗️
VWAP (M): 2991

​​The Latest Breaking News 📣

#1 MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC — link

#2 Paxos (PAX) will rebrand their stablecoin to Paxos Dollar USDP — link

#3 Crypto exchange Kraken hunting new EU license after brexit — link

#4 FTX acquire naming rights to Cal Golden Bears' football pitch for $17.5m USD — link

#5 Kraken, DeFi staples donate $1.5M to fund Ethereum 2.0 — link

​​Some of the recent private fundraising events among blockchain startups you should know about. August 2021, part 4.

​​Euler announced $8M Series A round led by Paradigm. Lemniscap, LAUNCHub Ventures, CMT Digital, Divergence Ventures and several individuals joined the round. Euler is a capital-efficient permissionless lending protocol that helps users to earn interest while using several innovative features.

​​Crypto News Weekly Recap #63 📣

#1 MetaMask is open to creating its own crypto token — link

#2 Microsoft is awarded US patent for crypto token-creation service — link

#3 Circle stablecoin to be held 'Entirely' in cash, US treasuries — link

#4 Visa bought CryptoPunk 7610 for around $150,000 — link

#5 Iran to lift Bitcoin mining ban in September — link

#6 Paxos (PAX) will rebrand their stablecoin to Paxos Dollar USDP — link

#7 MicroStrategy splashes $177M on Bitcoin, now holds almost 109,000 BTC — link

#8 FTX acquire naming rights to Cal Golden Bears' football pitch for $17.5m USD — link

​​#Bitcoin price is currently sitting at the top end of a strong on-chain support zone.

Over 1.65M $BTC now have an on-chain cost basis within the $45k to $50k range

The green zone below, at $31k to $40k, is also home to another 2.98M $BTC, indicative of large accumulation demand

​​This is Nasdaq following 2000 bubble burst. Dropped 80% within 3 years. The Fed didn't have anyone's back. Imagine what happens when much larger 2021 bubble bursts.

​​Funding is still insignificant despite the considerable open interest.

I don't expect fireworks but this disbelief is going to fuel another leg up.

​​Interesting way to visualize Ethereum vs. Bitcoin historical usage trend — market share of combined transaction fees.

30-day moving average for Ethereum now at 96.8%.

​​📈 Market Overview

Bitcoin and select major altcoins are still facing selling at overhead resistance levels, indicating that the next leg of the uptrend may have to wait.

The Top-10 cryptocurrencies are traded in different directions. Solana +21.7%. Polkadot +7.8%, Binance Coin -2.8% ,

Market capitalization: $2.14T (+0.49%)
The BTC dominance: 41.44% (-2.14%)
Fear & Greed Index: 73 (Greed)

👉 Top Gainers

1MillionNFT (1MIL) +261%
Tidal Finance (TIDAL) +159%
8PAY (8PAY) +120%

👉 Top Losers

Tundra Token (TUNDRA) -64.7%
Metaverse DNA (DNA) -43.5%
Function X (FX) -37.5%

BTC Futures

Aggregated Volume — $44.6B
Aggregated Open Interest — $14.33B

👉 Derivatives Market Analytics