​​📈 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

​​Institutions Remain Bullish on Cardano and ETH while BTC Demand Declines

Institutional demand for Ethereum and Cardano investment products massively increased last week.

However demand for Bitcoin products declined according to data from institutional asset manager CoinShares.

Altcoins-based Investment product received institutional investment up to $24 million which is 14.3% compared to the previous week’s $21 million.

ETH-based products recorded inflow of $17.2 million while Cardano-based recorded $10.1 million.

​​📉 Daily Bitcoin chart review 📈

So far Bitcoin HL not violated so chances for the bounce stay open 👍 Month VWAP moved to 47080 and now together with MA144 support the price.

Situation at day tf looks almost the same as August 18th so it gives a hope for the same continuation. Wouldn't count on that too much, but so far alts are following Ethereum, and that push BTC price action to background.

Global structure the same - cross below 46250 can cause retracement to 44k. While above we may see re-test of ~49k again.

🟥 48300 - 49830 - 50600
🟩 46250 - 45850 - 43800

MAVW:
4H 48300 🔻➡️
D 36905 ⏏️↗️
VWAP (M): 47080

😱 Fear & Greed index: 71 (<= 73 <= 73 <= 72)

​​The Latest Breaking News 📣

#1 Centre Consortium announces new team to create 'global network of stablecoins' — link

#2 FTX US to launch crypto derivatives after LedgerX acquisition — link

#3 Syndicate has raised $20 million in a Series A round led by Andreessen Horowitz — link

#4 El Salvador’s legislative assembly has approved a $150 million Bitcoin fund — link

#5 MetaMask surpasses 10M monthly active users — link

​​📈 Market Overview

Crypto markets have hit the ground running right from the start of November and as of Nov. 2, a near uncountable number of tokens have rallied to swing highs as Ether broke above the $4,500 level and Bitcoin recaptured the $64,000 level.

The Top-10 cryptocurrencies are traded in green zone. Solana +10.6%, XRP +8.1%, Ethereum +4.1%

Market capitalization: $2.86T (+3.39%)
The BTC dominance: 41.44% (-1.41%)
Fear & Greed Index: 76 (Extreme Greed)

​​Argentina's Largest Futures Market Is Into Bitcoin

Matba Rofex, the biggest futures market in Argentina, is seeking regulatory approval in order to launch cash-settled Bitcoin futures.

The National Securities Commission will review the proposal but will not prioritize it, according to an Oct. 1. Apart from Bitcoin, Matba Rofex is also exploring similar products for other cryptos.

While Argentinians are able to trade such a product on unregulated exchanges, regulated Bitcoin futures are not available in the country.

#dailynews

​​SubDAO (GOV) will have a public sale round starting November 3. GOV token sale will launch on SubDAO official website on November 3rd. The sale softcap/hardcap: $7M-$15M. Token price: $0.15-$0.3 depending on the amount of USDT committed. The total token supply: 1B GOV. GOV token will also be available for sale via Bounce Finance, Gate and MEXC. SubDAO aims to develop a DAO infrastructure based on Polkadot. It will allow any decentralized organization to create and manage DAOs.