Author: Editorial Office CVJ.CH

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: Bitcoin closed the week down 21% and Ethereum down 8% in a market-wide sell-off triggered by Elon Musk. Volume Dynamics: In just one year, the average trade size for Ethereum has more than tripled on Bitstamp, Kraken, and LMAX Digital. Order Book Liquidity: Market depth evaporated in another case of algorithmic market making perpetuating price…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – “Sell Off” to Close the Week The upward movement formed in the previous week could not be continued in the reporting week. On Monday already, the market tested the strength of the recent 14-day trend of higher daily lows. This was still defended with a daily closing price of 55,866 USD. On Tuesday, accordingly, trading followed at a slightly higher level than the previous day, directly at the 50-day average. For the time being, momentum seemed to be lost and thus a larger selling wave occurred on Wednesday, which brought the…

A few months ago, US car manufacturer Tesla announced a billion-dollar investment in Bitcoin. Since then, it was also possible to buy electric cars with the cryptocurrency. This option has now been suspended, the reason being the carbon footprint of the Bitcoin blockchain. In February 2021, Tesla CEO Elon Musk described himself as a “big supporter” of Bitcoin (BTC). Shortly after, the company announced a $1.5 billion investment. Further, customers were also able to pay for electric cars with the cryptocurrency. This week, Musk changed his mind – Tesla no longer accepts Bitcoin as a payment method due to concerns…

A week ago, eBay announced that payments with cryptocurrencies were under consideration. Now, the operator of one of the largest online marketplaces has decided to enable the buying and selling of non-fungible tokens (NFTs). Will the technology make the leap into the mainstream? The U.S. company eBay recently enabled the sale of non-fungible tokens (NFTs) for digital collectibles such as trading cards, images or video clips on its platform. It is the first e-commerce company to jump on the recent hype surrounding unique blockchain tokens. “Everything collectible has been on eBay for decades and will be for decades to come.…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: Ethereum continues to surge to new all times highs in a week marked by notable institutional developments. Volume Dynamics: In just one year, the BTC-USDT trading pair on Binance went from accounting for more than 40% of total exchange volume to just 6%. Order Book Liquidity: The quantity of selling orders on ETH-USD order books…

Cathie Wood, founder and CEO of Ark Investment Management LLC, joined the board of Swiss crypto platform Amun Holdings Ltd. She has already personally invested in the operator of 21Shares AG, which specializes in exchange-traded products (ETPs). Wood met Amun co-founder and president Ophelia Snyder before the pandemic at a 2019 conference, and they struck up a conversation about the structure of the industry and the potential of new technology applications. Snyder believes that Cathie Wood’s advice on critical business strategy, product development and distribution will be critical as 21Shares expands globally. Wood, in turn, is excited about the sharp…

Over the past year, some banks have expanded their services to cryptocurrencies due to strong demand. Especially in the US, this trend is picking up. Now UBS also wants to allow its wealthy clients to invest in cryptocurrencies. Internationally, banks have been rather skeptical about Bitcoin and other cryptocurrencies in the past. But according to Yan Zhao, president of crypto custodian NYDIG, demand is gradually becoming too great to ignore the new asset class. This is increasingly evident in the United States. In the “crypto nation” of Switzerland, the reaction of big banks lagged behind for quite a while. Now…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – Back at the 50 day average The reporting week was characterized by a consolidation below the resistance zone 59’000 – 60’000 USD. On Monday, the area around 57’000 USD, newly regained by the upward movement of the previous week, was held. On Tuesday, a first major selling wave in 12 days led back to 53’250 USD. However, the incipient counter-movement on Wednesday impressively showed that the bulls are still active in the market and let the bitcoin price bounce back to 57’515 USD, which corresponded to an increase of over 8%.…

According to crypto custodian and Stone Ridge subsidiary NYDIG, hundreds of U.S. banks will soon allow trading and holding of Bitcoin. After a long period of reluctance, established financial services providers are also opening up to the new asset class. New York Digital Investment Group (NYDIG) is a subsidiary of Stone Ridge, a $10 billion alternative asset manager. The crypto-custodian already manages $6 billion in digital assets. Among them are the Bitcoin investments of parent company Stone Ridge and insurance firm MassMutual. Major bank Morgan Stanley also used NYDIG’s services to launch its Bitcoin funds. CNBC reported that according to…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: Ethereum reached a historic new all time high above 3’000 USD early Monday morning. Volume Dynamics: 80% of all Tether volume occurs on just four exchanges. Order Book Liquidity: The quantity of asks on Ethereum order books has nearly doubled over the past week, which suggests profit taking amidst record highs. Volatility and Correlations: Bitcoin’s…

Bitcoin USD daily basis Bitcoin USD Chart Analysis – After Correction Back to 50 DMA The reporting week was characterized by a countermovement of the correction phase that lasted more than 11 days after the recent all-time high was reached. On Sunday evening, the Bitcoin price marked the low of this correction at 47,000 USD. On Monday, a clear countermovement could be recorded, which led the Bitcoin price back to just below 54,000 USD at the end of the day. A consolidation took place up to and including on Thursday on the recaptured terrain around 55,000 USD. On Friday, a…

Another exchange-traded fund (“ETF”) and exchange-traded product (“ETP”) sponsor, WisdomTree, has announced the expansion of its digital assets range with the launch of a physically-backed Ether (ETH) ETP. The product with the ticker ETHW was listed on Börse Xetra and SIX, the Swiss Stock Exchange. The company now offers physically-backed Ether and Bitcoin ETPs in Europe, both with a total expense ratio of 0.95% and passported across the European Union. Strong demand for ETPs The exchange-traded product (ETP) is supposed to provide investors with a simple, secure and cost-efficient way to gain exposure to the price of Ether, the native…

The US investment bank JPMorgan, Singapore’s largest bank (DBS) and the state-owned investment firm Temasek have jointly launched a new blockchain company focused on global payments and cross-border transactions between banks. The new company called Partior seeks to digitize commercial banks’ money using the blockchain technology. It aims to reduce the existing friction in cross-border payments, transactions and foreign exchange settlement. The project is similar to, and potentially seeks to build the foundation for, plans around central bank digital currencies (CBDCs). Blockchain project by major banks Partior, which means “to distribute and share” in Latin, envisions an extensive network for…

Fundraising projects using cryptocurrencies are growing in popularity due to cross-border transactions being easy to execute. A fundraising campaign for Covid aid in India collected millions of dollars in contributions within a few days. However, some hurdles do still exist. India, the nation with the second largest population in the world, is currently suffering from a “tsunami” of new Covid cases. The country recorded nearly 350’000 illnesses on Sunday, which authorities and health facilities are struggling to combat. This marked the fifth consecutive day that India reported a record number of Covid cases, with the total number so far reaching…

Not much is left of the ambitious plans that Facebook presented to the public as Libra in the summer of 2019. The global corporation did not manage to dispel the concerns of critics. The evolution from currency basket “Libra” to the stablecoin “Diem”. Libra was a digital blockchain currency proposed by the American social media company Facebook. As a so-called stablecoin, Libra was supposed to represent the value of a basket of currencies. However, regulators expressed concerns, so many companies dropped out and Libra released a new whitepaper a year ago. However, the frontal assault on payments and central banks…

A summarizing review of what has been happening at the crypto markets of the past week. A look at trending sectors, liquidity, volatility, spreads and more. The weekly report in cooperation with market data provider Kaiko. The last 7 days in cryptocurrency markets: Price Movements: After Coinbase announced they would list Tether, a premium emerged and has persisted for days. Volume Dynamics: Ethereum trade volume is growing relative to Bitcoin, a sign that traders increasingly consider the asset a viable investment. Order Book Liquidity: Binance.US is low liquidity compared to Binance Global and its biggest U.S. competitor, Coinbase. Volatility and…