2 years ago
Damanick is simply a crypto marketplace expert astatine CoinDesk wherever helium writes the regular Market Wrap and provides method analysis. He is simply a Chartered Market Technician designation holder and subordinate of the CMT Association. Damanick is besides an equity/fixed income portfolio manager and does not put successful integer assets.
Bitcoin (BTC) traded successful a choppy scope implicit the past week arsenic volatility ticked higher. That could bespeak uncertainty among crypto traders.
BTC was down by 3% implicit the past 24 hours and is astir level implicit the past week. Meanwhile, respective alternate cryptos (altcoins) underperformed connected Friday. For example, Solana's SOL token was down by 5%, and Avalanche's AVAX token was down by 4% implicit the past 24 hours.
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On Friday, the S&P 500 concisely fell into bear marketplace territory, declining by much than 20% from its grounds precocious successful January. Volatility remains elevated successful some stocks and cryptos, portion gold, a accepted harmless haven asset, ticked higher connected Friday.
On the macroeconomic front, immoderate analysts expect selling unit to wane successful stocks, which could payment cryptos abbreviated term. Bitcoin has been progressively correlated with the S&P 500 implicit the past year.
"It is premature to interest astir an approaching recession until the enslaved marketplace and cardinal banks propulsion monetary conditions into restrictive territory, which we bash not expect successful 2022," MRB Partners wrote successful a Friday email. The steadfast expects a model of accidental for equity markets to rebound arsenic planetary maturation conditions beryllium resilient, assuming involvement complaint expectations and enslaved yields calm down soon.
●Bitcoin (BTC): $29,278, −2.48%
●Ether (ETH): $1,968, −1.58%
●S&P 500 regular close: $3,901, +0.01%
●Gold: $1,844 per troy ounce, +0.12%
●Ten-year Treasury output regular close: 2.79%
Bitcoin, ether and golden prices are taken astatine astir 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information astir CoinDesk Indices tin beryllium recovered astatine coindesk.com/indices.
Decentralized concern (DeFi) tokens person underperformed bitcoin implicit the past month. Typically, DeFi and different altcoins underperform successful a down marketplace due to the fact that of their higher hazard illustration comparative to bitcoin.
The CoinDesk DeFi Index (DFX) is down by 33% implicit the past month, compared with a 23% diminution successful the CoinDesk Bitcoin Price Index (XBX) implicit the aforesaid period.
Over the past week, however, DFX has stabilized. Recent gains successful AAVE person helped, portion a 17% driblet successful CRV token has detracted from the wide index's show implicit the past week.
BTC and DeFi token returns (CoinDesk)
The autumn of Terra: CoinDesk's Krisztian Sandor and Ekin Genç packaged a elaborate timeline of Terra's travel from its underdog commencement arsenic a payments app successful South Korea to a $60 cardinal crypto ecosystem to 1 of the biggest failures successful crypto. Read much here.
Luna Foundation Guard has nary plans for AVAX: Avalanche, a smart-contract blockchain, said successful a tweet that Luna Foundation Guard (LFG) – the entity down the reserve money acceptable up to backstop the Terra blockchain's now-failed UST stablecoin – has “disclosed nary plans” for the 2 cardinal AVAX tokens that are present sitting successful its treasury. With the token's terms fluctuating astatine astir $30, the marketplace worth of the AVAX stash is astir $60 million, making it the second-largest holding successful LFG’s dwindling $240 cardinal treasury. Read much here.
Terra's DeFi apps astatine a loss: Data from trackers shows funds held successful DeFi applications built connected Terra slumped to $155 cardinal successful locked value arsenic of Friday morning, a level past seen successful February 2021, from much than $29 cardinal astatine the commencement of this month. Locked worth connected Terra DeFi peaked astatine $30 cardinal successful aboriginal April. The declines came arsenic UST mislaid its 1:1 peg against the U.S. dollar amid a broader slump successful markets. Read much here.
Listen 🎧: The CoinDesk Markets Daily podcast unpacks bitcoin's steeper tumble and looks astatine what’s down the biggest stablecoin of them all.
Most integer assets successful the CoinDesk 20 ended the time lower.
Biggest Gainers
Biggest Losers
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to supply a reliable, broad and standardized classification strategy for integer assets. The CoinDesk 20 is simply a ranking of the largest integer assets by measurement connected trusted exchanges.
UPDATE (May 18 20:45 UTC): Adds accusation connected the U.S. banal markets and their declines.
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Damanick is simply a crypto marketplace expert astatine CoinDesk wherever helium writes the regular Market Wrap and provides method analysis. He is simply a Chartered Market Technician designation holder and subordinate of the CMT Association. Damanick is besides an equity/fixed income portfolio manager and does not put successful integer assets.
Damanick is simply a crypto marketplace expert astatine CoinDesk wherever helium writes the regular Market Wrap and provides method analysis. He is simply a Chartered Market Technician designation holder and subordinate of the CMT Association. Damanick is besides an equity/fixed income portfolio manager and does not put successful integer assets.
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