Welcome to the latest issue of the Broker’s Beat. Below, you can enjoy some of the exclusive research we send out to our clients on a daily basis.
BY THE NUMBERS
MARKET INSIGHT
BITCOIN: A snapshot of Bitcoin’s spot price as of this writing is $58,623.98 representing a 2.17% decrease the last 24 hours and 4% increase in trading volume. The funding rate of BTC is 0.0167%.
ETHEREUM: ETH is trading at $4,470.53 as of this writing, representing a 24-Hour increase of 2.26% and a funding rate of 0.01%. Over the last 24 Hours, the trading volume decreased by 3.03%. As of today, ETH holds 18.3% of the cryptocurrency market, making it the second-largest coin traded.
LATEST DIGITAL ASSET NEWS
Senate Banking Committee Wants Clarity on Stablecoins: Sends Letters to Tether, Coinbase, Circle
Senator Sherrod Brown appears to be keen on understanding how the process of
stablecoin minting and redemption work. A comprehensive regulatory regime for stablecoin is the need of the hour, a failure to roll out one will prompt the watchdogs to step in. The head of the US Senate Banking Committee has called upon stablecoin issuers and platforms to disclose their process. Sen. Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, has sent letters to Coinbase, Gemini, Paxos, TrustToken, Binance.US, and Centre, seeking information on what steps these companies are taking towards consumer and investor protection
ProShares’ BITO ETF has ‘first mover’ advantage, AUM grow 147%, report reveals
ProShares’ BITO was a clear winner when considering both the growth and distribution of Futures ETFs’ Assets Under Management [AUM]. Adding on to that, CoinShares data revealed that ProShares’ inflows for the week ending 19 November were $107.7 million. Arcane Research’s report explained, “ProShares BITO ETF has become a very popular instrument, still gaining traction. Since Nov 10th, the ETF has seen a 12% growth in shares outstanding, increasing their exposure from 4177 CME contracts to 4840 CME contracts. Since the launch date, the ETF has seen its AUM grow 147%, illustrating the high demand for bitcoin exposure through this ETF.”
International Fair Design Miami to accept Bitcoin payments for artworks
International design fair Design Miami will accept bitcoin payments for the first time in this year’s edition, according to a statement sent to Bitcoin Magazine. The event’s 17th edition will be held in Miami Beach on the first five days of December, featuring presentations from 22 of the world’s leading galleries and 19 curio exhibitions. In addition to the addition of bitcoin and cryptocurrency payments for artwork, Design Miami will also feature an exclusive collection of NFTs, “commissioned from select artist-designers affiliated with Design Miami’s international creative community.”
Celsius Expands its Series B From $400M to Oversubscribed $750M
Crypto lending platform Celsius Network has upped its $400 million Series B round from October to $750 million after oversubscribing the raise, the company’s CEO Alex Mashinsky told Blockworks. The company’s new proceeds will go toward expanding its product offerings, growing into new markets, and further bridging centralized finance and DeFi via its recently announced project CelsiusX, the company said in a statement. Additionally, Celsius will use the funds to further improve the utility of its platform for its supportive community of users, and its commitment to sustainable Bitcoin mining.
70 Japanese Companies Form Consortium to Launch Yen-based Digital Currency
In a bid to launch a new yen-based digital currency in 2022, about 70 Japanese companies have come together to form a consortium. The association which has some of the country’s biggest financial institutions joining in, is sending a strong signal that the private sector may have just started embracing blockchain-based payment systems too. The CEO of crypto exchange DeCurret, Kazuhiro Tokia may have issued a statement saying that the new digital currency dubbed ‘DCPJY,’ will be supported by bank deposits and would rely on a common platform to facilitate large fund transfers and settlements between the member companies. According to Reuters, the 70 Japanese companies have been consistently holding meetings since 2020, to deliberate on ways of creating a new settlement platform for digital payments.
TRADER’S DIGEST: MARKET MOVEMENT
In a bid to launch a new yen-based digital currency in 2022, about 70 Japanese companies have come together to form a consortium. The association which has some of the country’s biggest financial institutions joining in, is sending a strong signal that the private sector may have just started embracing blockchain-based payment systems too. The CEO of crypto exchange DeCurret, Kazuhiro Tokia may have issued a statement saying that the new digital currency dubbed ‘DCPJY,’ will be supported by bank deposits and would rely on a common platform to facilitate large fund transfers and settlements between the member companies. According to Reuters, the 70 Japanese companies have been consistently holding meetings since 2020, to deliberate on ways of creating a new settlement platform for digital payments.
Now, let’s look at the fractal analysis made from the start of 2021. In this graph, we take two similar technical patterns from the top we are seeing since mid-October to the current day and compare them with two different scenarios from this past year. One of them being bullish and the other one being bearish. Doing so, we will keep track of the current price action in comparison with the past two market structure highlighted below.
Finally, the metaverse narrative coins are stealing the show, with SAND up 65%, GALA up 85%, and MANA 40% in the past day. Even though we are seeing a slight underperformance this morning, let’s keep track of these main pairs until the rest of the week. Happy trading!
That’s all for this week! If you have any questions about what we talked about here or would like to explore trading with us, let’s get the conversation started.
Happy trading!
The Secure Digital Markets Team
