Weekly Bulletin #50 - March wk.4 2019
KEVIN'S MACRO OUTLOOK
Last week was relatively uneventful in cryptoland. Total MCAP is roughly where it was 7 days ago, and only varied about 1% above and below that figure during the week as market participants continue waiting for a catalyst to drive the market decisively one way or the other. Interestingly, it became clear last week that the Bakkt launch will be delayed again, and – along with ErisX - may be delayed for months as the CFTC seems in no hurry to make a decision on its application. The market has shrugged this off, which while not necessarily a bullish signal, is certainly not a bearish signal either. In an ongoing bear market, bad news would normally be expected to send prices down. The fact that this did not happen is on balance positive, and is a potential indication of sellers exhaustion. But the real test for BTC will be whether it is able to trade and stay above $4,200, or whether it will fail again (it has failed there 3x in the last months) at that important resistance level. But while total MCAP and Bitcoin prices have been relatively stable, there continues to be a lot of movement in other token prices, with a mix of gains (BNB, Cardano) and losses (ETH, EOS, Ripple) balancing out the overall market return.
The 1st Quarter of 2019 will end this week, and – barring a large drawdown in coming days – cryptocurrencies will end with quarterly gains for the first time since 4Q17’s vertical rise. Bitcoin’s ytd gains are currently a modest 7.4%, the Coinbase Index is currently +10.6% ytd, and Decentral Park Capital’s estimated ytd performance is well above both of those figures.
Global market cap: $140B
Market shares: Alts continue on an upward trajectory
Token 7 day returns relative to average returns (70 assets tracked)
Bitcoin Mempool activity (Size in MB)
Bitcoin Shorts vs Longs
Bitcoin combined order book
Bitcoin Volatility Index (bitvol.info)*
Bakkt launch apparently stuck in regulatory limbo.
...and Bakkt post-money valuation reportedly stands at $740m!
Tether announces that it is widening its definition of what its collateral is.
Ethereum network statistics here.
A pleasantly candid Vitalik concedes that ETH is “to some extent” losing its leadand that other projects are doing interesting things, but that he will lose hope in humanity if Tron usurps Ethereum.
Binance token statistics here.
Binance CEO hints that BNB Hodlers may get Launchpad VIP access.
EOS Block Producer voting statistics here.
Mike Novogratz pumps EOS – “lots of cool stuff coming in June/July".
ZCash network statistics here.
Decred network statistics here.
Decred article in Wall St Journal.
CEO William Quigley will be speaking at the Goldman Sachs Disruptive Technology Symposium in London on March 26.
WAX is starting to ramp up their marketing outreach ahead of their “launch at the end of 2Q19”.
How SingularityNet leads to “AI for all”...
Decentral Park Advisors, LLC (“Decentral Park”) has prepared this material for informational purposes only. This material does not constitute trading strategy or investment advice, or an offer to buy or sell, or a solicitation of any offer to buy or sell, any security or other financial instrument. Decentral Park does not provide legal or tax advice. Decentral Park is not acting as a fiduciary under either the Employee Retirement Income Security Act of 1974, as amended, or under Section 4975 of the Internal Revenue Code of 1986, as amended. This material, or any portion thereof, may not be reproduced, sold or redistributed without our consent.
Please refer to the full disclaimer here.