The Rundown Powered By Arcane Research
• While BTC rested around $29,000 last week, both ETH and BNB saw a slight sell-off into the midweek. Both coins have recovered their midweek losses on the backdrop of the strength in BTC over the last few days but sit in the same price range as last week.
• We’re possibly seeing some early signs of decoupling in the market. The ETHBTC correlation has started to trend downwards, and last week’s recovery in U.S. equities was not reflected in the crypto market, leading the 30-day correlation between BTC and U.S. equities to decline to late April levels.
• Certain altcoins have seen a strong recovery over the last week, with Cardano being the winner among the top 50 coins, seeing 28.7% gains. Nevertheless, we note that all top performers have seen yearly losses of 50% or more, while Avalanche, one of last year’s strongest coins, is down 76% for the year.
• Although the bitcoin price has finished May down 18%, it has still outperformed most of the crypto market, as traders view it as the blue-chip cryptocurrency. The Large Caps Index is down 24%, the Mid Caps Index has decreased by 28%, and the Small Cap Index is the worst performer after declining 33%.
• After reaching its highest level since May 2021 two weeks ago, the 7-day average real* bitcoin spot volume has now stabilized at the normal levels seen in 2022, around $4 -$5 billion. FTX continues to grow its market share, as its bitcoin spot volume surpassed Coinbase's for the first time ever in May.
A Deep Bite / Deep Dives View
How to survive a crypto bear market?
It may sound a little harsh to generalize along those lines, but as the saying goes: even a fool can make money in a bull market. The proof of how good trader you are lies in how good you are navigating a bear market. This generally agreeable rule-of-thumb is applicable across all markets, not just crypto.
The article by Shilpa Lama taps into briliant basics to provide 7 rules on how to survive the crypto bear market. More here
Weekly Bites / Week In Review
Crypto knocking on the WEF’s door: The view from Davos
In 2022, world leaders and monetary disruptors rubbed shoulders at the Crypto House, the Blockchain Hub, Polkadot Hub, LAN Space, the NFT Shop, GBBC Central and the Filecoin Foundation — which had converted a former Catholic church into a crypto conference hall. Conspicuous at best, crypto was hard to miss. More here
Binance launches a $500M fund to invest in Web3 startups
Binance Labs has unveiled a $500 million fund collaborating with global investors to invest in crypto and web3 start-ups. The company intends to allocate the new $500 million fund to start-ups at various phases of development. Andreessen Horowitz, the industry's largest venture capital firm, launched a $4.5 billion fund last week. More here
Morgan Stanley says record crypto venture capital investment to slow
Crypto companies raised a record $30 billion of venture capital (VC) last year and the number of deals in the sector remains elevated despite the recent fall in cryptocurrency markets, Morgan Stanley (MS) said in a report last week. However, deal activity is likely to drop, mirroring trends in other VC categories, the report said. More here
In the Economy 3.0, metaverses will create jobs for millions
The greatest promise the Metaverse holds, however, is not the ability for humans to don lurid skins and twerk as one in virtual concert halls. Rather, it is for these same people to obtain meaningful employment in worlds, realms and spaces across the Metaverse that will form the beating heart of Web3. More here
#BabyDoge after getting listed on Bitcoinlfg @bitcoinlfgo!#BabyDogeArmy Can you relate to this?— Mohit│NeutralChamp (@Neutral_Champ) June 1, 2022
Like, Retweet, and Comment!#memecoin #dogecoin #crypto #cryptocurrency #NFTs pic.twitter.com/k7qaBWi7d7