Crypto.com Weekly Market Update (Week 22, 31/05/2021 - 06/06/2021)
BTC at $36.6K, ETH at $2,787; price index grew; volume and volatility index plunged.
Market Recap
Bitcoin has shown signs of recovery for a few days consecutively and even reached as high as $39,500 on Thursday. However, it retraced sharply and dropped by $4,000 to a daily low of $35,500, which was triggered by a bearish tweet by Elon Musk, sparking fears that Tesla might sell its Bitcoin holdings. Following a short recovery to $38,000, it dipped more than 3% as Weibo suspended crypto influencer accounts on Sunday. Bitcoin is now trading at $36,000, and the total market capitalisation dominance is currently sitting at 41.92% at the time of writing.
Meanwhile, Ethereum retraced to $2,570 after retesting the $2,900 level on Friday. It consolidated and is trading at $2,700 at the time of writing.
Overall, the price index grew 4.51%; while the volume and volatility index plunged 32.50% and 59.68% respectively.
Check the latest prices on crypto.com/price.
Price Index
Most token prices increased except XTZ (-34.23%), EOS (-3.59%) and LINK (-0.96%).
Top 3 gainers: ATOM (+18.21%), DOT (+17.89%), ETH (+12.71%)
Benchmark: BTC (+1.06%)
Chainlink was collaborating with the IEEE to develop global standards for adopting decentralised oracle networks (ref). In May, Chainlink celebrated its two-year mainnet anniversary, and it reportedly integrated 55 projects last month (ref).
According to CoinShares, institutional investors continued to exit BTC in favour of ETH, with Ether investment products now representing more than one-quarter of institutional crypto AUM (ref). Besides, more than 5 million ETH ($13.6 billion) has been sent to Ethereum 2.0's deposit contract (ref). In addition, cybersecurity software Norton360 would allow its 13 million customers to mine Ethereum (ref).
Volume Index
All token volumes dropped.
Top 3 decrease: EOS (-53.86%), XLM (-41.18%), XTZ (-39.86%)
Benchmark: BTC (-32.49%)
On June 1, Stellar (XLM) validators began to vote on whether to upgrade the network to Protocol 17, which introduced a new feature called “Asset Clawback” to allow business to issue regulated financial instruments, such as money market funds, bonds, and equities on its network (ref).
Volatility Index
All token volatility plummeted except XTZ (+2.51%).
Top 3 decrease: ADA (-76.26%), XLM (-70.67%), ATOM (-70.13%)
Benchmark: BTC (-55.79%)
IOHK the developer behind Cardano announced the first cross-chain bridge to Cardano (ADA) from Nervos (CKB), a China-based public blockchain (ref). Cardano (ADA) total staking addresses surpassed 600,000 milestone (ref). Cardano (ADA) Token Distribution Bashed by Block.one CEO Brendan Blumer (ref).
Top News
Standard Chartered to launch institutional crypto brokerage and exchange in Europe
Biden Administration Seeks to Expand Crypto Tracking to Fight Ransomware
Elon Musk is Back Brokenhearted … And Bitcoin Takes Another Hit
Bitcoin's price slips as Weibo suspends crypto influencer accounts
Top DeFi News
More than 5 million ETH has been sent to Ethereum 2.0's deposit contract
Ren’s Permissionless, Trustless Custodian, RenVM Now Live On Avalanche
Binance Smart Chain’s PancakeHunny latest to suffer smart contract exploit
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