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Bullish Insights Weekly Market Recap

May 6, 2023 3 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of May 1, 2023.

Bullish Exchange

This week’s peak exchange trade volume 24h: $820,434,602 (28,195 BTC) on 04/05/2023.

This week’s headlines
  • Auction house Sotheby has launched its own NFT marketplace dubbed Sothebys Metaverse. The platform will execute its transaction on Ethereum and Polygon and charge a 2.5% seller fee.
  • Crypto mining firm Bitdeer has partnered with the Bhutan government’s Druk Holding & Investments to establish mining operations in the country. Operations will be hydro powered with the nation looking to "accelerate the Kingdom's digital transformation and economic diversification by exploring emerging sectors."
  • Hong Kong-based VC, CMCC Global has launched a $100mn fund focusing on infrastructure, fintech and consumer blockchain investment opportunities.
  • FTX creditors are looking to clawback $3.9bn from Genesis Global Capital through an “avoidable transfers” rule that would mean certain creditors aren’t favored over others. The period in which this rule covers clawbacks up to 90 days which Genesis may fall under, although the outcome may not always be successful.
  • In an upcoming budget proposal, the Kenyan government has announced plans of a 3% tax on digital assets. Digital content monetization will be levied at 15%.
  • Payments company Stripe has announced its intention to allow for fiat-to-crypto on ramping for US-based customers to access crypto/digital assets.
Macro market highlights
  • Regional bank stocks and energy stocks led a downturn in US equity markets as concerns of another rate hike turned investors risk-off. Tuesday's session closed with US equity markets in the red.
  • The Fed hiked rates by 25bps on Wednesday with Jerome Powell indicating that tightening may have come to an end but will depend on future economic data and the unfolding of events.
  • US equity markets retreated in Thursday's session as investors weighed in the economic outlook and backdrop of failed regional banks. The S&P 500 fell by 0.7%, the Dow was down by 0.9% and the Nasdaq Composite retreated by 0.5%.
Crypto market highlights
  • The liquidity across both BTC and ETH trading pairs in USD/USDT has dipped to close to its one-year low record. Since the collapse of FTX, the 2% market depth both pairs has significantly reduced, this is coupled with an overall macro tightening in the credit market.
  • The daily transaction count of Bitcoin has spiked to above half a million transactions a day. Note earlier in Q1, post Taproot update, the ordinal NFT hype drew up transaction count and Bitcoin maxi's casted it as spam on the network. While the transaction count share by images (RHS orange) were dominant in Q1, text inscriptions have now overtaken by transaction type. BRC-20 which are JSON data ordinal inscriptions have been minted, transferred and deployed as contracts.
Other updates
  • In an upcoming budget proposal, the Kenyan government has announced plans of a 3% tax on digital assets. Digital content monetization will be levied at 15%. (Source: Bloomberg)
  • Payments company Stripe has announced its intention to allow for fiat-to-crypto on ramping for US based customers to access crypto/digital assets. (Source: Stripe)
  • The governor of Montana, Greg Gianforte has passed a bill in both state House and Senate regarding providing crypto miners certain rights related to mining activities. This included the prohibition of discriminatory actions in increasing electricity rates for mining activity. (Source: CoinTelegraph)

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