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The Hard Fork – Institutional Crypto Insights

March 29,2021
Market report
 

This week’s top news
1) Bitcoin Breaks Out After Visa Adds Support for Stablecoin USDC – CoinDesk
2) Duke’s Early Coinbase Investment Could Now Be Worth $500M – CoinDesk
3) FTX Secures Naming Rights for Miami Heat Arena – CoinDesk

 

Index Round-up

 

TradeBlock Index Asset1 Price ($) 7d∆2
XTX Tezos 4.41 4.16%
ECX Ethereum Classic 12.30 0.91%
XBX Bitcoin 57,986.33 0.12%
LTX Litecoin 195.79 -0.05%
EOSX EOS 4.27 -0.19%
BCX Bitcoin Cash 518.97 -1.35%
ETX Ethereum 1,769.79 -1.36%
ZCX Zcash 146.16 -1.52%
XLMX Stellar Lumens 0.40 -1.63%
BTX Basic Attention Token 1.10 -4.10%
LNX ChainLink 27.89 -4.41%
1. Underlying asset sorted in descending order by 7 day price movers.
2. 7 day price movers monitored from 03/22/2021 06:00 ET thru 03/29/2021 06:00 ET.

 

Markets update
Crypto assets broadly ended the week flat to down, with bitcoin testing support levels around $52,000. This morning bitcoin rallied on Visa’s USDC integration news sending the asset back to around $58,000. The Visa integration will allow for digital payments and settlement on the Ethereum blockchain. Bitcoin and other large caps continue to hover around all-time highs but have not had the strength to break prior levels in recent weeks. Among our indexed assets, ChainLink traded down the most, losing 4.41%. Conversely, Tezos gained the most on the week trading up 4.16%.
 

In traditional markets, large cap US equities staged a late rally on Friday to end the week modestly higher. The S&P 500 closed up 1.5% while tech stocks continued to struggle with the Nasdaq ending down 1%. In early morning trading today stocks were down as concerns mount from a margin call started by an overlevered investment fund.
 

Chart of the week
Exchange outflows have increased this week indicating market participants are moving crypto assets into cold storage or private custody. Private wallet custody typically indicates a pattern of longer term holding.

Bitcoin liquid supply


 

Quote of the week
“Institutional interest in (crypto products) is as high as its ever been…for the first time we are seeing interest from pensions and endowments which have been slow to enter the space” – Grayscale CEO Michael Sonnenshein talking about GBTC institutional flows on CoinDesk TV this week.
 

Did you know that the TradeBlock Professional platform allows traders to batch and allocate their digital currency trades to settle simultaneously. With this functionality, traders can conduct various buys and sells before aggregating and batching lots for one settlement transaction as well as allocate trades for cost basis and tax purposes. The TradeBlock Professional platform is utilized by some of the largest OTC desks in the space and sees millions in daily OTC volume. To learn more about the TradeBlock Professional platform reach out to contact@tradeblock.com
 

TradeBlock Professional Platform screenshot


 

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