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Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB — Crypto is changing how humanitarian agencies deliver aid and services — Price analysis 5/23: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB — The Moon ‘created’ his lavish reality… and says you can, too — 6 Questions for Sonali Giovino of Defiyield — Do Kwon faces legal trouble in South Korea, China remains Bitcoin mining powerhouse, and Ethereum 2.0 eyes ‘huge testing milestone’: Hodler’s Digest, May 15-21 — Price analysis 5/20: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB — Terra collapsed because it used hubris for collateral — Knifefight — Price analysis 5/18: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB — Price analysis 5/16: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB — What really goes on at a crypto OTC desk? — 6 Questions for Dominik Schiener of the Iota Foundation — Terra ecosystem collapses, Sam Bankman-Fried buys Robinhood stock and crypto trader receives jail sentence for Ponzi scheme: Hodler’s Digest, May 8-14 — Price analysis 5/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB — Price analysis 5/11: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB — Bitcoin 2022 — Will the real maximalists please stand up? — Price analysis 5/9: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, DOGE, AVAX, DOT — 6 Questions for Ming Duan of Umee — US Fed hikes interest rates, Bitcoin plunges below $36K, and Argentina’s central bank says no to financial institutions offering crypto: Hodler’s Digest, May 1-7 — Price analysis 5/4: BTC, ETH, BNB, SOL, XRP, LUNA, ADA, DOGE, AVAX, DOT — Blockchain games take on the mainstream: Here’s how they can win — Price analysis 5/2: BTC, ETH, BNB, SOL, XRP, LUNA, ADA, DOGE, AVAX, DOT — 6 Questions for Dawn Newton of Netki — Meta to launch metaverse hardware store, Elon Musk buys Twitter for $44B and ApeCoin pumps to new highs: Hodler’s Digest, April 24-30 — Price analysis 4/29: BTC, ETH, BNB, SOL, LUNA, XRP, ADA, DOGE, AVAX, DOT — Crypto Valley and the Crypto Oasis: Ralf Glabischnig — Price analysis 4/27: BTC, ETH, BNB, XRP, SOL, LUNA, ADA, AVAX, DOGE, DOT — Price analysis 4/25: BTC, ETH, BNB, XRP, SOL, LUNA, ADA, AVAX, DOGE, DOT — Price analysis 4/22: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT — Price analysis 4/20: BTC, ETH, BNB, XRP, SOL, ADA, LUNA, AVAX, DOGE, DOT
Research / charging-bulls
CHARGING BULLS
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BEQUANT Crypto&Coffee

The reports that the Ethereum blockchain network suffered issues Wednesday morning, with knock-on effects at related service providers, were timely brushed off by market participants and the bullish camp regained upside momentum yet again. Bitcoin made another push towards the $16000 level as the total aggregate open interest (OI) hit another record high. 

At the same time, BitMEX OI remained well contained within the recent lows and shows no evidence of recovering after suffering capital exodus in the wake of CFTC investigation announcement. The bullish bias continues to ensure steep and favourable term structure for spread traders. The bulls were also in full force in the options market where the skew and the implied vol smile continues to show bullish market positioning, helped on by the contained nature of volatility. 

Also of note, after undergoing dramatic correction lower, the estimated number of terahashes per second the bitcoin network is performing in the last 24 hours continued its recovery, helped on by a huge adjustment lower in the mining difficulty. As it stands, it is expected that the mining difficulty will adjust lower once again, albeit at a more measured pace of -6%. However, this may change as there are just over 4 days left until the next adjustment.  

As a reminder, in a service announcement soon after 08:00 UTC, Ethereum infrastructure provider Infura said it is experiencing a service outage for its Ethereum mainnet API and it was investigating the issue. Infura provides API access to the Ethereum network for other applications and services. The outage has prompted some Infura users to halt Ethereum-based services over the issue, including Metamask and Binance.

In other news, CoinDesk writes that Ray Dalio, the founder and co-chairman of Bridgewater Associates, the world’s largest hedge fund, said he sees three main problems with bitcoin and other cryptocurrencies that will limit their future, including that governments will “outlaw” them should they start to become “material.” The three reasons are:
- A lack of venues that will accept cryptocurrencies for purchase. "I today can't take my bitcoin yet and buy things easily with it."
- Bitcoin and other cryptos are too volatile to be considered an effective store of wealth. That volatility also hurts bitcoin's use transactionally because vendors won't know how much they're getting, Dalio said.
- If bitcoin or other cryptos become "material," Dalio predicted governments will "outlaw" it. "They'll use whatever teeth they have to enforce that."

Elsewhere, the USD value of the cryptocurrency liquidity locked up in all decentralized finance (DeFi) projects has hit another record. Top 5 projects, which includes Uniswap, Maker, WBTC, Compound and Aave, all have over $1bln locked each. Uniswap is leading the charge with $3bln locked in value. Despite the recent upside by the likes of SushiSwap and Uniswap, the two continue to trade well below its major counterparts based purely on price/sales (market cap/revenue) ratios. SushiSwap trades 2.5x and Uniswap trades at 9.4x, while Compound is 19x and Kyber is 47x.

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