DAILY CRYPTO MARKET REPORT - May 12, 2023

Market Segments

Adoption and Use Cases

• PayPal's nearly $1B in crypto holdings highlights the lack of understanding around self-custody

• Tether reports $1.48B profit in Q1 and reveals Bitcoin and gold reserves

• US trains Ukrainian law enforcement to pursue Russian crypto assets

Regulation and Compliance

• US Chamber of Commerce slams SEC for acting unfairly against crypto firms

• SEC blocks dozens of websites offering fraudulent investment schemes

• Texas House of Representatives seeks to extend Bill of Rights to crypto with new amendment proposal

Exchange and Trading

• Bitcoin network starts to clear congestion and on-chain fees drop by 90%

• Binance.US seeking to cut Changpeng Zhao's majority stake

• Crypto exchange BlockFi cleared to return $297M to certain customers

Upcoming Events

• Dencun, the next Ethereum hard fork, planned by developers

Market Sentiment

• US Representative decries "crypto bros" making money "out of thin air", sparking backlash

• Bitcoin falls below $27,000 as regulatory crackdown pressures crypto's biggest market makers

• Market sees a 'fizzling out' of Bitcoin's biggest rally since 2021

Project Development

• MetaMask releases ETH purchases via PayPal to US users

• Bitgo reveals vulnerability in Ledger hardware wallets

• Uniswap records fourth consecutive month with trading volume higher than Coinbase

Top 7 Trending Coins (From Coingecko)

• MATIC, CAKE, ETH, BTC, APT, SNAIL, SUI are among the top 7 trending coins according to Coingecko

Fear and Greed Index

Today's Fear and Greed Index: 49 (Neutral). Based on this value, caution is advised when investing, as the market appears to be mixed. It is important to closely monitor market trends and sentiment before making any investment decisions.

WingmanTrading Analysis

It was a mixed day in the cryptocurrency markets yesterday, with some coins experiencing positive performance while others lagged behind. A total of 40 tickers were monitored, including 35 altcoins and 5 market metrics.

Technical analysis shows that only 8 of the 40 coins were trading above their daily EMA200, indicating that the majority of the market is experiencing bearish pressure. Bitcoin dominance and TOTAL2 performance were both negative over the past 24 hours, suggesting that investors are still cautious about the market's direction.

The ETH/BTC performance, on the other hand, was positive in the same period. This is possibly an indication that investors are turning their attention towards Ethereum and other altcoins in search of potential gains.

Interestingly, #Wingmanseyes spotted one bottom ( $NTX) in the cryptocurrency market. This is a bullish signal for investors, indicating that this coin may be a potential investment opportunity.

Overall, it seems that the market trends are still bearish, with increasing Bitcoin dominance being a cause for concern. However, there are some promising opportunities for investors who are willing to do their research and take calculated risks. As always, it's important to keep an eye on market sentiment and potential investment opportunities to make informed decisions.

Google Trends

Analyzing the trend in interest values for Bitcoin on Google Trends over the last 30 days, we can see that there were significant changes in the popularity of the keyword. The interest in Bitcoin started at 53, dipped to 61, and then gradually increased to 96, before falling again to 52 at the end of the period. The highest peak of interest was at 96, which indicates a significant increase in the popularity of the keyword. However, it was short-lived, and the interest in Bitcoin started to decline thereafter. The trend suggests that there was some volatility in the interest in Bitcoin, and it may have been influenced by external factors such as news and/or market performance. Overall, it is difficult to determine whether Bitcoin is currently bullish or bearish based on the Google Trends data.