Chart of the Day
The crypto market was buoyed by what looks like an effortless breakout of BTC’s $50k psychological barrier. Reclaiming $50k spread waves of optimism across market participants, but it’s apparently not enough to convince those who are snugged in the cocoons of disbelief — which is perfectly understandable, seeing that funding rates and basis have yet to catch up with BTC’s current uptrend. Sharing the spotlight is Dogecoin and its fellow canine-themed memecoins, which have posted impressive gains over the past week. Dogecoin is trading up by more than 30%, and that’s considered the “underperformer” of the pack. The price surge could be attributed to an uptick in the volume of large transactions on the Doge network, which has increased more than $6 billion since Sept. 27. Could the surge in large transaction volume signal a capital rotation into memecoins?
Talk of the Town
U.S. Bank, the fifth-largest retail bank in the U.S., launched its crypto custodian service on Tuesday. The service, intended for fund managers with private funds in the U.S. and the Cayman Islands, will help to store private keys for BTC, BCH, and LTC, with assistance from NYDIG. The move signals growing competition among established financial players to bring crypto exposure to their institutional clientele. Major players in the custodian banking sector, including Bank of New York Mellon, have all announced plans to custody crypto assets.