May 17, 2023

Blockchain-based play-to-earn project Axie Infinity's native cryptocurrency AXS ralliedafter the company’s card-based strategy game debuted on the Apple app store. AXS surged over 12% from $7.16 to $8.04 on the news, becoming the top gainer on CoinDesk Indices' leaderboard. The game will initially launch in the Apple store across Latin America and Asia. Bitcoin traded down on Wednesday, struggling to hold the $27,000 mark as investors keep a close eye on developments around raising of the debt ceiling in the U.S. The world’s largest cryptocurrency by market value has lost 9% over the past month. 

Crypto companies fleeing U.S. regulatory uncertainty have been offered a welcome in France, by officials boasting a regulatory framework that offers relative predictability. The European Union member already boasts around 74 registered crypto companies. “In France, we are proud to be pioneers,” said Benoît de Juvigny, Secretary General of the Autorité des marchés financiers (AMF), noting his country’s crypto service asset provider regime – known as PSAN – was passed in 2019, “If American players want to benefit, in the very short term, from the French regime, and from the start of 2025 from European arrangements, clearly they are welcome,” he added. “We have good relations and discussions with our U.S. counterparts.”

Using distributed ledger technology (DLT) in securities markets could create savings north of $100 billion per year, a report produced by a major traditional-finance lobby group has said. In a paper published Tuesday evening, the Global Financial Markets Association (GFMA) called for regulators to allow the technology that underpins crypto to aid collateral management, asset tokenization and sovereign bond markets.“ Distributed ledger technology holds promise for driving growth and innovation,” said Adam Farkas, Chief Executive of GFMA, whose affiliates in the U.S., Europe and Asia count major players such as JPMorgan Chase, HSBC and Nomura among their members.

Trading ranges within bitcoin (BTC) markets continue to narrow, a sign that uncertainty remains the order of the day for the largest cryptocurrency by market capitalization. Simultaneously, BTC’s share of overall crypto markets continues to rise, an indication that it remains the safe haven digital asset for investors.

The average true range (ATR) for BTC has fallen 12% over the most recent 4 days and 31% since March 23rd. The ATR of an asset is a measurement of volatility over a prescribed period of time. ATR takes the greater of the differences between current and prior highs and lows, with declines indicating a contraction in volatility and increases indicating an expansion.

When the trading range of an asset compresses, it can signal that markets feel the asset is appropriately priced. During times of lower volume however, it can also imply uncertainty among market participants. BTC volume remains below its 30 day average by approximately 30% across exchanges.