🗞 Daily Crypto News, May, 19th💰

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Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

🗞 Market Wrap: Ether Climbs, Pushing Past ‘Musk Dip’ as Crypto Volatility Increases

Bitcoin’s 24-hour range: $42,658-$45,736 (CoinDesk 20)

Ether’s 24-hour range: $3,209-$3,551 (CoinDesk 20)

Bitcoin, cryptocurrency market volatility up

“Last week, just a few hours before Elon Musk’s incendiary tweet about bitcoin, we warned that there was more downside potential than upside potential,” said David Lifchitz, chief investment officer for quant firm ExoAlpha. ”In terms of volatility, it has definitely increased over the last few days, but not to historical stratospheric levels. So there’s no panic yet.”

It’s all relative

Short-term momentum weakens

Bitcoin-ether correlation rising

“Initial support for ether can be gauged by its latest breakout point near $2,038,” said Fairlead’s Stockton. “Intermediate-term momentum is positive but should moderate.”

Retail capitulation

It’s possible increased retail participation might be setting up for a slower market that might have the two assets working more in sync in the weeks and months ahead, at least according to one analyst.

“Only over-leveraged retail players have capitulated,” ExoAlpha’s Lifchitz said.

🗞 New OCC Chief Signals Greater Caution on Crypto

"We created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. I have asked staff to review these actions," Acting Comptroller Michael Hsu said.

The U.S. Office of the Comptroller of the Currency (OCC) will review its crypto-related guidance issued over the past year, its new chief said.

“At the OCC, the focus has been on encouraging responsible innovation,” Hsu said. “For instance, we created an Office of Innovation, updated the framework for chartering national banks and trust companies, and interpreted crypto custody services as part of the business of banking. I have asked staff to review these actions.”

“My broader concern is that these initiatives were not done in full coordination with all stakeholders. Nor do they appear to have been part of a broader strategy related to the regulatory perimeter. I believe addressing both of these tasks should be a priority,” Hsu said.

🗞 Indian government is rethinking crypto ban: The Economic Times

Reports are emerging that India’s government may be reconsidering its stance on cryptocurrencies with the formation of a new regulatory panel.

A May 19 report in the Economic Times, cited three sources privy to discussion on the formation of a fresh panel of experts with a view to regulating cryptocurrency trading in India.

The move comes amid increasing support for overturning recommendations made by a committee led by former finance secretary Subhash Garg in 2019 for a blanket ban on crypto assets on the grounds they have become outdated.

“There is a view within the government that the recommendations made by the Subhash Garg are dated and a fresh look is needed at use of cryptos rather than a total ban,”

The RBI had banned all banks from allowing customers to trade in cryptocurrency in 2018, however, this was overturned by the Supreme Court in February 2020 following a petition filed by Indian fintech entrepreneurs and experts.

🗞 No, China Didn’t Just Ban Crypto (Again): Here’s What Really Happened

Reports that China has enacted a fresh crypto ban appear to be somewhat wide of the mark, despite a joint statement from three leading financial bodies underlining the fact that companies in the nation are barred from offering crypto-related services to their clients.

In a joint statement from the National Internet Finance Association of China, the China Banking Association and the Payment and Clearing Association of China, published by Shanghai Securities News and the state-run news agency Xinhua, the institutions appeared keen to remind firms that they must not provide crypto saving, trust or pledging services or issue financial products related to cryptoassets.

The statement added that it was illegal for financial institutions and payment companies to offer their clients services relating to cryptocurrency, such as registration, trading, clearing, and settlement.

The three bodies issued a warning about the “speculative” nature of crypto trading, claiming that it has the potential to “seriously infringing” on the security of investors’ assets – and that it had the potential to disrupt “the existing economic and financial order.”

🗞 Daily Crypto Calendar, May, 19th💰

Tranche Finance (SLICE)

Tranche splits any yield-generating asset from DeFi into two perpetual assets: one to maximize returns, and the other to manage risk.

Hyve (HYVE)

HYVE will integrate Bridge Mutual, a decentralized discretionary risk coverage platform.

DeFi Yield Protocol (DYP)

Launch of a new UI for the main website and all dApps including yield farming, staking, vaults and governance.

Chainlink (LINK), General Event (CRYPTO), Darwinia Commitment Token (KTON), Darwinia Network Native Token (RING), Enjin Coin (ENJ), Koto (KOTO), Phala Network (PHA), Polkadot (DOT), Robonomics Network (XRT)