Overview

You are reading Crypto Daybook Americas, your morning briefing about the crypto market’s overnight developments and predictions for the upcoming day. This newsletter is delivered daily at 7 a.m. ET.

Market Analysis

As the cryptocurrency rally accelerates, Ether (ETH) is increasing its volatility expectations relative to Bitcoin (BTC), marking significant action in the second-largest cryptocurrency and the overall market.

Deribit’s Ether implied volatility index (ETH DVOL) has surged 11%, while Bitcoin’s index figures remain stable, leading to a divergence that traders see as a precursor to increased activity in Altcoins.

Notably: The recent Pectra upgrade has markedly increased on-chain activity and resulted in over 38,000 ETH burned in the last 24 hours, suggesting that ETH might enter a deflationary phase.

Significant Announcements

• Steak ’n Shake announces it will accept BTC payments at all U.S. locations starting May 16.
• T-Rex, a Web3 entertainment platform, raised $17 million in funding to innovate within the sector.
• Coinbase plans to acquire Deribit, the world’s largest crypto options exchange, for $2.9 billion.

Upcoming Events

• May 12: A U.S. SEC roundtable will discuss tokenization at SEC headquarters.
• May 13: Hearing regarding the restart of WazirX following a security breach.
• May 14: Hard fork upgrade for Neo is scheduled.
• May 16: Galaxy Digital is set to begin trading on Nasdaq.

Observations

PEPE’s value surged over 40% in the past 24 hours, outperforming other tokens, linked to speculative plays on ETH dynamics. The trading volumes for PEPE hit $3.5 billion, signaling a return of risk appetite in the memecoin market.

In comparison, macroeconomic indicators reveal fluctuating consumer price inflation data releases, suggesting increased volatility expectations across sectors.

Conclusion: Stay tuned for more updates and subscribe to the Crypto Daybook Americas to remain informed on crypto trends.