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Crypto Daily Report | August 2, 2022 |
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THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT |
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| Tickers on this report: AMP, AVAX, BNB, BTC, ETC, ETH, SOL |
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- Global cryptocurrency markets are 1.5% lower over the last 24 hours, with $BTC and $ETH changing hands at $23.0k (-1.0%) and $1.64k (-1.6%). Alternate Layer 1 majors $BNB, $SOL, and $AVAX are trading at $287 (+0.4%), $41.8 (-0.9%), and $23.3 (-1.5%), respectively. Noted in our daily newsletter yesterday, the Ethereum community has been discussing the implications of the chain's PoS transition, with a minority favoring PoW. This is reflected in $ETC's surge in price to $38.5 (+62.9%) over the last week, as the token represents a hedge against potential problems throughout the transition. Due to uncertainty around security categorization, $AMP was one of the top losers over the past day (-7.5%), trading at $0.008 ($640m market capitalization) at the time of writing.
- Nomad, the interoperable bridging protocol, was exploited for $190m yesterday. Preliminary findings suggest that the exploit was possible due to a smart contract bug, which fails to prove a message before processing it. Once the attacker struck, hundreds of other users were able to replicate his efforts, without specific knowledge of Merkle Trees or Solidity. Essentially, users could re-broadcast a previous transaction, replacing the recipient's address with their own, and extract funds. Nomad stated that some of the people who withdrew funds from the protocol were 'white hat hackers' acting benevolently to prevent funds from getting into the wrong hands. As Nomad served as Moonbeam's canonical bridge, the Polkadot parachain halted its chain to ensure all attack vectors were eliminated before resuming 12 hours ago.
Figure: Nomad TVL 
- Binance.US has announced that it will delist the $AMP token from its platform on August 15 'out of an abundance of caution', after the SEC alleged that it was a security in its insider trading case against a former Coinbase employee. In the SEC suit, nine digital assets were alleged as securities, with AMP being the only one listed on Binance.US. The US subsidiary of Binance did not rule out relisting $AMP in the future, stating that it was 'taking this step now until more clarity exists around the classification of $AMP.' While AMP is currently listed on most CEXs, it is unclear at this point if others will follow suit in delisting the token.
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0x starting to act a bit better following its minor breakout which helped ZRXUSD rise to the highest levels since early June. The subsequent pullback in recent days has not negated the positive effects of this breakout, but looks attractive to buy after helping to consolidate recent gains. 0x looks likely to push back higher in the days ahead to challenge and exceed recent peaks at 0.417 on its way to 0.50 which could represent near-term resistance to this rally. Overall, this minor breakout last week back above 0.33 helped to exceed the one-month consolidation resistance, helping to improve momentum and technical structure. ZRXUSD looks attractive to own and buy dips barring a pullback under 0.275 which would necessitate a move back to new lows. At present, further near-term gains look more probable with intermediate-term targets found near 0.58, then 0.70 | |
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Crypto Size  Bullish signal is tied to the crypto market growing Market Cap $1.05T $-22.4B (--2.09%) BTC Dominance 41.46% (+0.69%) | Stable Coins Increase in circulating stablecoins is a Bullish signal In Circulation $66B (+0.17%) In Exchanges $18B (+1.62%) | BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.4M (0.32%) | Funding Rates Positive funding rates indicate traders are Bullish Aggregate 0.0051% (0.0030) Binance 0.0100% (0.0000) Bitfinex 0.0073% (0.0073) Bitmex 0.0100% (0.0000) ByBit 0.0100% (0.0035) Deribit 0.0006% (-0.0006) FTX -0.0032% (0.0016) Huobi 0.0078% (0.0073) Kraken 0.0012% (0.0124) Mean 0.0051% (0.0030) OKex 0.0028% (0.0068) |
| SENTIMENT | BMI: 46 (53%) |
| Futures All Exchanges A positive spread between Futures Prices and Spot Prices is Bullish CME BTC Price $22,955 (-1.46%) Spot Basis $42.87 (0.19%) Volume 1.2M (24%) Open Interest 454,755 (-1.28%) | Options All Exchanges Higher open interest change in a bull market is bullish for the sector Volume 12,717 (63%) Open Interest 196,378 (2.34%) Volume Put/Call Ratio 1.16 (95%) Open Interest Put/Call Ratio 0.5093 (1.98%) |
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| | All metrics as of August 2, 2022 9:17 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $446B | $23,333 | 0.41% | -50% | | | ETH | $203B | $1,667 | 0.46% | -55% | -5.10% | | ADA | $17B | $0.5081 | -1.25% | -62% | -12% | | SOL | $15B | $42.21 | 0.41% | -76% | -25% | | DOGE | $9.0B | $0.0682 | -0.59% | -60% | -10% | | DOT | $9.0B | $8.19 | -1.85% | -70% | -20% | | MATIC | $7.2B | $0.8999 | -1.37% | -64% | -14% | | LINK | $3.5B | $7.44 | -3.05% | -62% | -12% | | NEAR | $3.3B | $4.42 | 4.03% | -70% | -20% | | HNT | $1.1B | $8.95 | -0.36% | -76% | -26% | | FTM | $863M | $0.3393 | 0.28% | -85% | -35% | | Our Deep Research Projects | | AVAX | $6.8B | $23.74 | 0.91% | -78% | -28% | | IOTA | $906M | $0.3259 | -2.08% | -76% | -26% | | ZIL | $557M | $0.0425 | -1.17% | -44% | 6.06% | | AMP | $359M | $0.0085 | -6.34% | -83% | -32% | | ZEN | $224M | $17.65 | -3.62% | -71% | -21% |
All prices as of August 2, 2022 12:51 PM |
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| Exchange Traded Products (ETPs) | |
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| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| GBTC | -29% | $14.21 | -3.99% | -59% | -8.33% | | BITW | -41% | $12.13 | -3.42% | -68% | -18% | | ETHE | -25% | $12.05 | -4.14% | -63% | -13% | | QBTC | -7.84% | $23.80 | 0.38% | -61% | -11% | | BTCC | -0.23% | $4.43 | 0.00% | -49% | 1.57% |
All prices as of August 2, 2022 7:02 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to date | Relative to BTC YTD |
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| PYPL | $216B | $89.81 | 1.41% | -52% | -2.20% | | SQ | $76B | $80.31 | 3.21% | -50% | -0.10% | | COIN | $65B | $69.08 | 10% | -73% | -22% | | SBNY | $18B | $186 | 1.24% | -43% | 7.54% | | HOOD | $15B | $9.21 | 1.88% | -48% | 2.04% | | MSTR | $6.1B | $294 | 6.51% | -46% | 4.12% | | SI | $4.2B | $95.39 | 3.98% | -36% | 15% | | MARA | $3.5B | $13.56 | 11% | -59% | -8.56% | | RIOT | $2.7B | $8.07 | 10% | -64% | -14% | | MOGO | $223M | $1.07 | 8.08% | -69% | -19% |
All prices as of August 2, 2022 12:55 PM |
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| | | | Serenade- “Will of the People,” the eighth studio album by vulnerable rock band Muse, will be released as NFT on August 26 and is expected to be the first song to hit the charts in both the UK and Australia. Formed in 2014, the band Muse received the... |
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| | | | A foreign employee of South Korea-based Busan Bank stole roughly 1.48 billion won of customer funds and invested the money in crypto assets like Bitcoin (BTC), local media reported on August 1. The post South Korea-based Busan Bank’s employee steals... |
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| | | | Two Orange County, California men were sentenced to prison on Monday for operating a cryptocurrency scam that swindled over 2,000 investors out of a collective $1.9 million, according to the Department of Justice. |
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| | | | Europe and Africa are the only two regions to see blockchain venture funding gains in the second quarter of this year. The post Europe dominates blockchain venture deals in Q2 as growth drops in Asia and the US appeared fi... |
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| | | | Binance's new Binance Account Bound token is aimed at many use cases in the decentralized society but will initially only serve as Binance KYC user credentials. |
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| | | | Solana’s top NFT marketplace responds to growing criticism and says it plans to change the way it manages users' assets—but not right away. |
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| | | | The Singapore High Court has granted Vauld three months to continue exploring its options, sources tell The Block. The post Vauld gets three-month moratorium extension to continue exploring options appeared first on The Bl... |
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| | | | The Bank of Japan (BoJ) has concluded that it is not technically feasible for the government to release a central bank digital currency (CBDC) at the moment. The post Japan’s central bank scraps CBDC plans due to lack of interest from public appeare... |
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| | | | The move will be effective on August 15. |
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| | | | Amex will give exclusive OneOf tokens to cardholders attending a pop-up event in Turkey. |
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| | | | The firm, whose data centers are located in the United States, generated $40 million in sales last year. |
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| | | | The firm doubled its credit from the bank, while the miner's operations are facing severe downtime and delays. |
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| PRODUCT UPDATES AND PARTNERSHIPS | |
| | | | The product offers another entry point for financial institutions eager to delve into crypto but unsure of how best to do it. |
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| | | | Using the Ripple Ledger, Colombian leaders can make real estate transactions more equitable. |
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