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Crypto Daily Report | February 7, 2023 |
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THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT |
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| Tickers on this report: BTC, ETH, HBAR, INJ, LDO |
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- Crypto and traditional markets began to recover from their pullback yesterday. BTC and ETH are up 0.97% and 1.52%, respectively, while SPX and NDQ are up 0.15% and 0.57%. Outperformers today include INJ, up 12.67%, and LDO, up 14.0%. Lido's rise comes after the protocol unveiled its upgrade plans for v2 ahead of Ethereum's Shanghai upgrade. There are two major focuses of this upgrade: an introduction of a new staking router and enabling withdrawals for ETH stakers. Enabling liquid staking reward withdrawals will allow Lido Staked ETH (stETH) holders to withdraw funds from Lido at a 1:1 ratio in ETH. An interesting development today is that Bitcoin had its "Golden Cross" of the 50-day SMA crossing the 200-day SMA as seen in the chart below. Golden Crosses have historically been a bullish signal and preceded moves to the upside.
- Technology company, Dell, is joining Hedera's (HBAR) governing council. The council currently contains industry giants such as Google, FIS, Abrdn, and Nomura. As part of the governing council, Dell will run a consensus node and manage software related to the network. Dell also intends to eventually leverage the Hedera network within applications. Senior director of technology and strategy at Dell, David Frattura commented on the partnership stating, "The reality is we're looking at this as a technology specific point of interest for us, it's not about being a crypto exchange, it's about how does this technology solve problems for enterprises. And for us, as a company, how can we potentially leverage it to better serve our customers and improve our processes and potentially build products." Hedara's coin, HBAR, responded well to the news and has risen 8.50%.
- On Monday, Genesis reached a bankruptcy agreement with Digital Currency Group and other creditors to recover assets. Sean O'Neal, a lawyer representing the debtors, said the sides agreed in principle and are working on finishing a term sheet. Under the terms of the agreement, DCG would exchange its existing $1.1 billion note due in 2032 for convertible preferred stock that DCG will issue as part of Genesis's Chapter 11 plan. DCG would also refinance its existing 2023 term loans through a new, junior secured term loan in two tranches made payable to creditors in the aggregate total value of ~$500 million. In addition, DCG would contribute its equity interest in Genesis Global Trading to Genesis Global Holdco, bringing all Genesis entities under the same holding company. Gemini has also committed to contributing $100M to Gemini Earn users. Cameron Winklevoss tweeted yesterday that this is "a critical step forward towards a substantial recovery of assets for all Genesis creditors."
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Hedera Hashgraph's rapid 10%+ rise Tuesday provides some near-term conviction that the recent consolidation over the last couple weeks should be resolving itself to the upside. Tuesday's (2/7/23) push to new multi-day highs on a closing basis is considered quite bullish technically, likely providing for a continuation higher up to challenge and exceed last August's peaks at 0.0846. Technically, when measuring the length of the initial rally off last December's lows to arrive at targets, we arrive at 0.898, then 0.107, the latter approximating a 100% equal extension of the first rally. Dips should provide buying opportunities in the short run, with HBARUSD support found at 0.062 up to 0.066. | |
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Crypto Size  Bullish signal is tied to the crypto market growing Market Cap $1.08T +$9.6B (+0.90%) BTC Dominance 41.17% (-0.45%) | Stable Coins Increase in circulating stablecoins is a Bullish signal In Circulation $68B (-0.00%) In Exchanges $17B (-0.35%) | BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.2M (-0.11%) | Funding Rates Positive funding rates indicate traders are Bullish Aggregate 0.0076% (-0.0010) Binance 0.0063% (-0.0037) Bitfinex 0.0040% (-0.0038) Bitmex 0.0063% (-0.0037) ByBit 0.0100% (0.0000) Deribit 0.0012% (0.0009) Huobi 0.0100% (0.0000) Kraken 0.0036% (0.0034) Mean 0.0076% (-0.0010) OKex 0.0076% (-0.0022) |
| SENTIMENT | BMI: 89 (44%) |
| Futures All Exchanges A positive spread between Futures Prices and Spot Prices is Bullish CME BTC Price $22,910 (-0.59%) Spot Basis $7.72 (0.03%) Volume 935,280 (14%) Open Interest 342,571 (-1.00%) | Options All Exchanges Higher open interest change in a bull market is bullish for the sector Volume 16,000 (-9.04%) Open Interest 274,613 (1.07%) Volume Put/Call Ratio 0.4998 (-30%) Open Interest Put/Call Ratio 0.4131 (1.20%) |
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| | All metrics as of February 8, 2023 11:58 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $442B | $22,902 | -0.43% | 38% | | | ETH | $202B | $1,648 | 0.45% | 37% | -0.76% | | ADA | $14B | $0.3910 | 0.78% | 58% | 20% | | DOGE | $12B | $0.0898 | -1.18% | 28% | -10% | | MATIC | $11B | $1.30 | 5.19% | 71% | 32% | | SOL | $8.7B | $23.20 | 0.68% | 134% | 96% | | DOT | $7.7B | $6.70 | -0.24% | 54% | 16% | | LINK | $3.6B | $7.08 | 1.07% | 27% | -11% | | NEAR | $2.3B | $2.68 | 15% | 111% | 73% |
All prices as of February 8, 2023 11:58 AM |
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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 | -43% | $11.75 | -3.29% | 42% | 3.49% | | BITW | -57% | $9.22 | -0.70% | 72% | 34% | | ETHE | -51% | $7.68 | -3.46% | 61% | 23% | | BTCC | 0.32% | $4.22 | -1.86% | 39% | 1.03% |
All prices as of February 8, 2023 4:30 PM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to date | Relative to BTC YTD |
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| PYPL | $216B | $79.72 | -4.22% | 12% | -26% | | SQ | $76B | $81.13 | -2.46% | 29% | -9.14% | | COIN | $65B | $69.44 | -2.77% | 96% | 58% | | SBNY | $18B | $136 | -2.12% | 18% | -20% | | HOOD | $15B | $10.47 | -0.76% | 29% | -9.62% | | MSTR | $6.1B | $276 | -2.79% | 95% | 57% | | SI | $4.2B | $17.39 | -5.80% | -0.06% | -38% | | MARA | $3.5B | $6.81 | -4.08% | 99% | 61% | | RIOT | $2.7B | $6.52 | -1.21% | 92% | 54% | | MOGO | $223M | $0.8581 | 0.36% | 62% | 24% |
All prices as of February 8, 2023 4:30 PM |
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| | | | Genesis Global Holdco reached an agreement in principle with Digital Currency Group and other creditors on Monday. The post Genesis, Gemini and DCG reach agreement in bankruptcy court appeared first on The Block. |
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| | | | The non-zero probability of NFTS fueling bitcoin’s next bull run cannot be ignored, the report said. |
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| | | | Digital Currency Group (DCG) has started selling holdings in several investment vehicles run by its subsidiary and digital assets manager Grayscale at a steep discount. |
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| PRODUCT UPDATES AND PARTNERSHIPS | |
| | | | Technology giant Dell will join the likes of Google, FIS and Abrdn on the Hedera governing council. It will run a consensus node and explore use cases. The post Tech giant Dell joins Hedera’s governing council appeared fir... |
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| HACKS, EXPLOITS, AND SCAMS | |
| | | | The co-founder of Webaverse said they somehow got their crypto hacked from their Trust Wallet during a meeting with two people claiming to be investors. The co-founder of Web3 metaverse g... |
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