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| Daily Updates from FSInsight | January 10, 2022 |
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- Crypto continues to keep pace with legacy markets as the Nasdaq falls another 2.5% and the S&P 500 trades 2.0% lower at the time of writing. The global crypto market cap trades nearly 5% lower since Friday evening, with the bleeding led by more speculative altcoins. Meanwhile, Bitcoin and Ethereum are trading 2.5% and 6.5% lower over that same period. Amidst the ongoing selling, centralized stablecoin USDC quietly surpassed $44 billion in total market cap, moving to 56% of the total market cap of Tether's USDT. This indicates that investors are starting to favor USDC as a preferred centralized stablecoin, potentially due to the higher level of transparency promoted by USDC's developers at the Centre consortium.
- In other stablecoin news, PayPal executives have confirmed that the fintech giant is exploring the launch of its own private, USD-backed stablecoin. Hints of a PayPal-native stablecoin were first discovered in the PayPal source code by developer Steve Moser. The PayPal app already contains limited features that allow users to buy, hold, and pay with digital assets, suggesting that implementing a stablecoin might be a natural next step for the company. Executives at PayPal have noted that any hesitations surrounding a native stablecoin launch stem from regulatory uncertainty.
- The leading NFT platform OpenSea has recorded record volumes despite the ongoing market drawdown as investors appear interested in scooping up blue-chip NFTs at discounted prices. The platform has recorded over $2 billion in total volume through the first ten days of the month and is on the verge of reaching 1 million lifetime users. At the same time, we have witnessed developers initiate efforts in bringing decentralized solutions for NFTs to life, with the latest launch being LooksRare. LooksRare is a decentralized NFT marketplace that implements a tokenized solution to help foster an organic, decentralized community of NFT enthusiasts.
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| Daily Technical Strategy | | Solana $SOLUSD has tried to stabilize in the last few days near the 50% retracement of its Summer 2021-November 2021 rally, (~140) yet the violation of mid-December lows of 147.94 suggests that more selling could be likely in the days/weeks ahead before any meaningful bottom. Momentum based on RSI has neared oversold levels, but structurally from a wave perspective, additional pullbacks down to either 111, or 97.25 would be better to expect Support vs. current levels. Elliott projections of the most recent pullback from late December might align with the initial early November decline, which would pinpoint 92.25 as being close to a 100% equal-wave projection. That would lie slightly under the 61.8% Fibonacci retracement of this entire low to high range of the last year, but should be meaningful as an area to consider buying dips. On the upside, regaining $147.94 on a daily close could suggest this recent decline has run its course, which for now, looks premature. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $1.9T $-29.4B (-1.50%) BTC Dominance 40.84% (+1.05%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $78B (-0.00%) In Exchanges $5.6B (-0.53%) | Stablecoin Supply Ratio Bullish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 5.37 (-1.20%) SSR Oscillator -1.62 (2.83%) | Funding Rate Bearish Signal Positive funding rates indicate traders are Bullish Bitmex -0.0050% (-151%) Binance 0.0061% (-39%) |
| BTC Metrics Bullish Signal A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.5M (-0.12%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $41,690 (100%) Spot Basis $-3.71 (-0.01%) Volume 10,419 (100%) Open Interest 11,297 (100%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 90.00 (100%) Open Interest 1,330 (100%) Calls CME Bullish Signal Calls Volume 10.00 (100%) Calls Open Interest 281 (100%) Puts CME Bearish Signal Puts Volume CME 19.00 (100%) Puts Open Interest 1,049 (100%) |
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| | All metrics as of January 10, 2022 2:30 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $789B | $41,694 | -0.78% | 44% | | | ETH | $365B | $3,066 | -2.79% | 316% | 272% | | BNB | $71B | $424 | -2.91% | 1,036% | 992% | | SOL | $42B | $136 | -5.34% | 8,877% | 8,834% | | ADA | $38B | $1.13 | -4.93% | 520% | 476% | | XRP | $35B | $0.7361 | -2.32% | 236% | 192% | | DOT | $23B | $23.64 | -5.46% | 155% | 111% | | DOGE | $19B | $0.1449 | -4.76% | 3,051% | 3,007% | | LINK | $13B | $27.32 | -3.21% | 143% | 99% | | LTC | $8.8B | $127 | -2.79% | 2.29% | -41% | | BCH | $6.9B | $366 | -2.77% | 6.78% | -37% | | Our Deep Research Projects | | AVAX | $21B | $84.45 | -4.90% | 2,556% | 2,512% | | IOTA | $3.1B | $1.10 | 2.70% | 272% | 228% | | BSV | $2.0B | $107 | -2.64% | -35% | -79% | | AMP | $1.8B | $0.0415 | -4.07% | 529% | 485% | | ZIL | $723M | $0.0590 | -5.21% | -29% | -73% | | ZEN | $641M | $53.70 | -4.54% | 365% | 321% |
All prices as of January 10, 2022 5:19 PM |
| Exchanged 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 | -21% | $35.71 | -2.70% | 1.80% | -42% | | BITW | -22% | $41.88 | -2.83% | -20% | -64% | | ETHE | -17% | $32.93 | -5.18% | 174% | 131% | | QBTC | -3.87% | $62.82 | 1.72% | 16% | -27% | | QETH | -5.22% | $58.29 | 1.82% | 170% | 126% |
All prices as of January 10, 2022 12:20 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 | $185 | -0.99% | -20% | -64% | | SQ | $76B | $167 | -2.05% | -24% | -68% | | COIN | $65B | $251 | -1.94% | -34% | -78% | | SBNY | $18B | $299 | -0.21% | 121% | 77% | | HOOD | $15B | $18.26 | -4.55% | -52% | -96% | | MSTR | $6.1B | $563 | -2.99% | 32% | -11% | | SI | $4.2B | $137 | -1.58% | 105% | 61% | | MARA | $3.5B | $35.38 | -5.22% | 221% | 178% | | RIOT | $2.7B | $23.45 | -5.94% | 42% | -1.48% | | MOGO | $223M | $3.19 | -6.45% | -21% | -64% |
All prices as of December 15, 2021 8:38 AM *COIN YTD since 14/04/2021 |
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| | | | Investor Bill Miller is betting big on Bitcoin, allocating 50% of his personal net worth to BTC and related equity. |
| | | The three-year partnership with the team will enable fans to purchase tickets and merchandise with cryptocurrencies. |
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| | | | The development of an in-house stablecoin was first discovered in the source code of Paypal’s iPhone app by developer Steve Moser. |
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| | | | The investment bank also continues to rate crypto exchange Coinbase as a buy. |
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| | | | CoinDesk has formally joined the legal proceedings between Tether and the NYAG in a case centering on the release of company documents. The post CoinDesk formally joins Tether Freedom of Information case in New York, Tether responds appeared first on... |
| | | Following the lead of Coinbase and others, Andreessen Horowitz proposed its own regulatory recommendations for cryptocurrency. |
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| | | | Departing a16z VC Katie Haun to raise nearly $1 billion for new crypto venture fund. The post Haun’s new venture fund lining up investors to raise nearly $900 million appeared first on The Block. |
| | | Sarcophagus launched its SARCO token one year ago, and its DAO in summer 2021—and just used both to bring in VC money. |
| | | [PRESS RELEASE – Please Read Disclaimer] Solidus Ai Tech is a computation network that distributes computing power to organizations working on complex AI projects requiring high computing power. The company’s signature AITECH token offering swiftly r... |
| | | A community-led foundation of Project Serum has raised $75 million in token sale from Tiger Global and other investors. The post Serum community foundation raises $75 million in token sale from Tiger Global and others appeared first on The Block. |
| | | The investment firm manages $6.4 billion in total in blockchain-related assets. |
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| | | | Upstart NFT platform LooksRare has gone live today, as more marketplaces continue to crop up to try to take on the market leader OpenSea. The post NFT marketplace LooksRare goes live with vampire attack on OpenSea appeared first on The Block. |
| | | NFT marketplace OpenSea has seen strong trading volumes so far this month. A frenzy that puts it on track to set a new monthly record. The post NFT marketplace OpenSea kicks off the new year with strong volumes appeared first on The Block. |
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| | | | Bitcoin miner Bitfarms has splashed about $43 million to add 1,000 BTC to its balance sheet after securing a $100 million loan. The post Canadian bitcoin miner Bitfarms buys 1,000 BTC for $43 million appeared first on The Block. |
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| | | | The U.S. Department of Transportation's Small Business Innovation Research (SBIR) program unveiled a raft of proposed research areas this week, including one that proposes investigating the use of crypto tokens to incentivize approaches to what it ca... |
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