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| Daily Updates from FSInsight | January 21, 2022 |
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- The crypto market is down 10% over the past 24 hours, shedding nearly $200 billion of market cap, and currently sits at $1.8 trillion. Bitcoin is down about 10% while Ethereum is down 12% along with other large cap alts declining between 10-20%. Bitcoin's relative outperformance over the past 5 days has once again caused Bitcoin Dominance to bounce off the critical 39% level. Going into yesterday afternoon, the size of the alt coin market relative to Bitcoin and Ethereum reached its highest point since April '18 (41.5%), but has since fallen due to the sell-off. This morning funding rates on Bitcoin perpetual futures contracts flipped negative indicating traders' short bias.
- Yesterday the Federal Reserve released their highly anticipated "discussion paper" on a potential U.S. central bank digital currency (CBDC). The goal of the paper is to kick-off a formalized debate and discussion around the merits and drawbacks of a U.S. CBDC. The paper also provides clear definitions for mostly understood concepts like "a CBDC would be a liability of a central bank, like the Federal Reserve" as well as other debated concepts like "A U.S. CBDC would offer the general public broad access to digital money that is free from credit risk and liquidity risk." The paper is accompanied by several questions that the public will have 120 days to respond to.
- Yesterday Russia's central bank proposed a ban on crypto mining and trading mirroring a similar ban put forward by the Chinese central bank. While the proposal does not outlaw crypto ownership, it attempts to limit Russian financial institutions' ability to make crypto transactions and trade crypto assets as a means to safe harbor the country's financial stability. The Russian central bank went on to cite energy and environmental concerns as the motivation to ban mining.
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| Daily Technical Strategy - Mark Newton, CMT | | Bitcoin's break of 1/10/22 lows of 39,558 is a technical negative that keeps the recent two-month downtrend extending lower, and likely results in this testing last Summer's lows around $29k. While Bitcoin has shown some relative strength vs many Alt-coins in recent weeks, it still looks premature to expect trading lows right away from an absolute basis. Structurally speaking, this support violation goes back since last September so it has added weight as something that likely will allow for this decline to extend into next week. DeMark indicators utilized for counter-trend exhaustion still look premature on both daily and weekly timeframes to suggest an imminent low. Daily RSI has just entered oversold territory, though weekly RSI remains at 40, suggesting this trend is not as oversold as many believe. Overall, this week's technical damage looks to require a bit more downside before stabilization can occur. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $1.8T $-191.2B (-9.66%) BTC Dominance 40.53% (+0.95%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $78B (-0.06%) In Exchanges $5.2B (-1.79%) | Stablecoin Supply Ratio Bearish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 5.29 (0.38%) SSR Oscillator -1.60 (-1.61%) | Funding Rate Bullish Signal Positive funding rates indicate traders are Bullish Bitmex 0.0100% (+7.40%) Binance 0.0100% (+3.67%) |
| 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 (-0.05%) | Futures CME Bullish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $38,315 (-8.63%) Spot Basis $22.02 (0.06%) Volume 8,733 (13%) Open Interest 11,314 (-1.48%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 73.00 (16%) Open Interest 1,661 (3.94%) Calls CME Bullish Signal Calls Volume 37.00 (236%) Calls Open Interest 438 (9.77%) Puts CME Bearish Signal Puts Volume CME 6.00 (-81%) Puts Open Interest 1,223 (2.00%) |
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| | All metrics as of January 21, 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 | $725B | $38,293 | -9.59% | -18% | | | ETH | $331B | $2,773 | -12% | -26% | -7.39% | | BNB | $69B | $415 | -11% | -20% | -1.70% | | ADA | $40B | $1.19 | -13% | -11% | 7.64% | | SOL | $37B | $118 | -15% | -32% | -14% | | XRP | $32B | $0.6738 | -9.69% | -20% | -1.79% | | DOT | $21B | $21.63 | -12% | -21% | -2.39% | | DOGE | $20B | $0.1509 | -8.67% | -12% | 6.15% | | LINK | $8.8B | $18.86 | -16% | -4.77% | 13% | | LTC | $8.4B | $121 | -13% | -18% | -0.16% | | BCH | $6.4B | $336 | -10% | -23% | -4.52% | | Our Deep Research Projects | | AVAX | $18B | $71.86 | -16% | -34% | -16% | | IOTA | $2.6B | $0.9261 | -14% | -32% | -14% | | BSV | $1.9B | $101 | -8.25% | -17% | 0.77% | | AMP | $1.4B | $0.0323 | -13% | -33% | -15% | | ZIL | $650M | $0.0529 | -11% | -30% | -12% | | ZEN | $514M | $42.87 | -16% | -30% | -12% |
All prices as of January 21, 2022 1:39 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 | $171 | -2.29% | -9.32% | 8.91% | | SQ | $76B | $130 | 0.15% | -19% | -1.13% | | COIN | $65B | $210 | -5.65% | -17% | 1.35% | | SBNY | $18B | $332 | -5.46% | 2.71% | 21% | | HOOD | $15B | $13.53 | -4.04% | -24% | -5.58% | | MSTR | $6.1B | $416 | -11% | -24% | -5.41% | | SI | $4.2B | $105 | -13% | -29% | -11% | | MARA | $3.5B | $22.80 | -10% | -31% | -12% | | RIOT | $2.7B | $15.93 | -16% | -29% | -10% | | MOGO | $223M | $2.32 | -4.13% | -32% | -14% |
All prices as of January 21, 2022 8:50 AM |
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| | | | Binance, one of the leading cryptocurrency exchanges, has announced its collaboration with the confederation of African Football (CAF). While cryptocurrency adoption is gaining popularity globally, the continent of Africa seems to have minor particip... |
| | | Eric Adams will find it difficult to spend his cryptocurrency paycheck to pay for the daily costs of living in the Big AppleNew York’s new mayor gets his first paycheck on Friday – and as part of his bid to keep the city “on the forefront of innovati... |
| | | The Turkish president welcomed Nayib Bukele to Ankara for an official state visit. Anyone expecting a Bitcoin talk left disappointed. |
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| | | | The complicated challenge of regulating cryptocurrencies may mean the industry will not be mentioned in the important budget speech. |
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| | | | "The Federal Reserve would only pursue a CBDC in the context of broad public and cross-governmental support," said the recently published paper. |
| | | The Central Bank of Russia is advocating a ban on all sorts of crypto activities in a report titled “Cryptocurrencies: Trends, Risks, Measures.” The document was published this week, and the regulator awaits comments and suggestions on its contents u... |
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| | | | The Graph is a protocol for indexing and querying structured data from 26 blockchains. |
| | | With a market cap of more than $170 billion, stablecoin adoption is exploding. The post $4B non-profit established to stabilize UST stablecoin appeared first on CryptoSlate. |
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| | | | LendInvest co-founder Christian Faes has corralled tens of millions of dollars for a new crypto mining venture. The post LendInvest chair Faes to set up crypto mining operation in Texas appeared first on The Block. |
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| | | | Twitter released verified NFT profile picture feature as the platform is embracing non-fungible tokens at a fast pace as we can see in today’s cryptocurrency latest news. Social media giant Twitter released verified NFT profile picture feature for us... |
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| | | | The world is going digital, and there’s no denying it. Over the past decade, much of our social interaction has shifted to online social mediums like Facebook, Twitter, Instagram, and whatnot. And just as this was a major paradigm shift, perhaps the ... |
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