Crypto Daily Report – January 28

Jan 28, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

The Most Important Daily
Data for Digital Assets

Daily Updates from FSInsightJanuary 28, 2022
  • The crypto market is 0.75% lower to $1.7T over the past 24 hours. Individual digital assets are trading inline with their perceived risk with Bitcoin (-0.3%) down the least, followed by Ethereum (-3.75%), and alts down more on average. Bitcoin funding rates, after holding negative for the past couple days have flipped positive for the time being indicating mixed feelings amongst traders. EIP1559 remains a positive supply-side catalyst for Ethereum. Since the update over 1.6M ETH has been burned out of existence representing over $4.0B at current prices.
  • Yesterday, a report was published indicating that the White House is preparing an executive action regarding crypto. The report notes that the Biden Administration views crypto regulation as a "matter of national security" and the executive action will put more pressure on government agencies to devise a regulatory framework for the space. The report follows a similar one published in Bloomberg last week, as well as Putin's recent comments on Russia's pro-crypto stance.
  • Google is in the process of launching a new business unit inside their cloud division dedicated to blockchain and decentralization. The Digital Asset Team's goal will be to support blockchain node hosting and infrastructure for developers, as well as on-chain governance.
Daily Technical Strategy - Mark Newton, CMT

LUNAUSD increasingly looking like an attractive risk-reward after shedding over 28% in the last five trading sessions. The area at $49 which was hit early Friday morning (1/28) represents an exact Equal-Leg Extension of the first decline from early January, adding to its importance. This area also adjoins a lengthy trendline from September 2021 lows over four months ago, creating a key area for trading support. Additionally, LUNA now trades at nearly an exact 50% absolute retracement from all-time highs hit just four weeks ago. Thus, buying into this dip seems correct technically, expecting to see an above average bounce over the next 4-5 weeks into late February. Initially, reclaiming $62.57 will be important towards suggesting this can move higher, likely leading to the high $70's. However for a larger rally, recouping $87.50 would add to the degree of bullishness on an intermediate-term basis, which for now remains premature. Support lies at $45-$47.50 on any further weakness and should be attractive to average into Longs.

Daily Important Metrics

Sentiment

Crypto Daily Report – January 28

Crypto Size  Bearish Signal

Bullish signal is tied to the crypto market growing

Market Cap $1.7T $-14.2B (-0.85%)

BTC Dominance   42.15% (+0.85%)

Stable Coins   Bearish Signal

Increase in circulating stablecoins is a Bullish signal

In Circulation $78B (-0.03%)

In Exchanges $7.8B (+3.62%)

Stablecoin Supply Ratio  Bullish Signal

Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC

SSR 4.46 (-3.48%)

SSR Oscillator -2.09 (4.86%)

Funding Rate   Bearish Signal

Positive funding rates indicate traders are Bullish

Bitmex 0.0100% (-190%)

Binance 0.0027% (-144%)

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 (-0.75%)

Futures CME Bullish Signal

A positive spread between Futures Prices and Spot Prices is Bullish

BTC Price $37,085 (0.68%)

Spot Basis   $230 (0.62%)

Volume 16,988 (1.83%)

Open Interest  11,733 (5.73%)


Options CME No Signal

Higher open interest change in a bull market is bullish for the sector

Volume 73.00 (-6.41%)

Open Interest 2,128 (0.28%)

Calls CME Bearish Signal

Calls Volume 32.00 (-51%)

Calls Open Interest 614 (-0.65%)

Puts CME Bearish Signal

Puts Volume CME 41.00 (215%)

Puts Open Interest 1,514 (0.66%)

All metrics as of January 28, 2022 2:30 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$697B$36,793-0.37%-21%
ETH$287B$2,401-3.87%-36%-14%
BNB$63B$3801.10%-27%-5.32%
ADA$34B$1.02-4.26%-23%-1.48%
XRP$28B$0.5968-3.17%-29%-7.73%
SOL$28B$88.81-5.12%-49%-27%
DOGE$18B$0.1389-4.02%-19%2.40%
DOT$17B$17.62-3.42%-35%-14%
LTC$7.5B$107-1.74%-28%-6.20%
LINK$7.0B$15.05-2.87%-24%-2.55%
BCH$5.4B$286-2.57%-34%-13%
Our Deep Research Projects
AVAX$16B$63.38-5.73%-42%-21%
IOTA$2.2B$0.7892-4.58%-42%-21%
BSV$1.7B$87.99-3.81%-28%-6.36%
AMP$1.2B$0.0288-4.33%-41%-19%
ZIL$538M$0.0437-3.15%-43%-21%
VGX$484M$1.74-8.00%-42%-20%
ZEN$451M$37.53-1.22%-39%-17%

All prices as of January 28, 2022 2:39 PM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$158-1.12%-16%5.04%
SQ$76B$105-2.22%-35%-13%
COIN$65B$171-6.20%-32%-11%
SBNY$18B$299-3.56%-7.67%14%
HOOD$15B$11.61-8.26%-35%-13%
MSTR$6.1B$319-12%-41%-20%
SI$4.2B$93.01-8.59%-37%-16%
MARA$3.5B$19.68-8.47%-40%-19%
RIOT$2.7B$13.42-6.81%-40%-18%
VOYG.TO$1.5B$9.06-5.33%-43%-21%
VYGVF$1.2B$7.13-100%-43%-21%
MOGO$223M$1.97-8.80%-42%-21%

All prices as of January 27, 2022 4:57 PM

News
QUICK BITS
ARK Invest Claims BTC, ETH Market Cap Will Reach $20 Trillion By 2030
DCForecastsRead the full story >
ARK invest claims both BTC and ETH market caps will reach $20 trillion by 2030 because the decentralized finance applications built on Ethereum are flipping the traditional financial service providers as we can see further in today’s latest altcoin n...
Brevan Howard Taps Talent From Jump Capital and Gemini for New Crypto Unit
CoinDeskRead the full story >
The European hedge fund has now expanded its team to more than 30 employees and 12 portfolio managers, Bloomberg reported.
CRYPTO INFRASTRUCTURE
Google Cloud ramps up blockchain efforts by launching digital assets team
Coin TelegraphRead the full story >
The New Google Cloud team aims to accelerate customers' efforts in the emerging blockchain and crypto spaces, a blog post explained.
THOUGHTS AND OPINIONS
Wall Street’s increased exposure shows institutions understand Bitcoin’s value, says deVere Group CEO
CoinJournalRead the full story >
deVere CEO Nigel Green says institutional investors understand the value of cryptocurrency’s future-focused technology.… The post Wall Street’s increased exposure shows institutions understand Bitcoin’s value, says deVere Group CEO appeared first on ...
Staying cool: Is crypto snowballing to 1 billion users this year?
Coin TelegraphRead the full story >
Demographics rule: “Younger people are more likely to embrace crypto than older generations.” Meanwhile, the Great Transfer of Wealth is coming.
REGULATION
Crypto Industry Heavyweights Form Political Action Committee for U.S. Midterms: Report
CoinDeskRead the full story >
A group of executives from major firms in the crypto industry have formed a political action committee (PAC) to support candidates at November's midterm elections.
SEC vs Ripple: Ripple responds to SEC’s letter to strike their fair notice defense
AMBCryptoRead the full story >
The United States’ Securities and Exchange Commission’s lawsuit against Ripple is once again heating up the courtroom, even in the middle of winter. After several tussles between the American regulator and the blockchain company over extension reques...
White House reportedly preparing executive order on crypto
Coin TelegraphRead the full story >
The Biden Administration is expected to issue an order that would make government agencies begin conducting risk analysis on cryptocurrency as a national security threat.
FUNDRAISING AND M&A
Galaxy Digital Takes Next Step to Becoming US-Based Company
CoinDeskRead the full story >
The digital asset firm filed a registration statement with the SEC and also plans to list on the Nasdaq.
METAVERSE
Augmented Reality DApp Switches Networks from Ethereum to Polygon
CryptoPotatoRead the full story >
[PRESS RELEASE – Please Read Disclaimer] OVR has started the first phase of migration from the Ethereum network to Polygon. The company has transferred Merkle Proof and minting functions from the former network to the latter. As a result, users can n...

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