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Crypto Daily Report | July 22, 2022 |
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THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT |
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| Tickers on this report: AAVE, AVAX, BTC, CRV, ETH, MATIC, SOL |
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- Legacy markets are weighing down the global crypto market as $BTC (+2.7%), and $ETH (+3.3%) are trending lower since the US market open. Meanwhile, leading alts such as $SOL, $AVAX, and $MATIC are underperforming $ETH. Highly disappointing earnings from SNAP, released after yesterday's close, are seemingly driving the Nasdaq's (-1.5%) downward move. Meanwhile, the S&P 500 is also trading 0.70% lower, despite both the US 10Y and DXY sliding slightly lower. Many investors will be fixated on Bitcoin hash rate next week, as today marks the most significant percentage drop (-5%) in mining difficulty since July 2021, after a combination of stressed miner balance sheets and an intense heat wave has forced hash rate to come offline over the previous month.
Figure: BTC Mining Difficulty 7-day Change (%) 
- A former Coinbase employee was charged with wire fraud after being accused of front-running information about new listings on the exchange. This was fundamentally similar to the front-running case with OpenSea a couple of months ago. The more significant aspect of the entire ordeal was the complaint filed by the SEC in parallel with the DOJ. The complaint alleges that at least nine of the assets traded on Coinbase (AMP, RLY, RGT, DDX, XYO, LCX, POWR, DFX, KROM) are securities. As a result, the agency charged those implicated with violating securities laws. Obviously, Coinbase refuted this assertion by the SEC, citing its previously approved methods for determining whether listed assets were securities or not. Some legal experts viewed this as an aggressive and unnecessary move on the part of the SEC, as industry leaders have been begging the SEC to collaborate on proactive legislation for a while now. This was perhaps an attempted power-grab by the SEC, regulating via enforcement instead of crafting thoughtful regulatory frameworks around this emerging asset class. The CFTC even went as far as issuing a statement condemning the move by the SEC and requesting more collaboration between agencies. While this case is worth keeping an eye on, it seems unlikely to manifest in any significant regulatory changes in the near term, given the typical legal processes surrounding securities fraud.
- Following in the footsteps of borrow/lend platform Aave ($AAVE), it appears that stablecoin liquidity provider Curve Finance is considering issuing a native stablecoin. Curve founder Michael Egorov suggested in an interview that the protocol would perhaps propose the implementation of an over-collateralized stablecoin. Curve ($CRV) tokens rallied on the news, increasing over 30% on the day. This is an interesting development that we think many DeFi platforms might begin to implement. The ability to produce native stablecoin liquidity reduces the cost of paying users to supply external stablecoin liquidity. This leads to lower borrow rates and reduces the external counterparty risk in accepting stablecoin liquidity from other providers/ecosystems. For an overview of the current landscape of the stablecoin market, check out our previous DeFi Digest pieces here and here.
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Following an 80% decline in the span of about two months into June lows, $NEARUSD has begun to show some initial signs of trying to bottom out in recent weeks. The first lift off the lows in mid-June helped NEAR to gain about 50% off its lows near $3 which happened in about five days' time. The subsequent consolidation took this back lower to retest this crucial $3 level before turning up again. It's rise this week has exceeded the late June peaks, and also broke about a two-month minor downtrend, which is thought to be constructive, technically. Volume has lifted on this rise and should pave the way for continued gains up to $5.50 initially. Minor weakness should find support near $4, and likely is buyable, technically speaking. | |
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Crypto Size  Bullish signal is tied to the crypto market growing Market Cap $1.06T +$32B (+3.08%) BTC Dominance 42.24% (--0.14%) | Stable Coins Increase in circulating stablecoins is a Bullish signal In Circulation $66B (--0.01%) In Exchanges $17B (--1.46%) | BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.4M (-0.14%) | Funding Rates Positive funding rates indicate traders are Bullish Aggregate 0.0055% (0.0000) Binance 0.0100% (0.0083) Bitfinex 0.0002% (0.0002) Bitmex 0.0100% (0.0083) ByBit 0.0061% (-0.0039) Deribit 0.0000% (-0.0003) FTX -0.0040% (-0.0088) Huobi 0.0088% (0.0012) Kraken -0.0198% (-0.0348) Mean 0.0055% (0.0000) OKex 0.0100% (0.0115) |
| SENTIMENT | BMI: 44 (0.00%) |
| Futures All Exchanges A positive spread between Futures Prices and Spot Prices is Bullish CME BTC Price $23,525 (3.91%) Spot Basis $53.23 (0.23%) Volume 1.8M (-26%) Open Interest 450,616 (-0.46%) | Options All Exchanges Higher open interest change in a bull market is bullish for the sector Volume 22,974 (-33%) Open Interest 250,034 (4.65%) Volume Put/Call Ratio 0.4673 (-8.39%) Open Interest Put/Call Ratio 0.6110 (-3.69%) |
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| | All metrics as of July 22, 2022 10:25 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $448B | $23,472 | 3.86% | -50% | | | ETH | $194B | $1,598 | 6.73% | -57% | -7.26% | | ADA | $17B | $0.4988 | 3.63% | -62% | -13% | | SOL | $15B | $42.72 | 2.23% | -75% | -25% | | DOGE | $9.2B | $0.0696 | 1.72% | -59% | -9.56% | | DOT | $7.6B | $7.66 | 4.60% | -72% | -22% | | MATIC | $7.0B | $0.8768 | 0.20% | -65% | -15% | | NEAR | $3.4B | $4.58 | 8.44% | -69% | -19% | | LINK | $3.3B | $7.10 | 4.11% | -64% | -14% | | HNT | $1.2B | $9.59 | 3.17% | -75% | -25% | | FTM | $833M | $0.3273 | 6.83% | -85% | -36% | | Our Deep Research Projects | | AVAX | $7.0B | $24.64 | 2.45% | -77% | -28% | | IOTA | $878M | $0.3158 | 8.09% | -77% | -27% | | ZIL | $546M | $0.0418 | 3.49% | -45% | 4.80% | | AMP | $391M | $0.0093 | 0.55% | -81% | -31% | | ZEN | $223M | $17.64 | 5.67% | -71% | -21% |
All prices as of July 22, 2022 10:24 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 | -29% | $15.04 | -3.47% | -56% | -6.21% | | BITW | -41% | $12.99 | -4.13% | -66% | -16% | | ETHE | -25% | $11.72 | 1.47% | -64% | -14% | | QBTC | -7.84% | $23.18 | -1.82% | -62% | -12% | | BTCC | -0.23% | $4.31 | -2.27% | -50% | -0.12% |
All prices as of July 22, 2022 7:01 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 | $81.84 | -1.10% | -57% | -6.72% | | SQ | $76B | $71.77 | -4.00% | -56% | -5.68% | | COIN | $65B | $70.28 | -5.00% | -72% | -22% | | SBNY | $18B | $175 | -3.46% | -46% | 4.07% | | HOOD | $15B | $9.05 | -3.83% | -49% | 0.84% | | MSTR | $6.1B | $278 | -4.10% | -49% | 0.91% | | SI | $4.2B | $87.60 | -6.35% | -41% | 8.99% | | MARA | $3.5B | $12.50 | -7.34% | -62% | -12% | | RIOT | $2.7B | $7.19 | -5.64% | -68% | -18% | | MOGO | $223M | $0.9700 | -7.62% | -72% | -22% |
All prices as of July 22, 2022 1:08 PM |
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| | | | Zhu Su and Kyle Davies say they're heading for Dubai to avoid the "crazy people in crypto that kind of made death threats." The post Three Arrows founders tell Bloomberg ‘the whole situation is regrettable’ appeared first ... |
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| | | | Institutional buyers are adding long positions on ether its transition to proof-of-stake, called the merge, is slated for September. The post Institutions go long on ether as Ethereum’s ‘merge’ approaches, according to Cum... |
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| | | | Zipmex announced it has resumed withdrawals from its Trade Wallets, two days after the platform paused the feature. The post Zipmex reopens withdrawals from trading wallets appeared first on The Block. |
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| | | | DeFi giant Curve Finance is joining Aave in taking aim at Maker’s decentralized stablecoin with a new, over-collateralized product. |
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| | | | The growing Singapore-based Web3 lab will have 25 staffers by week's end. |
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| | | | The company’s parent 2TM raised $200 million from SoftBank one year ago with an eye towards expanding across Latin America. |
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| | | | The platform uses an asset pricing model that offers interoperability, lower fees and no slippage. |
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| | | | In a Discord update on Wednesday night, the team at NFT Worlds said it was looking at several options for how to continue the project. The post Facing a ban by Minecraft, NFT Worlds aims to unveil a ‘plan of action’ by the... |
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| | | | The bitcoin mining difficulty adjusted downwards as miners unplugge their machines amid U.S. heatwaves. |
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| | | | The hires come amid a volley of web3 and gaming deals by the company. The post Animoca Brands snags top-level executives from McKinsey, Tencent and Accenture appeared first on The Block. |
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| | | | Ruben has more than a decade of experience at big tech and crypto companies. The post Former Coinbase and Instagram director Will Ruben joins Uniswap as VP of product appeared first on The Block. |
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