Most Important Daily Data and News for Digital Assets |
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Crypto Daily Report | July 27, 2022 |
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THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT |
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Tickers on this report: AVAX, BNB, BTC, ETH, LDO, OP, SOL |
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- Crypto markets rallied higher before today's FOMC meeting at 2:00 pm EST. BTC and ETH are up 0.94% and 2.78%, respectively, and Alt Layer 1's SOL, AVAX, and BNB are up 2.16%, 2.61%, and 3.11%. A trend since a developer released a tentative timeline for the Merge, is a large outperformance of Ethereum and Ethereum-related tokens (as seen in the image below). For example, LDO and OP are up 148.0% and 83.7% in this timeframe compared to just a 10.1% rise in Bitcoin. The Goerli Testnet Merge is scheduled for August 11th, which will be important to watch in order to see if it runs smoothly or has any technical hiccups. The official Merge is slated for September 19th.
- Stablecoin issuer, Tether, stated that it holds no Chinese commercial paper and cut its commercial paper exposure in half this month. This brings its commercial paper exposure down to just ~$3.7B, down significantly from ~$30B in July 2021. Tether has plans to further decrease to ~$200M by the end of August 2022 and to zero by the end of October/early November 2022. When Tether revealed a breakdown of its stablecoin reserves in May of 2021, it showed that just under 50% of the reserves were commercial paper. This led to critics questioning whether the commercial paper exposure was mainly Chinese commercial paper - which could put the stablecoin at risk. Today is the first time Tether explicitly has shown that the reserves contain no Chinese commercial paper, telling the critics, "Tether would like to again reiterate to naysayers who continue to spread falsities about its commercial paper holdings that you are wrong."
- The Sumitomo Mitsui Banking Corporation (SMBC), Japan's second-largest bank, announced its plans to expand into the digital asset business, including NFTs and Web3 platforms. The bank will partner with Hashport, a group that offers tokenization and listing services in Japan, to launch a token business lab to experiment with digital assets. The lab will "engage in surveys, research, and demonstration experiments related to the promotion of the token business." SMBC also plans to establish a division to offer digital custody services, a token business, and "commercialization support and consulting services to customers considering the token business, including the issuance of NFTs."
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Please note that Mark is out today, thus we are reposting his technical analysis from yesterday. Mark will return tomorrow.
Following a decline over the last six of seven days, Bitcoin is growing closer to meaningful trendline support that is important to hold to keep this rally from June intact. Daily BTCUSD charts show this pullback getting ever closer to $19.7k which is initially important. Any violation should drive to $18,905 at 7/13 lows, but any move under this signals a pullback to new lows, which at this time is not technically expected right away. Momentum indicators like MACD have made bearish crossovers, but yet uptrends are still intact over the last month. Rallies back to challenge $24,280 look likely from August into September initially, while getting over this would allow for a push up to $28k. At present, it's right to watch carefully as this pullback nears support in the days ahead. | |
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Crypto Size Bullish signal is tied to the crypto market growing Market Cap $983B +$24B (+2.49%) BTC Dominance 41.46% (--0.87%) | Stable Coins Increase in circulating stablecoins is a Bullish signal In Circulation $66B (--0.00%) In Exchanges $17B (+0.78%) | BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.4M (-0.23%) | Funding Rates Positive funding rates indicate traders are Bullish Aggregate 0.0020% (-0.0003) Binance 0.0085% (0.0115) Bitfinex 0.0103% (0.0103) Bitmex 0.0085% (0.0115) ByBit 0.0055% (-0.0020) Deribit -0.0000% (-0.0001) FTX -0.0008% (0.0016) Huobi 0.0068% (-0.0011) Kraken -0.0017% (-0.0137) Mean 0.0020% (-0.0003) OKex -0.0019% (0.0026) |
| SENTIMENT | BMI: 40 (-4.76%) |
| Futures All Exchanges A positive spread between Futures Prices and Spot Prices is Bullish CME BTC Price $21,360 (1.23%) Spot Basis $23.26 (0.11%) Volume 1.3M (-20%) Open Interest 458,997 (1.83%) | Options All Exchanges Higher open interest change in a bull market is bullish for the sector Volume 15,304 (-23%) Open Interest 245,896 (1.09%) Volume Put/Call Ratio 1.23 (1.68%) Open Interest Put/Call Ratio 0.5978 (1.48%) |
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| All metrics as of July 27, 2022 10:55 AM |
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Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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BTC | $410B | $21,465 | 2.44% | -54% | | ETH | $181B | $1,490 | 7.15% | -60% | -5.86% | ADA | $16B | $0.4729 | 3.57% | -64% | -10% | SOL | $13B | $37.10 | 4.30% | -79% | -24% | DOGE | $8.4B | $0.0630 | 3.19% | -63% | -9.12% | DOT | $6.7B | $6.83 | 3.13% | -75% | -21% | MATIC | $6.5B | $0.8108 | 9.37% | -68% | -14% | LINK | $3.0B | $6.36 | 2.01% | -68% | -14% | NEAR | $2.8B | $3.76 | 3.09% | -74% | -20% | HNT | $1.0B | $8.54 | -0.96% | -77% | -23% | FTM | $772M | $0.3034 | 3.08% | -87% | -32% | Our Deep Research Projects | AVAX | $6.0B | $21.24 | 4.57% | -81% | -26% | IOTA | $773M | $0.2780 | 3.30% | -80% | -25% | ZIL | $495M | $0.0378 | 4.00% | -50% | 3.87% | AMP | $357M | $0.0085 | 2.97% | -83% | -28% | ZEN | $190M | $15.04 | 1.39% | -76% | -21% |
All prices as of July 27, 2022 11:03 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% | $13.00 | -5.52% | -62% | -7.88% | BITW | -41% | $10.41 | -9.32% | -73% | -19% | ETHE | -25% | $9.82 | -8.18% | -70% | -15% | QBTC | -7.84% | $20.87 | -4.00% | -66% | -12% | BTCC | -0.23% | $3.89 | -4.66% | -55% | -0.71% |
All prices as of July 27, 2022 7:05 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 | $85.24 | 11% | -55% | -0.63% | SQ | $76B | $69.93 | 5.33% | -57% | -2.54% | COIN | $65B | $56.17 | 6.12% | -78% | -24% | SBNY | $18B | $177 | 1.29% | -45% | 8.96% | HOOD | $15B | $8.66 | 2.73% | -51% | 2.93% | MSTR | $6.1B | $247 | 3.79% | -55% | -0.54% | SI | $4.2B | $83.99 | 2.31% | -43% | 11% | MARA | $3.5B | $11.07 | 9.50% | -66% | -12% | RIOT | $2.7B | $6.64 | 6.92% | -70% | -16% | MOGO | $223M | $0.9259 | 0.89% | -73% | -19% |
All prices as of July 27, 2022 11:19 AM |
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| | | The Sumitomo Mitsui Banking Corporation (SMBC), the second largest of the three biggest banks in Japan, has announced it is planning to expand into digital asset businesses, including non-fungible tokens (NFTs) and Web3 platforms. The company will pa... |
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| | | Coinbase shares have taken a big hit following a disappointing results report and a report the company is being investigated by the U.S. Securities and Exchange Commission. |
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| | | Stablecoin issuer Tether said today — seemingly for the first time — that it holds no Chinese commercial paper. The post Tether says that it holds no Chinese commercial paper appeared first on The Block. |
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| | | The average transaction cost on Polygon (MATIC) declined 49% to $0.018 during the second quarter, according to statistics released on July 26. The post Polygon’s Q2 data shows significant growth in the ecosystem appeared first on CryptoSlate. |
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| | | A new bipartisan bill has been introduced in the Senate that would simplify the use of cryptocurrency for everyday purchases by creating tax exemption for personal crypto transactions under $50 as well as when the capital gains are less than $50. New... |
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| | | The exchange’s Anti-FUD Fund comes shortly after KuCoin CEO Johnny Lyu’s spat with a whistleblower, who claimed the exchange was insolvent. |
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| | | It will use the funds to reduce friction of crypto payments between applications and to build out reputation-based reward programs. The post Unstoppable Domains clinches unicorn status in $65 million Series A round appeare... |
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| | | Joe Cisewski formerly provided Pantera Capital with legal and regulatory guidance relating to the firm’s funds and investment advisers. |
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| | | Layoffs were carried out earlier this week following an impromptu 15-minute all hands meeting, a person familiar with the matter said. The post Gods Unchained developer Immutable lays off around 8% of staff appeared first ... |
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PRODUCT UPDATES AND PARTNERSHIPS | |
| | | The funds will be used for onboarding users and scaling Aftermath Islands’ numerous Metaverse initiatives Aftermath Islands Metaverse Limited, the development company behind the highly ambitious Aftermath Islands Metaverse project, has secured a $25 ... |
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