Crypto Daily Report – July 28

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

Crypto Daily Report

July 28, 2022
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Tickers on this report: AVAX, BNB, BTC, ETC, ETH, LDO, SNX, SOL
Market Update
Crypto Daily Report – July 28

Walter Teng

Digital Asset Strategy Associate

  • Markets have continued their rally from yesterday's FOMC meeting that resulted in a predicted 75bps hike for the Fed Funds Rate. BTC and ETH are up 9.2% and 13.5% over the last day, trading at $23.5k and $1.69k, respectively. Higher-beta alternate Layer 1s BNB, SOL, and AVAX are changing hands at $272 (+5.7%), $41.4 (+11.4%) and $23.8 (+11.8%). The most notable performers from the top 100 include DeFi fixtures LDO ($2.32 | +46.8%) and SNX ($4.20 | +40.9%), and Ethereum hard fork ETC ($36.9 | +35.7%). As the Ethereum Merge draws closer, there is a notable split between the community among those who support the transition to PoS, and others who favor the original PoW chain. Chandler Guo, a notable member in the Ethereum Classic community, has already voiced that he will fork Ethereum again in its PoS transition to the Beacon Chain
  • The Federal Trade Commission voted 3-2 in favor of filing suit to block Meta's purchase of VR fitness app maker, Within. The commission stated that the acquisition violated antitrust laws as it would 'dampen future innovation and competitive rivalry,' given that Meta already owns VR game Beat Saber. The filing further states that 'Meta would be one step closer to its ultimate goal of owning the entire metaverse.' Crypto-natives may find the statement ambiguous, as the 'metaverse' still holds a loose definition amongst different demographics. 'Metaverses' hosted on centralized companies like Meta are prone to the same centralization tradeoffs that VR gaming companies currently have, analogous to private blockchains hosted by permissioned validators.
  • This morning, The Commerce Department announced a 0.2% contraction in GDP for Q2. Q1 figures were -0.4%. Technically, this would signify a recession - the widely accepted definition of a recession is characterized by two consecutive quarters of negative GDP growth. However, most economists and the Fed have suggested that this definition is too simplistic, and factors like income, spending, and employment should be considered. Consumer spending rose 1% (annualized), with expectations for the demand vector to slow down further. Home construction and business construction, both known leading indicators for entrepreneurs to take risks, have sagged by 14% and 11.7%, respectively.
Daily Technical Strategy
Crypto Daily Report – July 28

Mark L. Newton, CMT

Head of Technical Strategy

Ethereum's breakout of last week's range is technically bullish near-term, and should result in prices pushing higher to 1915-2000 in the days ahead before some consolidation gets underway. As daily charts show, ETHUSD broke out of its multi-month downtrend back in mid-July before moving sideways over the last 10 days. This helped to alleviate near-term overbought conditions. Overall, prices have now doubled off the lows from June 18, though im not expecting any meaningful resistance prior too ETHUSD reaching the 38.2% Fibonacci retracement area which intersects near $1913. Long bias remains preferred for the months to come but traders could look to sell into gains by end of week on any advance back over $1900. Following a stalling out into next week, pullbacks would be attractive to buy at $1450-1550 on any weakness, particularly into mid-August, time-wise.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $1.05T +$71B (+7.24%)

BTC Dominance   41.69% (+0.56%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $66B (--0.00%)

In Exchanges $17B (--0.18%)

BTC Metrics

A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage

# BTC in Exchanges 2.4M (-0.16%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0063% (0.0043)

Binance -0.0015% (-0.0100)

Bitfinex 0.0049% (-0.0054)

Bitmex -0.0015% (-0.0100)

ByBit 0.0057% (0.0002)

Deribit 0.0000% (0.0000)

FTX 0.0104% (0.0112)

Huobi 0.0053% (-0.0015)

Kraken -0.0014% (0.0004)

Mean 0.0063% (0.0043)

OKex 0.0046% (0.0065)

SENTIMENT

Crypto Daily Report – July 28

BMI: 42 (40%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $23,120 (8.24%)

Spot Basis   $193 (0.84%)

Volume 1.9M (38%)

Open Interest  466,846 (1.71%)

Options All Exchanges

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

Volume 20,652 (35%)

Open Interest 248,499 (1.06%)

Volume Put/Call Ratio 0.8454 (-31%)

Open Interest Put/Call Ratio 0.6002 (0.40%)

All metrics as of July 28, 2022 9:55 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$454B$23,7879.68%-49%
ETH$210B$1,72414%-54%-4.56%
ADA$17B$0.51017.59%-62%-12%
SOL$15B$41.9712%-76%-27%
DOGE$9.1B$0.06878.04%-60%-11%
DOT$7.7B$7.8514%-71%-22%
MATIC$7.4B$0.927313%-63%-14%
LINK$3.3B$7.0910%-64%-15%
NEAR$3.2B$4.3214%-70%-21%
HNT$1.1B$9.318.54%-75%-26%
FTM$867M$0.340711%-85%-36%
Our Deep Research Projects
AVAX$6.8B$24.0312%-78%-29%
IOTA$861M$0.309710%-77%-28%
ZIL$547M$0.041710%-45%4.10%
AMP$376M$0.00895.09%-82%-32%
ZEN$219M$17.3315%-72%-23%

All prices as of July 28, 2022 12:42 PM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$14.239.46%-58%-9.24%
BITW-41%$11.7213%-69%-20%
ETHE-25%$11.6619%-64%-15%
QBTC-7.84%$22.648.48%-63%-14%
BTCC-0.23%$4.238.74%-51%-1.72%

All prices as of July 28, 2022 7:04 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$85.18-1.43%-55%-5.62%
SQ$76B$73.160.55%-55%-5.49%
COIN$65B$61.594.69%-76%-26%
SBNY$18B$1831.36%-43%5.77%
HOOD$15B$8.930.34%-50%-0.51%
MSTR$6.1B$2723.84%-50%-0.75%
SI$4.2B$89.372.65%-40%9.51%
MARA$3.5B$13.408.77%-59%-10%
RIOT$2.7B$7.393.36%-67%-18%
MOGO$223M$0.95952.16%-72%-23%

All prices as of July 28, 2022 12:47 PM

News
MARKET DATA
Meta’s Metaverse Division Loses $2.8 Billion in Q2
Decrypt.co
In the company’s quarterly earnings call, Mark Zuckerberg said the loss-heavy division could eventually be worth trillions.
Mercedes Benz taps Polygon for a data-sharing platform
CoinJournal
Daimler South East Asia, part of the Mercedes Benz Group announced that it shall… The post Mercedes Benz taps Polygon for a data-sharing platform appeared first on CoinJournal.
Zipmex Files for Bankruptcy Protection in Singapore
CoinDesk
The beleaguered crypto exchange has filed applications in Singapore to seek protection against bankruptcy amidst the threat of legal action from creditors.
El Salvador seeks to buy back $1.6B of debt to quell default fears
CryptoSlate
Amid falling Bitcoin (BTC) prices and rising fears of El Salvador defaulting on its debt, the Central American country is attempting to buy back $1.6 billion of its sovereign bonds. The post El Salvador seeks to buy back $1.6B of debt to quell defau...
GDP Falls Further in Q2, Fueling Recession Discussions
CoinDesk
A widely used technical definition says that two consecutive quarters of negative GDP means the economy is in a recession.
THOUGHTS AND OPINIONS
Coinbase SEC investigation could have ‘serious and chilling’ effects: Lawyer
Coin Telegraph
Michael Bacina, an Australian digital assets lawyer told Cointelegraph that the investigation could see a far-reaching impact on crypto exchanges and the token projects involved.
REGULATION
Fate of stablecoin bill in doubt as House Financial Services Committee misses key deadline
The Block
In statements today, leaders of the House Financial Services Committee concede that they are "not there yet" when it comes to stablecoin legislation. The post Fate of stablecoin bill in doubt as House Financial Services Co...
FTC Sues Meta to Stop Facebook Parent From 'Owning the Entire Metaverse'
Decrypt.co
Meta’s planned acquisition of a VR fitness app maker faces scrutiny as the FTC points to the Facebook parent’s growing metaverse aims.
HIRING
Steven Kokinos shifts to Algorand advisory role as company appoints interim CEO
Coin Telegraph
Former Algorand CEO Steven Kokinos said he will stay on as a senior advisor and be involved in “key projects” related to scaling adoption until 2023.

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