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| Daily Updates from FSInsight | June 10, 2022 |
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- This morning, US CPI for May came in at 8.6% YoY - a re-acceleration from the 8.3% print in April - and the highest inflation in 40 years. May's increase was driven primarily by energy (+34.6% YoY), groceries (+11.9% YoY), and shelter (+5.5% YoY). Additionally, while used car prices have declined for the past three months, they reversed higher in May, up 1.8% from April. Following the high inflation print, crypto markets have sold off - down 2.77% and shedding $34 billion in market cap. BTC (-2.47%) is holding up the best while ETH (-4.22%) and other smart contract platforms underperform.
- The New York Department of Financial Services (NYDFS) has published a framework for stablecoin issuers to follow when collateralizing fiat-pegged digital assets. Under the framework, stablecoins must be fully backed by reserve assets that equal the face value of each stablecoin unit at the end of each business day. Stablecoins must also be redeemable in a timely manner.
- Jack Dorsey and Jay-Z have launched a Bitcoin education program for residents of the Marcy Project public housing complex in New York City. The program is designed to increase access to financial information and promote inclusive opportunities. Dorsey added that the goal is to teach Bitcoin through conversations around "long-term thinking, local economies, and self-confidence."
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| Daily Technical Strategy - Mark Newton, CMT | | Following nearly a month of sideways consolidation within its ongoing downtrend, ALGO's decline this week likely means a test or minor break of May lows is likely, technically speaking before a larger intermediate-term low is in place. As weekly charts show going back since 2019, the early May weakness severed the longer-term support trendline connecting former lows going back to Spring of 2020. Friday (6/10) close under 0.3809 brings this to the lowest levels since late May, setting up for a retest of 5/12 intra-day lows at 0.34. Downside targets under 0.34 lie at 0.27, lining up with late 12/20 lows and a Fibonacci projection from the most recent leg of the decline from January 2022. While momentum is nearing oversold levels on weekly charts, it remains above levels seen back in Spring 2022. Overall, it's expected that further weakness should bring about attractive buying opportunities into the end of Q2. However, to have confidence this is turning up ahead of late June, ALGO requires a move back over 0.43 on a daily close, which should result in a push higher to 0.53. At present, immediate rallies look a bit premature, but increasingly, prices are getting down to an attractive risk/reward area to consider buying dips. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $1.21T $-34.3B (-2.77%) BTC Dominance 46.58% (+0.41%) | Stable Coins Bullish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $72B (+0.09%) In Exchanges $11B (-0.62%) | Stablecoin Supply Ratio Bullish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 3.74 (-0.26%) SSR Oscillator -1.24 (0.86%) | Funding Rate Bearish Signal Positive funding rates indicate traders are Bullish Bitmex 0.0017% (-83%) Binance 0.0095% (-1.70%) |
| BTC Metrics Bearish Signal A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.5M (0.02%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $29,375 (-3.10%) Spot Basis $-49.61 (-0.17%) Volume 4,567 (-49%) Open Interest 11,368 (2.52%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 87.00 (81%) Open Interest 2,682 (2.64%) Calls CME Bullish Signal Calls Volume 3.00 (-73%) Calls Open Interest 1,179 (1.38%) Puts CME Bearish Signal Puts Volume CME 34.00 (-8.11%) Puts Open Interest 1,503 (3.66%) |
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| | All metrics as of June 10, 2022 9:54 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $561B | $29,425 | -2.42% | -37% | | | ETH | $209B | $1,726 | -3.77% | -54% | -17% | | ADA | $20B | $0.5866 | -8.48% | -56% | -19% | | SOL | $13B | $37.90 | -5.71% | -78% | -41% | | DOGE | $10B | $0.0765 | -3.90% | -55% | -18% | | DOT | $8.6B | $8.74 | -4.79% | -68% | -31% | | MATIC | $4.9B | $0.6109 | -1.79% | -76% | -39% | | LINK | $4.0B | $8.55 | -8.15% | -57% | -20% | | HNT | $1.4B | $11.59 | 0.18% | -69% | -32% | | FTM | $800M | $0.3142 | -7.51% | -86% | -49% | | Our Deep Research Projects | | AVAX | $6.5B | $22.96 | -7.15% | -79% | -42% | | IOTA | $900M | $0.3239 | -6.79% | -76% | -39% | | ZIL | $591M | $0.0458 | -6.52% | -40% | -2.54% | | AMP | $466M | $0.0110 | -1.91% | -77% | -40% | | ZEN | $225M | $18.03 | -7.63% | -71% | -33% | | VGX | $210M | $0.7525 | -8.22% | -75% | -38% |
All prices as of June 10, 2022 9:53 AM |
| Exchanged 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 | -30% | $19.41 | -0.61% | -43% | -6.16% | | BITW | -26% | $14.99 | -2.66% | -61% | -24% | | ETHE | -36% | $11.41 | -1.70% | -65% | -28% | | QBTC | -5.67% | $30.83 | -2.47% | -49% | -12% | | BTCC | -0.08% | $5.58 | -0.71% | -35% | 1.90% |
All prices as of June 10, 2022 8:05 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 | $84.11 | -3.89% | -55% | -18% | | SQ | $76B | $84.75 | 0.18% | -48% | -10% | | COIN | $65B | $63.76 | -7.86% | -75% | -38% | | SBNY | $18B | $215 | -3.85% | -34% | 3.61% | | HOOD | $15B | $8.03 | -4.18% | -55% | -18% | | MSTR | $6.1B | $218 | -6.50% | -60% | -23% | | SI | $4.2B | $83.34 | -1.04% | -44% | -6.59% | | MARA | $3.5B | $7.66 | -10% | -77% | -40% | | RIOT | $2.7B | $5.97 | -3.24% | -73% | -36% | | VOYG.TO | $1.5B | $2.68 | -7.90% | -83% | -46% | | VYGVF | $1.2B | $9.39 | 0.97% | -25% | 12% | | MOGO | $223M | $1.20 | -5.51% | -65% | -28% |
All prices as of June 10, 2022 8:01 AM |
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| | | | The layer-2 technology built on Bitcoin now has 4,000 Bitcoin or $120 million locked up allowing for near-instant payments around the world. |
| | | Bitcoin continues to trade on both sides of the $30,000 level in the minutes following the report. |
| | | American rapper Shawn Corey Carter — professionally known as Jay-Z — has teamed up with Block CEO Jack Dorsey to offer the residents of Marcy Houses in Brooklyn, New York, Bitcoin Education courses. The post Jay-Z, Jack Dorsey launch Bitcoin educati... |
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| | | | The head of treasury Janet Yellen, doesn’t recommend crypto 401K funds and said she doesn’t recommend investing the retirement funds into digital assets to most people so let’s read more today in our latest cryptocurrency news. The head of treasury J... |
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| | | | NYDFS laid out strict reserve and attestation requirements for stablecoin issuers in an effort to better protect consumers and financial institutions. |
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| | | | The issuer of the USDC stablecoin has agreed to acquire Cybavo, a crypto infrastructure startup that serves institutional customers. The post Circle to acquire crypto infrastructure startup Cybavo appeared first on The Bl... |
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| | | | Card payments for NFTs were first announced in association with Coinbase’s latest NFT marketplace in January. |
| | | LimeWire is transitioning into the Web3 era with the launch of its first NFT collection. The post LimeWire to launch original NFT collection appeared first on CryptoSlate. |
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| | | | Weather plays a big role in the success of bitcoin mining operations, according to a top executive in the space. The post How extreme Texas weather impacts the bitcoin mining industry appeared first on The Block. |
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| | | | The UFC makes a sponsorship deal with the Vechain blockchain company and the multi-year deal will lead the company’s logo shown on the Octagon so let’s have a closer look at today’s latest Vechain news. The institution hailing from the world of Web3 ... |
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