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| Daily Updates from FSInsight | June 21, 2022 |
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- After a bloody weekend of Bitcoin and Ethereum reaching prices not seen since late 2020, crypto markets rallied, erasing all the weekend losses. Bitcoin and Ethereum are up 4.60% and 3.87%, and higher beta altcoins such as Solana, Avalanche, and Near are up 8.65%, 7.25%, and 6.25%, respectively. This move comes as traditional markets rally as well, with SPX and NDQ up 2.13% and 2.56%, respectively. Solana has stood out the past few days, up nearly 50% from its weekend low. This move comes as Solana plans to roll out a network upgrade that will hopefully resolve the network's congestion issues. Another tailwind for Solana has been the strength of some of its primary backers - FTX and Alameda Research, founded by Sam Bankman-Fried. Despite market volatility and many funds going insolvent, FTX and Alameda remain well-capitalized and have been buying out and lending money to struggling companies in the industry.
- Earlier today, crypto lending platform, BlockFi, announced that it had secured a $250 million revolving credit facility from FTX. According to BlockFi's CEO, Zac Prince, this move "bolsters our balance sheet and platform strength." He added that "the proceeds of the credit facility are intended to be contractually subordinate to all client balances across all account types (BIA, BPY & loan collateral). This news is a relief to BlockFi users who may have been concerned following Celsius pausing withdrawals among potential insolvency. This revolving credit facility isn't the only financing FTX CEO Sam Bankman-Fried has led during marketwide volatility. Last week, crypto broker Voyager Digital secured a revolving credit facility through Alameda Research, a quant trading shop SBF founded.
- Authorities in Iran are planning to unplug licensed crypto mining facilities as electricity consumption in the country is reaching all-time highs. The mining farms are set to be cut off from the grid on Wednesday. A government official from Iran noted that the measure applies to 118 licensed mining farms currently operating in the Islamic Republic. The temporary restrictions are being imposed after electricity consumption in the country reached a record high of 62,500 megawatts (MW) during peak hours last week.
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| Daily Technical Strategy - Mark Newton, CMT | | Bitcoin has shown some much needed stabilization Tuesday after having fallen to the most oversold levels on weekly charts since 2011. Interestingly enough, the 18,956 close on 6/18 fell right near a 38.2% Absolute retracement from the late March peaks and a 61.8% absolute retracement from the late May peaks. As discussed last week, many cryptocurrencies were thought to have a chance at bottoming in the short run given two equal declines in time (from late November to January equaling the late March-June decline) However, this bounce is mirroring that which is being seen in the NASDAQ and many global equity indices to kick off this new week, and looks to extend further in the short run. Upside targets should materialize near 23.3k with a max near 24.8k before prices pullback to likely challenge lows into the final week of June. DeMark exhaustion indicators like TD Sequential and TD Combo have shown their first alignment of daily and weekly "13 Countdown" buy signals in unison since mid-November 2021, indicating that the downside volatility of late should be nearing at least a temporary reprieve. Ironically, the timing of Proshares Short Bitcoin ETF "BITI" might arrive near a time of a larger low for Bitcoin, not dissimilar from the timing of "BITO" the long Bitcoin futures ETF which was unveiled near last year's peak. Wave structure from late May could allow for a final break to new lows into late June, but pullbacks should be buyable technically, expecting that intermediate-term lows should be near. | |
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| Daily Important Metrics | | Crypto Size  Bullish Signal Bullish signal is tied to the crypto market growing Market Cap $923B +$6.7B (+0.73%) BTC Dominance 43.45% (+0.32%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $67B (-0.63%) In Exchanges $15B (+42%) | Stablecoin Supply Ratio Bearish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 2.62 (0.64%) SSR Oscillator -2.27 (-0.80%) | Funding Rate Bearish Signal Positive funding rates indicate traders are Bullish Bitmex 0.0099% (-0.28%) Binance 0.0100% (-1,507%) |
| BTC Metrics Bullish Signal A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.4M (-0.40%) | Futures CME Bullish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $21,540 (3.68%) Spot Basis $90.54 (0.42%) Volume 11,883 (0.00%) Open Interest 12,708 (0.00%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 363 (0.00%) Open Interest 3,905 (0.00%) Calls CME No Signal Calls Volume 54.00 (0.00%) Calls Open Interest 1,630 (0.00%) Puts CME No Signal Puts Volume CME 41.00 (0.00%) Puts Open Interest 2,275 (0.00%) |
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| | All metrics as of June 21, 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 | $409B | $21,434 | 3.48% | -54% | | | ETH | $142B | $1,173 | 4.05% | -69% | -14% | | ADA | $17B | $0.5021 | 1.30% | -62% | -7.94% | | SOL | $13B | $38.23 | 9.12% | -78% | -24% | | DOGE | $8.9B | $0.0674 | 12% | -61% | -6.46% | | DOT | $8.0B | $8.13 | 4.70% | -70% | -16% | | MATIC | $3.6B | $0.4438 | 11% | -82% | -28% | | LINK | $3.5B | $7.40 | 5.03% | -63% | -8.41% | | HNT | $1.3B | $10.98 | -1.19% | -71% | -17% | | FTM | $730M | $0.2868 | 12% | -87% | -33% | | Our Deep Research Projects | | AVAX | $5.1B | $18.07 | 5.17% | -83% | -29% | | IOTA | $815M | $0.2933 | 5.18% | -78% | -24% | | ZIL | $543M | $0.0420 | 23% | -45% | 9.46% | | AMP | $393M | $0.0093 | 2.89% | -81% | -27% | | ZEN | $187M | $14.96 | 7.09% | -76% | -21% | | VGX | $158M | $0.5685 | 4.31% | -81% | -27% |
All prices as of June 21, 2022 11:42 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 | -34% | $12.47 | -2.08% | -64% | -9.36% | | BITW | -26% | $11.70 | -2.42% | -69% | -15% | | ETHE | -34% | $7.08 | -1.12% | -78% | -24% | | QBTC | -6.53% | $20.31 | -2.07% | -67% | -12% | | BTCC | 0.20% | $3.73 | -2.36% | -57% | -2.49% |
All prices as of June 21, 2022 8:06 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 | $72.90 | 2.34% | -61% | -7.11% | | SQ | $76B | $58.51 | 1.74% | -64% | -9.54% | | COIN | $65B | $51.22 | 0.33% | -80% | -25% | | SBNY | $18B | $172 | 2.46% | -47% | 7.31% | | HOOD | $15B | $7.19 | 4.35% | -60% | -5.28% | | MSTR | $6.1B | $168 | 3.88% | -69% | -15% | | SI | $4.2B | $58.01 | -1.56% | -61% | -6.62% | | MARA | $3.5B | $6.61 | 0.61% | -80% | -26% | | RIOT | $2.7B | $4.65 | 2.65% | -79% | -25% | | VOYG.TO | $1.5B | $1.37 | 2.24% | -91% | -37% | | MOGO | $223M | $0.8600 | -17% | -75% | -21% |
All prices as of June 21, 2022 8:00 AM |
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| | | | An official at South Korea's supreme prosecutors' office said multiple Terraform Labs staff had been put on a no-fly list. |
| | | Ethereum’s Vitalik Buterin criticized bitcoin models like ‘stock-to-flow’ as harmful, and deserving of mockery on Tuesday. The post Vitalik Buterin critiques stock-to-flow model as giving ‘false sense of certainty’ appear... |
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| | | | The policy also covers secondary NFT trading as the firm notes that “accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with.” |
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| | | | The firm emphasized that it will “actively fulfill its legal responsibilities to customers and strive to avoid further transmission and diffusion of liquidity risks.” |
| | | The Solana-based marketplace for non-fungible tokens (NFTs) plans to launch on more blockchains in the near future. The post Solana-based NFT marketplace Magic Eden reaches $1.6 billion valuation appeared first on The Blo... |
| | | The crypto lender says the deal 'bolsters our balance sheet and platform strength.' The post BlockFi secures $250 million credit facility from FTX appeared first on The Block. |
| | | The crypto exchange plans to enhance its newly launched FTX Stocks offering with the deal. The post FTX US is acquiring equities clearing startup Embed Financial appeared first on The Block. |
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| | | | Data from DappRadar suggests that trading volume on OpenSea is down 57% across all networks over the past 30 days. The post OpenSea sees its lowest monthly trading volume since July 21 as it falls 195% appeared first on CryptoSlate. |
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| | | | Authorities in Iran plan to unplug licensed crypto mining facilities as electricity consumption in the country is reaching record highs. The mining farms will be cut off from the grid on Wednesday, the Islamic Republic’s Ministry of Energy announced.... |
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