Crypto Daily Report – June 22

Jun 22, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

The Most Important Daily
Data for Digital Assets

Daily Updates from FSInsightJune 22, 2022
  • The global crypto market is showing signs of life after falling overnight in concert with US equity futures markets. The SPX (+0.4%) and Nasdaq (+0.8%) have turned higher this morning despite the reassurance from Fed Chairman Jay Powell that the Fed is "strongly committed" to stifling inflation. Despite a bounce at the US market open, bitcoin and ether are trading 4.5% and 6.2% lower compared to 24 hours prior. Other smart contract platforms such as AVAX, SOL, and DOT are all trading over 6% lower, in concert with ETH. At the time of writing, funding rates for BTC perpetual futures have leveled but are still net-negative across all exchanges, indicating a persistent appetite for the short side of the trade. 


Figure: BTC Perpetual Futures Funding Rates (All Exchanges)

  • Despite declining floor prices across most blue-chip NFTs, several significant NFT-related announcements have dropped in the past 24 hours. Uniswap, the leading decentralized exchange built on Ethereum, announced that the development company behind the dApp acquired NFT marketplace aggregator Genie. Developers at Uniswap Labs will look to integrate NFT trading into the platform to complement its current services. Elsewhere, ecommerce giant eBay announced the acquisition of KnownOrigin, a smaller NFT marketplace that has recorded just under $8 million in volume since inception. It is clear that eBay is developing a core product around NFTs following its debut of an NFT collection on its platform last month. Finally, hardware wallet provider Ledger announced that it would be launching an NFT marketplace, Ledger Market, to offer NFT investors a secure and transparent place to trade and store their NFTs.
  • This morning, crypto financial services firm Voyager Digital (VOYG) revealed that they were among the lenders exposed to the Three Arrows Capital (3AC) implosion. Voyager, whose primary service is an exchange for cryptoassets, announced that they had previously loaned 15,520 BTC and $350 million in USDC to the crypto prop shop, which at current market prices equates to over $660 million in lending exposure. To mitigate the effects of the bad debt incurred, Voyager secured a USDC credit facility from Alameda Ventures comprised of a principal amount of $200 million USDC and a revolving credit facility for 15k BTC, bolstering the company's balance sheet in the near term. Voyager says they are currently unsure of how much they will be able to recover from 3AC and may issue a "notice of default" to the borrowers. The industry has yet to receive a comment from 3AC. 
Daily Technical Strategy - Mark Newton, CMT

Chainlink looks to have held May lows successfully following its most recent steep selloff from mid-June. While many tokens fell to new lows for 2022 in recent weeks, it's notable that LINKUSD managed to hold above May lows, and has been trading relatively better of late. While this recent stabilization is encouraging, it will take a technical breakout of the ongoing downtrend from January to have confidence of a new uptrend getting underway. Key resistance lies initially near $8.15, and over this lies the important June '22 peaks at $9.61, a level which held LINKs early month advance exactly where it needed to in order to keep this current downtrend intact. Overall, this looks attractive to buy for an eventual breakout, as momentum has begun to trend more favorably given LINK's sideways consolidation over the last month. Any weakness into late Q2 will need to hold $5.30 to keep hopes of a rally alive, but it's expected that Chainlink is a very attractive intermediate-term risk/reward at current levels after having fallen 85%+ from peaks last May.

Daily Important Metrics

Crypto Size  Bearish Signal

Bullish signal is tied to the crypto market growing

Market Cap $903B $-36.1B (-3.84%)

BTC Dominance   43.34% (-0.23%)

Stable Coins   Bearish Signal

Increase in circulating stablecoins is a Bullish signal

In Circulation $67B (-0.76%)

In Exchanges $15B (+0.09%)

Stablecoin Supply Ratio  Bearish Signal

Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC

SSR 2.64 (0.74%)

SSR Oscillator -2.24 (-1.35%)

Funding Rate   Bearish Signal

Positive funding rates indicate traders are Bullish

Bitmex -0.0089% (-189%)

Binance -0.0030% (-130%)

BTC Metrics Bearish Signal

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

# BTC in Exchanges 2.4M (0.34%)

Futures CME Bearish Signal

A positive spread between Futures Prices and Spot Prices is Bullish

BTC Price $20,530 (-4.53%)

Spot Basis   $-0.4139 (-0.00%)

Volume 27,981 (135%)

Open Interest  13,537 (6.62%)


Options CME No Signal

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

Volume 205 (-44%)

Open Interest 4,056 (3.87%)

Calls CME Bullish Signal

Calls Volume 90.00 (67%)

Calls Open Interest 1,737 (6.56%)

Puts CME Bearish Signal

Puts Volume CME 35.00 (-15%)

Puts Open Interest 2,319 (1.93%)

All metrics as of June 22, 2022 11:29 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$392B$20,530-4.52%-56%
ETH$134B$1,103-6.17%-70%-14%
ADA$16B$0.4723-5.91%-64%-8.26%
SOL$12B$35.60-6.80%-79%-23%
DOGE$8.4B$0.0633-6.21%-63%-6.95%
DOT$7.6B$7.65-6.06%-72%-16%
MATIC$3.4B$0.4192-5.56%-83%-27%
LINK$3.2B$6.82-7.48%-66%-9.38%
HNT$1.2B$10.17-8.02%-73%-17%
FTM$678M$0.2665-7.14%-88%-32%
Our Deep Research Projects
AVAX$4.7B$16.86-6.74%-85%-28%
IOTA$787M$0.2830-3.30%-79%-23%
ZIL$522M$0.0403-5.68%-47%9.18%
AMP$384M$0.0091-1.88%-81%-25%
ZEN$177M$14.17-5.21%-77%-21%
VGX$133M$0.4780-17%-84%-28%

All prices as of June 22, 2022 11:29 AM

Exchanged Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$13.518.34%-61%-4.39%
BITW-26%$12.708.55%-67%-11%
ETHE-33%$7.505.93%-77%-21%
QBTC-6.57%$21.023.44%-66%-9.39%
BTCC-0.06%$3.883.47%-55%1.17%

All prices as of June 22, 2022 8:03 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$72.37-0.73%-62%-5.46%
SQ$76B$60.523.44%-63%-6.37%
COIN$65B$57.4912%-77%-21%
SBNY$18B$1762.25%-46%10%
HOOD$15B$7.555.01%-57%-1.33%
MSTR$6.1B$1683.88%-69%-13%
SI$4.2B$59.602.74%-60%-3.62%
MARA$3.5B$7.229.23%-78%-22%
RIOT$2.7B$4.652.65%-79%-23%
VOYG.TO$1.5B$1.6017%-90%-34%
MOGO$223M$0.94489.86%-72%-16%

All prices as of June 22, 2022 8:01 AM

News
QUICK BITS
Chainalysis Launches 24/7 Hotline for Crypto Crime Victims
CoinDeskRead the full story >
Ransomware actors raked in all-time-high of $731 million in crypto payments in 2021 – and 2022 is on track to be another record year for crypto-enabled cyber crime.
'Disappointing': Cardano devs delay Vasil hard fork by a month
Coin TelegraphRead the full story >
While IOHK admitted the news was disappointing, the firm stated it is taking an “abundance of caution” to ensure the Vasil upgrade is implemented correctly.
MARKET DATA
Coinbase shares fall after rival Binance.US drops spot bitcoin trading fees
CNBCRead the full story >
Coinbase shares fell Wednesday after rival crypto exchange Binance.US said it's dropping certain trading fees for customers.
DOSE OF DEFI
DYdX to expand to its own blockchain in the Cosmos ecosystem
The BlockRead the full story >
dYdX says that by launching a new blockchain, it would make its offering more competitive and decentralized. The post dYdX to expand to its own blockchain in the Cosmos ecosystem appeared first on The Block.
CRYPTO INFRASTRUCTURE
Stablecoin issuer Tether will launch GPBT
CoinnounceRead the full story >
Tether, the developer of the fixed-price cryptocurrency USDT, is preparing to announce a new fixed-price cryptocurrency. The name of this new cryptocurrency, which will be fixed to the pound price, will be GBPT. #Tether To Launch GBP₮ Tether Tokens P...
REGULATION
ECB head calls for separate framework to regulate crypto lending
Coin TelegraphRead the full story >
Christine Lagarde introduced a “MiCa II” idea to cover the issues yet untouched by European regulators
Crypto.com secures regulatory approval to set up shop in Singapore
CryptoSlateRead the full story >
Cryptocurrency platform Crypto dot com has received in-principle approval from Singapore’s main market regulator for its Major Payment Institution License. The post Crypto.com secures regulatory approval to set up shop in Singapore appeared first on...
FUNDRAISING AND M&A
Voyager Digital secures loan from Alameda to meet ‘customer liquidity needs’
The BlockRead the full story >
Alameda will provide a $200 million cash and USD Coin (USDC) revolver and a 15,000 BTC revolver. The post Voyager Digital secures loan from Alameda to meet ‘customer liquidity needs’ appeared first on The Block.
Binance.US is raising an additional $50 million, CoinDesk reports
The BlockRead the full story >
Crypto exchange Binance.US is looking to raise up to $50 million at a $4.5 billion valuation, CoinDesk reported.  The post Binance.US is raising an additional $50 million, CoinDesk reports appeared first on The Block.
Ex-Sushi CTO Raises $8M for NFT Lending Platform Astaria
CoinDeskRead the full story >
The platform, led by CEO Justin Bram of DeFi vet Joseph Delong, aims to provide instant liquidity for your JPEGs and should be available to the public by September.
Afropolitan Raises $2.1 Million to Bring Web3 to the African Diaspora
Decrypt.coRead the full story >
The Web3 collective is looking to crypto and NFTs to support community-led opportunities for people of African descent.
Crypto brokerage FalconX raises $150M at $8B valuation
Coin TelegraphRead the full story >
FalconX is the latest cryptocurrency firm to secure millions of dollars in fresh funding despite the cryptocurrency markets experiencing a major decline.
NFTS
BitGo rolls out NFT hot wallet and secure custody solution for institutions
The BlockRead the full story >
BitGo has introduced a new NFT hot wallet and custody solution aimed at marketplaces, retail platforms and NFT portfolio holders. The post BitGo rolls out NFT hot wallet and secure custody solution for institutions appeare...
Shopify allows merchants to add utility to NFTs
The BlockRead the full story >
Shopify customers can now connect their crypto wallets to stores on the platform to validate they own specific NFTs. The post Shopify allows merchants to add utility to NFTs appeared first on The Block.
Magic Eden’s Zedd talks expansion plans after the NFT marketplace raises $130 million
The BlockRead the full story >
In this episode of The Scoop, Magic Eden co-founder & COO Zedd talks through Magic Eden's $130 million Series B, and unpacks some of the reasons why he believes Magic Eden has room to grow into more than just an NFT marketplace. ...
PRODUCT UPDATES
Crypto wallet app ZenGo introduces Web3 firewall feature called ClearSign
The BlockRead the full story >
ZenGo says ClearSign will tell users the details of the transactions they are about to sign thus offering protection from scammers. The post Crypto wallet app ZenGo introduces Web3 firewall feature called ClearSign appeare...
Binance.US Now Offers Zero-Fee Trading For Spot Bitcoin Pairs
Bitcoin MagazineRead the full story >
Customers of Binance.US can now trade four spot bitcoin pairings with zero fees and a low 0.5% fee for using the “Buy Crypto” function.
METAVERSE
Consulting Giant KPMG Makes Its First Foray Into Metaverse
CoinDeskRead the full story >
The move follows PwC Hong Kong, which bought some virtual real estate represented as a non-fungible token, in the metaverse.

Reports you may have missed

The weekend saw choppy price action, following the significant leverage washout in the perps market on Thursday evening. BTC revisited the $65k level, marking a roughly 12% decrease from the previous week's high of $74k. Since then, its price has partially recovered, currently trading just above $67k. ETH experienced a steeper decline and a less vigorous recovery, dropping from last week's high of $4100 to $3400, and is now trading...

The crypto market suffered from a sharp decline early this morning, which saw BTC (-4.48%) fall over 8% to the mid $65,000s before paring losses to $68k. ETH (-5.07%) and altcoins saw similar price action, fueling over $727 million in liquidations over the last 24 hours. Funding rates have been getting frothy, and the drop helped to bring rates to more neutral levels across the board (see below). SOL (+3.18%)...

BTC surged in the overnight hours, nearing $74k, following a day of record inflows into spot ETF products. It's now trading around $72.5k. ETH is showing relative weakness this morning, dipping just below $4k. This may be due to capital rotating into Layer 2 solutions and other Ethereum-related assets following the successful Denunc upgrade. Ethereum-adjacent assets such as AAVE, SYN, MATIC, MKR, and ARB, are outperforming thus far today. SOL...

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