Crypto Daily Report – June 23

Jun 23, 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 23, 2022
  • The market capitalization of digital assets is hovering at the $900B mark, representing a 1.7% increase over the last day. BTC and ETH are trading at $20.3k (+0.9%) and $1.1k (+2.0%). Majors BNB, SOL, and AVAX illustrated higher beta, up 3.7%, 7.5%, and 4.7% in the same period. MATIC, an Ethereum side-chain focused on offering a suite of ZK-rollups, posted the strongest gains (+18%) in the top 100. MATIC's performance can be attributed to its recent achievement of carbon neutrality through a partnership with KlimaDAO, receiving $400k worth of carbon credits equating to 105k tons of greenhouse gas. Its price surge also aligns with accumulation by existing whales (10k - 10m MATIC holders), adding an average of 8.7% to their portfolios since May.
  • The Central Bank of Russia has announced plans to implement smart contracts with the digital ruble next April. The development comes after the central bank finalized the prototype platform of its CBDC late last year. The scope of their CBDC pilot program includes automated payments and other transactions such as real estate acquisitions. The next phase includes about a dozen other Russian commercial banks, with Vneshtorgbank estimating the tests on digital financial assets (DFAs) to begin in September. Russia's willingness to experiment with blockchain serves as a testament to the underlying technology, possibly expedited by the financial and technological restrictions imposed on the Eastern European nation.
  • Regulators have adopted different takeaways as the digital assets market craters due to tightening liquidity. In light of Terra's collapse and industry-wide insolvency fears sparked by Three Arrows Capital, the Monetary Authority of Singapore (MAS) has indicated that it will be 'brutal and unrelentingly hard' on bad actors in the digital asset space. MAS plans to implement a more thorough due diligence process for licensing crypto businesses - they recently granted in-principle digital token payment licenses to Crypto.com, Genesis, and Sparrow Tech to join 11 others in the region. Conversely, the Deputy Governor of the Bank of England compared the recent crash to the dot-com bubble, saying that survivors of the rout can become 'tomorrow's Amazons.' We view increased regulatory scrutiny on bad actors and general optimism towards the space as a net positive for the space as it gains mainstream adoption. 
Daily Technical Strategy - Mark Newton, CMT

Polygon has taken the first steps towards in its bottoming process after rising more than 40% off its lows over the last five days, its longest rally in more than four months. Daily charts show this large ~90% decline from last December having unfolded as a possible ABC Elliott-wave corrective pattern, with the final five-wave decline possibly having reached a bottom as of June 18th. However, the process of starting a durable rally following such a massive decline over the last six months takes time. The first real area of importance lies near last month's late May lows near 0.564 and then resistance at 0.70, lining up near the larger downtrend connecting former highs of this MATIC/USD decline. The act of breaking this large downtrend would be quite helpful towards confirming that a larger low is in place. In the meantime, any backing and filling of recent strength needs to hold recent lows at 0.315, and this is thought to be an attractive level to buy.

Daily Important Metrics

Crypto Size  Bullish Signal

Bullish signal is tied to the crypto market growing

Market Cap $907B +$4.6B (+0.51%)

BTC Dominance   43.01% (-0.76%)

Stable Coins   Bearish Signal

Increase in circulating stablecoins is a Bullish signal

In Circulation $67B (-0.00%)

In Exchanges $15B (-2.32%)

Stablecoin Supply Ratio  Bullish Signal

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

SSR 2.55 (-3.51%)

SSR Oscillator -2.31 (3.03%)

Funding Rate   Bearish Signal

Positive funding rates indicate traders are Bullish

Bitmex 0.0100% (-213%)

Binance -0.0014% (-52%)

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 (-0.11%)

Futures CME Bullish Signal

A positive spread between Futures Prices and Spot Prices is Bullish

BTC Price $20,325 (-1.00%)

Spot Basis   $13.05 (0.06%)

Volume 24,151 (-14%)

Open Interest  13,475 (-0.46%)


Options CME No Signal

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

Volume 152 (-26%)

Open Interest 4,166 (2.71%)

Calls CME Bullish Signal

Calls Volume 29.00 (-68%)

Calls Open Interest 1,764 (1.55%)

Puts CME Bearish Signal

Puts Volume CME 25.00 (-29%)

Puts Open Interest 2,402 (3.58%)

All metrics as of June 23, 2022 12:59 PM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$387B$20,3120.57%-57%
ETH$133B$1,0942.17%-71%-14%
ADA$16B$0.4676-0.25%-65%-8.15%
SOL$13B$36.986.69%-79%-22%
DOGE$8.3B$0.06270.72%-63%-6.81%
DOT$7.4B$7.540.16%-72%-16%
MATIC$3.9B$0.492920%-80%-24%
LINK$3.2B$6.751.01%-66%-9.26%
HNT$1.2B$10.211.24%-73%-16%
FTM$663M$0.2603-0.78%-88%-32%
Our Deep Research Projects
AVAX$4.9B$17.294.49%-84%-28%
IOTA$805M$0.28973.82%-79%-22%
ZIL$513M$0.0396-0.26%-48%8.71%
AMP$390M$0.00922.16%-81%-24%
ZEN$179M$14.271.78%-77%-20%
VGX$121M$0.4345-3.37%-85%-29%

All prices as of June 23, 2022 12:58 PM

Exchanged Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-27%$12.96-4.07%-62%-5.53%
BITW-26%$11.91-6.22%-69%-12%
ETHE-31%$7.17-4.36%-78%-21%
QBTC-6.57%$20.26-5.28%-67%-10%
BTCC0.26%$3.75-3.60%-56%0.13%

All prices as of June 23, 2022 8:04 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$72.970.83%-61%-4.68%
SQ$76B$60.650.21%-62%-5.82%
COIN$65B$51.91-9.71%-79%-23%
SBNY$18B$1781.21%-45%12%
HOOD$15B$7.49-0.79%-58%-1.20%
MSTR$6.1B$171-4.50%-69%-12%
SI$4.2B$56.32-5.50%-62%-5.37%
MARA$3.5B$7.229.23%-78%-21%
RIOT$2.7B$4.652.65%-79%-23%
VOYG.TO$1.5B$0.7600-53%-95%-39%
MOGO$223M$0.8666-8.28%-75%-18%

All prices as of June 23, 2022 8:01 AM

News
QUICK BITS
Hublot watches can now be purchased with cryptocurrency
CoinnounceRead the full story >
The Swiss watchmaker, Hublot, has launched its new limited edition luxury watch, the “Big Bang Unico Gray” watch. The payment can take place through the BitPay cryptocurrency payment platform. Hublot announced on June 21st that it would release 200 n...
University of Cincinnati turning crypto craze into educational curriculum
Coin TelegraphRead the full story >
The programs, which are funded by a longtime supporter of the university, will teach students about Bitcoin and other digital assets.
NHL Partners With Sweet to Offer Digital Collectibles, NFTs
CoinDeskRead the full story >
NHL is the latest in a string of sports associations embracing NFTs.
Gucci Invests $25K in DAO of NFT Marketplace SuperRare to Start Digital Art Vault
CoinDeskRead the full story >
The high-end luxury fashion house has purchased the tokens to launch a digital “Vault Art Space.”
DOSE OF DEFI
Crisis in crypto lending shines light on industry vulnerabilities
Coin TelegraphRead the full story >
Leading crypto lending firms and hedge funds have run into trouble due to the market turmoil but more so because of their unchecked reckless decision-making process.
THOUGHTS AND OPINIONS
Transparent financial systems won't get real traction, blockchain exec argues
Coin TelegraphRead the full story >
Anoma founder Adrian Brink pointed out that using a transparent system means that "your neighbor can see how much money you hold, what your daily preferences are.”
Bank of England Deputy Governor: Crypto Crash Survivors Could Become Tomorrow's 'Amazons and eBays'
Decrypt.coRead the full story >
The latest crypto slump could be decisive in determining the industry’s future winners, according to Bank of England deputy governor Jon Cunliffe.
REGULATION
Russia to Trial Digital Ruble Settlements for Real Estate Deals
Bitcoin.comRead the full story >
The Central Bank of Russia and participating commercial banks want to test various types of payments with the digital ruble, the Russian press reported. The plan is to experiment with smart contracts and transactions related to real estate and crypto...
Singapore Will Crack Down on Bad Crypto Behavior: Report
CoinDeskRead the full story >
Singapore will be “brutal and unrelentingly hard” on bad behavior in the crypto industry Sopnendu Mohanty, chief fintech officer at the Monetary Authority of Singapore, said.
Bybit enters into settlement agreement with Ontario Securities Commission
Coin TelegraphRead the full story >
Bybit is currently holding listing discussions with the provincial regulator, and if the process fails, the firm will cease operations in Ontario.
HIRING
Crypto Exchange Bitget Plans to Double Workforce as Peers Cut Back in Bear Market
CoinDeskRead the full story >
Unlike exchanges like Coinbase and Gemini, the derivatives platform plans to increase its staff.
PRODUCT UPDATES
Coinbase’s advanced trading platform, Coinbase Pro, set to close
The BlockRead the full story >
Coinbase revealed that Coinbase Pro will be closed later this year, with advanced trading features incorporated into Coinbase.com. The post Coinbase’s advanced trading platform, Coinbase Pro, set to close appeared first on...
Avalanche Bridge Launches Native Bitcoin Support; AVAX Surges 7.4%
CoinDeskRead the full story >
Smart contracts platform Avalanche is supporting native bitcoin on its bridging service, the AVAX token has rallied by 7.4% as a result.

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