Most Important Daily
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Data for Digital Assets |
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| Daily Updates from FSInsight | June 24, 2022 |
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- The global crypto market is attempting to end the week on a positive note, as the total market cap is trading 3.7% higher over the last 24 hours. Bitcoin is trading 2.2% higher while ETH (+5.0%) is leading the way following sizeable short liquidations in the early morning hours. Meanwhile, other smart contract platforms such as SOL (+6.4%), AVAX (+10%), and DOT (+4.5%) are performing as one would expect from high bitcoin beta names. The action in crypto markets is mirroring the risk-on rally today in equities as both the S&P 500 and Nasdaq are up over 2% a the time of writing. Polygon (MATIC) is the clear standout performer this week, trading 44% higher over the previous seven days following a series of announcements, including a Coinbase integration, privacy ID tooling for DAOs, and commentary on a carbon neutrality initiative that many ESG supporters found encouraging.
- Yesterday, Solana Labs announced they are developing a mobile phone called "Saga." The hardware device will feature built-in crypto wallet functions and will be launched alongside the Solana Mobile Stack (SMS), a software developer kit for web3 applications. The phone will be built with the Android OS but will feature Seed Vault, a secure custody protocol that will keep private keys separated from the operating system. The phone is set to launch next year, will be priced at $1,000, and can be preordered now for $100. We think this is an ambitious but essential endeavor for crypto. To date, the vast majority of crypto user adoption has occurred via desktop due to limitations around security and a gated app store. This Solana Labs-developed phone will, at the very least, experiment and test the challenges facing hardware companies developing for crypto use-cases and perhaps even force companies like Apple and Samsung to address the rising demand for web3-friendly features.
- In bridge exploit news, the Harmony blockchain was hacked for $100 million in ETH, BNB, USDT, USDC, and DAI yesterday after a malicious actor gained control of the Horizon Bridge's multi-sig wallet. Similar to the Ronin sidechain hack we witnessed several months ago, this was another case of a bridge being exploited due to poorly managed multi-sig keys. This bridge was particularly vulnerable due to its two of five multi-sig setup. Essentially, the bridge was governed by five parties, of which only two needed to sign a transaction to verify its legitimacy. If only two of the five available multi-sig addresses that sign transactions on the bridge were compromised, the hacker would be able to access all funds. This appears to be what transpired. The lesson here is to always be aware of bridge risks, particularly when the bridge in question is governed by a small, centralized set of multi-sig keys.
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| Daily Technical Strategy - Mark Newton, CMT | | Technically speaking, Hedera Hashgraph looks to be on the slow road to recovery after losing over 90% of its value in the last nine months. The recent capitulatory decline and reversal from mid-May looked to be an important start to the stabilization that has helped HBAR trend range-bound over the last two weeks following 10 of the last 11 weeks lower. At a current price of 0.078, this remains above the spike lows of May 9, when this reached intra-day levels near 0.04, and while a reversal to this recent bounce attempt still looks likely into end of Q2, it’s thought that 0.045 should represent an attractive level to buy dips. Momentum has gotten understandably oversold given recent technical selling, with Relative Strength Index (RSI) levels now under 30. Thus, increasingly, HBAR appears like a better risk/reward to buy dips, despite its ongoing downtrend. Resistance lies at 0..085 on rallies and then 0.13. Daily closes above 0.13 would allow for the first meaningful challenge of its nine-month downtrend since March, providing greater confidence that HBAR is starting to make a more convincing bottom. | |
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| Daily Important Metrics | | Crypto Size  Bullish Signal Bullish signal is tied to the crypto market growing Market Cap $946B +$24B (+2.59%) BTC Dominance 42.68% (-1.20%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $67B (-0.00%) In Exchanges $15B (+0.30%) | Stablecoin Supply Ratio Bearish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 2.69 (5.51%) SSR Oscillator -2.14 (-7.32%) | Funding Rate Bearish Signal Positive funding rates indicate traders are Bullish Bitmex -0.0122% (-222%) Binance 0.0041% (-389%) |
| 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 (-0.07%) | Futures CME Bullish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $21,170 (4.16%) Spot Basis $261 (1.25%) Volume 21,533 (-99%) Open Interest 14,250 (-97%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 88.00 (-42%) Open Interest 4,219 (1.27%) Calls CME Bullish Signal Calls Volume 5.00 (-83%) Calls Open Interest 1,769 (0.28%) Puts CME Bearish Signal Puts Volume CME 9.00 (-64%) Puts Open Interest 2,450 (2.00%) |
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| | All metrics as of June 24, 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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| BTC | $399B | $20,909 | 2.21% | -55% | | | ETH | $139B | $1,149 | 5.03% | -69% | -14% | | ADA | $17B | $0.4925 | 4.45% | -63% | -7.55% | | SOL | $13B | $38.37 | 6.44% | -78% | -22% | | DOGE | $8.6B | $0.0650 | 1.70% | -62% | -6.77% | | DOT | $7.8B | $7.93 | 4.51% | -71% | -16% | | MATIC | $4.7B | $0.5932 | 19% | -76% | -21% | | LINK | $3.3B | $7.08 | 2.36% | -64% | -8.89% | | HNT | $1.3B | $10.62 | 0.74% | -72% | -17% | | FTM | $699M | $0.2746 | 2.16% | -88% | -32% | | Our Deep Research Projects | | AVAX | $5.4B | $19.27 | 10% | -82% | -27% | | IOTA | $841M | $0.3025 | 4.84% | -78% | -22% | | ZIL | $604M | $0.0466 | 14% | -39% | 17% | | AMP | $398M | $0.0094 | -0.71% | -81% | -25% | | ZEN | $188M | $14.98 | 3.54% | -76% | -20% | | VGX | $116M | $0.4150 | -6.38% | -86% | -31% |
All prices as of June 24, 2022 4:00 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% | $13.69 | 5.63% | -60% | -4.68% | | BITW | -26% | $12.35 | 3.69% | -68% | -12% | | ETHE | -32% | $7.77 | 8.28% | -76% | -21% | | QBTC | -6.57% | $21.11 | 3.99% | -65% | -10% | | BTCC | -0.12% | $3.89 | 3.46% | -55% | 0.48% |
All prices as of June 24, 2022 8:03 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 | $73.81 | 1.15% | -61% | -5.51% | | SQ | $76B | $67.27 | 11% | -58% | -3.00% | | COIN | $65B | $51.91 | -9.71% | -79% | -24% | | SBNY | $18B | $183 | 3.07% | -43% | 12% | | HOOD | $15B | $7.49 | -0.79% | -58% | -2.47% | | MSTR | $6.1B | $171 | -4.50% | -69% | -13% | | SI | $4.2B | $56.32 | -5.50% | -62% | -6.64% | | MARA | $3.5B | $7.05 | 4.44% | -79% | -23% | | RIOT | $2.7B | $4.94 | 7.39% | -78% | -23% | | VOYG.TO | $1.5B | $0.7300 | -3.95% | -95% | -40% | | MOGO | $223M | $0.8466 | -2.31% | -75% | -20% |
All prices as of June 24, 2022 8:01 AM |
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| | | | Axie Infinity's Ronin sidechain is expected to be relaunched next week after the $552 million exploit, 'with all user funds returned.' |
| | | CoinFLEX joins Celsius, Babel Finance, Finblox, and Voyager Digital in either freezing or limiting user withdrawals. Who’s next? |
| | | The layer-1 blockchain’s main bridge between Ethereum, Binance Chain, and Bitcoin has been exploited for nine figures, but says its BTC bridge has not been affected. |
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| | | | Moody’s said further downgrades could follow if Coinbase doesn’t diversify from its current revenue model or it's unable to turn a profit even in a prolonged bear market. |
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| | | | The team behind Convex Finance, a protocol built on top of the Curve DEX liquidity pool, said Thursday that its website DNS was hijacked. The post Curve staking platform Convex suffers DNS hijacking appeared first on The B... |
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| | | | Within Congress, the Commodity Futures Trading Commission is picking up political momentum to regulate crypto markets directly. The post The future of digital asset regulation? The CFTC, says Congressional committee appea... |
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| | | | Bitcoin mining company Crusoe has acquired electrical manufacturer Easter-Owens Electric Co in a bid to vertically integrate the company. The post Bitcoin miner Crusoe acquires electrical manufacturer Easter-Owens appeared... |
| | | The company will use the funds to build an NFT-based gaming universe with collectible toys, play-and-earn games, and an original animated series. The post a16z leads $23 million funding round for NFT gaming platform Crypto... |
| | | SithSwap, a next-generation automated market maker (AMM) on StarkNet, announced it has successfully raised $2.65 million at a $25 million valuation in a seed funding round led by Lemniscap, with participation from Big Brain Holdings, GSR, DWeb3 Capit... |
| | | Crypto custody and infrastructure startup Prime Trust raises more than $100 million in Series B funding to expand its suite of financial products and services. |
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| | | | The upscale fashion designer joins the likes of Gucci, Prada, and Balmain embracing NFTs. |
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| | | | Bitcoin miner Aspen Creek Digital Corporation has opened a new facility in Colorado and plans to open more in Texas. The post Bitcoin miner Aspen Creek Digital opens 6-megawatt facility in Colorado appeared first on The Bl... |
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| | | | The Solana Mobile Stack will enable more mobile Web3 apps, plus Solana Labs will launch its own smartphone in early 2023. |
| | | “Over time, we’ll add support for more tokens and more networks,” Coinbase said. |
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