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Crypto Daily Report | October 25, 2022 |
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THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FS INSIGHT |
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| Tickers on this report: ATOM, AVAX, BTC, ETH, LDO, SOL |
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- Volatility finally returned to the crypto markets today as $BTC rose 3.39%, and $ETH rose 9.61%. Traditional markets are also up; SPX and NDQ rose 1.24% and 1.67%, respectively. ETH/BTC has performed well over the past week and is up 5.58% today. This relative strength of Ethereum comes as the network has nearly been deflationary since the Merge, with supply increasing only 0.013%. Without the Merge, there would have been ~$480 million of additional Ethereum to miners, which would have been potential selling pressure. This is certainly something to continue monitoring once Ethereum network activity picks up and more ETH is burned. $LDO continues to outperform this week and is up 10.12% today. $SOL, which has recently lagged behind other Layer 1's such as Ethereum and Aptos, has sharply recovered ahead of its Solana Breakpoint Conference and is up 11.80% today. It's not uncommon to see tokens rally into their respective conferences. An example of this from earlier this year was $ATOM rallying nearly 40% leading up to its conference in September.
- Apple updated its App Store policy to restrict apps from using NFTs to allow users to purchase items or features Apple cannot tax. Apple currently charges up to 30% both on all purchases made on its App store and in-app purchases. Apps now cannot use NFTs that include "buttons, external links or other calls to action that direct customers to purchasing mechanisms other than in-app purchase." However, Apple is not entirely banning NFTs. According to the update, Apps may still use in-app purchases to sell NFTs and NFTs services, allow users to view their own NFTs, and allow users to browse the NFT collections of others.
- Meta partnered with the makeup brand L'Oréal and the French business school HEC Paris to start a Metaverse startup acceleration program. This accelerator aims to support at least five startups specializing in Metaverse and Web3 as well as 3D production, AR, VR, mixed reality, and more. Meta will host the accelerator within Station F in Paris, one of the world's biggest startup campuses. The program will run from January to June 2023, and successful applicants will be offered mentorship and access to experts and investors. Accelerators are a common way for large tech companies to get a close look at nascent, high-growth industries.
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Avalanche has increasingly begun to turn higher in the last week following a lengthy two months of consolidation. Daily charts show the rapid decline in August which resulted in nearly a 50% decline in $AVAXUSD within a few weeks' time. Since late August, prices have shown just modest losses in comparison, and 10/19/22's low close came within 20 cents of the lows established back in June, four months ago. The ability to have rebounded off this meaningful level cements the area near $15 as being meaningful support. Tuesday's (10/25) gains to multi-day highs this week appear bullish which might result in a bit more near-term strength, with upside targets found initially near $18. This marks a minor downtrend from late August and likely represents the first important area where AVAXUSD might stall out. Pullbacks into early November should represent chances to buy dips, with areas of support found at $15.61, then $15 on weakness. However, trends and momentum both have begun to shift higher this past week, suggesting that prices might finally be able to extend gains after its lengthy consolidation. | |
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Crypto Size  Bullish signal is tied to the crypto market growing Market Cap $935B +$3.0B (+0.32%) BTC Dominance 39.77% (--0.19%) | Stable Coins Increase in circulating stablecoins is a Bullish signal In Circulation $68B (+0.03%) In Exchanges $17B (+1.11%) | BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.3M (0.08%) | Funding Rates Positive funding rates indicate traders are Bullish Aggregate 0.0004% (-0.0043) Binance -0.0002% (-0.0067) Bitfinex 0.0000% (0.0000) Bitmex -0.0002% (-0.0067) ByBit 0.0004% (0.0018) Deribit -0.0001% (-0.0001) FTX -0.0008% (-0.0024) Huobi 0.0071% (-0.0029) Kraken -0.0043% (0.0035) Mean 0.0004% (-0.0043) OKex -0.0035% (-0.0085) |
| SENTIMENT | BMI: 52 (8.33%) |
| Futures All Exchanges A positive spread between Futures Prices and Spot Prices is Bullish CME BTC Price $19,300 (-0.69%) Spot Basis $-14.54 (-0.08%) Volume 1.0M (41%) Open Interest 563,313 (-3.47%) | Options All Exchanges Higher open interest change in a bull market is bullish for the sector Volume 18,188 (37%) Open Interest 281,541 (2.66%) Volume Put/Call Ratio 0.6411 (8.82%) Open Interest Put/Call Ratio 0.5129 (1.54%) |
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| | All metrics as of October 25, 2022 11:23 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $385B | $20,075 | 4.17% | -57% | | | ETH | $180B | $1,469 | 9.97% | -61% | -3.48% | | ADA | $13B | $0.3917 | 9.56% | -70% | -13% | | SOL | $11B | $31.69 | 12% | -82% | -25% | | DOGE | $8.2B | $0.0620 | 4.83% | -64% | -6.75% | | MATIC | $8.1B | $0.9284 | 4.17% | -63% | -6.05% | | DOT | $7.3B | $6.46 | 10% | -76% | -19% | | LINK | $3.5B | $7.14 | 3.89% | -64% | -6.81% | | NEAR | $2.5B | $3.06 | 4.84% | -79% | -22% | | FTM | $544M | $0.2139 | 4.38% | -90% | -33% | | HNT | $540M | $4.18 | 2.30% | -89% | -32% | | Our Deep Research Projects | | AVAX | $5.0B | $16.94 | 7.50% | -85% | -27% | | IOTA | $707M | $0.2543 | 3.84% | -81% | -24% | | ZIL | $404M | $0.0300 | 3.87% | -61% | -3.40% | | AMP | $209M | $0.0049 | 1.64% | -90% | -33% | | ZEN | $174M | $13.43 | 4.10% | -78% | -21% |
All prices as of October 25, 2022 1:15 PM |
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| Exchange 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 | -35% | $11.55 | 1.14% | -66% | -9.14% | | BITW | -43% | $10.22 | 1.19% | -73% | -16% | | ETHE | -34% | $9.02 | 5.99% | -72% | -15% | | QBTC | -8.17% | $19.17 | 1.00% | -69% | -11% | | BTCC | -0.01% | $3.59 | 0.84% | -58% | -1.22% |
All prices as of October 25, 2022 7:08 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 | $88.13 | 5.77% | -53% | 3.87% | | SQ | $76B | $59.20 | 3.88% | -63% | -6.21% | | COIN | $65B | $71.83 | 8.19% | -72% | -14% | | SBNY | $18B | $150 | 1.34% | -54% | 3.56% | | HOOD | $15B | $10.65 | 4.31% | -40% | 17% | | MSTR | $6.1B | $256 | 7.87% | -53% | 4.21% | | SI | $4.2B | $59.45 | 8.33% | -60% | -2.75% | | MARA | $3.5B | $14.10 | 9.30% | -57% | 0.04% | | RIOT | $2.7B | $6.61 | 9.26% | -70% | -13% | | MOGO | $223M | $0.7841 | -0.37% | -77% | -20% |
All prices as of October 25, 2022 1:15 PM |
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| | | | A judge has approved Celsius' proposed bidding procedures, setting a schedule that could have the firm's assets sold by the end of the year. The post Judge approves Celsius’ schedule for a possible sale appeared first on ... |
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| | | | Apple updates App Store policy restricting using NFTs to unlock features or directing consumers in ways that would bypass the company's ability to charge commissions on all transactions. The post Apple blocks using NFTs ... |
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| | | | The anime-inspired NFT project auctioned off eight golden skateboards that can be burned for “physical backed tokens,” an experimental new concept that blends physical and digital goods. |
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| | | | The startup wants to connect software and hardware from the energy industry to Bitcoin’s Lightning Network |
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| | | | Trading volume for Reddit’s Collectible Avatars is up 799% so far today as traders celebrate the project’s widespread adoption. |
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| PRODUCT UPDATES AND PARTNERSHIPS | |
| | | | The social media firm, which reports earnings later this week, will play host to the project in Station F — a startup campus in Paris. The post Meta and L’Oréal team up on web3 startup accelerator appeared first on The Blo... |
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| | | | Software engineer Jane Manchun Wong, famous for her reports on to-be-launch tech features, claimed that Twitter would implement its own crypto wallet. Currently, the project is under development, and the team behind the feature is still working on a ... |
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