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| Daily Updates from FSInsight | June 27, 2022 |
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- A small weekend rally is being sold off during US market hours, as the global crypto market is now trading 2.3% lower over the prior 24 hours as bitcoin and ether trade 2.3% and 2.7% lower, respectively. Other popular layer 1 names including AVAX (-3.9%), SOL (-4.2%), and DOT (-2.3%) are all trading incrementally lower as well. This week, the market has its sights set on a pair of key macro headlines, including Fed Chair Jay Powell's planned talk at the ECB Forum on Wednesday and the US PCE inflation print on Thursday. Crypto investors will also be tuned in for any SEC commentary on Bitwise's spot bitcoin ETF application, for which the deadline for approval is Friday. We do not anticipate approval, but we may receive interesting commentary on the matter. The decision on Grayscale's application to convert its bitcoin trust (GBTC) to an ETF is due next Wednesday.
- On Friday, it was announced that Goldman Sachs is looking to broker a sale of Celsius' distressed assets. According to people familiar with the matter, GS is in the process of raising $2 billion from investors, gauging interest from both crypto-native and traditional financial institutions. The deal is supposedly structured so inventors would acquire the beleaguered crypto lender's cryptoassets at a considerable discount. It is still unclear whether Celsius, which raised $750 million from investors just last year, will declare bankruptcy. This deal is not for Celsius equity but the cryptoassets under management. Representatives from GS clarified that the leading investment bank would not maintain any principal exposure to the cryptoassets and merely act as a broker in the deal.
Figure: Breakdown of Tether Reserves (Source: Tether) 
- Reports are surfacing that hedge funds are increasingly looking to short leading stablecoin Tether (USDT) as a bet against the assets backing the dollar-pegged token. Genesis conveyed that since the implosion of algo-backed stablecoin UST, many investors are looking to capitalize on a similar unwind of USDT. To remind everyone, UST is much different than USDT, the latter of which is 100% collateralized with a mix of assets that include cash and cash-like items. Tether CTO Paulo Ardoino took to Twitter this morning to dispel any fears surrounding the Tether business. While we appreciate the skepticism surrounding the historically opaque company, Tether has been able to redeem $16 billion in USDT over the past month without a hiccup, and it is actively and swiftly reducing its exposure to commercial paper. We continue to keep a close eye on the situation, but based on several factors, we think the redemption risk on USDT is likely overstated in these highly publicized reports.
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| Daily Technical Strategy - Mark Newton, CMT | | Following nearly a 40% bounce since 6/18, Monero seems to have arrived at its first meaningful area of upside resistance. XMRUSD made three different lows near $135 since January of this year before breaking down to under $100 into mid-June. Technically speaking, its snapback now faces resistance near the same area where this broke down, as former support now becomes formidable upside resistance. To have confidence this rally can extend, XMR will need to surpass $135, ideally on a weekly close. Until that time, the path of least resistance remains lower, and it's expected that XMR should weaken back to test mid-June lows over the next 1-2 weeks. That low lies at $96.77, and will be important to hold to have any confidence that this could be trying to stabilize. Additional support targets under $96.77 are found near $76 and thought to be an excellent area of risk-reward support to buy dips. | |
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| Daily Important Metrics | | Crypto Size  Bearish Signal Bullish signal is tied to the crypto market growing Market Cap $954B $-22.6B (-2.32%) BTC Dominance 42.49% (+0.22%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $67B (-0.00%) In Exchanges $15B (+0.17%) | Stablecoin Supply Ratio Bullish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 2.69 (-2.03%) SSR Oscillator -2.08 (1.90%) | Funding Rate Bearish Signal Positive funding rates indicate traders are Bullish Bitmex -0.0082% (-394%) Binance 0.0055% (-9.37%) |
| 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 (-0.18%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $20,635 (-2.92%) Spot Basis $-121 (-0.58%) Volume 8,918 (0.00%) Open Interest 14,399 (0.24%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 446 (0.00%) Open Interest 4,578 (0.00%) Calls CME No Signal Calls Volume 25.00 (0.00%) Calls Open Interest 1,791 (0.00%) Puts CME No Signal Puts Volume CME 191 (0.00%) Puts Open Interest 2,787 (0.00%) |
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| | All metrics as of June 27, 2022 11:33 AM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $396B | $20,756 | -2.39% | -56% | | | ETH | $144B | $1,185 | -2.73% | -68% | -13% | | ADA | $17B | $0.4907 | -2.85% | -63% | -7.36% | | SOL | $13B | $38.57 | -4.16% | -78% | -22% | | DOGE | $9.6B | $0.0721 | -1.52% | -58% | -2.32% | | DOT | $7.8B | $7.89 | -2.26% | -71% | -15% | | MATIC | $4.3B | $0.5344 | -9.56% | -79% | -23% | | LINK | $3.1B | $6.60 | -6.43% | -67% | -11% | | HNT | $1.3B | $10.57 | -5.58% | -72% | -16% | | FTM | $715M | $0.2808 | -7.48% | -88% | -32% | | Our Deep Research Projects | | AVAX | $5.6B | $19.98 | -3.90% | -82% | -26% | | IOTA | $804M | $0.2892 | -2.19% | -79% | -23% | | ZIL | $576M | $0.0444 | -6.97% | -42% | 14% | | AMP | $387M | $0.0092 | -3.16% | -81% | -25% | | ZEN | $185M | $14.74 | -4.32% | -76% | -20% | | VGX | $87M | $0.3137 | -17% | -89% | -34% |
All prices as of June 27, 2022 11:33 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 | -29% | $13.85 | 1.17% | -60% | -3.88% | | BITW | -26% | $12.01 | -2.75% | -69% | -13% | | ETHE | -30% | $8.50 | 9.44% | -74% | -18% | | QBTC | -6.60% | $20.00 | -5.08% | -67% | -12% | | BTCC | 0.04% | $3.91 | 0.51% | -55% | 1.04% |
All prices as of June 27, 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 | $77.68 | 5.24% | -59% | -3.13% | | SQ | $76B | $71.00 | 5.54% | -56% | -0.36% | | COIN | $65B | $62.71 | 6.50% | -75% | -19% | | SBNY | $18B | $192 | 4.92% | -41% | 15% | | HOOD | $15B | $8.00 | 0.25% | -55% | 0.73% | | MSTR | $6.1B | $205 | 9.10% | -62% | -6.59% | | SI | $4.2B | $63.45 | 6.00% | -57% | -1.51% | | MARA | $3.5B | $7.42 | 5.25% | -77% | -22% | | RIOT | $2.7B | $5.19 | 5.06% | -77% | -21% | | VOYG.TO | $1.5B | $0.7700 | 5.48% | -95% | -39% | | MOGO | $223M | $0.9500 | 12% | -72% | -17% |
All prices as of June 27, 2022 8:01 AM |
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| | | | After the crypto lending platform Celsius halted operations on June 12, at 10:10 p.m. (ET), two days later the Wall Street Journal (WSJ) quoted “people familiar with the matter” who said Celsius was hiring restructuring lawyers. At the time, the WSJ ... |
| | | FTX’s $250 million credit facility offer – if inked as initially proposed – stood to effectively wipe out all BlockFi shareholders, including Morgan Creek Digital, the firm told its investors. |
| | | Nexo has issued a public cease and desist order to a Twitter account run by someone with the handle 'Otter.' |
| | | Most consumers in the region, 82% of those surveyed, said they would like to have crypto-related functions available directly from their current financial institution. The post Mastercard survey says 51% of Latin American ... |
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| | | | Banxa is slashing its headcount from 230 to 160 as the crypto industry’s ongoing bear market continues to weigh heavy. |
| | | Goldman Sachs downgrades Coinbase stock to sell as the crypto exchange prepares for tougher economic conditions. The post Shares in Coinbase down 5% in pre-market as Goldman Sachs downgrades stock to sell appeared first on... |
| | | Crypto broker has issued a notice of default to Three Arrows Capital (3AC) after the beleaguered hedge fund failed to make the required payments on its loans of 15,250 bitcoin and $350 million in USDC. |
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| | | | Singapore-based metaverse lending protocol XCarnival recovered 1,467 ether following an exploit that saw a hacker siphon 3,087 ETH out of the platform. |
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| | | | A mov to PoS will also not solve Ethereum’s scaling problems, the report said. |
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| | | | A July 6 deadline for an SEC ruling on Grayscale’s GBTC product looms |
| | | Some have questioned whether the country can properly regulate crypto and prevent it from being used for money laundering, as it has struggled to do with fiat currency, the report said. The post Albania plans to begin taxi... |
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| | | | The funding marks the latest injection of capital into the nascent blockchain betting industry. |
| | | Cryptocurrency exchange Unizen has received $200 million from alternative investment group Global Emerging Markets (GEM) to accelerate development of its trade aggregation system. |
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| | | | The creators of the popular non-fungible token (NFT) project Bored Ape Yacht Club (BAYC), Yuga Labs, have sued the artist dubbed Ryder Ripps and collaborators for attempting to devalue the BAYC brand. Yuga Lab’s lawsuit claims Ripps and associates tr... |
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| | | | Bitget, which offers its users crypto copy trading, has been experiencing growth and generating strong cash flow amid less-than-perfect market conditions. The post Crypto exchange Bitget plans to double workforce to 1,000 ... |
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| | | | Cryptocurrency exchange Bybit, which is the cryptocurrency exchange with the largest BTC futures open… The post Bybit unveils USDC settled futures contracts appeared first on CoinJournal. |
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| | | | After a month of debating the issue, the Lido DAO is voting on whether to dilute its Ethereum staking dominance. The post Lido DAO begins voting on whether to limit its Ethereum staking dominance appeared first on The Bloc... |
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