Crypto Daily Report – September 16

Sep 16, 2022
Most Important Daily
Data and News for Digital Assets

Crypto Daily Report

September 16, 2022
THIS MESSAGE IS SENT SOLELY TO MEMBERS OF FSINSIGHT
Tickers on this report: ATOM, BTC, CHZ, ETH, NEAR
Market Update
Crypto Daily Report – September 16

FSInsight

Digital Asset Research Team

  • Crypto had a rough start this morning, with BTC and ETH falling 0.28% and 1.88%, respectively. The ETH/BTC ratio has continued to unwind after the Merge as traders "sell the news" of the event. The ratio is down 2.79% today, and 13.85% from its peak just before the Merge happened. While most of the market is red, there are a couple of standouts. Cosmos (ATOM) is up 8.59%. Atom has its Cosmosverse conference later this month, which is set to announce the launch of Atom 2.0. Atom 2.0 will include several upgrades, including a potential tokenomics revamp, which will help accrue value to the token. Another standout today is Chiliz (CHZ). Chiliz is the native token of Socios, a platform that allows sports fans to purchase fan tokens for their favorite teams. Crypto as a whole remains largely correlated with traditional markets - SPX and NDQ are down 1.26% and 1.49%.
  • An interagency working group for the U.S. government will begin meeting regularly to support the Federal Reserve's ongoing research into the possibility of a Central Bank Digital Currency (CBDC). Treasury Secretary Janet Yellen and National Economic Council Director Brian Deese told reporters today that the White House, Treasury, and other executive branches each want to do their part to support the Fed's research on a digital dollar. A CBDC acts as a national stablecoin with instant payment rails but under central bank control. While a CBDC would greatly improve payment speed and efficiency, critics are concerned about privacy and the amount of control governments could have with the technology.
  • Square Enix, one of Japan's most prominent AAA gaming companies, has partnered with Oasys, a high-speed blockchain specialized in gaming. As part of the partnership, Square Enix will be one of the first 21 validators of the Oasys network and will explore new possibilities regarding blockchain integration with gaming. Other traditional and blockchain gaming companies among the 21 validators are Sega, Ubisoft, and Yield Guild Games. Square Enix is not new to blockchain. Last year, Square Enix included blockchain as part of its business model, stating it would "focus on blockchain games premised on token economies as a form of decentralized content."
Daily Technical Strategy
Crypto Daily Report – September 16

Mark L. Newton, CMT

Head of Technical Strategy

NEAR Protocol has followed suit in turning lower with most other Cryptocurrencies earlier this week and its break of the two-week uptrend likely results in an upcoming test and break of August lows. While some might expect the three month minor uptrend line might offer some support on pullbacks, the break below $4.50 this week was a technical negative that cements the bounce from late August as a three-wave corrective move. This is important and gives this week's breakdown a greater likelihood of showing further weakness into the month of October. Minor support lies at NEAR USD $3.90-$4.00, but a retest and technical undercut of $3.69 is probable. This can allow for weakness down to a support zone near $2.50-$3.00 in the next 3-4 weeks.

Daily Important Metrics

Crypto Size

Bullish signal is tied to the crypto market growing

Market Cap $961B $-28.7B (--2.90%)

BTC Dominance   39.38% (+1.08%)

Stable Coins

Increase in circulating stablecoins is a Bullish signal

In Circulation $68B (+0.06%)

In Exchanges $18B (--0.31%)

BTC Metrics

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

# BTC in Exchanges 2.4M (-0.13%)

Funding Rates

Positive funding rates indicate traders are Bullish

Aggregate 0.0006% (0.0052)

Binance -0.0227% (-0.0145)

Bitfinex 0.0105% (-0.0006)

Bitmex -0.0227% (-0.0145)

ByBit 0.0066% (0.0067)

Deribit -0.0008% (0.0001)

FTX -0.0088% (0.0016)

Huobi 0.0054% (0.0036)

Kraken -0.0078% (-0.0010)

Mean 0.0006% (0.0052)

OKex -0.0042% (0.0058)

SENTIMENT

Crypto Daily Report – September 16

BMI: 60 (0.00%)

Futures All Exchanges

A positive spread between Futures Prices and Spot Prices is Bullish

CME BTC Price $19,810 (-1.49%)

Spot Basis   $59.67 (0.30%)

Volume 1.6M (0.68%)

Open Interest  487,986 (1.04%)

Options All Exchanges

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

Volume 18,589 (-18%)

Open Interest 256,396 (1.19%)

Volume Put/Call Ratio 0.9611 (-17%)

Open Interest Put/Call Ratio 0.5292 (0.83%)

All metrics as of September 16, 2022 10:18 AM
Crypto Prices
SymbolMarket CapLast PriceDaily ChangeYear to DateRelative to BTC YTD
BTC$377B$19,676-0.65%-58%
ETH$177B$1,449-3.01%-61%-3.14%
ADA$16B$0.4612-1.71%-65%-7.27%
SOL$11B$32.42-2.13%-81%-23%
DOGE$7.9B$0.05970.83%-65%-7.24%
DOT$7.7B$6.85-1.37%-75%-17%
MATIC$7.0B$0.8043-2.88%-68%-10%
LINK$3.8B$7.728.24%-61%-3.03%
NEAR$3.3B$4.19-1.63%-71%-13%
FTM$627M$0.24622.04%-89%-31%
HNT$510M$4.041.10%-89%-31%
Our Deep Research Projects
AVAX$5.3B$18.01-2.26%-84%-26%
IOTA$728M$0.26210.33%-81%-23%
ZIL$451M$0.03390.67%-55%2.63%
AMP$230M$0.00540.19%-89%-31%
ZEN$187M$14.59-0.24%-76%-18%

All prices as of September 16, 2022 11:40 AM

Exchange Traded Products (ETPs)
SymbolPremium to NavLast PriceDaily ChangeYear to DateRelative to BTC YTD
GBTC-29%$12.10-2.10%-65%-6.68%
BITW-41%$11.56-2.06%-70%-12%
ETHE-25%$11.21-3.99%-65%-7.37%
QBTC-7.84%$19.68-0.25%-68%-9.76%
BTCC-0.23%$3.68-0.81%-57%0.68%

All prices as of September 16, 2022 7:01 AM

Stocks
SymbolMarket CapLast PriceDaily ChangeYear to dateRelative to BTC YTD
PYPL$216B$93.09-3.43%-51%7.35%
SQ$76B$65.48-5.35%-59%-1.47%
COIN$65B$74.71-3.26%-70%-12%
SBNY$18B$171-4.13%-47%11%
HOOD$15B$10.64-5.42%-40%18%
MSTR$6.1B$208-4.31%-62%-3.89%
SI$4.2B$81.74-2.45%-45%13%
MARA$3.5B$11.33-6.13%-66%-7.53%
RIOT$2.7B$6.96-5.69%-69%-11%
MOGO$223M$1.01-5.61%-70%-12%

All prices as of September 16, 2022 11:40 AM

News
QUICK BITS
ETHPoW (ETHW) plunges over 60% a day after mainnet launch
The Block
ETHPoW has had a tumultuous time in trading since miners forked from the proof-of-work Ethereum chain. The post ETHPoW (ETHW) plunges over 60% a day after mainnet launch appeared first on The Block.
REGULATION
FTX’s Brett Harrison unpacks how regulatory uncertainty holds back the crypto industry
The Block
In this episode of The Scoop, FTX President Brett Harrison shares how FTX US is striving to avoid regulatory scrutiny, and why regulatory clarity in the digital asset space will lead to more domestic innovation in the US. ...
Biden administration takes a step closer towards a digital dollar
The Block
Federal regulators will meet regularly to support the Fed's research into a possible digital dollar launch.   The post Biden administration takes a step closer towards a digital dollar appeared first on The Block.
FUNDRAISING AND M&A
Valkyrie raises $73.6M for crypto-focused trusts
CryptoSlate
Alternative asset management firm Valkyrie raised $73.6 million in capital to fund two of its crypto-focused trusts, according to an amended filing with the United States Securities and Exchange Commission (SEC). The post Valkyrie raises $73.6M for ...
PRODUCT UPDATES AND PARTNERSHIPS
Square Enix Exploring Blockchain Game Development as Part of Oasys Project Partnership
Bitcoin.com
Square Enix, one of the biggest Japan-based gaming companies, has inked a partnership with Oasys, a Web3-oriented blockchain project. As part of this partnership, Square Enix will be part of the first 21 validators of the Oasys network, and will expl...
Web 3 Wallet Omni Partners With MEXC Ventures
CryptoPotato
[PRESS RELEASE – Please Read Disclaimer] According to media sources, Web3 wallet Omni announced that it had completed an equity financing of $11 million USD at a valuation of $50 million USD in May this year. The investors included MEXC Ventures, a f...

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