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Data for Digital Assets |
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| Daily Updates from FSInsight | June 16, 2022 |
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- Crypto markets retraced nearly all of yesterday's short-lived gains, with bitcoin falling 7.76% and ethereum falling 12.17%. U.S. equity markets also fell as SPX and NDQ dropped 3.0% and 3.55%, respectively, immediately upon the market opening. This correction comes after the Federal Reserve raised interest rates 75 bps in yesterday's FOMC meeting, signaling hawkishness due to rising inflation. While altcoins rallied sharply from their lows yesterday (Solana went as high as 40% from the low), most of these rallies were given up today. Solana is down 12.87%, Avalanche is down 13.05%, and Near is down 14.54%. Fear in the market remains high as many market participants worry of possible contagion from rumors regarding the insolvency of CeFi lending platform, Celsius, and hedge fund, Three Arrows Capital.
- USDC issuer, Circle, has announced that they are introducing a euro-backed stablecoin at the end of the month. The Euro Coin (EUROC) will be fully backed by euro-denominated reserves held in the custody of institutions "within the U.S. regulatory perimeter." Circle's statement says that "Euro Coin is a regulated, euro-backed stablecoin issued under the same full reserve model and built on the same pillars of trust, transparency, and security that have made USDC one of the world's most trusted digital currencies." EUROC joins a small list of euro-backed stablecoins, including EURt, issued by Tether, and EURS, from Stasis. Grant Thorton LLP, a global network of independent consulting and accounting firms, will issue monthly attestations of Euro Coin reserves.
- After rumors of prominent crypto hedge fund Three Arrows Capital's insolvency, Danny Yuan from 8 Blocks Capital has called out the hedge fund for breaching an agreement between the firms. In November of 2020, 8 Blocks Capital entered a deal with 3AC in which 8 Blocks would pay a fee to use 3AC's trading accounts. The agreement stated that 8 Blocks could withdraw funds from these trading accounts anytime. There were no issues until June 13th, when 8 Blocks Capital requested a large withdrawal due to market conditions and received no response from 3AC. Yuan from 8 Blocks then took to Twitter, to say (regarding 3AC), "What we learned is that they were leveraged long everywhere and were getting margin-called. Instead of answering the margin calls, they ghosted everyone. The platforms had no choice but to liquidate their positions, causing the markets to further dump."
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| Daily Technical Strategy - Mark Newton, CMT | | Monero is growing closer to support that likely provides some stabilization to this decline following a very sharp 63% decline since mid-April and more than 44% just in the last two weeks. While technical patterns appear understandably broken in the short run on this recent price deterioration, there are some counter-trend signs of DeMark based exhaustion that could line up on both a daily and weekly basis in unison by next week. Ideal support in this case would arrive near 96, while Fibonacci extensions of the current decline compared to the pullback from last August show $83.50 being important as a 100% alternative retracement. Momentum is quite oversold on daily charts, while not as low as what was seen back in 2018 on weekly charts. The next 1-2 weeks should provide a bit more decline, but technically for dip buyers, this should create opportunity. | |
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| Daily Important Metrics | | Sentiment 
Crypto Size Bullish Signal Bullish signal is tied to the crypto market growing Market Cap $911B +$4.5B (+0.50%) BTC Dominance 44.38% (-0.93%) | Stable Coins Bearish Signal Increase in circulating stablecoins is a Bullish signal In Circulation $70B (-1.17%) In Exchanges $11B (+3.43%) | Stablecoin Supply Ratio Bearish Signal Ratio between Bitcoin supply and the supply of stablecoins, denominated in BTC SSR 2.83 (2.06%) SSR Oscillator -2.08 (-3.00%) | Funding Rate Bearish Signal Positive funding rates indicate traders are Bullish Bitmex 0.0017% (-106%) Binance -0.0058% (-13%) |
| BTC Metrics Bullish Signal A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC in Exchanges 2.5M (-0.11%) | Futures CME Bearish Signal A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $21,065 (-1.17%) Spot Basis $-119 (-0.56%) Volume 22,649 (18%) Open Interest 12,138 (-0.85%)
| Options CME No Signal Higher open interest change in a bull market is bullish for the sector Volume 203 (-53%) Open Interest 3,369 (5.51%) Calls CME Bullish Signal Calls Volume 35.00 (17%) Calls Open Interest 1,385 (7.87%) Puts CME Bearish Signal Puts Volume CME 68.00 (-19%) Puts Open Interest 1,984 (3.93%) |
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| | All metrics as of June 16, 2022 12:50 PM |
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| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
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| BTC | $404B | $21,184 | 1.60% | -55% | | | ETH | $136B | $1,125 | 3.63% | -70% | -15% | | ADA | $17B | $0.5013 | 6.28% | -62% | -7.47% | | SOL | $11B | $32.13 | 12% | -81% | -27% | | DOGE | $7.7B | $0.0579 | 8.38% | -66% | -11% | | DOT | $7.4B | $7.51 | 5.93% | -72% | -18% | | MATIC | $3.2B | $0.3985 | 4.64% | -84% | -29% | | LINK | $3.1B | $6.66 | 7.25% | -66% | -12% | | HNT | $1.3B | $10.56 | 14% | -72% | -17% | | FTM | $591M | $0.2324 | 5.39% | -90% | -35% | | Our Deep Research Projects | | AVAX | $4.7B | $16.57 | 7.27% | -85% | -30% | | IOTA | $733M | $0.2637 | 5.17% | -81% | -26% | | ZIL | $436M | $0.0337 | 5.57% | -56% | -0.88% | | AMP | $392M | $0.0093 | 2.96% | -81% | -26% | | ZEN | $180M | $14.39 | 4.39% | -77% | -22% | | VGX | $163M | $0.5842 | -0.22% | -80% | -26% |
All prices as of June 16, 2022 12:50 PM |
| 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 | -32% | $14.06 | -2.09% | -59% | -4.18% | | BITW | -26% | $11.98 | 3.99% | -69% | -14% | | ETHE | -35% | $7.92 | -1.49% | -76% | -21% | | QBTC | -4.28% | $22.07 | -2.99% | -64% | -9.06% | | BTCC | 0.31% | $4.04 | -2.18% | -53% | 1.64% |
All prices as of June 16, 2022 8:02 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 | $72.46 | -1.71% | -62% | -6.81% | | SQ | $76B | $62.91 | 4.33% | -61% | -6.28% | | COIN | $65B | $51.58 | -0.83% | -80% | -25% | | SBNY | $18B | $181 | 1.60% | -44% | 11% | | HOOD | $15B | $7.05 | -2.49% | -60% | -5.54% | | MSTR | $6.1B | $157 | 3.10% | -71% | -16% | | SI | $4.2B | $64.40 | -0.94% | -57% | -1.78% | | MARA | $3.5B | $6.87 | -1.01% | -79% | -24% | | RIOT | $2.7B | $4.89 | 5.16% | -78% | -23% | | VOYG.TO | $1.5B | $1.50 | -24% | -91% | -36% | | VYGVF | $1.2B | $9.39 | 0.97% | -25% | 30% | | MOGO | $223M | $1.12 | 0.90% | -67% | -12% |
All prices as of June 15, 2022 8:02 AM |
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| | | | The report alleges that Jesse Powell has led politically charged discussions on Slack that have divided the company. The post Kraken CEO is fueling a ‘corporate culture war,’ reports the New York Times appeared first on Th... |
| | | Danny Yuan said that their team detected that $1 million was missing from their company's funds at Three Arrows Capital (3AC). |
| | | The Euro Coin will be backed by euro-denominated reserves held by U.S. regulated financial institutions. |
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| | | | A new report from global consulting firm McKinsey found that the metaverse could be worth $5 trillion by 2030. |
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| | | | Bank of America’s new report explains that “despite the sharp correction in crypto valuations, consumer interest in the sector remains strong.” The report, which includes the bank’s new crypto survey, also shows “growing interest” in cryptocurrency’s... |
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| | | | The TGV4 Plus Follow On Fund was led by a group of 15 general partners who committed over $4 million on average (over 40%) into the fund. |
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| | | | The US Financial Industry Regulatory Authority (FINRA) may as well tap into crypto talent that’s currently being laid off from various crypto firms. The idea was floated by FINRA CEO Robert Cook, according to a Reuters report. The publication quoted... |
| | | Another cryptocurrency exchange company has announced that it will be laying off its workers. On Saturday, Crypto.com CEO Kris Marszalek tweeted that the Singapore-based exchange company will be laying off 5% of its workforce or approximately 260 wor... |
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