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Cryptomarketcap

CRYPTO week ahead: August 8 – 14Last week in the news Markets were traded sideways during the previous week, and were not much affected by the strong increase in US jobs posted as of the end of the week. Bitcoin ended the week testing $23K level, Ether is holding strongly at $1.7K. The US non-farm payrolls have beaten market expectations for one more time. As announced on Friday, the US added additional 528K jobs in July, more than the market was forecasting, at 258K. Economists and analysts are pointing that such a strong push in US jobs, might indicate further increase of interest rates by the FED. They are also noting that further increase of rates will not have a significant impact on the economy, based on current jobs data. The Bank of England increased its interest rates by an additional 50 basis points. It was its biggest rate hike for the last 27 years, increasing the cost of borrowing to 1.75%. As it has been noted, the BoE is expecting inflation to peak at 13.3% in October. As per BoE forecasts, the inflation would return to the targeted 2% level in 2025. In the meantime, England central bankers are expecting a recession in the country for the end of this and through the next year. A research conducted by Deloitte revealed that merchants in the US are welcoming cryptos and stablecoins, as nearly 75% of small businesses are planning to incorporate it into business within the next 24 months. The same study shows that 85% of inquired businesses are expecting that their suppliers will also accept stablecoins, while this might happen within the next 5 years, according to the study. One of the not-so-welcomed news for all MicroStrategy followers during the previous week was that its CEO Michael Saylor stepped down as a CEO of the company. As per news reports, he is currently short a billion USD, after his BTC bet did not go very well during this year’s rally on the financial markets. He continues to work in the company as Executive Chairman. The European Central Bank published a study on digital euro, where it has been pointed to the need for a cap on individual holdings of these coins, as there is significant risk of funds outflow from banks. There has been mentioned a maximum amount of 3.000 euro that each individual could hold. Crypto market cap Previous week was a relatively flat one on financial markets, as investors are still weighing whether the US is heading toward recession or maybe not. The latest published data on the US jobs market shows that the economy continues to grow, adding additional 528K jobs in July. In this sense, flat trading might continue in the future, until a sign of the state of the economy is clearly evident. During the previous week total crypto market capitalization slightly decreased by $22B or 2%. In terms of the market, these are relatively flat moves compared to the week before. At the same time, daily trading volumes decreased, moving around $110B on a daily basis. Total funds outflow from the beginning of this year remained relatively flat at level of $1.107B, which is a drop of 51%. Two weeks ago there was a stronger push of the coins to the upside; still, the previous week brought some relaxation in terms of the price moves for the major coins. Bitcoin was leading the crypto market cap drop, by decreasing its cap by $24B or 5%. Ether remained relatively flat, without significant change from a week before. Binance Coin had another good week, in which it`s market cap surged by additional 8%, or $3.7B. It was also a good week for Filecoin, who managed to increase its market cap by 30%, at the same time increasing its coins in circulation by 3.5%. Few altcoins lost some of their strength during the previous week, like Solana, with a drop in value by 7%, followed by EOS and Polygon, with a decrease of 3%. In terms of changes in coins in circulation, Polygon had an increase of almost 12% on a weekly basis, while Tether continued with recovery, adding 0.6% more coins during the previous week. Crypto futures market In line with the spot market developments during the previous week, crypto futures were traded lower. BTC futures were traded down by more than 5% across all futures time intervals. Maturities as of the end of this year were traded modestly below $23K on Friday. ETH short term futures were down by some 4% compared to the week before. Higher drop was with maturities in December this and next year, dropping by 8% and 9% respectfully. December this year was traded slightly below $1.6K.
CRYPTOCAP:TOTAL
by XBTFX
Matic LONG on Polygon, event August 4th or 5thMatic had a low of 73 cents one night ago, to the low level of 73 cents. It was at this time that I started researching other traders and going into their defy wallets to see what trades they made. I saw someone pick up $638,000 worth of Matic at .77 cents.. I saw another wallet where someone invested $183,000 into MATIC around .78.cents. I never made an entry into medic and now it's up to 81 cents and I'm kicking myself. I still think that this will go to a $1.15 or more. They're having an event on August 4th or 5th. I believe this will push the price up. I'm chatted on the public chat on trading view and when I said things about matic and that people were getting it at around 76 cents, some people said it was a steal at that price. So I really wish I got in and I still want to get in. I was waiting for the FED to release their basis point numbers. It looks like we've reached the support and now we are going for resistance. In the past days I've been monitoring the volume of Matic as well as the total crypto market and the usdt dominate chart.. Usdt dominance was at such a high of 7.04% two nights ago and I saw Matic drop to 73 cents. Lot of whales got in at 37 cents a few weeks ago and they're making big money right now. This has potential to go up a lot more and I still will make my entry anywhere from 73 cents if it ever goes down to around 82 cents. I feel that Matic is stable and doesn't drop much when you USDT Dominants happens.
MLong
by Henrywaters
CRYPTO week ahead: July 25 – 31Last week in the news Economic indicators in the U.S. are still not providing a clear picture to investors whether the economy might slip into recession in the coming period. US equities finished the week in red, while EU stocks moved to green territory after the ECB raised interest rates for the first time after 11 years. Crypto market gained during the previous week, with Bitcoin testing $23K resistance, while Ether rose for additional 14% as a market reaction to the forthcoming “Merge” fork. Long awaited interest rate hike by the ECB finally occurred. At ECB`s regular meeting held on Thursday, the ECB officials agreed to raise reference interest rates by 50bps, for the first time after 11 years. It was above market expectations, where consensus was standing at 25bps. In case that prices continue to rise within the EU area, there is possibility for another rate hike in September this year. Another interesting point from ECB`s meeting is the so-called “anti-fragmentation” tool, whose aim would be to support EU member states with already high levels of debt. As it has been noted, the ECB continues to target medium turn inflation rate at 2%. Some economists and analysts are not welcoming such ECB`s move, as they think that rising interest rates in a stagflation economy will not assist the economy which is already on the edge of recession. During the previous week surprising news hit the crypto community, when it has been made official that Tesla has sold 75% of the company's BTC holdings. This lights a shadow on all tweets made by Tesla`s owner Elon Musk, who was persuading his followers that Tesla will not sell any of BTC holdings. The company did not post the sale price, but by some estimates of analysts involved in a matter, approximation is at $460 million in loss for the company after the sale. Elon Musk commented that Tesla is still open for purchases of BTC in the future. As per news reports, another collateral damage of collapsed crypto hedge fund Three Arrows Capital is firm Blockchain.com. As it has been reported, this company will decrease headcount by 150 employees, which is around 25% of the firm's total staff. Majority of employees will be laid off in Argentina, and less in the U.S. and U.K. offices. Coinbase initiated a petition, calling the US Securities and Exchange Commission for a more effective regulatory framework around crypto businesses. Company's Chief Policy Officer, Faryar Shirzad criticised SEC`s view to make equitation between securities and crypto assets, as there is no clear guidance which coins should be placed at securities threshold. As he thinks, this might significantly impact future innovation in the field of crypto assets. Crypto market cap It was a relatively good week on the crypto market, during which, some of the previous losses have been erased. Total crypto market capitalization increased by 6% during the week, reaching $997 billion, and increasing expectations that $1 trillion might easily be the next target of the crypto market. Daily trading volumes were further decreased and were moving between levels of $98B down to $68B on a daily basis. Total funds outflow from the beginning of this year has been modestly improved to the level of $1.184B, which is a drop of 54%. Although it was a good week for the crypto market, still not all coins gained during the week. Market cap increase during the week was led by the major coins, BTC and ETH. This time, Ether outperformed BTC, gaining $23B or 14%, versus BTC`s $20B and 5% increase on a weekly basis. ETH is currently supported by the forthcoming “Merge” fork, which is also the reason for increase of the market cap of Ethereum Classic by incredible 63% on a weekly basis, adding additional $1.4B to coins market value. In relative terms, Bitcoin Gold had a good week with increase in value of 44%. Other altcoins had a solid performance, however, few of them ended the week in a negative territory, like Uniswap, with drop in market cap of 7%, or Zcash which decreased its cap by 6%. BNB remained relatively flat in value, but its coins in circulation decreased by 1.2%. On the other hand, Filecoin continues to increase circulating coins, last week by 2.2%. Crypto futures market The crypto futures market is back on the road, after a period of poor performance influenced by the general bearish sentiment on financial markets. Closing prices of the futures on Friday were modestly higher from spot prices. In this way, BTC July futures were up by 8%, December this year was closed above $23K, while futures maturing as of the end of the next year were up by 12%, holding above $25K. On the other hand, ETH futures had a strong push to the upside, where July futures were up by almost 22%, reaching the price of $1.500. Futures with longer maturities ended the week higher by some 30% from the week before. Futures maturing in December this year reached prices close to $1.6K, while maturities in December next year are closed above this level.
CRYPTOCAP:TOTAL
by XBTFX
MARKET CAP BTC MARKET CAP ANALYSIS: I introduce with this new type of analysis on market capitalization an important concept to study about the behavior of the blockchain as part of the future economy. Soon we will compare the capitalization of Bitcoin with that of the Crypto market in general. Introducing a new indicator through the RSI and the MACD, new concepts such as oscillation energy and market pressure, directly related through mathematical tools to price and volume action. -------------------------------------------------------- Introduzco con este nuevo tipo de análisis sobre la capitalización de mercado un concepto importante a estudiar sobre el comportamiento de la blockchain como parte de la economía futura. Proximamente compararemos la capitalización de Bitcoin con la del mercado Crypto en general. Introduciendo un nuevo indicador mediante el RSI y el MACD nuevos conceptos como energía de oscilación y presión de mercado, relacionadas directamente mediante herramientas matemáticas a la acción del precio y volumen.
CRYPTOCAP:BTC
by AVNGL01
CRYPTO week ahead: July 11 – 17Last week in the news Last week was a small relief from a bearish trend since the beginning of this year. However, risks from the macro environment are still in play, in which sense, it is too early for celebration. Bitcoin managed to sustain a support line at $20K, reaching its highest weekly level at $22.5K. Ether is back at $1.2K. Positive economic news for the US market, released during the previous week, supported USD. Nonfarm payrolls were increased by 372K added jobs in June, beating market expectations at 250K. The unemployment rate was flat at 3.6%. Figures show that despite increasing inflation, the US job market remained strong. Regardless of it, some FED officials are still calling for another rate hike in July of additional 50 to 75bps. The European regulatory bodies have accomplished a deal for establishment of the first regulatory framework for crypto currencies. This came out of the need to halt money laundering through crypto coins. The new law is called Markets in Crypto Assets, commonly known as MiCA. The new regulation requires issuers of stablecoins to sustain reserves which will be able to support higher redemptions for coins. Transactions with stablecoins have a limit of Eur 200 million per day. These companies will also be monitored for ESG risk. The U.S. Department of the Treasury issued a press release looking for international engagement on digital assets in a quest for its responsible development, including also central bank digital currencies. Treasury is set to engage with world leading supranational institutions to address the risks originating from these assets and ensure that their implementation in the system is conducted by following high standards. Binance set live its program of zero trading fee policy on Friday. On that day the exchanger faced a significant increase in trading volumes. As noted from the company, a trading volume of 320K coins per day is the highest volume since March 2020. Analysts involved in the matter are commenting that this is a way for Binance to fight decreasing volumes on the crypto market as a consequence of the significant drop in price of these assets. Crypto exchanger Bit2Me, based in Spain, is planning to increase the number of staff by 250 within a period of one year. This news comes after plans to increase its business through even three acquisitions of a fintech company, software developer and the crypto exchange in Latin America. Crypto market cap Previous week was sort of a relief on financial markets, after a pessimistic first half of the year. Short optimism is coming from the latest US economic results which show that despite high inflation and increase of reference interest rates, the economy stayed resilient and added an additional 372K of new jobs in June. Investors are looking at it as a potential for the FED to slow down with further monetary tightening, while on the other side, few FED officials commented last week that they are still supporting an additional 50 to 75bps further increase in interest rates at the FOMC July meeting. This points to the conclusion that market recovery might be on hold for some time in the future. Total crypto market capitalization has modestly increased during the previous week, to the level of $930B, which is an increase of 10% on a weekly basis. Daily trading volumes were significantly decreased from the week before, moving between $106B down to $67B. Total funds outflow from the beginning of this year stands at $1.252B, which is a drop of 57%. During the previous week almost all coins gained in value. Increase of total market capitalization in nominal terms was led by major coins: BTC, ETH, BNB and XRP. Bitcoin added $43B to its market cap, increasing it by 11%. BTC was followed by Ether, with an additional $19B in cap or 15% on a weekly basis. Binance Coin also had a good week, as it managed to add $4B to its total value, increasing it by 12% w/w. XRP was up by 9%, adding $1B in value. In relative terms Uniswap had a very good week, as the coin increased its value by 27%, and is followed by Polygon, with a surge in value of 24% on a weekly basis. Tether continues to decrease coins in circulation, with last week's drop of 0.5%. Crypto futures market During the previous week there had been some positive developments also on the BTC and ETH futures market. For the last few weeks, long term maturities were almost flat, moving within relatively low range. Increased market optimism pushed futures prices to the higher ground as of the weekend. BTC futures with shorter maturities were up by some 12%, while futures ending in 2022 were up by 10%, ending the week at level of $21.5K. ETH futures had some major developments as long term futures were significantly up by some 20%, holding above $1.2K. Futures with shorter maturities were traded in line with the spot market, increasing the price by more than 16%. Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
CRYPTOCAP:TOTAL
by XBTFX
CRYPTO week ahead: June 27 – July 03Last week in the news Markets were closed higher on Friday, after a period of strong negative sentiment caused by FED`s moves and rhetoric around surging inflation. The US equity market was up by some 3% on Friday. Bitcoin moved above the $20K support line, while Ether manages to hold above $1K. Regardless of Friday`s modest rebound on financial markets, the optimism among market professionals is still not present. University of Michigan consumer sentiment showed a historically lowest level of 50 in June. Although this indicates a potential slowdown in the US inflation, still it also raises concerns of potential recession in the world`s largest economy. In this way currently major concern on markets is related to a question if the market has reached its bottom line with its latest moves to the downside, or is it still to come in the future period? The first experiment of Bitcoin adoption on the state level, a case of El Salvador, is currently fading away, as per CNBC`s article. Although the growth of Bitcoin seemed at first a good bet that could increase the wealth of the country, still, a 70% drop in Bitcoin price emerged an urgent need for cash and jeopardized El Salvador`s ability to pay its debt coming due. News is reporting that Goldman Sachs is leading a group of potential buyers of a company Celsius, a crypto lender, which has entered into huge problems lately. It is mentioned that this investment bank is looking to raise $2 billion in order to buy Celsius`s distressed assets at significant discounts. Netherland is introducing additional KYC regulation for customers using crypto exchangers. As it has been announced by Coinbase, in case that client is withdrawing cryptos from the exchange, additional details need to be provided, including full name and address and the purpose of the transfer. During the latest drop in crypto prices, many crypto companies are decreasing the number of employees in order to cut costs, however, Binance is one of rare firms which is actually hiring during these difficult times. Binance CEO, Changpeng Zhao, announced that Binance is expanding its business to a new platform called Binance Institutional, which will be used only by VIP and institutional investors. Crypto market cap Inflation is not anymore the main topic on the markets, but now it is a potential recession. Many analysts are in agreement that there is objective fear from potential drop in economic activity, which could trigger another sell-off of equities due to drop in earnings. Crypto market is part of the mainstream, in which sense; it would certainly be affected in a negative manner in case of an actual recession in developed economies. During the previous week there has been a modest rebound on the crypto market. Total market capitalization has been increased by 16%, to the level of $920 billion. Increase was led by major coins, however, altcoins significantly participated. Daily trading volumes have slightly decreased from the week before, moving around $170B on a daily basis. Total funds outflow from the crypto market from the beginning of this year currently stands at $1.260B, which is a decrease of 58%. Modest rebound of the crypto market during the previous week was led by BTC and ETH. BTC gained additional $53B, which is an increase in the cap of 15% on a weekly basis. ETH`s market cap was up by $30B or 26%. Altcoins were led by BNB and XRP, where BNB managed to recover $6B in market cap, increasing its value by 21%, while XRP`s cap was increased by $3B or 20%. Highest gainer of the week in relative terms was Polygon, which managed to increase its market cap by 67%. Tether continues to follow bearish moves, decreasing its coins in circulation by additional 2% compared to a week before. Crypto futures market Rebound of the crypto market was evident in crypto futures. Bitcoin futures with shorter maturity were up by some 3%. Maturities as of the end of this year remained relatively flat compared with the week before, indicating that the market is still unsure about the BTC`s future direction. Maturities as of the end of next year were down by 4%. ETH futures with shorter maturities were up by 13%. Major move for ETH futures was for maturities as of the end of this year, which were up by 11%, however, December 2023 remained flat at $1.2K. Disclaimer: This article provides exclusive views of the author. It does not in any sense represent a suggestion for trading.
CRYPTOCAP:TOTAL
by XBTFX
COIN- Fundamental and technical analysis****NOT THE INVESTMENT ADVICE**** I'm neutral in my assessment. Please do your own due diligence. In this analysis, I leave out external and macro factors such as crypto adoption and regulatory concern. Rather, I want to focus on things Coinbase can control. Main points- To start off, I believe Coinbase has the bright future and its biggest risk is the execution risk. However, in order for it to succeed, few conditions need to be fulfilled. ***The big bets need to take off (NFT market place, potential derivative offerings & Dapp marketplace and Coinbase wallet). When they do, the subscription and service revenue would go up and the decoupling may happen (crypto market price crash will have less effect on the COIN price) or at the very least Coinbase will be less dependent on the trading revenue, which currently accounts for 87% of the total revenue). ***NFT marketplace must take off next year- Both FTX and Binance have tried, but they failed to win the significant market share from OpenSea. What other strategies does Coinbase have to win market shares from OpenSea other than enhanced social features and trading fee waiver when the overall pie isn’t growing? (NFT trading volume and floor price are trending lower) ***Coinbase wallet must acquire more market share- How can Coinbase monetize the wallet when the market-leader MetaMask is provided for free? The success of Coinbase wallet is essential so Coinbase doesn’t become just another fiat on-ramp provider. It’s also instrumental to Coinbase’s overarching strategy of becoming all-encompassing platform where users can access all crypto-related activities. ***How to extract more revenue from institutional investors? Any strategies to increase the custodial fee and commerce fee? The upside- Cardano staking- Most of the subscription and service revenue come from the blockchain reward and the blockchain reward itself is consisted of mostly staking revenue. Cardano staking may further boost the blockchain reward revenue when it’s already the second biggest revenue source for Coinbase. Coinbase is focusing on its long-term vision- DeFi, Protocols+Web Infra and NFT/Mertaverse account for 60% of Coinbase’s ventu res portfolio. This is important as most major use cases in crypto ecosystem come from DeFi, NFT and DAO space. Still the most trusted brand with advanced and industry-leading security features. It has the security infrastructure and regulatory compliance advantage against international competitors such as FTX and Binance. While against domestic competitors such as Gemini and Kraken, it has the crypto offering advantage. Strong balance sheet enables Coinbase to acquire competitors during the crypto winter. Most of its long-term debts are convertible notes with the earliest maturity date in 2026. Still the leader of regulated U.S exchanges based on the spot volume, around 46% in 2021. Coinbase has recently become the first-ever crypto firm to join the Fortune 500 list of the largest U.S. firms by revenue. One caveat is that there are no strong barrier and switching cost that would prevent Coinbase customers from going to another exchange. More sustainable moat can be achieved if Coinbase can create a platform that provides all-access to crypto activities, realizing its long-term vision of becoming the Amazon of crypto services. Problem diagnosis- Verified user, trading volume, MTU and ATRPU are the most important metrics to watch out for in addition to other common financial metrics. The persistent theme is that the the declining trade volume and MTU (Monthly transacting users) are hurting Coinbase. Trading revenue accounts for 87% of overall revenue, the rest in subscription and service revenue, mostly in blockchain reward from staking. Retail only accounts for 23% of trading volume, but it accounts for 95% of trading revenue- Retail actually pays 14x the fee compared to institutional. Not much revenue is generated from institutional clients even though they dominate the trading volume because they receive deep discount for executing large trade, bringing in the flow, proving liquidity and acting as market makers. As soon as there’s some regulatory clarity, trading fee erosion can happen when bigger financial institutions and banks decide to enter the space, leading to the race to the bottom effect. Decline in retail trading volume while Institutional trading volume actually went up during the same time- Altcoins now account for fully 55% of transaction volumes and they are likely contributing to the rapid decline of retail transaction volume. Retails trade a lot of altcoins during the bull market and they stop trading altcoins in bearish market or when the volatility is low. Institutionals, on the other hands, trade mostly in Bitcoin and Ethereum and their trading volume is less affected by the market downturn. One could argue that this is the downside of adding more risky assets on the platform as it adds more volatility during the bear market, though these same assets flourish and bring in a lot of revenue during the bull market. Therefore, it’s a double edged sword. Increase in verified users and MTU may not translate to increase in ATRPU- Increasingly, users are engaging in more non-trading activities such as yield-generating staking which generates far less revenue than high-fee trading activities. This is not necessarily a bad thing as Coinbase has always been pushing for a more diversified revenue stream.
 In summary, Coinbase will likely continue to have more verified users, but even if those verified users become MTU, it may still experience the decline in revenue and ATRPU because of the decline in retail trading volume, trading activity and trading fee unless Coinbase can somehow find ways to extract more revenues from institutional clients and increase the percentage of the subscription and service revenue in total revenue. The downside- Weakening guidance as the company anticipated further decline in trading volume and MTU in 2022 Horizontal analysis revealed that Equity-Based Compensation (EBC) and SG&A ballooned while revenue suffered this quarter, leading to the weakening operating leverage. This concern is somewhat addressed during the recent 18% layoff as Coinbase aims to keep the EBITDA loss around 500 mil in the face of decline ATRPU, NOPAT and FCF. Impairment cost rule means Coinbase could suffer more non-cash loss on its crypto asset investment in the near future if the market selloff triggered by the Terra/Luna debacle and over-leverage unwind continues. Despite the strong balance sheet, customer custodial funds account for nearly 50% of the total asset, making Coinbase susceptible to the potential bank run risk. Coinbase recently filed shelf registration statement with the SEC. Just a minor concern as It has no intention to issue any new stocks anytime soon. Structural and ecosystem risk- Coinbase has strong interdependent and venture capital relationship with many crypto firms it invests and supports in its venture portfolio. Any insolvency and liquidity issues these firms experience during the prolonged bear crypto market could potentially have the negative impact on Coinbase’s operation. In summary, Coinbase has never been hit by bad macro environment and crypto downturn at the same time. In order for it to navigate through the current bear crypto market, Coinbase needs to apply the combination of financial prudence and execution nimbleness while making sure the development of high-priority product and service can continue unaffected.
NASDAQ:COIN
by Libratus
1
CRYPTO week ahead: June 20 – 26Last week in the news The FED has once again moved the markets to the negative territory. Another rate increase of 75bps and potential for another one in July, encouraged another sell off on the markets during the previous week. Bitcoin slipped below $20K support and Ether is modestly below $1K. At the FOMC meeting held during the previous week, the US reference interest rate has been additionally increased by 75bps. In a Statement, FED` Chair Powell noted that there is possibility for rates to be additionally increased during July`s FOMC meeting for additional 50bps or 75bps, which will depend on macro data. The ultimate goal is to bring US inflation down to the strategic level of 2%, and this fight will be “unconditional” as Powell stressed. During the Conference after the FOMC meeting, Fed Chair Powell also commented that US financial stability is necessary to support USD as a global currency. He specifically mentioned the introduction of digital currencies and instant payment systems which are expected to be launched by the year 2023, similar to the FedNow. Analysts are noting that such systems will support USD as a world's reserve currency. Coinbase sent a letter to its employees noting that some 18% of jobs in the company will be cut. Company's CEO, Brian Armstrong, stressed the possibility of a recession, in which sense, the company needs to prepare for such a business environment. Analysts are concerned that one of the highest bets on Bitcoin in the history of this market, a company MicroStrategy could suffer huge losses considering the latest high drop in BTC value. They are most concerned about margin calls if BTC falls below $21.000, which would force MicroStrategy to liquidate some of their BTC holdings. The CEO of the company, Michael Saylor, commented on Twitter that the company “has 115.109BTC that it can pledge”, in which sense, they have prepared for high volatility in the value of BTC. Binance issued a statement on Friday, noting that the company has stopped transfers through Brazilian payment system Pix, since they terminated cooperation with Capital, a Brazilian payment operator. This comes as a response to changes in policy of the Brazilian Central Bank. Crypto market cap As the FED made a promise a few months ago that they will use aggressive monetary policy in order to fight surging inflation, this promise came to reality within two previous FOMC meetings. Strong reference rate increase will continue probably in July, as Fed Chair Powell noted. In the Statement after the meeting he briefly mentioned that the Fed is currently targeting level of interest rates at 3,5%-4% probably during the course of this and next year, however, it will all depend on the macro figures in the coming period. At the same time, FED started decreasing the size of its balance sheet, pulling the liquidity out of the system. Such rhetoric and moves from the FED turned financial markets further to the sell-off. Total crypto market capitalization decreased by 30% during the previous week, erasing additional $350 billion from the market. Market cap dropped below $1 trillion, reaching almost $800 billion, a level from December 2020. Daily trading volumes were flat, moving around $125B on a daily basis. Total outflow from the beginning of this year went modestly above $1.4B, which is a decrease of 64%. During the previous week all coins were traded in red with significant outflow of funds from the crypto market. The highest outflow in nominal amounts was led by the leading coins. Bitcoin was down by $195B which is a decrease of 36%. BTC is followed by Ether, with a loss in market cap of $72B or 38%. Binance Coin was also negatively affected as the coin decreased its market cap by $13B or 28%. Tether continues to decrease its coins in circulation, losing additional 6% during the previous week and reaching a level of $68 billion coins. Crypto futures market FED`s aggressive policy is making its hard impact also on the futures market. BTC futures were traded lower by some 30% for all maturities. Market expectations for BTC`s price as of the end of this year are strongly downgraded from a week before, and were traded modestly above $21K. Maturities for the end of the next year were lower by $10K, reaching $23K. ETH futures suffered a higher drop in price, where shorter maturities were down by 35%, while longer maturities were down by almost 40%. Prices of futures for the end of this year reached level of $1.1K, while for maturities as of the end of next year were modestly higher, moving around $1.2K. Table below provides the most recent information on BTC and ETH future prices. ibb.co
CRYPTOCAP:TOTAL
by XBTFX
Total Crypto Market Cap: Warning Signs!Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for the Total Crypto Market Cap. The chart is self-explanatory. The total crypto market cap fell out of the Ascending Channel and Bear Flag (exactly as predicted!). The measured moves are shown in the chart. Though I want to be bullish on crypto, it seems there is still strong downside pressure with the measured moves still intact. If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. First warning sign - Jan 2022: Second warning sign - May 2022: Third warning sign - June 2022: Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk
CRYPTOCAP:TOTAL
by MillionaireEconomics
4
CRYPTO week ahead: June 13 – 19Last week in the news Inflation in the U.S. hit new records in the last 40 years, reaching 8.6% in May, as published on Friday. The US equity markets closed lower after the results, as well as the crypto market. Bitcoin is finishing the week below $30K support, while Ether is testing a $1.520 support line. Inflation figures and monetary policies were in the spotlight of the market during the previous week. Markets were waiting to see if the latest FED's monetary moves would manage to put a halt on inflation, expecting it to stay at least on April`s level of 8.3%. However, CPI exceeded expectations, reaching 8.6%, which is its highest level in the last 40 years. Output figures put investors into a negative mood, considering their increased expectations that FED will continue with its aggressive monetary policy in order to put inflation under control. ECB meeting was held on Thursdays, where it has been concluded that the rate hike of 25 bps is coming in July, for the first time after almost 11 years. Further rate hikes are also possible till the end of this year, with the next one probably already in September. At this meeting, ECB officials increased their expectations on future development of inflation while, at the same time, they decreased expectations on EU zone growth. EU equity markets were traded lower both on Thursday and Friday. In order to sustain competitiveness on the market, a company Checkout.com, conducting business within a field of online payments, announced that it will start accepting stablecoins for payment of goods. In partnership with Fireblocks, a crypto security firm, they are currently implementing a feature which would allow payments in USD coin, pegged to $1 USD and currently world`s second stablecoin in terms of its market cap. New rules for stablecoins have been issued and adopted by the New York State Department of Financial Services. Licensed companies which deal with cryptocurrencies from now on would have to comply with the rules requiring reserve requirements for stablecoins which would make stablecoins redeemable, as well as, regular monthly auditing. Another large company is joining the crypto club. The American Express, card issuing company, announced the issuance of its first card linked to crypto currencies. In cooperation with Abra platform, the Abra Crypto Card will be offered to American Express card holders where they will be rewarded in crypto currencies for their purchases. Professionals from the investment companies Grayscale and Bitwise shared their optimism that first spot-BTC exchange traded funds might be approved soon by the SEC. They shared their insights at CoinDesk`s Consensus 2022 gathering held during the previous week. Applications for ETF`s from both firms have been submitted and waiting for final SEC`s decision until the end of June and beginning of July this year. Crypto market cap Inflation figures continue to drive market sentiment, including also the crypto market. Investors are looking at the moment when CPI figures will reach their peak level, since it will mean that FED will ease their current aggressive monetary policy and halt further increase in interest rates. The US CPI figures from Friday are a certain signal to markets that FED will continue with monetary tightening and further increase interest rates. Such indications are already confirmed by Fed Chair Powell, commenting on the latest inflation figures. Recession is now a word with increased use among market participants. The crypto market reacted to CPI results in a negative manner, since this means further pull of liquidity from the markets, including the crypto market. Total market capitalization is finishing the week at a level of $1.13 trillion, which is a decrease of additional $74B or 6% on a weekly basis. Daily trading volumes remained relatively flat during the week, moving between $165B down to $125B on a daily basis. Total outflow from the beginning of this year went modestly above $1B, which is a decrease of 48%. Major coins were the ones leading crypto market cap decrease during the previous week, with ETH leading the list. Ether lost additional $28B in market cap within a single week, which is a decrease of 13%. Bitcoin took the second place with a drop of $21B in market cap or almost 4%. Surprisingly, Binance Coin lost almost $5B within the week, which is a drop in market cap of more than 9% for this coin. List of other coins who finished the week with loss in market cap of more than $1B include XRP, losing some 6% in value, Dogecoin with a drop of more than 13% and Solana, with a drop of 9%. Despite the general market trend, there had been few coins which managed to modestly increase their market cap like LINK with an increase by 4% and Theta with additional 3% increase in value. As for coins in circulation Tron had a decrease by modest 0.5% while Filecoin increased its circulating coins by 1.7%. Crypto futures market Crypto futures were traded lower during the week, following spot market developments. However, as the official market closes on Friday, developments during the weekend still have not been priced, in which sense; Monday will be day to watch for current futures levels. BTC futures ended the week around 1% lower from the week before, where maturity in December this year still holds modestly above $30K. On the other hand, ETH futures were traded around 5% lower from the previous week. Maturities as of the end of this year finished the week some 3% lower from the week before, but still modestly above $1.800 level.
CRYPTOCAP:TOTAL
by XBTFX
Total Crypto Market Cap: 1D ChartHello friends, today you can review the technical analysis idea on a 1D linear scale chart for the Total Crypto Market Cap. The chart is self-explanatory. The total crypto market cap fell out of the Ascending Channel. The measured moves are shown in the chart. Though I want to be bullish on crypto, it seems there is still strong downside pressure with the measured moves still intact. If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below. Check out my recent BTC 1D Chart review analysis below! Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
CRYPTOCAP:TOTAL
by MillionaireEconomics
4
CRYPTO week ahead: May 30 – Jun 5Last week in the news Latest output of economic data is modestly increasing investors' confidence that inflation in the US might be slowing down, after the latest measures imposed by the FED. The US equities finished the week in a positive territory. However, the crypto market is currently on hold. Bitcoin is finishing the week modestly below $28K, Ether holds above support at $1.750. One of the favorite FED`s indicators for inflation estimate is Personal Consumption Expenditure in the US. This indicator rose 4.9% in April, which was in line with market estimates and significantly less from March`s 5.2%. This figure brought some relief on the financial markets as it will mean that FED will probably slow down with further increase in interest rates, but it still does not mean that FED will halt further liquidity squeeze from the market, so further risks for financial markets still exist, as inflation in the US still holds at 8.3% y/y in April. Investors who founded Terra project are not ready to give up on it, after its recent total debacle on the market. As per news, they are ready to renew Terra 2.0 ecosystem, whose recent crash of UST and LUNA caused estimated losses of around $60 billion. Terra will launch a new blockchain and airdrop new LUNA tokens to users who already possess the old LUNA and UST tokens. On the other hand, analysts are sceptical if this project might still be a success, considering that it would be extremely hard to rebuild market trust. At the World Economic Forum held in Davos, Switzerland, last week, almost half of participants were from the crypto industry. At an event called Promenade, where people from various businesses are able to meet people from governments, the most dominant businesses were from the crypto world including Meta and SaleForce. This is the first time in history of WEF meetings that the crypto businesses are taking the lead among all other industries. Binance is continuing its expansion in Europe with its latest office in Italy. Last week the company secured an operating license for offering virtual asset services in Italy from a local regulator. Binance recently gained regulatory approval for operations in France, Bahrain and Dubai. Elon Musk again supported Dogecoin by tweeting that SpaceX will soon allow for commercial items related to this SpaceX project to be bought using DOGE coin. After he tweeted this news, the coin`s price was increased by 10%. Musk` s company Tesla has allowed the same purchases since December last year. Crypto market cap Despite indications that inflation in the US is slowing down, the crypto market continues to trade sideways. Dip buyers are still on hold, waiting for comments from FED in relation to their further moves to cope with inflation. During the previous week total crypto market capitalization decreased by an additional $57B or 5%, ending the week at a level of $1.19 trillion. Weekly decrease was led by Ether, second week where this coin is outperforming BTC, unfortunately, in a negative way. Daily trading volumes were further decreased, moving around $135B on a daily basis. Total outflow from the beginning of the year is nearing $1B, which is a decrease of $45% within five months. For a second week in a row Ether is leading drop in total market capitalization, and beating the BTC for a second week. During the previous week Ether lost almost $24B, which is decrease of 10% on a weekly basis. Bitcoin took second place when it comes to funds outflow, losing during the week $10B or almost 2% of market cap. Significant drop had Solana, with decrease of $3B in market cap or 17%, while XRP continued its turn to the downside, with another drop of $1.5B or 7% during the week. Group of coins which lost above $1B includes Binance Coin, whose market cap was down by additional 2%. On the other hand, there were gainers during the week, like Ethereum Classic, which gained 11%, followed by Bitcoin Gold, with weekly increase in market cap by 15%. Tether continues to decrease coins in circulation, losing an additional 1% in market cap, or $730 million within a week. Crypto futures market Spot market was traded sideways; however, investors on futures markets were not so optimistic during the week. BTC`s both short and long term futures were down around 2%, where maturities as of the end of this year are holding modestly above $30K. On the other side, ETH futures experienced much higher drop. Short term futures were down by some 10% in line with the spot market; however, the latest price for the end of this year was down by 14% on a weekly basis, reaching level of $1.780, and below the $2K psychological line for ETH.
CRYPTOCAP:TOTAL
by XBTFX
One big gap in the crypto winter? With the collapse of UST (TerraUSD) and the depeg of USDT (Tether), the fear level in the cryptocurrency markets is at a high. The total market cap of the cryptocurrency market has more than halved since the peak as market participants rush to exit, preferring fiat over digital dollars. The net outflows have left Bitcoin prices teetering on the edge of no man’s land with no support in sight. A brief break of the $30,000 psychological support level on May 12, as well as the 61.8% Fibonacci retracement level, all points to potential further weakness for Bitcoin. Things get uglier when we look down for support. A big gap remains from current price levels to the next level of support at the $20,000 range, followed by the next Fibonacci retracement level at the $18,000 range. As headwinds including regulatory crackdowns and continued risk-off sentiment compounded for the cryptocurrency markets, we expect more downside from here. Be careful out there! Entry at 30,200, stop above 36,915. Targets are 23,000 and 20,000. Disclaimer: The contents in this Idea are intended for information purpose only and do not constitute investment recommendation or advice. Nor are they used to promote any specific products or services. They serve as an integral part of a case study to demonstrate fundamental concepts in risk management under given market scenarios.
CME:BTC1!Short
by inspirante
The shattering of the cryptocurrency bubbleSince November 2021, the total market cap of cryptocurrencies has started to decline. Indeed, it has declined approximately 60% until now; meanwhile, the selloff has accompanied this in more than 20 000 cryptocurrencies. Moreover, volatility remains highly elevated, and short-lived bounces in the price of tokens, followed by fast crashes, suggest anxiety among market participants. These are particular signs of the downtrend, which is poised to continue further. Technical and fundamental factors support this view. All - daily, weekly, and monthly time frames - remain bearish. Additionally, altcoins experience outflows of capital, while Bitcoin sees capital inflows. That hints that people are flocking to Bitcoin from other riskier coins. At the same time, the prospects of higher rates in the U.S. and around the globe pose threat to the purchasing power of cryptocurrencies. Therefore, our outlook is very bearish and we voice a word of caution to the market participants. *additional ideas in which we detail how we navigated the current downtrend are attached below the idea ATH of the total cryptocurrency market cap = 3.009 trn. USD (10th November 2021) The current value of the total cryptocurrency market cap = 1.217 trn. USD Illustration 1.01 Illustration 1.01 portrays the total cryptocurrencies market cap excluded BTC. Illustration 1.02 The picture above shows the dominance of BTC. It can be seen that its dominance has started to increase as other altcoins started to puke. Illustration 1.03 Illustration 1.03 shows the daily chart of BTCUSD. It also shows how it correlates with the total cryptocurrency market cap. A strong positive correlation is shown. *A strong correlation can be observed also with the tech sector which experiences "tech winter". Illustration 1.04 The illustration above shows LUNA (against USDT), a popular stablecoin that gained a lot of press within the past few days due to its sharp drop of more than 99%. This event foreshadows more similar events to come in cryptocurrencies that lack any other use than speculation. Illustration 1.05 Bitcoin has entered the "free-fall area" - an area with the absence of support. DISCLAIMER: This analysis is not intended to encourage any buying or selling of any particular securities. Furthermore, it should not serve as a basis for taking any trade action by an individual investor. Therefore, your own due diligence is highly advised before entering a trade.
CRYPTOCAP:TOTAL
by Tradersweekly
4