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Crypto Daily Report – August 23

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Crypto Daily Report – August 23 This document is being provided publicly in the following form. Please subscribe to FSInsight.com for more. Members Area Crypto Daily Crypto Daily Report – August 23 Crypto Daily Crypto Daily Report – August 23 August 23 FSInsight Team Crypto Daily Report The Most Important Daily Data for Digital Assets Daily Analysis from FSInsight August 23, 2021 Bitcoin crossed $50,000 for the first time in over three months on Sunday, a key psychological trading level that many investors believed would be met with more resistance than it was. Bitcoin and Ethereum both increased 3% over the prior 24 hours, and trade around $50,300 and $3,300, respectively, at the time of writing. Something we are keeping an eye on this week is monthly options expiry on Friday. According to data on the leading Bitcoin options exchange, Derebit, there are approximately $1.8 billion of BTC options set to expire on their platform on Friday, and all existing put open interest falls below the $50,000 level. On Friday, Van Eck and ProShares each withdrew their applications for ETFs based on Ethereum futures contracts, just two days after filing with the SEC. There is speculation that the SEC verbally signaled to the two firms that approval was a longshot. Such sentiments should come as no surprise as the regulatory body is still dragging its feet on approving the first direct- exposure Bitcoin-based ETF in the US (for which there are currently over ten pending applications). As a reminder, SEC Chairman Gary Gensler expressed a couple of weeks ago that he is interested in BTC futures-based ETFs, but stopped short of expressing bullishness on a direct exposure ETF. Payments giant Visa announced on Monday morning that it purchased a CryptoPunk, one of 10,000 NFTs released by Larva Labs, for approximately 50 ETH. While it is apparent that Visa does wish to help facilitate NFT transactions for consumers in the future, this purchase was an addition to Visa's trove of historically relevant commerce artifacts. Since its inception, CryptoPunks have recorded aggregate lifetime sales of 349,000 ETH, an amount equating to nearly $1.2 billion at current ETH prices. Daily Important Metrics SENTIMENT 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 ( -0.01% ) FUTURES CME BULLISH SIGNAL A positive spread between Futures Prices and Spot Prices is Bullish BTC Price $50,120 ( 2.85% ) CRYPTO SIZE BULLISH SIGNAL Spot Basis $60.09 ( 0.12% ) Bullish signal is tied to the crypto market growing Volume 6,737 ( 0.00% ) Market Cap $2.1T +$39B ( +1.83% ) Open Interest 6,971 ( 0.00% ) BTC Dominance 43.84% ( -0.10% ) STABLE COINS BULLISH SIGNAL OPTIONS CME NO SIGNAL Increase in circulating stablecoins is a Bullish signal Higher open interest change in a bull market is In Circulation $65B ( +0.00%) bullish for the sector In Exchanges $4.9B ( +1.40%) Volume 56.00 ( 0.00% ) Open Interest 942 ( 0.00% ) STABLECOIN SUPPLY RATIO CALLS CME NO SIGNAL BEARISH SIGNAL Calls Volume 23.00 ( 0.00% ) Ratio between Bitcoin supply and the supply of Calls Open Interest 387 ( 0.00% ) stablecoins, denominated in BTC SSR 8.17 ( -0.49% ) PUTS CME NO SIGNAL SSR Oscillator -0.6871 ( -0.08% ) Puts Volume CME 33.00 ( 0.00% ) Puts Open Interest 555 ( 0.00% ) FUNDING RATE BULLISH SIGNAL Positive funding rates indicate traders are Bullish Bitmex 0.0100% ( -1.75% ) Binance 0.0100% (+1.63%) All m e trics as of August 22, 2021 11:53 PM CRYPTO PRICES Market Daily Year to Relative to Symbol Last Price Cap Change Date BTC YTD BTC $941B $50,060 1.58% 73% ETH $389B $3,318 1.40% 350% 277% ADA $90B $2.81 6.95% 1,448% 1,376% BNB $81B $482 5.37% 1,191% 1,118% XRP $58B $1.24 -1.12% 465% 393% DOGE $42B $0.3180 -0.66% 6,813% 6,740% DOT $28B $28.11 -0.04% 204% 131% LINK $13B $28.69 0.73% 155% 82% BCH $13B $680 -1.24% 99% 26% LTC $12B $187 -1.37% 50% -22% Our Deep Research Projects AVAX $8.5B $49.13 15% 1,445% 1,372% IOTA $3.2B $1.16 5.98% 290% 217% BSV $3.2B $168 -0.72% 2.71% -70% AMP $3.0B $0.0707 19% 971% 898% ZIL $1.3B $0.1138 4.03% 36% -37% ZEN $904M $79.01 3.28% 583% 511% All price s as of August 23, 2021 7:30 AM Exchanged Traded Products (ETPs) Premium Daily Year to Relative to Symbol Last Price to Nav Change Date BTC YTD GBTC -15% $36.61 -3.51% 4.36% -68% BITW -5.59% $43.70 -5.00% -17% -90% ETHE -7.40% $28.10 -5.39% 134% 62% QBTC -8.42% $62.82 1.72% 16% -56% QETH -8.04% $58.29 1.82% 170% 97% All price s as of August 23, 2021 3:30 AM Stocks Market Daily Year to Relative to Symbol Last Price Cap Change date BTC YTD PYPL $319B $271 -2.58% 17% -56% SQ $120B $261 -0.96% 18% -55% COIN $66B $251 -2.35% -34% -107% SBNY $15B $246 -4.06% 82% 9.09% MSTR $6.5B $664 -4.85% 56% -17% RIOT $3.1B $32.76 -8.57% 99% 26% MARA $3.1B $30.65 -7.23% 178% 106% SI $2.6B $97.62 -11% 46% -27% MOGO $381M $5.38 -5.11% 34% -39% All price s as of August 17, 2021 11:30 PM *COIN YT D since 14 /04 /2021 Important Levels and Targets BTC ETH Level Price Distance Price Distance TARGET $100,000 100% $10,500 216% RESISTANCE II $63,000 26% $7,500 126% RESISTANCE I $58,000 16% $5,000 51% CURRENT PRICE $50,060 $3,318 SUPPORT I $45,500 -9.11% $3,000 -9.58% SUPPORT II $43,000 -14% $2,000 -40% SUPPORT III $39,000 -22% $1,490 -55% News QUICK BITS Binance Singapore hires former SGX chief regulatory ocer as CEO The Block Read the full story > Binance has hired Richard Teng, a former chief regulatory officer of the Singapore Stock Exchange, to head Binance Singapore. The post Binance Singapore hires former SGX chief regulatory officer as CEO appeared first on The Block. Inside Afghanistan's cryptocurrency underground as the country plunges into turmoil CNBC Read the full story > Afghans face a nationwide cash shortage, closed borders, a plunging currency, and rapidly rising prices of basic goods. An emerging crypto scene has helped some. Visa buys a CryptoPunk as it takes first steps into ‘NFT commerce’ The Block Read the full story > Visa has bought a CryptoPunk as it enters into the world of NFT commerce, says Visa's head of crypto Cuy Sheffield. The post Visa buys a CryptoPunk as it takes first steps into ‘NFT commerce’ appeared first on The Block. Wall Street charity bike ride draws a bigger crypto crowd this year The Block Read the full story > Count this as a sign that crypto is becoming more intertwined with Wall Street: a popular cycling charity event has seen a surge in participation from crypto firms. The post Wall Street charity bike ride draws a bigger crypto crowd this year appeared... PayPal Launches Crypto Services in UK Decrypt.co Read the full story > PayPal’s UK customers will be able to buy, sell, and hold four cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin. MARKET DATA Ethereum Competitor Solana Hits All-Time High As Market Continues to Rise Decrypt.co Read the full story > Solana and Polygon, two scalable alternatives to Ethereum, lead the altcoin charge today as crypto markets grew 2.74% overnight. OpenSea is first NFT marketplace to pass $1 billion in monthly trading volume The Block Read the full story > OpenSea’s trading volume increased 286% from July to August, and it has carried the majority of NFT monthly trading volume since May of this year. The post OpenSea is first NFT marketplace to pass $1 billion in monthly trading volume appeared first ... Cardano Reaches All-Time High As Rally Continues Decrypt.co Read the full story > The price of Cardano (ADA) has reached an all-time high of $2.64 this morning. 70K ETH Has Been Burned By EIP-1559: Report DCForecasts Read the full story > About 70K ETH has been burned by the EIP-1559 upgrade as the network removed $221 million from circulation so let’s read more about the report in our Ethereum news today. Ethereum developers implemented a change to the network which burns gas fees ra... Bitcoin tops $50,000, hitting a more than 3-month high CNBC Read the full story > Bitcoin hit $50,000 on Sunday, hitting a more than 3-month high, as the cryptocurrency continues to rebound. DOSE OF DEFI SushiSwap Avoided A $350 Million DeFi Hack And Here’s How DCForecasts Read the full story > SushiSwap avoided a $350 million defi hack just a while ago and it would have joined the club of attacked platforms like Poly Network which lost $600 million but it didn’t so let’s see how and why in today’s crypto news. Sushiswap avoided a $350 mill... CRYPTO INFRASTRUCTURE Circle Stablecoin to Be Held 'Entirely' in Cash, US Treasuries Decrypt.co Read the full story > Centre announced that it will revert to cash and short-term U.S. treasuries backing the industry’s second-largest stablecoin, USD Coin. Two issuers withdraw SEC submissions for an ETH ETF The Block Read the full story > The sudden withdrawals have led some to speculate that the SEC has communicated its reluctance to approve an ETH ETF in the current climate.
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