Crypto Price Analysis August 11: LDO, CEL, FLOW, BTG, NEXO

Key Insights:

  • Celsius led the market with a 27.41% increase in price.
  • Lido DAO followed suit, shooting up by 22.71% in 24 hours.
  • Bitcoin and Ethereum noted a similar increase today, trading at $24k and $1.8k.

The crypto market kept in the green today thanks to the altcoins for balancing out the woes of correction after yesterday’s rise.

As Ethereum completed the Goerli Testnet merge, the final merge before the arrival of Proof of Stake, the king coin and the altcoin king rallied too, rising to $24,111 and $1,878.

Lido DAO (LDO)

Lido DAO could be seen trading closer to $3 today after rising by 22.71% in the last 24 hours, inching closer to invalidating the 60.81% losses from May.

The divergence of the Bollinger Bands indicates the high volatility present in the market, and with the candlesticks residing above the basis of the indicator, LDO is going to continue moving upwards.

Celsius (CEL)

Celsius emerged as one of the best performers of the day thanks to its 27.41% rise today, trading at $2.36.

As the green bars continue rising on the Awesome Oscillator, CEL will be noting support for invalidating the 34.76% crash from March and April.

Flow (FLOW)

FLOW has been performing exceptionally for the last 15 days shooting up by more than 91%, bringing the coin above $3.

The altcoin is now looking to recover the 47.19% losses from May, and the reappearance of a bullish crossover on the MACD will provide support to the coin.

Bitcoin Gold (BTG)

The Bitcoin hardfork noted a 13% rise in the previous 24 hours despite a visible downtrend on the asset.

Parabolic SAR’s white dots present above the candlesticks down do not seem to be stopping BTG from recovering the 30.72% losses in March and April.

Nexo (NEXO)

NEXO did not hold back either and rallied by 15.75% since yesterday to reach closer to $1. Flipping it into support will help the coin recover the rest of the 50.67% losses from June.

The Chaikin Money Flow’s uptick indicates that the uptrend has restored faith in investors as inflows can be observed on the asset.

Top 3 Trending Coins: AVAX Bulls Eye Move Above $30 NEXO Targets $1 Level as SOL Flounders

Key Points 

  • Avalanche is the best performing top 20 coin as daily transactions hit a new all-time high.  
  • Nexo is the best performing top 100 coin as customer liabilities on the platform return to growth.  
  • Solana is the top 20 underperformer, with bears eyeing a test of a key uptrend.  

AVAX Bulls Eye Push Back Above $30 as Daily Transactions Hit New ATH 

According to CoinMarketCap, Avalanche is the best performing cryptocurrency in the top 20 by market capitalization on Wednesday and was last trading with gains of around 2.5% in the last 24 hours. News that Avalanche’s daily transaction count just hit a new all-time high (ATH) over 1.5 million could be supporting the cryptocurrency.  

AVAX, the token that powers the Avalanche blockchain, was last changing hands slightly to the north of the $28 level, having reversed an earlier dip below $27. Bulls appeared to buy the dip ahead of a test of support in the form of mid-July highs in the $26.30s.  

AVAX still looks very much to be in an uptrend and, as such, traders will likely be on the lookout for a retest of recent highs above the $30 level, so long as the upcoming release of US Consumer Price Index data doesn’t deliver too substantial a blow to cryptocurrency market sentiment.  

AVAX/USD
AVAX/USD Chart. Source: FX Empire

NEXO Bulls Eye Push Above $1 as Nexo Customer Liabilities Rise 

Elsewhere, crypto lending platform Nexo is the best performing cryptocurrency in the top 100 by market cap over the last 24 hours, according to CoinMarketCap. Over this time period, its NEXO token has risen over 11%. The cryptocurrency was battered in May and June as many of Nexo’s competitors like Celsius Network announced user withdrawal freezes, with Celsius now going through bankruptcy proceedings.  

But Nexo has remained afloat and a recent rise in its customer liabilities is being hailed by some social media users as a bullish sign for the NEXO token. Nexo’s customer liabilities were 186.285K BTC as of 10 August, with its collateral ratio above 100%. According to @EidenHodl, this had been as low as 169K a few weeks ago.  

NEXO was last changing hands just below $0.85, having been in an uptrend since mid-July and having consistently found support at its 21DMA as of late. But NEXO faces a significant hurdle in getting past the $1 level once again. If it is able to manage this, a swift rally into a $1.15-$1.40ish trading range is likely.  

NEXO/USD
NEXO/USD Chart. Source: FX Empire

SOL Lags as Bears Eye Test of Key Uptrend 

Solana is the worst performing cryptocurrency in the top 20 by market capitalization in the last 24 hours on Wednesday, according to CoinMarketCap. Over this time period, SOL, the blockchain’s native token, has shed 6% of its value. At current levels just under $40 per token, SOL is nestled between its 21 and 50DMAs at $38.60 and $40.50.  

The cryptocurrency appears to be eyeing a test of an uptrend from mid-June. A breakdown below the 50DMA and push under this uptrend could see SOL swiftly drop back towards support in the $35 and $32 areas.  

SOL/USD
SOL/USD Chart: FX Empire

Crypto Price Analysis August 2: NEXO, CRO, AR, GRT, COMP

Key Insights:

  • Cronos acted as the best performing altcoin today with an 11% rise.
  • Arweave countered this bullishness with a 9.55% drop in the same duration.
  • Bitcoin and Ethereum could be seen trading at $23k and $1.6k.

While most of the altcoins decided not to move at all, there were many still who countered the crypto market’s bullishness with their bearishness and vice versa, resulting in an unchanged market cap.

Naturally, the king coin and the altcoin king did not move either and ended up trading at $23k and $1.6k, respectively.

Nexo (NEXO)

NEXO rose by 4.66% in the last 24 hours, but prices remained consolidated just as they had been since July 21.

The Awesome Oscillator is still displaying a green bar which is a good sign for the recovery of June’s 50.8% crash.

Cronos (CRO)

The Crypto.com exchange’s native token ended performing exceptionally, rising by 11.15% in the span of 24 hours.

CRO continued its rally with the recent rise adding to the 43.65% rise noted over the month as the Bollinger Bands exhibited positive signals as well.

Arweave (AR)

The altcoin was among the ones to fall today, dropping by almost 10% from yesterday’s opening price.

The uptrend visible by the Parabolic SAR has also been helpful to AR in recovering from the 42.8% crash of June.

The Graph Token (GRT)

Slightly different than AR, GRT also noted a 9% decline although over the last 48 hours. This will be a hindrance for the altcoin when it comes to recovering the almost 41% crash from June.

Although MACD continues to signal an active bullish crossover which might counter the present bearishness of the asset.

Compound (COMP)

Compound remained unchanged today. Regardless of the broader market trend, COMP has not broken its consolidation for the third week now.

Keeping its 100.66% rally intact, the altcoin has already recovered the 51.86% losses of June, which is why investors have not been pulling their money out of COMP, as visible by the Chaikin Money Flow’s straight line.

Bitcoin and ETH Price Prediction: Bulls Lose Control, Why XRP Might Surge Over $0.4

Key Insights:

  • Bitcoin started a fresh decline below the $23,500 support.
  • Ether (ETH) declined over 5% and traded below $1,600.
  • XRP is facing a key barrier near $0.400 on the daily chart.

Bitcoin

After clearing the $24,000 support, bitcoin price started a steady decline. The price traded below the $23,500 and $23,200 support levels. The price even settled below the $23,000 level and the 21 simple moving average (H1).

It tested the $22,700 zone and remains at a risk of more losses. The next major support is near the $21,800 level, below which there is a risk of a drop towards the $21,200 level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, there is a major resistance forming at $23,150 and a bearish trend line on the hourly chart. A close above the trend line and the 21 simple moving average (H1) might push the price to $24,000.

Ethereum (ETH)

ETH also followed a similar path after it failed to clear the $1,750 resistance. There was a bearish reaction below the $1,650 support and the 21 simple moving average (H1).

The price declined over 5% and traded below the $1,600 support zone. It is now showing a few bearish signs near the $1,575 level. An immediate support is near the $1,555 level. The next major support is near the $1,500 level.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

Any more losses might send ether price towards the $1,420 level. On the upside, the bears might remain active near the $1,600 and a connecting bearish trend line on the hourly chart.

XRP

XRP found support near the $0.300 zone after a strong decline. A base was formed near $0.300 and the price started a minor upside correction.

There was a recovery wave above the $0.332 and $0.350 resistance levels. There was also a break above a crucial bearish trend line with resistance near $0.365 on the daily chart. However, the price faced a strong resistance near the $0.400 zone.

XRP Daily Chart
XRP Price Daily Chart by FXEmpire

XRP is slowly moving lower and approaching the broken trend line support at $0.362. If there is a downside break below the $0.365 support and $0.350, the price could nosedive to $0.312 or even $0.30.

On the upside, the price could face a strong resistance near the $0.40 level. The main resistance sits near the $0.411 zone, above which the price could rally 15%-20%.

ADA, BNB, and DOT price

Cardano (ADA) is struggling below the $0.50 support zone. The next major support is near $0.475, where the bulls might take a stand.

Binance Coin (BNB) is trading below the $285 level. If the bulls fail to protect the $275 support, the price could decline towards the $260 level.

Polkadot (DOT) is down over 8% and trading below the $8.0 level. The next major support is near the $7.62 level, below which there is a risk of a move towards the $7.45 level.

A few trending coins are CRO, BTT, and NEXO. Out of these, NEXO is gaining pace above the $0.745 resistance zone.

Crypto Lender Vauld Granted Three-month Protection From 147,000 Creditors

Key Insights:

  • Vauld will get three months for restructuring and a potential sale to Nexo.
  • The company suspended withdrawals in July after the Terra collapse.
  • It has around 147,000 creditors that can’t access funds.

On August 1, Singapore High Court awarded Vauld’s parent company, Defi Payments Ltd., a moratorium that would last until November 7, half the company requested. The company is attempting to sell itself to rival crypto insurer Nexo.

Justice Aedit Abdullah expressed concern that “a six-month moratorium won’t get adequate supervision and monitoring.”

Earlier this month, FXEmpire reported that the Coinbase and Peter Thiel-backed cryptocurrency lending and borrowing platform had suspended withdrawals as it faced liquidity issues.

During the three months, Vauld’s 147,000 creditors will not be able to take action against it, according to Bloomberg.

$400M in Liabilities

The court stated that Vauld should provide details such as cash flow and valuation of assets to its creditors. The judge said that this needs to be completed within two weeks and management of its accounts needs to follow within eight weeks. He also asked the company to form a creditors committee to address these issues.

Singapore-based Vauld was launched in 2018, offering digital asset trading, custody, and crypto credit. The firm raised $25 million in a Series A funding round in 2021. According to a letter from Vauld CEO Darshan Bhatija to creditors in July, the firm had $330 million in assets and $400 million in liabilities at the group level.

Lawyers representing the firm wanted six months to restructure, reconcile company accounts, and perform due diligence by Nexo. The judge said that an extension to the three months would be considered.

Co-founder and managing partner of Nexo, Antoni Trenchev, commented that the company was optimistic, “but we have to understand the liabilities, the receivables, who the counterparties are, what are the prospects of getting those receivables.”

Vauld was among the crypto companies offering unrealistic yields – 13% in its case. This sparked leveraged borrowing and overextended positions, which all came crashing down with the Terra stablecoin ecosystem in May.

On its website, Vauld explained that one of its methods for generating cash was by converting fiat-backed stablecoins (such as USDT and USDC) into higher-yield stablecoins such as Terra’s now defunct UST.

“As Defi Payments had staked a significant amount in UST of an estimated ~US$28m, the collapse of the price of UST caused Defi Payments’ net asset position to decrease sharply.”

The cascade of events caused similar problems for Voyager Digital, Celsius, Three Arrows Capital, BlockFi, and a number of crypto lending firms.

Crypto Markets in Retreat

Cryptocurrency markets have fallen for the second day this week, dropping 3.5% over the past 24 hours. As a result, total capitalization has fallen back to $1.1 trillion.

Bitcoin (BTC) was down 2.3% to $22,901 at the time of writing, whereas Ethereum (ETH) had lost 6.4% in a fall to $1,585.

The July rally appears to have run out of steam in August, and a breakdown of key support levels could see an accelerated sell-off.

Crypto Price Analysis July 26: APE, NEXO, MATIC, COMP, FLOW

Key Insights:

  • ApeCoin was among the worst performers this week, declining by 16.69%.
  • Flow stood in the same category as ApeCoin, depreciating by 14.79%.
  • Bitcoin and Ethereum also dropped to trade at $21k and $1.4k today.

The crypto market took a big hit in the last 24 hours as the total value of all cryptocurrencies fell to $931 billion at the time of writing.

The downtrend spared only a few altcoins, taking down even the king coin and the altcoin king to trade at $21,309 and $1,402, respectively.

ApeCoin (APE)

The Bored Ape Yacht Club’s native token declined by 16.69% over the last 48 hours to trade at $5.5. The Relative Strength Index (RSI) of the altcoin could be seen hovering at the neutral mark due to the price fall.

If APE does fall into the bearish zone, it could invalidate more of its 90.56% recovery noted over the last month.

Nexo (NEXO)

NEXO has been on a downtrend for the last seven days, although it has only declined by 13.75% in this duration. Nevertheless, this has made it further difficult for the altcoin to recover its June crash of 53.46%.

The Parabolic SAR’s white dots are already above the candlesticks, indicating the beginning of a downtrend.

Polygon (MATIC)

The DeFi token lost over 15.46% in the last 24 hours, thanks to the active bearishness, adding to the week-long decline of 22.53%.

To make things worse for MATIC, the MACD is exhibiting a bearish crossover thanks to the increasing bearishness indicated by the red bars.

Compound (COMP)

Compound’s governance token COMP took a similar direction as MATIC and fell by 13.57% over the previous 24 hours. This increased its week-long depreciation to 22.24%.

The downtick in the Chaikin Money Flow (CMF) highlights investors’ increasing skepticism visible in the form of outflows for the coin. This could result in further price falls.

Flow (FLOW)

Dapper Labs’ FLOW was also a part of this cohort, falling by 14.79% yesterday to trade at $1.56 after failing to flip $2 into support.

The appearance of red bars on the Awesome Oscillator might result in a further decline in price, and if the bars flip to increase below the neutral mark after three months, FLOW might find it difficult to recover its June crash of 53.23%.

Crypto Market Daily Highlights – Tesla Inc. Sends the Market South

Key Insights:

  • It was a mixed Wednesday session for the crypto top ten, with Dogecoin (DOGE) avoiding the red to buck the market trend.
  • News Tesla Inc. (TSLA) selling 75% of its bitcoin (BTC) holding weighed.
  • The total crypto market cap fell by $17 billion to end the day at $1,018 billion.

It was a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) hit $24,000 before falling into the red, while Dogecoin (DOGE) enjoyed a bullish session.

Crypto network updates failed to provide support. The downside aligned with 24-hour liquidation figures for Tuesday and Wednesday morning that pointed to a pullback.

Following the market reaction to the Ethereum (ETH) Merge and Cardano Vasil hard fork dates, Polygon (MATIC) network news failed to provide support.

On Wednesday, the Polygon team introduced zkEVM. Using zero-knowledge proof technology, Polygon delivers Ethereum scaling that will boost throughput, reduce latency, and save on fees.

According to the announcement,

“The basic approach to scaling Ethereum with ZK proofs is to build a ZK rollup, a Layer 2 protocol which “rolls up” a large batch of transactions and proves all of them to the Ethereum network with a single  ZK validity proof.”

Mid-week, the broader crypto market tracked the NASDAQ 100 into positive territory. A post-US-market close sell-off did the damage, with news of Tesla Inc. (TSLA) offloading 75% of its bitcoin holdings weighing.

On Wednesday, the NASDAQ 100 rose by 1.58%, following a Tuesday 3.11% rally.

At the time of writing, the NASDAQ 100 Mini was down 39 points.

NASDAQ correlation
Total Market Cap – NASDAQ – 210722 5 Min Chart

The Total Crypto Market Cap Sees Tesla Driven Loss

A bullish start to the Wednesday session saw the total crypto market cap rise to a day high of $1,071 billion. A post-US-market close reversal, however, saw the crypto market cap slide to a day low of $1,003 billion before steadying.

Despite the pullback, the total crypto market cap avoided a fall to sub-$1 trillion, with the market cap falling by $17 billion on the day.

Notable moves across the crypto top ten was a bitcoin return to $24,000 to bring the all-important $25,000 handle into reach.

Crypto market cap
Total Market Cap 210722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

Dogecoin (DOGE) bucked the top-ten crypto trend, rising by 1.66%.

It was a bearish session for the rest of the majors, with SOL sliding by 6.30% to lead the way down.

ADA (-4.84%), BNB (-3.87%), and XRP (-2.65%) also struggled, while BTC (-0.76%) and ETH (-1.33%) saw relatively modest losses.

From the CoinMarketCap top 100, Lido DAO (LDO) and Monero (XMR) led the way alongside DOGE.

LDO rose by 3.45%, with XMR gaining 3.42%.

Leading the way down, however, were Quant (QNT), Arweave (AR), and Polygon (MATIC).

AR slid by 10.89%, with QNT and MATIC seeing losses of 9.87% and 9.22%, respectively.

Nexo (NEXO), Internet Computer (ICP), and Ethereum Classic (ETC) also struggled.

Total Crypto Liquidations Fall Further to Suggest a Bullish Session

On Thursday, 24-hour liquidations eased again, pointing to more favorable market conditions. While down from levels seen earlier this week, 24-hour liquidations remained elevated.

This morning, 24-hour liquidations stood at $338 million, down from $582 million on Wednesday.

Liquidated traders also eased over the last 24 hours, suggesting better market conditions. At the time of writing, liquidated traders stood at 98,758 versus 104,735 on Wednesday morning.

While 24-hour liquidation levels eased back, one-hour and four-hour liquidations were up from Tuesday.

According to Coinglass, one-hour liquidations stood at $6.90 million, up from $2.84 million on Wednesday. Four-hour liquidations stood at $101.16 million, up from $45.66 million on Wednesday.

Crypto liquidations
Total Crypto Liquidations 210722

The one-hour and four-hour liquidation levels reflected the post-US market close sell-off and the final hour partial recovery. (See hourly total crypto market cap chart below).

Hourly Chart
Total Market Cap 210722 Hourly Chart

Daily News Highlights

  • Tesla Inc. sold 75% of its bitcoin holdings in the second quarter.
  • The UK announced a new financial bill to regulate stablecoins.
  • 21Shares unveiled S&P risk-controlled Ethereum and Bitcoin ETPs.

Crypto Market Daily Highlights – ETH Bucks Trend in Bullish Session

Key Insights:

  • On Tuesday, the crypto top ten were on the move again, with Cardano (ADA) taking over as the front runner.
  • A choppy start to the session saw the crypto market hit reverse before recovering, with the NASDAQ 100 delivering a US session boost.
  • The total crypto market cap followed Monday’s $82.59 billion jump with a $46 billion increase to cement the return to $1 trillion.

It was a bullish Tuesday session for the crypto top ten. Bitcoin (BTC) hit $23,000, briefly eyeing $24,000, with Cardano (ADA) enjoying a breakout session.

Recovering from a bearish start to the Tuesday session, risk-on sentiment from the global equity markets delivered much-needed support.

The European and US equity markets were in rally mode, delivering the crypto boost.

On Tuesday, the NASDAQ 100 rallied by 3.11%, with the futures pointing to more gains in the day ahead.

At the time of writing, the NASDAQ 100 Mini was up 32 points.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 200722 5 Min Chart

While the European and US equity markets provided support, investor sentiment towards the Ethereum Merge and the Cardano (ADA) Vasil hard fork remained the key drivers.

Following several delays, the Vasil hard fork and the Merge look set for July and September, shifting the mood across the crypto market.

The Total Crypto Market Cap Continued the Gradual Climb to $2 Trillion

A choppy Tuesday session saw the total crypto market cap fall to a low of $981 billion before rising to a high of $1,050 billion.

Finding initial support from the European and US equity markets, Ethereum Merge euphoria continued to drive the market northwards in the post-US market close session.

On Tuesday, the total crypto market cap followed Monday’s $82.59 billion surge with a $46 billion increase to wrap up the day at $1 trillion for a second consecutive day.

Notable moves across the crypto top ten were a bitcoin return to $23,000 and an Ethereum look at $1,700. Despite the Merge euphoria, ETH ended the day in the red.

Crypto market cap
Total Market Cap 200722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

ADA rallied by 5.31% to lead the top ten, with BTC (+4.25%) and SOL (+3.07%) finding strong support.

While BNB (+1.70%), DOGE (+2.10%), and XRP (+2.14%) avoided the red, ETH (-2.45%) succumbed to late profit taking to end the day in the red.

From the CoinMarketCap top 100, Nexo (NEXO) led the way, surging by 21.88%. Fantom (FTM) and NEM (XEM) were close behind, with gains of 14.97% and 15.53%, respectively.

However, Arweave (AR) struggled, with a 6.12% loss. UNUS SED LEO (LEO), STEPN (GMT), TerraClassicUSD (USTC), and Polygon (MATIC) also saw red.

Total Crypto Liquidations Fall to Reflect Improved Market Conditions

On Wednesday, 24-hour liquidations eased, pointing to more favorable market conditions. Despite the fall in liquidations, 24-hour liquidations remained elevated relative to more recent levels.

This morning, 24-hour liquidations stood at $582 million, down from $691 million on Tuesday.

Liquidated traders also eased over the last 24 hours, suggesting improving market conditions. At the time of writing, liquidated traders stood at 104,735 versus 128,281 on Tuesday morning.

While 24-hour liquidation levels stood on the higher side, one-hour and four-hour liquidations saw a sharp decline relative to Tuesday morning levels.

According to Coinglass, one-hour liquidations stood at $2.84 million, down from $161.66 million on Tuesday. Four-hour liquidations stood at $45.66 million.

Crypto liquidations
Total Crypto Liquidations 200722

Daily News Highlights

  • Beleaguered crypto platform Celsius received court approval to spend $3.7 million on a new bitcoin mining facility and $1.5 million on customs and excise duties on rigs.
  • Stablecoin issuer Circle talked about crypto regulations.
  • FBI issued a warning over bogus crypto apps.
  • Crypto.com and Trade Republic announced regulatory approvals in Italy.

Crypto Price Analysis July 19: NEXO, LDO, WAVES, LEO, MATIC

Key Insights:

  • NEXO emerged as one of the best-performing assets today, rising by 28%
  • LEO remained unmoved but continued its gradual decline.
  • Bitcoin and Ethereum moved up today, trading at $23.1k and $1.5k.

With the king coin and the altcoin marking a substantial rise in the past few days, most of the altcoins are following suit to close in green. Consequentially the crypto market cap is also sustaining above $1.034 trillion at the time of writing.

Nexo (NEXO)

In the span of 24 hours, NEXO shot up by 28.73% to close above $0.75. Trading at $0.778 at the time of writing, the altcoin is yet to recover the 50.8% losses it witnessed during the June crash.

For the first time in more than a month, the Awesome Oscillator turned positive, and the gradual incline might keep in the positive zone for a while longer.

Lido DAO (LDO)

Lido DAO’s native token was one among the best performing altcoins, trading at $1.63. At one point during the day, the crypto shot up by 20.69% in the span of 24 hours.

According to the Bollinger Bands, the volatility at the moment for the asset is very high, which is natural considering its 260.69% rise in 17 days, but with the candlestick above the basis, the price swing will be positive.

Waves (WAVES)

WAVES followed the broader market cues and shot up by almost 21%, trading at $6.03. However, it is yet to recover the 55.51% losses it witnessed in June.

The Chaikin Money Flow does indicate organic growth fuelled by the inflows however, it isn’t enough to help in recovering from the crash.

UNUS SED LEO (LEO)

LEO stands to be one of the only few altcoins which are treading against the market trend, rising during the June crash and falling during the recovery.

Down by 9.87% over the past 12 days, it has already invalidated half of its 18.78% recovery observed last month.

Polygon (MATIC)

Despite declining by 3.4% today, MATIC kept its 24-hour price movement positive at 23.93%, thanks to yesterday’s rise.

Being one of the only significant altcoins to mark a 170% rally in the last one month, MATIC is already overbought and might note a trend reversal over the next couple of days.

Crypto Market Daily Highlights – BTC Extends Winning Streak

Key Insights:

  • On Friday, the crypto top ten extended the winning streak to three sessions, with Ethereum (ETH) leading the way for a second session.
  • Better than expected US retail sales figures and talk of a 75-basis point rate hike supported riskier assets, with the NASDAQ 100 delivering the broader crypto market direction.
  • The total crypto market cap rose by $11.5 billion.

It was a bullish Friday session for the crypto top ten. Bitcoin (BTC) rose for a third consecutive day, with ETH continuing its move toward $1,500.

The markets moved away from the recent US inflation figures and focused on the US economy on Friday.

Retail sales figures for June beat expectations but were not hot enough to fuel fear of a 100-basis point hike later this month.

Month-on-month, retail sales increased by 1.0% versus a forecasted 0.8%. Core retail sales also increased by 1.0% versus a forecasted 0.6%.

FOMC member chatter also drew attention, with members Bostic and Bullard easing fears of a 100-basis point move.

According to Reuters, James Bullard spoke of indifference on “whether the Fed approves a 0.75 percentage-point rate increase this month, as policymakers have flagged, or boosts that to a full percentage point.”

Atlanta Fed President Raphael Bostic reportedly delivered a more tempered view, cautioning against any dramatic moves that may impact hiring and other positive trends still evident in the economy.

The crypto news wires had a muted impact on the broader market, with the NASDAQ 100 guiding the crypto market. On Friday, the NASDAQ 100 rose by 1.79%.

The Total Crypto Market Cap Rises for a Third Consecutive Session

A bearish start to the Friday session saw the crypto market cap fall to a day low of $896 billion before finding support. Investor reaction to the US retail sales figures and Fed chatter led to a high of $932 billion before easing back.

Despite a late pullback, investors poured $11.5 billion back into the market to take the crypto market cap up $47 billion for July.

Crypto market cap
Total Market Cap 160722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

ETH rallied by 3.22% to lead the way, with BTC rising by 1.21%.

ADA (+0.23%), BNB (+0.04%), DOGE (+0.79%), SOL (+0.65%), and XRP (+0.12%) trailed the front runners.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) and Lido DAO (LDO) led the way, surging by 37% and 23%, respectively.

Progress towards the ETH Merge remained the key driver for LDO. According to Dune Analytics, staking Ether was on the rise.

ETH Staked on LIDO
ETH Staked with Lido

Several coins bucked the broader market trend, however. Synthetix (SNX), Nexo (NEXO), and Curve DAO Token (CRV) led the way down. NEXO slid by 6.6%, with SNX and CRV falling by 5.8% and 5.1%, respectively.

Total Crypto Liquidations Continued Downward Trend

On Friday, 24-hour liquidations eased further back as the crypto market responded to US economic indicators and Fed chatter.

This morning, 24-hour liquidations stood at $144 million, down from $180 million on Friday.

Liquidated traders over the last 24 hours declined to reflect improving market conditions. At the time of writing, liquidated traders stood at 47,290 versus 51,568 on Friday morning.

Significantly, one-hour liquidations fell to sub-$1 million going into the weekend session.

According to Coinglass, one-hour liquidations stood at $0.924 million, down from $2.41 million on Friday and $7.12 million on Thursday.

Crypto liquidations
Total Crypto Liquidations 160722

Daily News Highlights

  • SEC mulled waiving some crypto regulations.
  • Fed Survey showed crypto products and services and blockchain tech low priority for bank growth and development strategies for two-thirds of respondents.

Crypto Price Analysis July 15: COMP, KSM, QNT, NEXO, LINK

Key Insights:

  • Compound stood as one of the best performers of the day with an 11.4% rise.
  • NEXO was among the few altcoins to counter the broader market’s bullishness.
  • Bitcoin and Ethereum were observed to be trading at $20k and $1.2k, respectively.

Most of the cryptocurrencies had a positive day today as the broader market noted growth. Closing above $910 Billion, the crypto market cap reclaimed the critical level today.

The king coin remained consolidated at $20.7k, whereas the altcoin king rose to $1.2k at the time of writing.

Compound (COMP)

COMP investors had a good day today as the coin continued its rally, rising by 14.2%. This brought the altcoin to trade at $56.41. At the same time, the altcoin also recovered its June losses almost completely.

The Awesome Oscillator highlights rising bullishness on the indicator, which could help COMP completely recover the 51.44% downfall from the last month.

Kusama (KSM)

Kusama’s native token KSM followed the bulls today to rise by 10.33% in the last 24 hours, trading at $54.08 at the time of writing.

However, going forward, the rise might slow down since the converging Bollinger Bands indicate reducing volatility in the market.

Quant (QNT)

QNT noted one of the highest 24-hour rally in the crypto market today, shooting up by almost 26%. In the process, it also reclaimed $100 as support to trade at $106.94.

The rise was supported by the investors, too, as the uptick in the Chaikin Money Flow exhibited organic inflows.

Nexo (NEXO)

On the other end of the spectrum in the market today stood NEXO which remained mostly unchanged, trading at $0.6.

Despite the MACD highlighting an active bullish crossover in the case of the altcoin, NEXO isn’t making much growth due to the rising bearishness, which could make it difficult to recover the 50.8% crash it witnessed in June.

Chainlink (LINK)

LINK accompanied NEXO in going nowhere today as the altcoin moved by just 1.23%, still trading at $6.19, the same level it was at a month ago.

The Relative Strength Index (RSI) isn’t indicating any immediate bullishness either, lingering in the bearish zone under the 50.0 neutral mark.

Top 3 Trending Coins: BTC Primed For Breakout, Possible Vauld Acquisition Fails to Lift NEXO

Key Points

  • Bitcoin has formed a pennant structure that could see it push into the mid-$20Ks or to fresh annual lows.
  • NEXO has shown no signs of picking up amid news that Nexo is looking to buy Vauld.
  • Litecoin is underperforming on Tuesday and eyeing a drop back to annual lows just above $40.

Amid a more risk-averse macro mood as US market participants return to the fray following a public holiday extended weekend, cryptocurrency prices have been pulling back from earlier weekly highs. Market commentators were on Tuesday citing another big intra-day jump in European gas prices as raising risks of a stagflationary recession there, which has resulted in a bid for safe-haven assets like the US dollar and US bonds.

Stocks have been under pressure ahead of the US open and it, thus, isn’t too surprising to see that Bitcoin has pulled back about $1,000 to new session lows under $19,500. That means the cryptocurrency is back to close to flat on the week, having been as much as 6.0% higher when it came close to hitting $20,500 during Asia Pacific trade.

BTC/USD was thus last trading down by just shy of 4.0% on the day, while the world’s second-largest cryptocurrency by market capitalization Ethereum was trading closer to 4.5% lower on an intra-day basis. ETH/USD was last changing hands almost bang on the $1,100 level, having dropped back under its 21-Day Moving Average at $1,120 per token.

Like Bitcoin, Ethereum is still trading well within this week’s and recent ranges. Crypto trading conditions are likely to remain rangebound for the remainder of Tuesday’s session amid a lack of any notable US economic/central bank events to drive any macro volatility.

Focus has already shifted to the release of US ISM Service PMI survey results on Wednesday ahead of the publishing of the minutes from the Fed’s ultra-hawkish meeting last month. Traders will recall that, in June, the Fed implemented its largest rate hike in 28 years of 75 bps in a bid to demonstrate that it is serious about getting inflation under control.

Just a few days before the June Fed meeting, data showed that US inflationary pressures according to the Consumer Price Index had unexpectedly accelerated in May. The tone of the minutes tomorrow are likely to be very hawkish, with the Fed signaling for the first time back in June that it is willing to sacrifice growth and the health of the labor market (to an extent) if that is required to bring down inflation.

With US 10-year yields currently down nearly 70 bps from their mid-June highs near 3.5%, markets seem to have become much more pessimistic on the US growth outlook. Wednesday’s ISM data will be viewed in this context. A combination of poor data but a still very hawkish sounding Fed could weigh on risk assets like stocks and crypto.

Below is a list of Tuesday’s trending cryptocurrencies.

Bitcoin (BTC)

There has been lots of chatter in recent days about whether or not Bitcoin might have already or be close to printing its bottom for this bearish cryptocurrency market cycle. Various on-chain indicators of wallet activity cited by crypto analysts have been put forth as supporting the argument that Bitcoin is at/near a bottom. Usually, they argue in some way or another that 1) capitulation of weak-hand investors is advanced/nearly complete and 2) Bitcoin is oversold/under-valued.

Macro strategists have warned, however, that unless global inflationary pressures begin to tame, thus allowing central banks like the Fed to ease off on the tightening, Bitcoin’s bear market may still have some way to run. The situation could be made even worse if fears about a recession continue to rise, but this isn’t also coupled with expectations for easier central bank policy.

Bitcoin appears to have formed a pennant structure in the last few weeks since prices stabilized following their early/mid-June collapse. If Bitcoin can manage a sustained break above its 21DMA, that opens the door to a push towards the $23,000/$24,000 area.

But at the same time, a break below last week’s lows in the upper-$18,000s could trigger selling pressure that has the potential to push Bitcoin to fresh annual lows under $17,600. In the absence of a broad macro rebound in risk assets (like stocks) on bets that inflation will ease (perhaps due to a recession), the downside break looks the more likely outcome.

BTC/USD
BTC/USD forming a pennant. Source: FX Empire

Nexo (NEXO)

Cryptocurrency lending/yield generating service Nexo continues to project strength at a time when many of its competitors are imploding. Coinbase-backed digital assets platform Vauld has become the latest to halt withdrawals, but Nexo has immediately pounced. The two firms signed a so-called term sheet outlining plans for Nexo to acquire Vauld’s troubled assets within the next 60 days.

Nexo also offered to buy troubled Celsius Network assets immediately after the rival lending platform halted withdrawals amid “extreme market conditions” more than three weeks ago. Nexo has said that it is planning a mass consolidation of the crypto industry during the current bear market, indicating to crypto investors that its balance sheet must be looking much stronger than many of its competitors.

However, recent price action in Nexo’s utility token (holders get cheaper loans, and higher yields on deposits) tells a different story. NEXO/USD is down a little over 5.0% on Tuesday despite the news that Nexo is looking to buy Vauld, losses that are in line with the rest of the crypto market.

Since the start of May, NEXO/USD has dropped over 75% from above $2.30 per token to current levels just under $0.58. It only currently trades around 5.5% above the sub-$0.55 record lows printed last week.

The bulk of these losses came when Terra’s algorithmic stablecoin UST collapsed from its 1:1 peg to the US dollar back in early May, sending a chill across the Decentralised/Centralised Finance (DeFi and CeFi) space. Nexo is categorized as a CeFi platform.

NEXO/USD’s continued failure to get above its 21DMA, which was most recently evident in the last few days, suggest a downside break of the all-time lows looks very much on the cards. Crypto investors are obviously still very worried about the health of Nexo’s balance sheet given the fate being suffered by many of its competitors.

NEXO/USD
NEXO/USD eyeing annual lows despite Nexo’s potential Vauld acquisition. Source: FX Empire

Litecoin (LTC)

Litecoin was last down 7.5% on Tuesday, taking its losses in the last 24 hours to nearly 5.0% as per CoinMarketCap. That makes Litecoin the worst-performing cryptocurrency in the top 50 by market cap in the last day.

LTC/USD failed an attempt earlier in the day to break back above its 21DMA (just above $52.0) and has since slumped to fresh lows since 19 June in the low-$48.0s. Its technicals are looking bearish, with the pair very much still capped by a negative trend line that has been in play since mid-May.

The implication is that a near-term test of the 2021 lows just above $40 looks to be on the cards for the coming sessions/weeks.

LTC/USD
LTC/USD also looking on course for a test of annual lows. Source: FX Empire

How Might Embezzlement Accusations Impact NEXO?

Key Points

  • Nexo’s founders were accused of being involved in an embezzlement scheme that stole funds from a children’s health charity.
  • Nexo called such claims “ludicrous” and said its accusers were seeking to profit from short positions in a distressed market.
  • The platform’s utility token NEXO is so far unfazed but risks a crash to fresh all-time lows in the $0.50s.

What Happened?

Popular crypto borrowing/lending platform Nexo was the subject of a social media firestorm over the weekend. Pseudo-anonymous Twitter analyst and crypto sleuth otteroooo posted a thread on Saturday claiming that the founders of Nexo were involved in an embezzlement scheme that stole money from Bulgarian children’s health charity HelpKarma. According to otteroooo, Nexo’s Bulgarian founders used the funds to buy real estate and on “lavish personal travel”.

otteroooo claimed that the tweet thread had reached over 9 million impressions, prompting a furious response from the Nexo team. Nexo called the allegations “ludicrous” and asked “Why would a company with hundreds of millions in revenues and billions of assets under management, vetted by Fidelity, Mastercard and dozens of regulators ever have to resort to petty theft, let alone from children with medical needs?”. The company even issued otteroooo with a public cease and desist letter.

“Several anonymous Twitter accounts are using lies and distortion in yet another smear campaign against Nexo and profiting from short positions in a distressed market,” Nexo said in a public blog post.

Nexo Next Casualty of the Crypto Winter?

The latest set of accusations against Nexo comes at a time when the crypto industry is still in the throes of a severe downturn. The majority of major global crypto exchanges (barring Binance and FTX) have been slashing their workforces. Meanwhile, amid the crash in cryptocurrency prices, a number of large crypto hedge funds and borrowing/lending platforms have imploded.

The highest-profile of these have been Dubai-based crypto hedge fund Three Arrow Capital and lending platform and Nexo rival Celsius Network. But despite the torrid market conditions, Nexo appears in a strong position. The company immediately offered to buy distressed Celsius assets when the platform first paused withdrawals just over two weeks ago.

Meanwhile, it has also said that it plans a “mass consolidation” of the crypto industry via mergers and acquisitions in the coming months. However, if Nexo users start to lose trust in the Nexo platform amid embezzlement allegations and if they start to suspect that there has been mismanagement of their deposited funds, they may withdraw funds on mass.

That could quickly trigger a liquidity crisis at Nexo and put the company in a similar situation to its ill-fated peer Celsius Network.

How is NEXO Reacting?

Price action in the Nexo platform’s NEXO token has thus far been fairly tame. As of Monday, NEXO/USD is changing hands close to $0.70, well within the recent mid-$0.60s to $0.70s range of the last week or so. NEXO is consolidating in tandem with broader crypto markets as traders weigh up the outlook for inflation (peaking soon as commodity prices fall?), slowing global growth and further Fed (and other central banks) monetary policy tightening.

Despite recent calm, NEXO/USD is still on course to post monthly losses of over 45% and is down over 80% since its record highs at the start of last November above $3.70. The cryptocurrency has been an unsurprising casualty of the crypto winter. Its main utility is that its holders receive more favorable interest rates on the NEXO platform, so with investors de-risking this year and pulling money out of speculative areas of the market (like crypto and DeFi), the token has been in less demand.

NEXO/USD chart
NEXO/USD Chart. Source: FX Empire

NEXO/USD is currently trading about 20% above the record lows it hit earlier this month in the $0.50s. But traders should be aware that should Fear, Uncertainty and Doubt (FUD) take hold regarding Nexo’s founders and embezzlement, triggering further withdrawals of capital from the platform, these lows could easily be taken out. Macro risk, like if inflation stays high and prompts even more aggressive Fed rate hikes, could yet send the entire crypto market crashing further, which would take NEXO with it.

Morning Crypto Briefing: Bitcoin (BTC) Bounces at $20k After Fed’s Powell Warns US Recession Possible

Key Points

  • Fed Chair Powell on Wednesday warned a US recession is possible but otherwise didn’t say much new.
  • Cryptocurrencies have subsequently stabilized in recent ranges, with Bitcoin back in the mid-$20,000s having found support at $20,000.
  • Nexo is looking to take advantage of the crypto winter by pursuing mass consolidation of the crypto industry through M&A.

State of the Market

Aside from being a little more explicit in his acknowledgment of the risk that the US economy might fall into a recession, Fed Chair Jerome Powell’s comments at Wednesday’s Congressional testimony weren’t much different from those he made one week earlier after the Fed lifted interest rates by 75 bps for the first time in 28 years. Achieving an economic soft landing “is going to be very challenging” and a recession is “certainly a possibility” Powell conceded to lawmakers.

Powell reiterated that the Fed must press ahead with rate increases to get inflation under control, giving cryptocurrency traders and broader financial markets very little to trade off of. In pre-market trade on Thursday, US equity index futures are trading with a positive bias and eyeing a test of weekly highs, though remain within recent ranges. This is lending cryptocurrencies some support, with total crypto market capitalization hovering just under $900 billion as Thursday, about 4.5% up from Wednesday’s $850 billion lows and still around 16% higher versus weekend lows under $800 billion.

Cryptocurrencies have been resilient to growing calls for a US recession in the near term by major Wall Street banks and other analysts this week, perhaps as a recession may take the pressure off of the Fed to be so aggressive with rate hikes when tackling inflation. Data out later in the day (weekly US jobless claims and preliminary June PMI survey estimates) will give a timely insight as to the health of the US economy and, if weak, will lead to renewed recession calls that will test crypto’s resilience in the past few days. Powell will also be speaking again at the second day of his Congressional testimony, but his remarks will be a copy and paste from Wednesday.

Bitcoin, the world’s largest cryptocurrency with a market cap of around $395 billion, was last trading around $20,600, up about 3.5% on the day having found support $20,000 earlier. Ethereum, meanwhile, was last up about 5.5% on the day and trading back around the $1,100 level, having bounced from a test of $1,050 overnight. Price action across the major altcoins is similar; up from overnight lows but still within recent ranges.

Crypto Winter: Nexo Working With Citigroup on Mass Consolidation of Crypto Lenders

According to reports on Thursday, popular crypto lending firm Nexo is looking to take advantage of the crypto winter by pursuing a mass consolidation of the crypto industry through mergers and acquisitions and is working with major US investment bank Citigroup. “We have been approached by multiple Wall Street banks and decided to officially explore the opportunities for acquisition to help stabilize our nascent industry,” said Nexo’s co-founder Antoni Trenchev. Back on 13 June, Nexo revealed it was planning to buy out rival crypto lending platform Celsius Network, which has frozen customer withdrawals now for ten days.

Elsewhere, the billionaire CEO of crypto exchange FTX Sam Bankman-Fried has signed deals to bail out two major crypto firms in the last two weeks. Reports on Thursday suggest that FTX will provide crypto lending and custody service BlockFi with a $250 million revolving credit facility after the firm recently announced it was laying off 20% of employers. Last week, Bankman-Fried’s quantitative research firm Alameda Research it would provide Voyager Digital with $500 million in financing.

Exchange News: Binance.US Offers Zero-fee Bitcoin Trading, Bitget to Double Workforce

Binance.US, Binance’s US subsidiary, on Wednesday announced that it would offer zero-fee Bitcoin trading in order to attract more users. Coinbase, the largest US-based crypto exchange, saw its share price tumbled on the news. Coinbase will continue to face headwinds in the current crypto downturn, BTIG equity research analyst Mark Palmer said in a note earlier this week, with woes compounded by Celsius Network and Babel Finance’s struggles.

Elsewhere, Singapore-based crypto derivatives exchange Bitget on Thursday announced plans to double the size of its workforce in the next six months. The company aims to employ 1,000 workers by the end of 2022, up from 150 at the start of 2021. Bitget’s expansion comes at a time when other major crypto exchanges like Coinbase, Gemini and Crypto.com are shrinking the sizes of their respective workforces amid this year’s slump in crypto prices. Bitget has experienced “tremendous growth and generating strong and recurring cash flow despite uncertain market conditions,” said Bitget Managing Director Gracy Chen.

Meanwhile, Bybit and KuCoin are set to be slapped with enforcement action from Canada’s top financial regulator the Ontario Securities Commission (OSC) for failing to comply with securities law. Both stand accused of allowing residents of Canadian state of Ontario to trade unregistered securities. Bybit reached a settlement with the OSC which will include a C$2.5 million fine, while KuCoin will be banned from operating on Canadian soil for non-compliance with the agency.

Powell Supports Better Crypto Regulation

Fed Chair Jerome Powell was quizzed on crypto and regulation by US Senators at Wednesday’s testimony. Speaking about the crypto markets crash and high profile liquidations and exchange blow-ups, Powell said the Fed is “tracking those events very carefully” but that the central bank is “not really seeing significant macroeconomic implications”. Nonetheless, Powell said he sees the need for a better regulatory framework. “A lot of the digital finance products, in some ways, are quite similar to products that have existed in the banking system or the capital markets, but they’re just not regulated the same way,” Powell noted, adding that they need to be regulated in the same way.

Powell also commented on a recent decision by the SEC to advise firms holding customer digital assets to consider those assets as on their own balance sheet. That suggests that if a digital asset custodian, like an exchange, went bankrupt, a customer’s digital assets could get caught up. “Custody assets are off balance sheet, have always been,” Powell noted, adding that “the SEC made a different decision as it relates to digital assets for reasons it explained, and now we have to consider those.”

In other notable US regulatory news, US Congressman Jim Himes published a white paper on Wednesday in which he argued in favor of the creation of a Fed-issued Central Bank Digital Currency and argued it might be a safer bet than cryptocurrencies and private stablecoins. “A US CBDC would have advantages over privately issued stablecoins and crypto‐assets, most notably the ability to be backed by the full faith and credit of the US government, like traditional cash, and would provide holders with a degree of safety that may not be offered by privately issued stablecoins because of the risk associated with sponsors’ reserves,” Himes argued in the document.

Crypto has “Huge Applications and Potential within the Financial Sector”, Says BoE Policymaker

Elsewhere, survivors of the current crypto market crash could rise to dominate in the future like major tech names like Amazon and eBay did after the dot-com crash just over two decades ago, Bank of England Deputy Governor Jon Cunliffe said on Wednesday at a forum in Switzerland. Cunliffe said crypto/blockchain technology has “huge applications and potential within the financial sector” despite current uncertainty. “Whatever happens over the next few months to crypto-assets, I expect crypto technology and finance to continue,” he added, noting “it has the possibility of huge efficiencies and changes in market structure”.

His remarks contrast with commentary from other BoE policymakers. The bank’s governor Andrew Bailey recently said in a testimony before the UK Parliament that crypto has “no intrinsic value”. Meanwhile, Cunliffe had previously warned that crypto’s rapid growth poses a threat to broader financial stability.

Over in India, the government has issued clarifications to its controversial and stifling new crypto tax laws. From 1 July the country will implement a 1% tax on all crypto transactions on exchanges, who must notify the government of transactions within 30 days after the end of the month in which the transaction was made, with any sum to be paid also due then. At the start of April, India introduced a new 30% capital gains tax on crypto, though the transactions tax will be deductible from this.

Meanwhile, over in Singapore, chief fintech officer Sopnendu Mohanty of the country’s central bank told the Financial Times on Thursday that it will be “brutal and unrelentingly hard” on bad behavior in the crypto industry. Mohanty told the FT that is enforcing a “painfully slow” and “extremely draconian due diligence process” to licensing crypto businesses as it seeks to protect its broader economy.

China Argues Bitcoin Going to Zero

Finally, over in China, in an apparent attempt to dissuade citizens from purchasing cryptocurrencies after they were banned last year, various Chinese government mouthpiece news outlets have said that Bitcoin is headed to zero. According to China’s Economic Daily, Western nations have created a highly-leveraged market that is “full of manipulation and pseudo-technology concepts”. “Bitcoin is nothing more than a string of digital codes, and its returns mainly come from buying low and selling high,” the paper decried. “In the future, once investors’ confidence collapses or when sovereign countries declare Bitcoin illegal, it will return to its original value, which is utterly worthless,” it concluded.

Crypto Market Daily Highlights – June 17 – BTC, SOL, and ETH Steady

Key Insights:

  • Bitcoin (BTC) and the broader crypto market steadied after Thursday’s sell-off in just the second bullish session of the week.
  • From the top ten, Dogecoin (DOGE) gained 3.02% to lead the way, while bitcoin rose by just 0.29%.
  • The total market cap increased for the fifth time this month, though the increase was modest.

It was a bullish session for the crypto market on Friday. The gains were modest, however, relative to Thursday’s losses.

Bitcoin (BTC) managed to avoid sub-$20,000, with the NASDAQ 100 delivering support in a bearish week that left the NASDAQ 100 down 4.78%.

After decoupling from the NASDAQ on Thursday, the correlation weakened further on Friday, as shown below. It remains to be seen whether the US equity markets have bottomed out and $20,000 becomes the bottom for BTC.

BTC and NASDAQ decouple further.
BTC-NASDAQ 180622 5 Minute Chart

Crypto Market Cap Rises Modestly to Avoid a New Current Year

From June 12 to June 15, the total market cap fell to new current-year lows daily. The total market cap slid by $185 billion this week, visiting a Wednesday current year low of $833.3 billion on the way.

Crypto market cap steadies.
Total Market Cap 180622 Daily Chart

After another heavy loss on Thursday, market conditions improved ahead of the weekend, with the market cap rising for the second time this week. A $9 billion rise was unconvincing, however.

Apprehension followed by reaction to the Fed monetary policy decision on Wednesday continued to test investor appetite.

Despite Friday’s modest gains, headwinds remain that will leave uncertainty for investors to grapple with. These include economic and regulatory uncertainty.

From the top ten cryptos, DOGE led the recovery, rising by 3.02%, with ADA (+2.10%), BNB (+2.62%), SOL (+2.03%), and XRP (+2.76%) finding strong support.

BTC (+0.29) and ETH (+1.77%) trailed the front runners.

From the CoinMarketCap top 100, Stacks (STX) led the way, surging by 16.16%.

In a mixed session for the broader market. Nexo (NEXO) saw among the largest losses, falling by 3.26%.

On the stablecoin front, USDD movements remained an area of market interest, with TRON DAO Reserve yet to restore the dollar peg.

Steering clear of a current week low of $0.9582 provided some comfort and TRON (TRX) support.

Total Crypto Liquidations Eased Back Following Fed Policy Decision

Market conditions improved significantly from Tuesday, with total liquidations falling back to reasonable levels.

After hitting $1 billion on Tuesday, total liquidations stood at $133 million at the turn of the day. At the turn of the Thursday session, 24-hour liquidations had stood at $210 million.

1-hour liquidations also reflected improving market conditions.

According to Coinglass, 1-hour liquidations stood at $1.34 million.

Crypto liquidations steady.
Total Crypto Liquidations 180622

Crypto Daily News Highlights

  • Bitcoin (BTC) at $20,000 leaves GBTC premiums at an all-time low.
  • The crypto winter claimed more victims, with HK-based Babel Finance forced to suspend crypto redemptions and withdrawals.
  • TRON (TRX) found support as stablecoin USDD recovers from $0.9 levels.
  • Hinman speech-related documents remained the focal point of the ongoing SEC v Ripple case.

Bitcoin Struggles at $20K As NEXO Falls by 84% to 18-Month Lows

Key Insights:

  • Bitcoin, trading at $20.5k, is doing its best to stay afloat.
  • NEXO fell below the $1 mark earlier this week during the June 13 crash.
  • Price Indicators point toward further drawdown this month.

Known as the king coin, Bitcoin has been leading the crypto market towards its doom as the worldwide economy takes a hit as well.

Sharing a high correlation with the S&P 500 Index, BTC is edging closer to losing its $20k support which stands to be a crucial psychological level.

Bitcoin Is in Trouble

BTC is currently at the price level it was last at in January 2021, Since then, after enduring multiple rallies and crashes, Bitcoin managed to make it $67.5k, marking its all-time high.

However, the journey since then has been terrifying and frustrating for its investors as BTC has reduced by 70% in the last seven months.

34.6% of this came mostly during the recent crash, which also pushed BTC below $30k. Currently trading at $20.5k, BTC is showing vulnerability for further depreciation.

The MACD is highlighting a bearish crossover, and although the bearishness might appear to be receding, the broader market fear will not make it easy for BTC to recover.

This is also because the price fall was organic and not panic-induced, given the outflows observed on Chaikin Money Flow are reasonable against a bearish market.

If the altcoins fail to flip the trend and help BTC initiate a recovery, it won’t be long before the king coin slips to $19k.

NEXO – The Coin of the Day

Usually, that term is used positively, but since the entire market is negative. NEXO naturally becomes the highest loser of the day.

Down by 16% in 24 hours, the altcoin is only adding to its losses after declining by 40% in a week. NEXO’s volatility has been a bane and a boon for the altcoin for a while now.

This was helpful in the cryptocurrency almost establishing a new all-time high back in November and rallying by nearly 65.2% in a single day in May. 

But at the same time, the dips observed by the altcoin have resulted in NEXO falling by 83.9% from its all-time high of $4.055.

Trading at $0.65, the cryptocurrency is closer to depreciating further given its inching closer towards the oversold zone, a fall that will take the coin farther away from the ATH.

As it is, the downtrend displayed by the Parabolic SAR has brought the coin to an 18-month low. 

Crypto Market Daily Highlights – June 13 – DOGE, ETH, and BTC Slump

Key Insights:

  • Cryptocurrency market conditions deteriorated further at the start of the week, with the broader market seeing red for a seventh consecutive day.
  • While market apprehension toward Fed monetary policy continued to weigh, news of DeFi lender Celsius suspending withdrawals added to the bearish mood.
  • The total crypto market cap tumbled by $121 billion to sub-$1,000 billion for the first time since February 2021.

It was a bearish start to the week for the crypto market, with the broader market seeing red for a seventh consecutive day. According to CoinMarketCap, Theta Network (THETA) was the only altcoin in the top one hundred to avoid a loss, with a 6.41% gain.

Investor apprehension ahead of Wednesday’s Fed monetary policy decision and forward guidance continued to weigh on the crypto market.

Adding to the market angst, however, was news of DeFi lender Celsius suspending all withdrawals, swaps, and transfers. With the dust yet to settle from the collapse of Terra LUNA and TerraUSD, the prospect of another market event came at the wrong time.

The extended sell-off led bitcoin (BTC) to sub-$22,000 for the first time since December 2020.

Crypto Market Cap Slides to sub-$1,000 Billion Amidst Panic Selling

A particularly bearish Monday saw the total crypto market cap slide by $130.6 billion to end the day at sub-$1,000 billion.

The total crypto market cap last stood at sub-$1,000 billion in February 2021. By contrast, however, the crypto market was in a bull run in February 2021, culminating in a bitcoin November all-time high of $68,979.

Year-to-date, the total crypto market cap has fallen by $1,268 billion.

Crypto market cap slides to sub-$1,000 bn.

With regulators looking to expedite efforts to roll out more stringent policy measures, the news of Celsius suspending withdrawals will likely draw more government ire.

The latest news raises the risk of more collapses in the wake of TerraUSD Classic (USTC) and Terra LUNA.

From the top ten cryptos, ETH and BTC led the way down, with losses of 15.7% and 15.5%, respectively.

BNB (-12.6%), DOGE (-14.8%), and XRP (-9.1%) also saw heavy losses.

ADA and SOL fared better than most, falling by 5.3% and 6.6%, respectively.

From the CoinMarketCap top 100, Aave (AAVA), CurveDAO Token (CRV), NEO (NEO), NEXO (NEXO), THORChain (RUNE), and Zcash (ZEC) saw the heaviest losses.

Tracking gold spot (XAUUSD) into the red, PAX Gold (PAXG) failed to provide comfort, declining by 3.01%. On Monday, gold spot slid by 2.80% to end the day at $1,819.

Total Crypto Liquidations Remain Elevated

Following a rise over the weekend, total crypto liquidation spiked going into today’s session.

According to Coinglass, 24-hour liquidations stood at $1,070 million, well above any levels in recent weeks. Early in the Monday session, 24-hour liquidations had stood at $359.7 million,

One-hour liquidations pointed to a steadying in market cap conditions, with one-hour liquidations at $15.53 million.

Crypto liquidations sky rocket.
Total Crypto Liquidations 140622

Crypto Daily News Highlights

  • DeFi lender Celsius suspended withdrawals, swaps, and, transfers to add to the crypto market ire.
  • JPMorgan announced plans to tokenize US Treasuries to embed them into its crypto strategy.
  • US investors filed a lawsuit against Binance US for illegally selling TerraUSD and Terra LUNA.
  • Former Twitter CEO Jack Dorsey challenged Elon Musk to develop a DOGE-based Web69.
  • XRP investors await a court ruling that could decide the direction of the SEC case against Ripple Labs.
  • MicroStrategy (MSTR) share price tumbled by 25.18% on Monday, with Coinbase (COIN) sliding by 11.41%.

Is BTC About to Soar Above $100,000?

Bitcoin rose 4.3% on Wednesday to end the day around $41,300, Ethereum added 4% to reach 3100, and both remain near those levels early Thursday. The leading altcoins from the top ten have risen in price over the past day from 0.7% (Binance Coin) to 5.4% (Avalanche).

Demand on BTC

According to CoinMarketCap, the total capitalization of the crypto market has grown over the past 24 hours by 2.3% per day, to $1.92 trillion. The Bitcoin Dominance Index rose 0.3% to 41.0%.

Cryptocurrency index of fear and greed added to Thursday added 3 more points to 28 and moved into a state of “fear”.

Bitcoin was in demand in the US session amid a rebound in stock indices and a decline in the US dollar. The US currency began to correct downwards after a 9-day growth, which contributed to the revival of all risky assets.

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World’s first crypto credit card

Alex Mashinsky, CEO of the Celsius Network crypto-lending platform, said that Bitcoin will soar above $100,000 as early as 2022 as a result of capital flight from the stock market to cryptocurrencies. According to him, bitcoin began to behave as a protective asset against the backdrop of a deterioration in the general situation in the world.

Crypto lending platform Nexo has announced the release of the world’s first credit card secured in cryptocurrency based on the Mastercard payment system. The card will allow you to spend funds without having to sell crypto assets. They will be used as collateral to secure the loan.

According to IntoTheBlock, the number of long-term investors in the Shiba Inu token has grown 20 times since the beginning of the year. However, hodlers hold only 5% of the total capitalization of the meme token.

by FxPro’s Senior Market Analyst Alex Kuptsikevich.

Nexo and Mastercard Partner to Deliver Crypto-Backed Card

Key Insights:

  • Crypto lending platform Nexo launches crypto-backed credit cards with Mastercard and DiPocket.
  • Users can spend at more than 92 million merchants without having to sell crypto.
  • Technical indicators for NEXO are bullish, with NEXO sitting above the 50-day EMA.

Recently, the crypto world and mainstream payment platforms have formed stronger ties. Several leading crypto exchanges have partnered with Mastercard, Visa, and others to facilitate crypto purchases.

Several crypto exchanges also have credit card services, where users can purchase goods with crypto credit cards.

NFT marketplaces, such as Coinbase, have partnered with Mastercard to allow digital asset enthusiasts to purchase NFTs with fiat.

This week, crypto-lending platform Nexo (NEXO) offers crypto investors a new crypto payment offering.

Nexo Partners with Mastercard to Deliver Crypto-Backed Card

On Wednesday, crypto lending platform Nexo announced the launch of the Nexo Card. According to the announcement,

“Nexo is partnering with Mastercard and DiPocket to offer Nexo users access to crypto-powered liquidity across 92M+ merchant sites worldwide.”

Unlike other crypto platform credit cards, Nexo Card allows users to spend without actually having to sell digital assets. Available to users in Europe, the key features of the card include,

  • Nexo Card is linked to a Nexo credit line enabling users to use crypto, such as Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), as collateral.
  • No minimum repayments, no inactivity fees, and no FX fees for up to €20,000 per month.
  • Crypto cashback of up to 2%, paid in Bitcoin or NEXO token.
  • Available in physical and virtual form, users can add Nexo Card to Apple Pay and Google Pay.

Nexo cardholders will be able to spend up to 90% of the fiat-equivalent value of their crypto holdings.

While initially targeting European users, Nexo plans to offer the card worldwide.

Nexo Co-founder and Managing Partner Antoni Trenchev said,

“Launching the Nexo Card in Europe in partnership with Mastercard and DiPocket is a big milestone for us and the latest proof of the immense synergy between the existing financial network and digital assets. This unique product will allow millions of people, first in Europe and then worldwide, to spend instantly without having to give up the potential of their cryptocurrencies, thus offering unprecedented everyday utility for the emerging asset class.”

Nexo is in Expansion Mode, Targeting Web3 and Brokerage Services

Earlier this year, Nexo joined a growing list of crypto platforms to come under the scrutiny of U.S regulators.

In February, Nexo announced voluntary changes to its Earn Interest Product in the U.S to comply with “newly-announced guidance.”

While under the watchful eye of U.S regulators, it has been a busy start to 2022 for Nexo.

This month, Nexo launched Nexo Prime. Nexo Prime is a proprietary prime brokerage platform for high-net-worth, corporate, and institutional investors. The platform gives investors access to the necessary tools to securely store, trade, borrow, and lend digital assets.

In March, Nexo launched Nexo Ventures, a $150m venture arm for acquisitions and Web3 investments. The venture arm aims to speed up the development and adoption of blockchain tech by investing in “early-stage retail and institutional projects synergetic to Nexo’s core businesses.”

Last year, Nexo partnered with Three Arrows Capital to offer NFT art financing services. Nexo’s NFT Lending & Art Financing Service offers crypto credit backed by NFTs. According to a December press release, Nexo started by accepting Bored Apes and CryptoPunks NFTs.

NEXO Price Action

At the time of writing, NEXO was up 0.04% to $2.428.

NEXOUSD 140422 Daily
The next target is $2.70 levels and April’s high.

Technical Indicators

NEXO will need to avoid the $2.3770 pivot to move through the First Major Resistance Level at $2.504.

Broader market sentiment would need to improve to support a move through a Wednesday high of $2.454.

In the event of another extended rally, NEXO should test the Second Major Resistance Level at $2.581 and resistance at $2.600.

A fall through the pivot would bring the First Major Support Level at $2.301 into play. Barring an extended sell-off throughout the day, NEXO should avoid sub-$2.250. The Second Major Support Level sits at $2.173.

NEXOUSD 140422 Hourly
Avoiding the day’s pivot would bring $2.50 levels into play.

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal. As a result of the current breakout, NEXO sits above the 50-day EMA at $2.389. This morning, the 50-day EMA pulled away from the 100-day EMA, after having avoided a bearish cross. We also saw the 100-day EMA move away from the 200-day EMA; price positive.

NEXO would need to avoid the 50-day EMA to target April’s current high of $2.791.

NEXOUSD 140422 4-Hourly
Avoiding the 50-day EMA would support a run at April’s high and then $3.00 levels.

NEXO Under U.S Regulatory Scrutiny Over High Yield Crypto Product

Regulatory scrutiny has been in overdrive at the turn of the year. SEC Chairman Gary Gensler had warned the crypto market of what’s to come back in January.

SEC v Crypto

A number of exchanges have fallen under the watchful eye of the SEC in recent months. An ongoing area of focus continues to be the classification of cryptos and DeFi products. Just last week, the SEC hit BlockFi with a $100m penalty. The SEC claimed that BlockFi’s high yielding accounts were unregistered securities. It is this very issue of whether the SEC deems a product as a security that has resulted in the extended SEC case against Ripple. While the SEC deems Ethereum (ETH) not to be a security, the SEC alleges that Ripple Lab (XRP) raised over $1.3bn through an unregistered, ongoing digital asset securities offering.

Other crypto platforms have also been targets of the SEC, with even Coinbase (COIN) coming under regulatory fire over plans to launch a digital asset program called Lend. Via Lend, eligible Coinbase users can earn interest on selected assets with APYs starting from 4% on USD Coin (USDC). Coinbase halted the planned launch after receiving news that the SEC planned to sue without reportedly providing any explanation.

Nexo Comes Under Regulatory Scrutiny.

This week, Nexo (NEXO) announced voluntary changes to its Earn Interest Product in the U.S. According to the announcement, Nexo made the changes to comply with “newly-announced guidance”. While existing clients can continue to earn interest on their balances, new U.S clients will need to qualify to earn interest via a new product. Nexo also stated that the changes only affect the Earn Interest Product in the U.S and no other Nexo products.

The new product, referenced as Earn Interest Product 2.0 will be available once Nexo has finalized the registration process with “the relevant regulatory bodies”.

While there was no reference to the SEC, recent activity and the Nexo product in question suggests that the SEC was involved.

What is Nexo (NEXO)?

Nexo is a regulated institution for digital assets, offering its users the “opportunity to maximize the value and utility of cryptocurrencies“. Nexo achieves this by offering:

  • Tax-efficient Instant Crypto Credit Lines.
  • A high yielding Earn Crypto Interest Product.
  • Send & Pay capabilities.
  • Trading and OTC services.

Nexo users can earn daily interest on crypto and fiat currencies that include EUR, GBP, and USD. For fiat currencies, Nexo offers up to 20% annual interest, with the product offering a “unique daily payout”. Users can also earn up to 20% APR on idle digital assets, with interest paid daily.

Launched in 2018, Nexo manages assets for more than 3.5m users across 200 jurisdictions.

NEXO Price Action

At the time of writing, NEXO was up 1.04% to $2.045. Near-term, a move back through a current month high $2.373 would bring January’s high $2.839 into play. NEXO would need to move back through to $3.00 levels, however, to take a run at November’s high $3.655. From there, a move back through to $4.00 levels would bring May’s ATH $4.32 into play.

On CoinMarketCap, NEXO is currently ranked #76, with a market cap of $1,142m, at the time of writing.

NEXOUSD 190222