Crypto Price Analysis August 9: FIL, CRV, KSM, RUNE, UNI

Key Insights:

  • Curve DAO token led the market with a 10.57% fall.
  • Filecoin, Kusama, and others followed suit with more than 8% dips.
  • Bitcoin and Ethereum were in line with the same, falling to $23k and $1.6k.

Cryptocurrencies mostly noted a downtrend today as the crypto market faced the impact of the US Office of Foreign Assets Control’s (OFAC) sanctions on the crypto service provider Tornado Cash.

The platform linked with the North Korean hackers – the Lazarus Group, has been barred from usage by any US citizen.

Consequently, despite TORN, the native token of Tornado, being the epicenter, the bearish waves were felt across the crypto market, sparing only a few cryptocurrencies which did not even include the king coin and the altcoin king, which traded at $23,147 and $1,694, respectively.

Filecoin (FIL)

FIL noted an 8.84% decline today due to the broader market bearish cues, only days after marking an almost 87% rally in the span of 5 days.

The reason behind the fall has been a market cooldown caused by excessive bullish pressure, as evinced by the Relative Strength Index (RSI).

Curve DAO Token (CRV)

CRV was also amongst the worst performing assets of the day, falling by 10.57%, losing a part of its 165.42% rally from the month before.

Whether or not this momentum will stick is questionable since the Awesome Oscillator is exhibiting mixed signals at the moment.

Kusama (KSM)

Kusama finally broke its almost month-long streak of keeping above the basis of the Bollinger Bands, which would’ve been helpful during periods of volatility.

The 8.97% drop in 24 hours that caused this development also brought the trading price of the asset to $59.88 today.

ThorChain (RUNE)

RUNE was among the ones to lose the least, declining by just 5.69% in 24 hours after charting an 83.67% rally in the last two months.

But regardless of the rally, investors have been consistently pulling their money out of the asset as evinced by the downtick of the Chaikin Money Flow.

Uniswap (UNI)

Uniswap was the best performer of this lot as it only fell by 4.55% today, bringing the price to $8.391. The fall came days after the almost 155% rally from a month ago.

The MACD today also slipped into a bearish crossover, and the appearance of the red bar below the neutral line makes the altcoin far more susceptible to a price drop.

Crypto Price Analysis August 3: OP, STX, 1INCH, YFI, RUNE

Key Insights:

  • Optimism led the bullishness with a 23.74% rise today.
  • The likes of Yearn.Finance could be seen countering the bullishness with a 4.5% drop.
  • Bitcoin and Ethereum joined the broader market trend to rise to $23k and $1.6k.

While the crypto market did not gain a lot today, the $23 billion rise was still a good sign after days of losing out money.

This slight recovery was also backed by the king coin and the altcoin king as both rose to trade at $23,092 and $1,664, respectively.

Optimism (OP)

The altcoin gained significantly today, rising by 23.74% in the last 24 hours to inch closer to $2. This places the OP’s month-long rally at 314.59%.

The Bollinger Bands indicate excessive volatility in the market, which makes the altcoins susceptible to price swings and corrections.

Stacks (STX)

STX also noted an incline, although of just 7.5%, to keep its price from falling by a lot. At the time of writing, the white dots of the Parabolic SAR moved below the candlesticks once again, indicating an uptrend.

This would be helpful to the coin in recovering the losses it witnessed during the 42.26% crash of June.

1Inch (1INCH)

The altcoin followed in the footsteps of STX as it also rose by just 7.45% from yesterday’s lows to maintain $0.75 as support.

Despite the red bar on the Awesome Oscillator, 1INCH is still noting bullishness which is crucial in the recovery of June’s 45% dip.

Yearn.Finance (YFI)

The altcoin was one among the few that observed a decline today, slipping by 4.58% to trade at $11,116.17. However, despite this decline, YFI still has the 116.29% rally from July intact.

This will counter the outflows observed on the Chaikin Money Flow to push the recovery of May’s 46.37% dip.

ThorChain (RUNE)

RUNE also managed to clock in a 7.83% rise thanks to the broader market bullish trend. This saved the altcoin from losing the recovery of June’s losses.

However, the mixed signal visible on the MACD might make it difficult to ascertain when RUNE could recover the 60.49% losses of May as well.

Crypto Price Analysis July 25: TWT, CVX, FTM, NEAR, RUNE

Key Insights:

  • Trust Wallet Token entered the top 100 cryptos list with a 5% rally.
  • Near Protocol’s token was among the most to lose, down by over 11%.
  • Bitcoin and Ethereum also noted a decline, trading at $21.6k and $1.4k, respectively.

Thanks to the week-long bearish cues, the value of all cryptocurrencies slipped to $990 billion in the last 24 hours.

As the king coin and the altcoin king also joined the altcoins to drop and trade at $21.6k and $1.4k, no other crypto except for TWT and Uniswap could manage to break this downtrend.

Trust Wallet Token (TWT)

Being the only other cryptocurrency to close in the green, TWT managed to beat the bearish cues with a 5.17% rally. Its recent 63% rise surely did bring it closer to recovering the downtrend from its local top.

However, the visible downtick in Chaikin Money Flow which shows outflows from investors, would make it difficult for TWT to recover the remaining 32.49%.

Convex Finance (CVX)

Convex Finance’s 13% decline in the last three days invalidated some of the rise VCVX made this month, bringing it closer to the recent lows.

At the time of writing, the Awesome Oscillator seemed to observe growing bearishness which will keep the altcoin from recovering the losses of its 86.6% dip noted from May to June.

Fantom (FTM)

Falling by 12.42%, FTM lost a chunk of its rise today. However, being almost 40% above the June lows has made it easier for Fantom to recover the 44.8% of the crash.

The Bollinger Bands indicate that the high volatility might play in favor of the same, provided FTM is able to keep its candlesticks above the basis.

Near Protocol (NEAR)

Following the broader market cues, Near Protocol’s token fell by 11.4% in the span of a day, reducing its recovery to just 20.33%. The altcoin still has a long way to go to recover its 48.34% crash of June.

This appears to be slightly tricky since the MACD is inching closer to a bearish crossover, thanks to the rising intensity of the red candles.

ThorChain (RUNE)

RUNE also fell by almost 12% during the intra-day trading adding to the 19.64% fall over the last four days. Although the Relative Strength Index (RSI) does seem to be in a gradual incline, it is about to slip into the bearish zone.

Should that happen, RUNE would not only lose this recovery but also lose the opportunity to recover its May to June losses amounting to 77.84%.

Top 3 Trending Coins: AXS Surges, Eyes Key Break Above $18 as RUNE, GMT Swoon

Key Points

  • Major cryptocurrencies look set to end the week with healthy gains, despite pulling back from highs.
  • Axie Infinity’s AXS token is the best performer in the crypto top 100 amid heightened whale interest.
  • THORChain and STEPN’s GMT, meanwhile, have been battered over the last 24 hours.

Market Update: Crypto Traders Monitoring Incoming Macro Risks

Major cryptocurrencies are currently on course to post solid on-the-week gains. Bitcoin was last changing hands near $22,500, lower versus earlier weekly highs above $24,000, but still higher by about 8.5% this week. Ethereum, meanwhile, was last trading just under $1,550, down from earlier weekly highs near $1,650 but still above 15% up on the week.

Crypto was this week boosted as (mostly) upbeat US corporate earnings boosted the major US indices and broad macro risk appetite and with Ethereum getting further tailwinds amid “Merge” optimism now a date has been announced. Crypto traders will continue monitoring a host of macro risks next week.

Firstly, the US earnings season continues with some heavy hitters reporting next week. Apple, Amazon and Microsoft – three of the top four largest US companies by market cap – will have reported Q2 results by the end of next week. The tone of their reports will be a key factor in determining the near-term direction of US equity markets and, given their close correlation, cryptocurrency markets as well.

Elsewhere, the US Federal Reserve is expected to implement a second-successive 75 bps rate hike, which would lift the target interest rate range to 2.25-2.5% from 1.50-1.75%. The Fed is continuing on its quest to quickly lift rates above the so-called neutral level (around 2.5%) in order to get a handle on inflation which is at multi-decade highs and approaching double digits on a YoY basis.

Meanwhile, after business survey data on Friday showed that the dominant US services sector likely contracted this month, data out next week will probably show that the US economy shrunk for a second successive quarter in Q2, confirming that the economy was in recession in H1 2022. This makes the Fed’s job in bringing down inflation more challenging.

If the Fed does sound a little more dovish next week amid growing evidence of economic weakness and data confirms recession fears, markets may pull back on Fed tightening bets (as they did on Friday). This could provide a near-term boost for stocks and crypto.

Here is a list of Saturday’s top three trending coins.

Axie Infinity (AXS) Eyes Push Above $18 Resistance

Play-to-earn game Axie Infinity’s native AXS token surged to its higher level since late June above $17.75 on Saturday, leaving its 50-Day Moving Average around $15.50 and 21DMA just below that at $14.83 in the dust. The cryptocurrency was last trading higher on the day by about 12%, having pulled back a touch from earlier session highs to the $17.20 area.

Positive headlines in the crypto press about increased whale interest in the token may have pumped it in the last 24 hours. According to CoinMarketCap, during this time period AXS was up by around 6.0%, making it one of the best performing cryptocurrencies in the top 100 by market cap.

AXS is currently on course to post weekly gains of around 18.5%. However, the cryptocurrency has this week been unable to break above a key area of support-turned-resistance around $18.00. Should crypto sentiment continue to improve next week, a break above $18.0 could open the door to a swift rally towards the next major support-turned-resistance in the $27-$28 area.

AXS/USD
AXS/USD eyes rally above $18 resistance. Source: FX Empire

However, with the cryptocurrency currently at the top of a $12.00 to $18.00ish range that has prevailed now for more than a month, some might see current levels as an attractive sell. If macro developments next week weighed on crypto, AXS could easily be headed back under its 50 and 21DMAs and towards recent lows in the $12s.

Whale Interest in AXS Grows

According to a Saturday tweet from WhaleStats, a website that provides free data on crypto whales, AXS was among the top 10 purchased tokens amongst the largest 500 Ethereum whales over the last 24 hours. AXS is an ERC-20 token that runs on the Ethereum blockchain.

Some analysts interpreted the news as showing that dip buying interest in AXS is growing, with the cryptocurrency having pulled back around 90% from its record highs above $170 printed last November. However, according to the WhaleStats website, AXS makes up just 0.21% of the USD value of all ERC-20 tokens held in Ethereum wallets (not including ETH).

THORChain (RUNE)

According to CoinMarketCap, RUNE, the native token on THORChain, is the worst performing top 100 cryptocurrency of the last 24 hours. Over this time period, it has lost nearly 10% of its value.

After briefly surpassing $3.0 per token on Thursday and Friday, RUNE has dropped sharply back towards $2.50 on Saturday, where it is now eyeing a test of support in the form of early July highs. $3.0 has historically been a key level of support and appears to have turned to resistance more recently.

But cryptocurrency is still more than 20% higher on the week and its near-term technical outlook still looks fairly positive. Earlier in the week, it surged above both its 21 and 50DMAs and has arguably been in an uptrend since 18 June. If it can break above $3.0, it may be in with a shot of testing its 200DMA near $5.0.

RUNE/USD
RUNE/USD runs into resistance at $3.0. Source: FX Empire

STEPN (GMT)

According to CoinMarketCap, the native token on STEPN’s move-to-earn platform GMT is the second worst performing top 100 cryptocurrency of the last 24 hours. Over this time period, it has lost over 8% of its value.

GMT/USD fell back under its 21DMA at $0.944 on Saturday, a bearish sign that a test of its 50DMA at $0.87 might be coming next. For now though, the cryptocurrency remains in an uptrend since mid-June, so further decline might attract buying interest.

Crypto Market Daily Highlights – SOL, ADA, and DOGE See Deep Red

Key Insights:

  • After two mixed sessions, the crypto top ten hit reverse on Friday, with Solana (SOL) leading the way down.
  • For the NASDAQ 100, a three-day winning streak ended, with weak economic indicators reigniting fears of an economic recession.
  • The total coin market cap slid by $20 billion to end the day at $1,009 billion.

It was a bearish Friday session for the crypto top ten. Bitcoin (BTC) gave up early gains to end the day at sub-$23,000, with Solana (SOL) and Cardano (ADA) seeing heavy losses.

US economic indicators weighed on riskier assets. In July, the services PMI slid from 52.7 to 47.0, according to prelim figures, reigniting fears of an economic recession. A PMI value below 50.0 indicates a sector contraction. Services account for more than 70% of the US economy.

The crypto news wires also weighed on bitcoin and the broader market. Investors struggled to shake off the news of Tesla Inc. (TSLA) selling off 75% of its bitcoin holding, with the latest SEC move against the crypto market also negative as the SEC v Ripple case drags on.

On Friday, the broader crypto market tracked the NASDAQ 100 into negative territory in response to the weak private sector PMIs.

The NASDAQ 100 fell by 1.87% to end the week up 3.45%, while the total crypto market cap increased by 8.36% to $1,009 billion, Monday to Friday.

NASDAQ correlation
Total Market Cap – NASDAQ – 230722 5 Min Chart

The Total Crypto Market Cap Tracks the NASDAQ into the Red

After a choppy start to the session, the total crypto market cap hit a Friday high of $1,058 billion before hitting reverse.

The reversal saw the coin market cap slide to a day low of $1,001 billion before steadying.

Having tracked the NASDAQ 100 into the red, crypto investors continued to close positions after the US closing bell.

Crypto market cap
Total Market Cap 230722 Daily Chart

Notable moves across the crypto top ten were an Ethereum return to sub-$1,600 and a BTC fall to sub-$23,000.

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

SOL slid by 5.98% to lead the way down, with ADA (-3.40%) and DOGE (-3.68%) also struggling.

BNB (-1.20%), BTC (-2.02%), ETH (-2.53%), and XRP (-2.40%) saw relatively modest losses.

From the CoinMarketCap top 100, it wasn’t all doom and gloom.

Bitcoin Gold (BTG), surged by 23.33% to lead the top 100, with EOS (EOS), Kusama (KSM), and NEO (NEO) also finding strong support.

Leading the way down, however, was THORChain (RUNE), which slid by 10.81%, with Synthetix (SNX), Arweave (AR), and Lido DAO (LDO) also struggling.

Total Crypto Liquidations Eased Back from a Session High

On Saturday, 24-hour liquidations were on the rise, though the liquidation numbers over short-time horizons suggested improving market conditions.

This morning, 24-hour liquidations stood at $207 million, up from $198 million on Friday while down from $338 million on Thursday.

Liquidated traders also fell over the last 24 hours. At the time of writing, liquidated traders stood at 62,274 versus 65,160 on Friday morning.

While 24-hour liquidations increased, one-hour liquidations were down from Friday.

crypto liquidations
Total Crypto Liquidations 230722

According to Coinglass, one-hour liquidations stood at $3.74 million, down from $4.10 million on Friday. Four-hour liquidations stood at $51.48 million, up from $33.04 million on Friday, aligned with the late crypto sell-off (see below).

Choppy finish
Total Market Cap 230722 Hourly Chart

Daily News Highlights

  • Ethereum co-founder Vitalik Buterin gave updates on the Ethereum network at the Annual Ethereum Community Conference.
  • The Fear & Greed Index held steady on Friday, despite the investor reaction to the Tesla news.
  • From the SEC v Ripple case, the Securities and Exchange Commission filed a request to appeal against the court ruling on the Hinman speech-related documents.
  • SEC Chair Gary Gensler targeted crypto lending shops, claiming jurisdiction.

Crypto Price Analysis July 18: APE, RUNE, CVX, AXS, NEAR

Key Insights:

  • ApeCoin emerged as one of the leaders, rising by almost 25%.
  • ThorChain’s RUNE followed suit with an 18% rally.
  • Bitcoin and Ethereum both shot up to trade at $22.3k and $1.4k.

As the market entered the recovery mode today, every altcoin, with the exception of one or two, switched gears and rallied ahead.

The king coin and the altcoin king too supported this incline, with each rising to trade at $22,332 and $1,488, respectively.

ApeCoin (APE)

The Bored Ape Yacht Collection (BAYC) NFT collection token was one of the best-performing assets in the entire crypto market, rising by almost 25% in the last 24 hours. Trading at $5.9, APE could be seen inching close to the next major resistance of $6.42.

The Awesome Oscillator supported this rise with the appearance of green bars, indicating rising bullishness.

ThorChain (RUNE)

The altcoin did not hold back either as the broader market rally propelled RUNE to trade at $2.54, marking an 18.03% rise from yesterday’s close.

Going forward, the cryptocurrency could witness growth as the Bollinger Bands’ divergence highlights rising volatility in favor of a bullish momentum thanks to the candlesticks’ presence above the basis.

Convex Finance (CVX)

CVX inched closer to recovering the 67.83% losses it witnessed during the June crash as the altcoin rose by 14.66% today to trade at $7.13.

The rise is completely organic, as made evident by the Chaikin Money Flow’s uptick in the bullish zone. This could help CVX continue rising to reclaim $10.

Axie Infinity (AXS)

The GameFi token did not mark a rally as significant as the other altcoins on the list, but it did not disappoint either. Up by 9.95% in the last 24 hours, AXS could be seen trading at $15.8 at the time of writing.

Additionally, according to the MACD, the presence of bullishness on the asset will help it recover the 46.46% downfall it noted last month.

Near Protocol (NEAR)

The DeFi token finally gained some momentum this week to recover the 48.07% losses it witnessed during the June crash. Up by 12.48% today, NEAR could be observed closing in on reclaiming $4 as support at the time of writing.

This is bound to happen as the asset’s Relative Strength Index (RSI) entered the bullish zone today after lingering below it for almost three months now.

Crypto Market Daily Highlights – SOL and DOGE Sink in Bearish Session

Key Insights:

  • It was a bearish start to the week for the crypto top ten, with Solana (SOL) and Dogecoin (DOGE) leading the way down.
  • Market angst over inflation, the economic outlook, and Fed monetary policy fired up ahead of US inflation figures on Wednesday.
  • The total crypto market cap slid by $38 billion to record the fourth decline in ten sessions.

It was a bearish Monday session for the crypto top ten. Bitcoin (BTC) fell for a fourth consecutive day, with DOGE and SOL leading the way down.

Positive US nonfarm payroll (NFP) figures from Friday reverberated across the global financial markets. Following less hawkish FOMC meeting minutes last Wednesday, the NFP number reignited fears of a 75-basis point rate hike this month.

The crypto market tracked the NASDAQ 100 into the red, with investors now looking ahead to US inflation figures due on Wednesday.

Crypto - NASDAQ
Total Market Cap – NASDAQ – 120722 5 Min Chart

Another spike in inflation could assure a 75-basis point rate hike and a more aggressive rate path for the year.

However, riskier assets could find support should US retail sales figures disappoint on Friday.

The FOMC meeting minutes revealed concern over the impact of rate hikes on the economy. Weak numbers could force the Fed to take its foot off the gas to assess the effect of rate hikes on sentiment and consumption.

The Total Crypto Market Cap Slides to Sub-$900bn

A bearish Monday session led the crypto market cap to a day low of $862 billion before ending the day at $867 billion. The extended sell-off saw another $38 billion come off the table.

For July, the crypto market cap is up by just $1.5 billion, with the crypto market now facing the prospect of a fourth consecutive monthly loss.

Near term, the fate of the crypto market sits in the hands of the Fed and global economic indicators.

Crypto - NASDAQ
Total Market Cap 120722 Daily Chart

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

DOGE and SOL slid by 8.22% and 8.98%, respectively, to lead the way down.

ADA (-6.06%), BTC (-4.33%), and ETH (-6.18%) also struggled.

XRP  and BNB saw relatively modest losses of 3.17% and 3.80%, respectively

From the CoinMarketCap top 100, STEPN (GMT) led the way down, sliding by 12.5%, with THORChain (RUNE), Uniswap (UNI), and IOTA (MIOTA) close behind.

Loopring (LRC), Chiliz (CHZ), and Arweave (AR) bucked the trend. AR rose by 2.16%, with LRC and CHZ ending the day up by 0.25% and by 0.98%, respectively.

Total Crypto Liquidations Spike as Crypto Market Hits Reverse

24-hour liquidations increased through Monday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $177 billion, up from $111 billion on Monday and $60 million on Sunday morning.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 69,448 versus 39,241on Monday.

Four-hour and One-hour liquidations reflected deteriorating market conditions.

According to Coinglass, one-hour liquidations stood at $13.81 million, up from $0.586 million on Monday. Four-hour liquidations stood at $90.91 million.

Crypto liquidations
Total Crypto Liquidations 120722

Daily News Highlights

  • Bitcoin projections got more bearish, with $10,000 called more likely than $30,000.
  • CoinFLEX started the arbitration process to claw back $84 million.
  • XRP showed a muted response to the latest filings and rulings from the SEC v Ripple case.

Crypto Market Daily Highlights – BNB and XRP Hit Reverse

Key Insights:

  • It was a bearish end of the week for the crypto top ten, with XRP leading the way down.
  • Following a relatively range-bound Saturday, market uncertainty weighed ahead of several key economic indicators due this week.
  • The total crypto market cap slid by $29 billion to record the third decline in nine sessions.

It was a bearish Sunday session for the crypto top ten. Bitcoin (BTC) fell for a third consecutive day, with XRP leading the way down.

Following the Fed meeting minutes and US nonfarm payrolls, the market focus shifts to US inflation figures this week.

With the numbers due out on Wednesday, another spike could reignite fears of a 75 basis point Fed rate hike and a US recession.

Last week, the FOMC meeting minutes highlighted member concerns over the possible impact of rate hikes on the US economy. The uncertainty over Fed monetary policy and the economic outlook likely contributed to some profit-taking.

Through the early part of this week, we expect the crypto market to take its cues from the NASDAQ 100, with no decoupling likely near term.

Crypto - NASDAQ
Crypto – NASDAQ – 110722 Daily Chart

At the time of writing, the NASDAQ 100 Mini was down by 38 points.

The Total Crypto Market Cap Revisits Sub-$900bn

The bearish Sunday session saw the crypto market cap fall from a high of $935.7 billion to a low of $895.8 billion.

While late support limited the damage, the total market cap slid by $28.9 billion to $905.2 billion.

Crypto market cap
Total Market Cap 110722 Daily Chart

The Sunday pullback left the market cap up by $54 billion for the week ending July 10.

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

XRP  slid by 5.66%, with ETH seeing a 4.04% loss.

ADA (-3.35%), BNB (-3.62%), BTC (-3.41%), DOGE (-3.18%), , and SOL (-3.53%) also saw heavy losses.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) led the way, rising by 4.04%.

IOTA ( MIOTA), Monero (XMR), Amp (AMP), Chiliz (CHZ), and Tezos (XTZ) also bucked the broader market trend.

Leading the way down, however, was Internet Computer (ICP) and THORChain (RUNE), which slid by 8.7% and 8.9%, respectively.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations increased through Sunday, reflecting the bearish crypto session.

This morning, 24-hour liquidations stood at $111 billion, up from $59.5 million on Sunday morning.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 39,241 versus 23,346 on Sunday.

However, four-hour and One-hour liquidations reflected improving market conditions.

According to Coinglass, one-hour liquidations stood at $0.586 million, down from $1.60 million on Sunday.

Crypto liquidations
Total Crypto Liquidations 110722

Daily News Highlights

  • In the second quarter, crypto ATM installation growth slowed dramatically.
  • Polygon (MATIC) CEO Ryan Wyatt talked of Terra-based projects migrating to the Polygon network.

Top 5 Cryptocurrency Pairs to Watch this Week: BTC, ETH, AAVE, QNT, RUNE

Key Insights:

  • Bitcoin and ether looked at solid weekly gains as the top two crossed crucial support levels.
  • Ether and Aave rallied on high social sentiment alongside renewed bullish momentum.
  • Quant and THORChain’s RUNE also saw gains, but can they continue over the next week?

Despite the recent short-term bullish momentum and BTC’s high daily gains, macro uncertainty still left investors skeptical of a true recovery. Nonetheless, the larger sentiment turned for the better over the last week despite a rise in US yields and Fed tightening bets on strong US jobs and service sector survey data.

US tech stocks posted solid gains over the last week. The Nasdaq 100 ended the week with nearly 4.5% weekly gains. Of late, top cryptocurrencies like bitcoin have formed a higher correlation with tech stocks and indices.

The last week, was relatively bullish for the traditional market as well as cryptocurrencies as BTC rebounded to as higher as $22,500. The total crypto market cap resumed its upward trend, but weekend blues pulled down BTC’s price and the global crypto market cap.

Over the last few months, investors have constantly been concerned that the US and the global economy is weakening towards recession. Thus, market participants are steering clear of risky assets.

For now, however, the recent bullish momentum fetched decent weekly gains for the top crypto and a few altcoins. The crucial question remains whether the recent gains are, in fact, a recovery of another fakeout.

So, here are the top five cryptos to watch out for in this new week.

Bitcoin (BTC)

On July 7, BTC’s price broke above the crucial $21,400 mark, but bitcoin bulls could not keep up the bullish momentum above the higher $22,000 mark. Bitcoin’s price pullback from the $22,500 mark indicated that bears were still in control.

FXempire, BTC, Crypto, bitcoin
Bitcoin (BTC) Price Action | Source: FXEmpire

On a daily chart, BTC’s price saw a green candle for six consecutive days alongside a rising relative strength index (RSI). A rising RSI indicates buying pressure rising in the market as buyers dominate the scene.

Daily RSI highlighted that until July 8, buyers gained strength in the market, however, bears defended the $22,500 resistance with their might reversing the bullish momentum. This week, BTC’s trajectory could be crucial to watch as larger market gains would depend on the top coin’s track.

Owing to the recent gains, many in the market believed that BTC’s price bottom was in, however, CryptoQuant analysts cautioned investors and traders to ‘be careful.’

Notably, the High Leverage Ratio shows that the crypto market is still moving by futures market.

From the end of 2021, the Leverage Ratio rose for a certain period and then always fell sharply with the BTC price down. This situation kept happening until recent days.

Furthermore, Funding Rates are near zero. Usually, when BTC reaches the bottom, the funding rate drops and rises sharply. That didn’t happen at the recent low of $17,600.

FXempire, bitcoin, Crypto, BTC
Source: Crypto Quant

Additionally, the analyst said,

“We can’t ignore about possibility for Recession from Liquidity supply perspective. Even if BTC may rise a little more, we should also expect further BTC drop after that.”

Ethereum (ETH)

While the weekend saw decent profit-taking amid pre-macro event caution, ETH’s technicals presented a bullish scenario with the possibility of a breakout to as high as $1,700.

FXEmpire analyst, Joel Frank, in a recent article, presented,

“If Ethereum can muster a push above the $1,280 level, that would open the door for a swift rally towards its 50DMA around $1,440.”

At the time of writing, the top altcoin traded at $1,163.22 vs USD noting a 4.26% loss on the daily chart. However, ETH’s last week was fruitful as the coin was up by 10.65% on its weekly chart.

FXempire, ETH, Crypto, ethereum
Ethereum (ETH) Price Action | Source: FXEmpire

In the near term, if a push from bulls can place the coin above the $1200 mark, the same can ensure higher gains.

Aave (AAVE)

AAVE bulls led a recovery above the 50-day simple moving average just under the $80 mark on July 9. The rise in buying pressure indicated a likely change in trend.

With RSI in the positive zone alongside AAVE’s 36.46% weekly gains, it was evident that bulls are attempting to gain the upper hand in the market.
Over this week, the $85 and $93 mark could act as strong resistances for the token. A push from bulls above the said levels could point towards a solid recovery for the coin.

FXempire, AAVE, Crypto
Aave (AAVE) Price Action | Source: FXEmpire

Quant (QNT)

Quant’s native token QNT saw some amusing gains over the last week as larger market momentum picked up. QNT’s bullish trajectory indicates that a bottom may be in place.

After almost two months, a significant price uptick took the token above the $77 mark. As QNT bulls pushed their way, the coin’s price picked up, establishing above $76. Over this week, if bullish momentum continues, the next crucial price levels to watch will be the $89 and the $100 mark.

FXempire, QNT, Crypto, Quant
Quant (QNT) Price Action | Source: FXEmpire

THORChain (RUNE)

RUNE traded at $2.27 at press time, with a 4.64% loss on the daily price window. However, the token was in the top 5 weekly gainers of the last week. As the week closed, the coin presented 25.94% weekly gains at press time.

The altcoin’s price presented a tight range bound movement between the $1.77 and $2.40 mark since June 12. A move above the $2.50 resistance in the short term could help the coin regain market momentum.

FXempire, RUNE, Crypto
THORChain (RUNE) Price Action | Source: FXEmpire

A rise in RSI presenting a higher buying pressure could indicate a change in trend over this week.

Crypto Market Daily Highlights – SOL and ETH Lead the Top Ten Cryptos

Key Insights:

  • It was a bullish Wednesday for the crypto to ten, with Solana (SOL) and Ethereum (ETH) leading the way.
  • While sliding crude oil prices highlighted market fears for an economic recession, upbeat stats from the US delivered the NASDAQ 100 and the crypto market support.
  • The total crypto market cap rose by $19 billion to mark the fourth increase in five sessions.

It was a bullish Wednesday session for the crypto top ten. Bitcoin (BTC) continued to inch towards $21,000, last visited on June 28. SOL and ETH found the strongest support to lead the crypto top ten.

Investor jitters over a European economic recession continued to test support for riskier assets. The ongoing war in Ukraine and an energy crisis amidst a shift in central bank monetary policy remain tests of investor resilience.

However, the markets brushed aside the market headwinds, with positive US economic indicators supporting the equity and crypto markets.

NASADAQ delivers crypto support
Total Market Cap – NASDAQ – WTI 070722 15 Min Chart

At the time of writing, the NASDAQ 100 Mini was down 29.5 points.

The Total Crypto Market Cap Bounces Back to $900bn

Another choppy session saw the crypto market cap fall to a low of $867 billion before jumping to a high of $908 billion.

Crypto market cap
Total Market Cap 070722 Daily Chart

NASDAQ 100 support was the key to a return to $900 billion levels. While bullish on the day, crypto market headwinds linger.

A global economic recession, a likely shift in the crypto regulatory landscape, and an extension of the crypto winter would test investor resilience. Fed monetary policy will also be a consideration over the near term.

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

SOL and ETH rallied by 4.67% and 4.80%, respectively, to lead the way, with BNB gaining 3.38%.

ADA (+1.09%), BTC (+1.91%), DOGE (+1.89%), and XRP (+2.15%) trailed the front runners.

From the CoinMarketCap top 100, THORChain (RUNE), The Sandbox (SAND), and STEPN (GMT) led the way. RUNE rallied by 9.5%, with SAND and GMT gaining 6.5% and 6.8%, respectively.

At the other end of the table, TerraClassicUSD (USTC) saw the heaviest loss for a second consecutive day, sliding by 13%.

Total Crypto Liquidations Reflect Improving Market Conditions

24-hour liquidations fell back going into the Thursday session.

This morning, 24-hour liquidations stood at $101 million, down from $170.7 million on Wednesday.

Liquidated traders over the last 24 hours also decreased. At the time of writing, liquidated traders stood at 30,986 versus 54,606 on Wednesday morning.

However, one-hour liquidation figures suggested deteriorating market conditions at the turn of the day.

According to Coinglass, one-hour liquidations stood at $24.4 million versus $3.31 million on Wednesday. Investors will need to monitor the one-hour liquidation figures for any further rise that could pressure the crypto market.

Crypto liquidations rise
Total Crypto Liquidations 070722

Daily News Highlights

  • Meta plans NFT launch despite current market conditions.
  • UK government seeks public contribution to DeFi taxation.
  • Crypto lender Voyager Digital filed for Chapter 11 bankruptcy.
  • US lawmakers make no progress towards a CBDC.
  • Binance announced the launch of zero-free bitcoin (BTC) trading to commemorate the fifth anniversary.

Crypto Price Analysis July 4: RUNE, AVAX, MATIC, KAVA, CVX

Key Insights:

  • THORChain’s RUNE was one of the best performing assets yesterday, with an 11% rise.
  • Convex Finance’s CVX recovered from the week-long red candles marking a 14% recovery.
  • Bitcoin and Ethereum recovered from the lows of $19k and $1k as well.

The broader market gained more than $40 billion in the last 24 hours alone, thanks to the altcoins, which kept other cryptocurrencies afloat as well.

The king coin and the altcoin king rallied on the back of this rise, providing relief to their investors.

THORChain (RUNE)

RUNE rose by 11% in the last 24 hours and reclaimed the $2 mark after losing it to the 26.03% dip over the week. This added to the almost 24% rally it noticed in the previous three days.

The Awesome Oscillator does indicate rising bullishness which means that this rally might not be short-lived after all.

Avalanche (AVAX)

The DeFi token was also a victim of the recent dip, which invalidated 24.6% of the recovery AVAX made in June but the 13.68% rise observed since July 2 will push the altcoin towards $20.

The Bollinger Bands do not indicate any significant price swings at the moment, but with the candlestick above the bias, the price momentum will be positive.

Polygon (MATIC)

MATIC was one of the few altcoins not to lose a lot during the recent dip, thanks to its 75.64% recovery rally, which kept the crypto above $0.4.

Rising by 10.37% in the last 72 hours, MATIC is noting organic growth thanks to the consistent inflows from the investors, as observed on the Chaikin Money Flow (CMF).

KAVA (Kava)

Although KAVA did not make a lot of growth this week, it kept its users from losses by only sinking by 10.61%. The cryptocurrency is keeping its 31.22% recovery primarily intact.

This is despite the fact that on the MACD, the momentum is shifting in favor of bears, however, a bearish crossover hasn’t taken place yet.

Convex Finance (CVX)

CVX was one among the few to decline the most in the last week after falling by 28% in the span of just four days. Following this, however, the altcoin managed to rise by 35.69% to trade at $4.878 at the time of writing.

The Relative Strength Index is yet to reach the bullish area, which has been kept from CVX for almost three months now.

Crypto Market Daily Highlights – Solana and The Sandbox Lead the Way

Key Insights:

  • It was a bullish start to the week for the crypto top ten, with Solana (SOL) and Ethereum (ETH) leading the way.
  • Following the 3AC bankruptcy filing, news of more platforms freezing withdrawals failed to spook investors.
  • The total crypto market cap rose by $37 billion to reverse losses from the start of the month.

It was a bullish Monday session for the crypto market. Bitcoin (BTC) rose for a second consecutive day, its best run since a three-day winning streak in late June.

Solana (SOL) led the top ten, with BNB and ETH also finding strong support.

While trailing the front runners, Dogecoin extended its winning streak to four consecutive sessions.

At the time of writing, the NASDAQ 100 Mini was up 82 points, with a pickup in risk appetite likely to support the crypto market.

The Total Crypto Market Cap Rises for a Third Session

The bullish session saw the total crypto market cap inch back towards the $900 billion mark on Monday.

A bearish start to the day saw the market cap fall to a low of $837.4 billion before jumping to a high of $893.9 billion.

By day end, the market cap increased by $37.23 billion to $888 billion.

crypto market cap
Total Market Cap 050722 Daily Chart

Significantly, the Monday gain pulled the total market cap into positive territory for July.

However, it is also worth considering that the market has not enjoyed more than a three-day winning streak since March,

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

SOL rallied by 9.99% to lead the way, with ETH (+7.19%) and BNB (+5.57%) finding strong support.

ADA (+3.08%), BTC (+3.66%), DOGE (+3.23%), and XRP (+2.36%) also continued finding support.

From the CoinMarketCap top 100, The Sandbox (SAND) jumped by 15.1%, with Convex Finance (CVX) and THORChain (RUNE) rallying by 14.1% and by 10.4%, respectively.

However, NEM (XEM) fell by 2.7% to lead the way down. XEM joined a handful of cryptos to buck the broader market trend

Total Crypto Liquidations to Test the Current Market Upswing

24-hour liquidations picked up going into Tuesday, which could test investor resilience after the US holidays.

This morning, 24-hour liquidations stood at $147 million, up from $80.74 million on Monday and $58.2 million on Sunday.

Liquidated traders over the last 24 hours increased. At the time of writing, liquidated traders stood at 41,573 versus 25,320 on Monday morning.

One-hour liquidation figures also suggested a possible crypto market pullback at the turn of the day.

According to Coinglass, one-hour liquidations stood at $12.79 million versus $0.920 million on Monday.

Crypto liquidations
Total Crypto Liquidations 050722

Daily News Highlights

  • DappRadar and LayerZero launched the first cross-chain token staking mechanism.
  • FTX and BlockFi agreed on a deal with an FTX option to buy BlockFi for $240 million.
  • Meta shelved crypto wallet project Novi.
  • Hacker offered to sell over 23 terabytes (TB) of personal data for 10 BTC, highlighting the use of crypto for criminal activity.
  • Bankless Times revealed US romance scams as the second most common crypto scam.
  • Another crypto lender succumbs to the crypto winter. Vauld suspended withdrawals, trading, and deposits due to market conditions.

Top 3 Trending Coins: RUNE, AVAX Outperform, KCS Hit by KuCoin FUD

Key Points

  • Major cryptocurrencies are rangebound on Monday in holiday-thinned volumes with US markets closed for Independence Day.
  • Bitcoin was last trading just above $19,500 and Ethereum close to $1,100, both with an intra-day upside bias.
  • RUNE and AVAX are notable outperformers in the altcoin space, whilst KCS is an underperformer amid KuCoin-related FUD.

Market Update

Most major cryptocurrencies are trading with modest gains in thin volume trade on Monday, with US market participants away given market closures there for 4 July Independence Day celebrations. Bitcoin was last trading higher by about 3.0% in the last 24 hours, as per CoinMarketCap, and just above the $19,500 level.

The $19,000 level has been acting as a decent area of support over the last few days. Ethereum, the world’s second-largest cryptocurrency by market capitalization was last trading just under 5.0% higher in the last 24 hours just below $1,100 and eyeing a test of its 21-Day Moving Average in the $1,120s.

Like Bitcoin, Ethereum has been reasonably well supported in recent days but is still well within recent ranges. Monday’s subdued trading conditions are unsurprising given important upcoming risk events later this week. On Wednesday, US ISM Services PMI data for June is scheduled for release ahead of the publishing of the meeting minutes from June’s FOMC meeting.

The current narrative is that 1) the US economy is slowing (the Services PMI data is seen signaling this) and 2) the Fed will press ahead with tightening in the coming quarters regardless (given high inflation). Wednesday’s data is unlikely to shift this. Friday’s official US labor market data will be the week’s main event from a macro perspective.

The data will probably show that despite the slowing US economy, the labor market remains tight given the continued strong demand for workers/under-supply of them. That might weigh on sentiment (and crypto prices), if it boosts bets that the Fed will continue with aggressive rate hikes this year and into next.

But another narrative playing out at the moment, and one that could boost risk appetite (and crypto prices) is that, in the longer term, the Fed won’t need to keep interest rates too high. The market has come to terms with the fact that the Fed is going to take interest rates well above the so-called neutral rate (around 2.5%) before the end of this year.

But markets have in the last few weeks been paring back on bets as to how high the Fed will take interest rates in 2023 and increasingly pricing in rate cuts in late-2023/2024. This can be seen by looking at price action in long-term bond yields, with the US 10-year having pulled back sharply from as high as 3.5% in mid-June to back under 3.0% by the end of last week.

In a sense, what (bond and money) markets are telling us here is that inflation is going to come back under control without the Fed having to do anything too extreme regarding rate hikes. That could be because global supply chain issues ease. Or it could be because commodity prices crash in anticipation of a global recession (this is already being seen in industrial metals).

The more this idea gains traction, the room there is for a recovery in risky assets like stocks and crypto in the second half of this year. Anyway, for now, expect quiet trading conditions for the next few days ahead of upcoming risk events, with crypto prices likely to remain fairly rangebound.

Here is a list of Monday’s trending altcoins.

KuCoin (KSC)

Major global crypto exchange KuCoin’s utility token KSC has been underperforming the broader cryptocurrency market in the last few days as the crypto exchange faces a slew of rumors about its potential insolvency. The exchange had exposure to Terra’s ill-fated LUNA and UST cryptocurrencies and to insolvent crypto hedge fund Three Arrows Capital (3AC), some social media users claims.

KuCoin has vehemently denied these claims. But the associated FUD (fear, uncertainty and doubt) has nonetheless seemingly had an impact on KCS. KCS/USD was last changing hands at around $8.3 per token, a little above the new annual lows it printed on Sunday just above $8.0.

The cryptocurrency slid over 22% last week, with more than half of that loss coming on Saturday alone. Since the end of May, KCS has shed over 50% of its value and is down over 70% from the record highs it hit back in December 2021.

The next key area of support is in the $4.0-5.0 per token area (lows from H1 2021). To the upside, $9.0 has now become a key area of resistance. Until uncertainty about the health of KuCoin’s balance sheet it cleared up, KSC may not be able to mount a sustained recovery, even if broader cryptocurrency markets can.

KCS/USD
KCS/USD breaks below key long-term support amid KuCoin FUD. Source: FX Empire

THORChain (RUNE)

THORChain’s RUNE token is one of the best performing cryptocurrencies in the top 100 (by market cap) on Monday and, according to CoinMarketCap, was last up more than 13% in the last 24 hours. RUNE/USD recovered back above the $2.0 level on Monday and while it has pulled back from earlier session highs in the $2.11 area, is comfortably holding around $2.02 for now.

The cryptocurrency’s latest push higher has seen it bounce more than 17% from last week’s lows just above $1.70 and back above its 21DMA (at $1.93). That clears the way for a run higher towards the 50DMA just under $2.50. The $2.30s-40s will be a tough area for RUNE to crack back above, with this area having acted as support back in May and resistance in June.

RUNE/USD
RUNE/USD eyes run towards $2.40-50 resistance area. Source: FX Empire

Avalanche (AVAX)

Avalanche’s AVAX token is another strong performer in the last 24 hours according to CoinMarketCap. The cryptocurrency is the best performer in the crypto top 20 over this time period, having gained around 8.0%.

AVAX/USD is currently changing hands just above $17 per token, comfortably above last week’s lows just under $16.0. But the pair has not yet been able to crack back above its 21DMA.

Even if it can muster further upside momentum in the coming days, it faces a formidable hurdle in the form of a downtrend linking the 31 May, 6 and 26 June highs. This negative trendline will come into play as resistance before AVAX/USD can make it back to $20 per token.

An upside break of this level (which remains far too soon to call) would likely see AVAX rally to test the key support-turned-resistance $22.50 area, where the cryptocurrency’s 50DMA also resides.

AVAX/USD
AVAX/USD probes 21DMA from below. Source: FX Empire

Morning Crypto Briefing: BTC Pushes Above $21K, ETH Eyes $1.2K As Risk Appetite Ramps Up

Key Points

  • Crypto is set to end the week on the front foot with altcoins outperforming as risk appetite ramps up.
  • Falling bond yields and commodity prices amid growing calls for a US recession has been cited as risk asset supportive.
  • Bitcoin was lasting trading just above $21,000 and Ethereum near $1,200.

State of the Market

Broad macro risk appetite looks set to finish the week in robust fashion, with US equity index futures eyeing a test of fresh two-week highs. The E-mini S&P 500 future is currently up about 0.7% in pre-market trade in the mid-3,800s, taking its gains since earlier weekly lows in the mid-3,600s to around 5.0%, with this recovery in sentiment helping to prop up cryptocurrency prices.

Bitcoin was last consolidating just to the north of the $21,000 level, towards the top of this week’s upper-$19,000 to upper $21,000 range and more than 20% above weekend lows near $17,500. Ethereum, meanwhile, was last at weekly highs just below the $1,200 level and about 35% higher versus last weekend’s sub-$900 per token lows.

The outperformance of stocks and crypto this week has been surprising in the context of an increasingly loud chorus of economists, major financial institutions and even Fed Chair Jerome Powell himself warning about the rising risk of a recession in the US. But analysts said that this resilience in risk assets like stocks and crypto could be down to a steep drop in US government bond yields and major commodity prices, which itself directly reflects rising recession risks. This drop in commodities and bond yields suggests a tamer inflation outlook and less hawkish central banks.

In terms of the major altcoins, Polygon’s MATIC token is up more than 18% in the last 24 hours according to CoinMarketCap data, with MATIC/USD trading near $0.60 and higher by nearly 50% on the week. Analysts have cited recent upside as down to a new product released by Polygon’s development team that allows for more private voting in Decentralised Autonomous Organisations (DAOs). The new product, called Polygon ID, is a system that verifies user identification whilst allowing individuals to maintain their anonymity when voting on governance proposals. The product went live on Polygon DAO earlier in the week.

The next best performer is Ripple’s XRP, which is higher by over 13% over the last 24 hours and closing in on the $0.40 per token level, while the likes of Avalanche, Shiba Inu and Solana are all higher in the region of 7-10% over the same time period. Solana doesn’t seem to have taken much impetus from the news that the blockchain’s key stakeholder Solana Labs is planning to release its own Web3 integrated mobile phone called “Saga”. Generally, the altcoins are outperforming on Friday, indicate of improving crypto risk appetite.

NFT Market Update: Football Icon Cristiano Ronaldo Signs NFT Deal with Binance, Snoop Dogg & Eminem Release BAYC Themed Music Video

Football (soccer for the North Americans) icon Cristiano Ronaldo, who is widely viewed as one of the best to ever play the game, has signed an exclusive multi-year partnership with crypto exchange Binance to drop a series of Non-Fungible Token (NFT) collections. These NFTs will be sold exclusively on Binance’s NFT marketplace, with the first collection expected to drop later this year.

Ronaldo, commenting on the collaboration, said that “my relationship with the fans is very important to me, so the idea of bringing unprecedented experiences and access through this NFT platform is something that I wanted to be a part of”. Binance CEO and founder Changpeng Zhao said that owners of the Binance/Ronaldo NFTs would secure “exclusive engagement opportunities to connect with Ronaldo”. Ronaldo has over 450 million followers on Instagram.

Elsewhere, US rap/hip-hop superstars Snoop Dogg and Eminem on Friday dropped a new Bored Ape Yacht Club (BAYC) NFT-themed music video to their song “From The D 2 The LBC”. Both rappers own an NFT of the cartoon ape, thus giving them rights to the images’ intellectual property, which allows them to feature the apes in their commercial endeavors.

The price floor to get your hands on one of Bored Ape Yacht Club’s 10,000 unique NFTs was last just above $100,000, around which it has spent the last ten or so days hovering. That puts the floor price market cap of the world’s most valuable NFT collection at just above $1 billion. Many major celebrities own BAYC NFTs. 

Meanwhile, the North American National Hockey League (NHL) has just signed a multi-year partnership with NFT platform Sweet to build a digital collectibles marketplace. The NHLs foray into the NFT space follows recent moves by other major US sports leagues. The NBA, MLB and NFL have all announced similar NFT projects in recent years.

Crypto Winter: CoinFLEX Pauses Withdrawals, Voyager Digital Limits Withdrawals, Moody’s Downgrades Coinbase

Crypto futures exchange CoinFLEX announced on Thursday that it would be pausing withdrawals given “extreme market conditions”. The company said it expects to resume withdrawals when it is “in a better position as soon as possible”. Trading for perpetual swaps and on spot markets has also been halted. CoinFLEX’s withdrawal halt comes as a withdrawal pause from major crypto exchange/lending platform Celsius Network enters its 11th day.

Elsewhere, crypto broker Voyager Digital, which was recently backed with funds from FTX CEO Sam Bankman-Fried, announced earlier this week that its daily withdrawal limit had been lowered to $10,000 from $25,000 given its exposure to beleaguered crypto hedge fund Three Arrows Capital (3AC). Earlier in the week, the company had said that it had accrued $720 million in exposure to 3AC via stablecoins and Bitcoin.

Turning to exchange news, global rating agency Moody’s has downgraded the corporate debt of US crypto exchange Coinbase from Ba3 to Ba2. The rating agency said the downgrade comes given “Coinbase’s substantially weaker revenue and cash flow generation due to the steep declines in crypto asset prices that have occurred in recent months and reduced customer trading activity”.

Coinbase this week announced that its Derivative Exchange would be launching its first crypto derivative producers later this month in the hope to attract more retail customers. The futures exchange will launch “Nano Bitcoin futures” (BIT), which are 1/100th the size of a traditional Bitcoin future.

Turning to crypto miners, Wall Street broker B. Riley has reduced its stock price targets for publicly listed crypto mining this week. The firm cut US mining giant Marathon Digital from a buy rating to neutral and cut its price target to $9 from $34 (the current share price is in the $6-7 region), citing to a combination of lower the lower Bitcoin price coupled with “repeated delays in the energization of miners outside Montana”.

Elsewhere, Binance CEO and founder Changpeng Zhao argued in a recent blog post that “bad” crypto projects should not be left to fail. Unfortunately, some of these bad projects have large user bases, often as a result of inflated incentives that created “marketing or pure Ponzi schemes”, he said.

Regulatory Landscape: Fed Chair Powell Thinks Digital Dollar Should be Issued by US Govt, Not Private Company

Fed Chair Jerome Powell said on the second day of his semi-annual testimony before the US Congress on Thursday that he doesn’t think it is preferable for a private stablecoin to wind up being the digital dollar. “If we’re going to have a digital dollar, it should be government-guaranteed money, not private money,” Powell said.

The Fed Chair told Congress that the rollout of a Central Bank Digital Currency (CBDC) “is something we really need to explore as a country” and that the Fed plans to “work on both the policy side and the technological side in coming years and come to Congress with a recommendation at some point”. Powell’s remarks will not go down well with the issuers of some of the largest currently existing USD-backed/pegged stablecoins like Tether and Circle Internet Financial.

Elsewhere, in a separate Congressional hearing on crypto regulation, the co-founder of Cardano Charles Hoskinson had some interesting remarks regarding regulation and compliance. Congress should make the regulations, but leave compliance up to software developers, akin to how the banking industry self-regulates.

“It’s not the SEC (Securities and Exchange Commission) or CFTC (Commodities Future Trading Commission) going out there doing KYC-AML (Know Your Customer and Anti-Money Laundering), it’s banks,” he remarked. According to Hoskins, this would allow the crypto industry to create self-regulating organizations (SROs) to guide compliance, just like what happens in the private banking industry.

Over in the UK, the country’s former Chancellor of the Exchequer (the UK equivalent of the Finance Minister) Philip Hammond on Thursday warned that the UK could be falling behind its rivals when it comes to crypto regulation. The former Chancellor told Bloomberg that “the UK has missed a trick… We are getting very close to the point where it will be too late… Other jurisdictions are racing ahead of us”.

“The jurisdictions that have embraced this technology that have regulated it properly and effectively will be the ones that develop these markets and they will become the new hubs,” Hammond noted. For what it’s worth, the UK government announced plans back in May to introduce new crypto regulations with the stated aim of becoming a global hub for crypto and blockchain technology. Meanwhile, the world’s largest stablecoin issuer Tether also this week announced the introduction of a new pound sterling-backed stablecoin (GBPT) and referred to the UK as a new frontier in crypto innovation.

5 Most Popular Cryptos of the Week: MATIC, UNI, SHIB, SOL, RUNE

Key Points

  • In a broadly subdued week for cryptocurrency markets, MATIC, UNI, SHIB, SOL and RUNE have stood out.
  • The bounce in these cryptocurrencies and the broader market’s resilience has defied growing chatter about a possible US recession.
  • A further pullback in US government bond yields may be behind this resilience.

It’s been a subdued week for the broader cryptocurrency market so far, with prices in consolidation mode following big moves in recent weeks. Bitcoin is currently on course to a post a just under 2.0% gain for the week and is currently trading just under $21,000, well within the upper-$19,000 to upper $21,000 ranges that have prevailed since Monday. On the month losses currently stand at around 34%, with the cryptocurrency having been battered in recent weeks as further upside in US price pressures as per the CPI pushed the US Federal Reserve into accelerating the pace of monetary tightening last week.

Interestingly, crypto prices have been resilient this week to increased chatter about the rising risk of a near-term US recession, including an admission from Fed Chair Jerome Powell in his semi-annual Congressional testimony that a recession is possible. That could be because US government bond yields, especially at the long end of the curve, have continued to pull back sharply from last week’s multi-year highs, a reflection of growing pessimism about the economy. Lower long-term US bond yields lower the “opportunity cost” of holding non-yielding assets (like crypto) and of holding highly speculative assets (which crypto is still largely viewed as).

Ethereum, the world’s second-largest cryptocurrency by market cap, was last trading around $1,150, towards the upper end of the $1,050 to $1,200 range that has been in play since Monday. ETH/USD looks set to end the week just over 2.0% higher, though on the month losses still stand at around 40%.

Outside of the big two cryptocurrencies, here is a list of this week’s five most popular coins…

Polygon (MATIC)

The native token to Polygon’s blockchain MATIC was last trading higher by north of 50% on the week, making it one of the best performing cryptocurrencies so far this week. MATIC/USD was last trading close to the $0.60 level, up from the levels under $0.40 where it began the week and an even more impressive more than 80% up from last week’s lows just above $0.30.

Analysts have cited recent upside as down to a new product released by Polygon’s development team that allows for more private voting in Decentralised Autonomous Organisations (DAOs). The new product, called Polygon ID, is a system that verifies user identification whilst allowing individuals to maintain their anonymity when voting on governance proposals. The product went live on Polygon DAO earlier in the week.

But MATIC still trades down more than 10% on the month and is down about 80 from the record highs it hit last December around $2.925. MATIC/USD is currently finding resistance at a downtrend that has been in play since mid-May and its 50-Day Moving Average. An upside break could, technically speaking, open the door to a rebound towards the next key area of resistance in the $1.0 area. But whether broader crypto conditions can improve sufficiently to allow such a move amid such elevated uncertainty surrounding the global economy and central bank policy is another thing.

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

Uniswap (UNI)

Decentralized Exchange (DEX) Uniswap’s utility token UNI has also performed strongly this week. UNI/USD was last trading with on-the-week gains of around 30% in the $5.50 area, up from earlier weekly lows close to $4.0 per token. That takes its gains since last weekend’s lows in the $3.30s to above 60%.

Analysts cited the platform’s recently announced acquisition of NFT marketplace aggregator Genie and its appointment of a former New York Stock Exchange President Stacey Cunningham as an advisor as helping drive recent gains. Analysts also noted that, impressively, Uniswap has been consistently generating fees similar to that of the Ethereum blockchain in recent days. According to CryptoFees data, Uniswap averaged $3.97 million in fees per day over the last seven days versus Ethereum’s $4.02 million average.

But UNI/USD is still trading slightly in the red on the month and is around 87% below the record highs it hit above $45 in May 2021. But analysts note an upside break of resistance around $6.0 could spur a run higher towards $8.0, broader crypto conditions allowing.

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

Shiba Inu (SHIB)

The crypto community’s second favorite dog-inspired memecoin Shiba Inu is currently on course to post gains of over 25% this week, amid a spike in a number of its social metrics according to crypto intelligence website LunarCrush. SHIB/USD was last changing hands just above the $0.000010 level, having rallied from early weekly levels just above $0.000008, with the cryptocurrency’s social dominance score having jumped to around 2.5% as of Friday from around 1.8% on Sunday.

Most of the rally came on Tuesday, with SHIB spiking over 30% on the day, though finding resistance at the cryptocurrency’s 50-Day Moving Average at $0.000012 (at the time, the 50DMA has since fallen to $0.0000113). In the absence of a significant lift to broader crypto market sentiment, it’s hard to argue for a more sustained recovery.

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

Solana (SOL)

The Solana blockchain’s native token SOL has been unable to break above the $40 level this week but is nonetheless on course to post healthy weekly gains of nearly 13% in the $38s, meaning it has now been able to sustain a move back above its 21DMA for the first time since early April. At current levels, SOL/USD is trading around 50% above earlier monthly lows, likely helped out by the fact that, according to LunarCrush, a few of its key social metrics have ticked higher in recent weeks.

For example, daily social engagements were near 400 million on Friday, LunarCrush data shows, up from around 35 million at the end of last month. With SOL/USD breaking above a key short-term downtrend this week, the prospect for some near-term gains, assuming broader cryptocurrency market stabilization continues, looks good.

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

THORChain (RUNE)

THORChain’s RUNE is up over 22.5% so far this week, having risen from under $1.80 to current levels close to $2.20, in wake of the project officially announcing the launch of its Mainnet, alongside the rollout of a new promotional campaign called the “Rune in a Million Campaign” on Binance that will dish out $1 million in RUNE rewards to exchange users.

But the cryptocurrency, which is still on course for monthly losses of more than 30%, has not yet been able to break above its 21DMA at $2.24 and also faces significant resistance in the mid-$2.30s. If it can overcome these levels, a run higher towards $3.0 per token is possible.

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

Crypto Price Analysis June 17: SHIB, RUNE, LINK, DOT, ETC

Key Insights:

  • Both Bitcoin and Ethereum barely changed their position today.
  • Most of the altcoins consolidated after weeks of volatility.
  • A few cryptocurrencies, such as ThorChain, did observe depreciation still.

Bitcoin and Ethereum, still trading below $21k and $1.1k, respectively stabilized the crypto market today as the rest of the altcoins followed suit. Even so, some cryptocurrencies noted a decline as the market closed at $869 billion.

Shiba Inu (SHIB)

After closing a week-long depreciation of 27.33% on June 13, SHIB recovered by 9.84% over the next 48 hours. However, yesterday all the recovery was invalidated when the meme coin dipped by 9.75%.

Today trading at $0.000008, Shiba Inu is showing no definite signs of growth either.

With the Relative Strength Index in the bearish, neutral zone, SHIB still has a while before it starts posting consecutive green candles. 

ThorChain (RUNE)

Unlike other altcoins, which only lost what they gained yesterday, RUNE declined further below the mark it closed the week-long crash of 40.95% on June 13.

The 11.6% rise recorded in 2 days brought RUNE above $2, but the 17.7% fall yesterday left the coin trading at $1.7 at the time of writing.

On the MACD, RUNE is observing a bearish crossover, although with merely any significant implications since the probability of a price swing is very low.

Chainlink (LINK)

While the oracle blockchain continues growing in terms of integration with DeFi protocols, its native token LINK isn’t too disappointing either. Although the altcoin did dip by 13.22%, it stood nowhere close to invalidating the 23% rise from June 15.

Plus, the gradual increase might even bring LINK back to test the 50-day Simple Moving Average as support as it did right before the 36.1% crash.

Polkadot (DOT)

The DeFi blockchain token is currently testing the $7 range after falling by 16.27% on June 16, following the 20.85% rally from the day before.

As DOT is nowhere close to reclaiming the losses it endured during the 32.88% crash, investors might have to wait a little bit longer for profits.

At least DOT still has the support of its investors, as, despite the single-day dip of 16%, the money outflow wasn’t too catastrophic for Polkadot.

Ethereum Classic (ETC)

The Ethereum hard fork has been struggling to grow ever since it hit its all-time high back in May 2021. After falling by almost 36% earlier this month, ETC rallied by 10% two days ago, but the rise could not be sustained thanks to the broader market’s bearish cues.

Consequently, the altcoin fell by 13% yesterday, bringing it to the current trading price of $14.32.

As the Parabolic SAR continues indicating a downtrend, the altcoin is definitely vulnerable to falling below $10, should the bearishness increase.

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%.

BTC and ETH Face Uphill Task, TRX Could Extend Rally

Key Insights:

  • BTC is attempting a recovery wave but faces a hurdle near $39,150.
  • Ether (ETH) is trading well below $2,900.
  • TRX has surged over 15% and may rally further if it clears $0.0720.

Bitcoin (BTC)

After a sharp decline, the bitcoin price found support near the $37,500 zone. A base was formed and the price started an upside correction above the $38,000 level.

The price was able to recover above the $38,500 resistance and the 21 simple moving average (H1). It is now facing resistance near the $39,150 level or the 50% Fib retracement level of the downward move from the $40,400 swing zone to the $38,500 region.

Bitcoin Hourly Chart
BTC Chart By FXEmpire

The next major resistance sits near $39,500 and a connecting bearish trend line on the hourly chart. A close above $39,150 and $39,500 is a must for a steady upward move. If not, the price might resume its decline below $38,000.

Ethereum (ETH)

ETH also followed a similar pattern, after it declined towards the $2,720 level. The price started a recovery wave above the $2,750 level and the 21 simple moving average (H1).

The price even climbed above the $2,800 resistance, but the bears were active near $2,865. Ether price is now moving lower and trading below $2,820. There is also a key bearish trend line with resistance near $2,870 on the hourly chart.

Ether ETH Hourly Chart
ETH Chart by FXEmpire

If ether price stays below $2,865 and $2,870, it could resume its decline. The next major support sits near the $2,720 level.

Tron (TRX)

TRX formed a strong base above the $0.0575 level. As a result, there was a bullish reaction above the $0.0650 resistance zone.

The price climbed above the $0.0680 resistance and the 21-day simple moving average. It even moved above the 50% Fib retracement level of the downward move from the $0.080 swing zone to the $0.0575 low.

Tron TRX Daily Chart
TRX Chart by FXEmpire

It is now facing a major resistance near the $0.0720 zone a bearish trend line on the daily chart. If there is a clear move and close above $0.0720, TRX could extend the rally.

The next key resistance on the upside may perhaps be near $0.080 or $0.0850. If there is no upside break, the price could revisit the $0.0620 support zone.

ADA, BNB, and DOT price

Cardano (ADA) is still struggling below the $0.800 resistance zone. It is moving lower and there is a risk of a move towards the $0.750 level.

Binance Coin (BNB) attempted a fresh increase above the $392 resistance but failed. It is now trading below $390 and might even test $382.

Polkadot (DOT) declined heavily below the $16.20 and $15.50 support levels. If the bears remain active, there is a risk of a move towards the $14.00 level.

A few trending coins are LUNA, SAND, and RUNE. Out of these, LUNA gained pace and recovered above the $84.00 level.

Bitcoin and ETH Smash Resistance, Rune Bulls Aim Big

Key Insights:

  • Bitcoin gained pace for a move above the $41,000 resistance.
  • Ether (ETH) is showing positive signs above $3,080.
  • RUNE surged over 18% and might rise further above $10.00.

Bitcoin

After a sharp decline and downside extension, bitcoin price found support near $38,850. BTC formed a base and started a decent recovery wave above the $40,000 level.

The bulls were able to push the price above the $40,650 zone and the 21 simple moving average (H1). The price even surged above a major hurdle near the $41,000 level on the hourly chart.

Bitcoin

It is now showing positive signs above $41,000 level. The next major resistance is near the $41,800 level. A clear move above the $41,800 zone could open the doors for more upsides. If not, bitcoin price might decline to $40,580.

Ethereum (ETH)

ETH also followed a similar path after it spiked below the $2,900 level. The bulls appeared near $2,880 and protected heavy losses. The price is now rising and trading above $3,030.

There was a break above a connecting bearish trend line at $3,060 on the hourly chart.  Ether even climbed above $3,080 and the 21 simple moving average (H1). It is now facing a strong resistance near the $3,100 zone.

Ether

A successful close above $3,100 might set the pace for more gains. The next key hurdle is $3,165, above which the bulls might take control. If there is no upside break, the price could start a fresh decline towards the $3,025 or even $2,980.

THORChain (RUNE)

RUNE rallied sharply after it broke the $10 resistance zone. It even surpassed the $12 level before the bears appeared near the $13.20 zone.

The price started a downside correction below the $12 level. The price even declined below the $10 level and the 21-day simple moving average. Finally, it spiked below $8.50 and tested $7.50.

RUNE is now forming a base above the $8.00 level. It is up over 15% today and eyeing an upside break. It cleared the 23.6% Fib retracement level of the downward move from the $13.20 swing high to $7.42 low.

THORChain (RUNE)

If the bulls remain in action, they could push the price above the $10 resistance and the 50% Fib retracement level of the downward move from the $13.20 swing high to $7.42 low.

The next major stop could be $12.00. If they fail, the price might resume its decline below the $8.00 level. The next key support sits at $5.90.

ADA, BNB, and DOT price

Cardano (ADA) is up 5% and trading near the $0.945 resistance. If there are more gains, the price may perhaps test the $0.98 resistance.

BNB is showing positive signs above the $415 level. If there is a close above the $422 resistance, the price may perhaps rise towards the $430 level.

Polkadot (DOT) is up 5% and there was a move above the $18.00 resistance. It is trading above $18.50 and might even test $18.80.

A few trending coins are LUNA, NEAR, and MATIC. Out of these, LUNA gained over 15% and might soon test the $100 level.

Dogecoin and THORChain Lead Rallies Despite Market Losing $30B

Key Insights:

  • Dogecoin is up by almost 21% from yesterday’s lows.
  • THORChain, on the other hand, has risen by 11.19%
  • However, the entire crypto market has lost about $30 billion since yesterday.

Usually, as the crypto market begins correcting or rallying, it sees the majority of the coins react in the same manner.

However, at the moment, as the total market capitalization faces a red, Dogecoin and THORChain, which recently became pretty famous, have been defying the market trend.

Dogecoin Barks Louder Than the Market

Even though no significant event has occurred on the developmental front, DOGE has been shooting up. The closest thing affecting the meme coin’s price is the Elon Musk – Twitter story.

After acquiring a 9.2% stake, Elon was added to the Board of Directors of Twitter, who, as per CEO Parag Agrawal, ‘would bring great value to the Board.’

Thus as the DogeFather onboard one of the biggest existing social media platforms globally, Dogecoin was bound to bear witness to the bullishness that would ensue. And it sure did. 

The coin observed an almost 21% rise in a single day, creating a wider opportunity for a correction or consolidation without losing its bullish grounds.

The altcoin is already above the bias (white line) of the Bollinger Bands, which indicates that the volatile vulnerability open for DOGE will lead the coin in the bullish direction.

Dogecoin marked the single-day highest rise in months yesterday

Plus, trading at $0.1656, DOGE already flipped both the 50-day SMA (red) and the 100-day SMA (blue) into support which will be a massive advantage for the coin given the coin is correcting the rise, falling by 3% at the time of writing.

THORChain Follows Suit

RUNE went down a similar path, but it took a different route as the single-day rise of the token was only 1.3%, but the recovery from yesterday’s lows is what registered an 11.19% rally.

At the moment, RUNE is also noting a red candle, but the signals are bearish and will remain so for a while. The rally of March flipped the 50-day SMA, the 100-day SMA, and the 200-day SMA (green) all into support.

THORChain (RUNE) is noticing more fluctuations than any other coin

Thus even with a red candle, the coin won’t fall.

As the rest of the market continued the journey in red even today, the crypto market lost almost $30 billion out of its $2.09 trillion capitalizations in 24 hours. So while it may sound like a big deal, it really isn’t.

Total Market Cap observed a $29.33 billion loss | Source: TradingView