Crypto Market Daily Highlights – SOL Falls While Optimism (OP) Surges

Key Insights:

  • It is a mixed Wednesday session for the crypto top ten, with Solana (SOL) in the red to buck the top ten trend.
  • Geopolitics took a back seat as investors responded to upbeat US economic indicators and corporate earnings.
  • The Wednesday bullish session sees the total crypto market cap ending a four-day losing streak, with the market cap rising by $14 billion.

It is a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) fails to revisit the $24,000 handle for the third consecutive session, while SOL suffers at the hands of a Solana wallet heist.

A busier day on the economic calendar provided the crypto market with direction. While geopolitics remained a focal point following Nancy Pelosi’s Taiwan visit, US economic indicators eased fears of a US recession.

In July, the ISM Non-Manufacturing PMI unexpectedly rose from 55.3 to 56.7. Economists forecast a PMI of 53.5. With services accounting for more than 70% of the US economy, the numbers delivered the FOMC hawks a reason to skew towards a 75% basis point rate hike in September.

US corporate earnings also delivered market support and a NASDAQ 100 breakout session. PayPal (PYPL) jumped by 9.25% on a rosy earnings forecast, supporting the NASDAQ 100’s 2.59% rally.

US corporate earnings have influenced the crypto market this earnings season. Crypto investors showed sensitivity to earnings results and outlooks from Amazon.com (AMZN), Apple Inc. (AAPL), Microsoft (MSFT), and Walmart (WMT).

NASDAQ influences
Total Market Cap – NASDAQ – 040822 5 Min Chart

The Total Crypto Market Cap Aims to End Four Day Losing Steak

On Wednesday, the total crypto market cap slid to a day low of $1,023 billion before rising to a high of $1,074 billion.

However, another bearish end to the session sees the market cap back down to $1,054 billion. The total crypto market cap is up $14 billion, reducing the August deficit to $5.7 billion.

Crypto market ends 4-day losing streak
Total Market Cap 040822 Daily Chart

A shift in market focus away from the US-China tensions to US economic indicators and corporate earnings delivered the boost. Cybercriminal activity failed the dampen the mood, despite the news of several attacks hitting the crypto wires.

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

It is a mixed Wednesday session for the crypto top ten.

BNB is up 6.41% to lead the way, with ADA (+2.62%) a distant second.

BTC (+1.07%), DOGE (+1.31%), ETH (+0.24%), and XRP (+0.81%) also find support.

SOL bucks the trend, falling by 0.73%.

From the CoinMarketCap top 100, it is a mixed session.

Optimism (OP), Lido DAO (LDO), and Stacks (STX) are among the front runners.

OP is up 35.77%, with LDO and STX gaining 16.29% and 8.16%, respectively.

At the other end of the table, Cronos (CRO), Oasis Labs (ROSE), and yearn.finance (YFI) are among the biggest losers. CRO is down 5.38%, with ROSE and YFI falling by 3.17% and 3.03%, respectively.

Total Crypto Liquidations Ease Back in Positive Crypto Session

24-hour liquidations are declining ahead of the Thursday session, reflecting improving crypto market conditions. A pullback in 24-hour liquidations coincides with the crypto market ending the four-day losing streak that saw BTC fall back to the $22,600 handle before finding support.

At the time of writing, 24-hour liquidations stand at $120 million, down from $208 million on Wednesday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stand at 43,241 versus 78,905 on Wednesday morning.

While four-hour liquidations also signal steadying market conditions, one-hour liquidations reflect the late crypto pullback.

Crypto liquidations ease
Total Crypto Liquidations 040822

According to Coinglass, four-hour liquidations stand at $13.04 million versus $37.01 million on Wednesday morning. One-hour liquidations are down from $5.39 million to $3.88 million, while up from Tuesday’s $1.28 million (see hourly crypto market cap chart below).

Market caps slips
Total Market Cap 040822 Hourly Chart

Daily News Highlights

  • Solana (SOL) became the victim of a “multimillion dollar heist.”
  • New York regulator slapped Robinhood (HOOD) with a $30 million fine.
  • Nomad Bridge hackers returned $9 million in USDT and USDC after a $190 million exploit.

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 June 30: ZRX, MATIC, AXS, STX, UNI

Key Insights:

  • Altcoins were at the helm of the crypto market’s rally as well as the dip.
  • Apart from USTC, AXS and STX also had a significant contribution to the dip.
  • Bitcoin and Ethereum remained consolidated at $20k and $1k, respectively.

Although the entire market combined did not fare well today, some cryptocurrencies managed to slip through into a rally. Bitcoin and Ethereum sadly were not a part of that group, trading at $20k and $1k, respectively.

Ox (ZRX)

ZRX was successful in leading the market rally yesterday, which is what enabled it to maintain some rise at the time of writing as well, despite the broader market cues being negative. Up by 10.3% yesterday, XRZ could be seen trading at $0.34 today.

The Awesome Oscillator clearly exhibits rising bullishness in the case of the asset, which will be crucial in recovering the 41.14% losses of June.

Polygon (MATIC)

As with the rest of the market, MATIC, too, has been on a downtrend for almost a week now. Declining by 24.17%, MATIC lost all the growth it had witnessed during the 75.64% rally.

The candlestick also fell through the bias of the converging Bollinger Bands, which indicates the price swings will be under control, albeit leaning more towards a downfall.

Axie Infinity Shards (AXS)

The GameFi token unsurprisingly moved in line with the rest of the market, falling by 24.09% to trade at $13.49. AXS, which had already barely recovered from the 46.37% dip of June, is back at the monthly lows.

The Chaikin Money Flow evinces that despite the growth, there has barely been any significant inflow, and now the outflows from the fall are wildly surpassing the inflows.

Stacks (STX)

Unlike the rest of the altcoins, this was the first instance of such a drop as STX had been observing a gradual incline, rising by 35.79%.

The MACD in the case of Stacks indicates the onset of a bearish crossover with the bullishness receding. As and once the signal line (red) takes rises above the MACD line (white), STX will bear a bearish pressure.

Uniswap (UNI)

The DeFi token, which had not only recovered the losses of June but risen further, is back under pre-crash prices trading at $4.7. Losing 15.57% over the past four days has induced a selling pressure for UNI.

This has resulted in the decline of the Relative Strength Index (RSI) into the negative zone despite having only escaped it after three months, less than a week ago.

Crypto Market Daily Highlights – DOGE Bucks Top Ten Trend

Key Insights:

  • It was a mixed session for the crypto to ten. Dogecoin (DOGE) rallied by 5.25% to buck the trend while Ethereum (ETH) and Solana (SOL) struggled.
  • Bitcoin and the broader crypto market tracked the NASDAQ 100 through the US session. A late pullback left the crypto market with heavier losses.
  • The total crypto market cap fell for a fourth consecutive day. An $11 billion decline left the market cap at $875 billion.

It was a mixed Wednesday for the crypto market. Bitcoin (BTC) fell for a fourth consecutive day, with Ethereum (ETH) and Solana (SOL) struggling. Crypto market news delivered Dogecoin (DOGE) with support, however.

Through the US session, the NASDAQ 100 led the broader crypto market into the red. However, Bitcoin and the pack failed to track a late NASAQ 100 recovery to limit the losses on the day.

Crypto - NASDAQ late decoupling
Total Market Cap – NASDAQ – 300622 15 Min Chart

The NASDAQ 100 slipped by 0.03%, recovering a 0.70% loss from earlier in the session. For H12022, the NASDAQ 100 faces the prospect of its worst first-half yearly loss on record.

Disappointing US GDP numbers tested appetite for riskier assets. In the first quarter, the US economy contracted by 1.6%, worse than a previous 1.5% estimate.

The Total Crypto Market Cap Falls for a Fourth Consecutive Day

It was another testy session for the crypto market. A bullish start saw the total crypto market cap rise to $892.5 billion before selling pressure kicked in.

The crypto market cap fell to a day low of $865.7 billion before a partial recovery to $875 billion. $11 billion came off the table, leaving the market cap down $418 billion for June.

Crypto market cap
Total Market Cap 300622 Daily Chart

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

On Tuesday, DOGE rallied by 5.25% to buck the broader market trend. News of Coinbase, including DOGE, SHIB, and other cryptos as payment methods, delivered support.

However, it was a bearish session for the rest, with ETH and SOL falling by 3.81% and 3.62%, respectively, to lead the top ten into the red.

BNB (-3.22%) and XRP (-2.27%) also struggled, while BTC (-0.78%) ADA (-0.64%) saw modest losses.

From the CoinMarketCap top 100, TerraClassicUSD (USTC) grabbed the spotlight again, surging by 86%. After reentering the top 100 on Wednesday, USTC ranked at #53.

Other notables that bucked the broader market trend included Ox (ZRX) and Stacks (STX), which ended the day with gains of 11% and 7%, respectively.

One-Hour Total Crypto Liquidations Spike Again

For a second consecutive day, one-hour liquidations spiked in the final hour.

This morning, 24-hour liquidations were comparable to Wednesday morning. Down marginally from Wednesday ($159m), 24-hour liquidations stood at $154 million.

Liquidated traders over the last 24 hours also declined. At the time of writing, liquidated traders stood at 58,096 versus 65,335 on Wednesday morning.

While 24-hour liquidations were down, liquidations over one hour were on the higher side.

According to Coinglass, one-hour liquidations stood at $13 million. On Tuesday, one-hour liquidations had stood at sub-$1 million. One-hour liquidations will need a marked decline to reflect a shift in crypto market conditions.

Crypto liquidations
Total Crypto Liquidations 300622

Daily News Highlights

  • Big Four Shop KPMG entered the metaverse and targeted Web3 with a $30 million investment.
  • Russia announced plans to ease crypto taxes as sanctions bite.
  • DOGE and SHIB saw losses followed by gains in response to Crypto.com and Coinbase exclusions and inclusions.
  • The EU backed anti-money laundering rules for crypto assets.
  • Coinbase renewed ambitions to expand into Europe.

Crypto Market Daily Highlights – BTC and the Broader Market See Red

Key Insights:

  • It was a bearish session for the crypto top ten, with Solana (SOL) leading the way down.
  • US equity market volatility tested support for the broader crypto market, with a late NASDAQ pullback leaving bitcoin in the red for a second session.
  • The total crypto market cap slipped by $9.2 billion to $912 billion, with the $1,000 billion mark still elusive.

It was a bearish start to the week for the crypto market. Bitcoin (BTC) fell for a second consecutive day, with Ethereum (ETH) and Binance Coin (BNB) giving up gains in the final hour of the day.

Crypto news failed to ruffle investor feathers despite SEC Chair Gary Gensler chatter and the Coinbase downgrade.

However, the US equity markets and crude oil prices did influence the crypto market.

The NASDAQ 100 gave up early gains, with a spike in crude oil prices contributing to the pullback. Bitcoin and the broader market tracked the NASDAQ into negative territory, while WTI ended the day up 1.81% to $109.57.

Cryptos track the NASDAQ into the red.
BTC-NASDAQ 280622 15 Minute Chart

The Total Crypto Market Cap Fell For a Second Day

Following a $24 billion decline on Sunday, the total crypto market cap slipped by $9.17 billion on Monday.

A mixed session saw the market cap hit a high of $942.7 billion before retreating.

Crypto Market Cap slips
Total Market Cap 280622 Daily Chart

The modest decline left the total crypto market cap down $381 billion for the current month.

Monday’s pullback reflected investor sentiment toward the influence of crude oil prices on inflation. Plans to roll out fresh G7 sanctions on Russia drove crude oil prices northwards on fears of more supply disruption.

Further supply chain disruption could push inflation higher and remove hope of a shift in the Fed’s interest rate projections.

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

On Monday, SOL fell by 2.29% to lead the way down, with BTC (-1.49%), DOGE (-1.25%), and XRP (-1.62%) also struggling.

ETH (-0.49%), BNB (-0.17%), and ADA (-1.02%) ended the day with relatively modest losses.

From the CoinMarketCap top 100, TEZOS (XTZ) rallied by 10.78%, with Apecoin (APE), Chiliz (CHZ), and Stacks (STX) leading the broader market.

One-Hour Total Crypto Liquidations Slide to Below One Million

This morning, 24-hour total crypto liquidations eased back from Monday levels.

Going into the Tuesday session, total 24-hour liquidations stood at $137 million, down from $145 million on Monday.

Liquidated traders over the last 24 hours also eased back. At the time of writing, liquidated traders stood at 57,317.

With 24-hour liquidations easing back, liquidations over one hour slid below the one million level, also crypto positive.

According to Coinglass, one-hour liquidations stood at $0.86 million. On Monday morning, one-hour liquidations had stood at $12.71 million.

Crypto liquidations
Total Crypto Liquidations 280622

Daily News Highlights

  • Robinhood Market (HOOD) jumped 14% on rumors of FTX exploring a takeover.
  • Goldman Sachs (GS) downgraded Coinbase (COIN) to sell, leading to a 10% sell-off.
  • Binance launched a new institutional platform for VIP investors.
  • Harmony Protocol offered a $1 million bounty following a $100 million exploit.
  • The National Hockey League announced a new NFT deal with Sweet marketplace.

Crypto Price Analysis June 27: UNI, MATIC, LINK, ETC, STX

Key Insights:

  • Uniswap and Polygon led the drawdown of altcoins.
  • Stacks (STX) was one of the few to still close in green yesterday.
  • Bitcoin and Ethereum continued to trade at around $20.8k and $1.2k, respectively.

After observing a few good days and breaching above the $900 billion mark, the crypto market declined by 2.54% yesterday, wiping out almost $24 billion.

Bitcoin and Ethereum followed in the footsteps of the broader market trend and dropped as well, trading at $20,831 and $1,197, respectively.

Uniswap (UNI)

Uniswap managed to climb the charts and recover June’s losses last week with a 54.27% rally but failed to breach the month and half-long resistance level of $5.85. After falling by 5.2%, the DEX token could be noted trading at $5.32.

However, the altcoin still has some room for recovery as the Awesome Oscillator hasn’t exhibited bearishness yet.

Polygon (MATIC)

At the time of writing, MATIC had already lost almost 12% of all its recovery from the week before when the DeFi token had climbed the charts by 75.64%.

Regardless, the altcoin was nowhere near its critical resistance of $0.6758, which has kept the coin under it since mid-May.

Additionally, the diverging Bollinger Bands are indicating reducing volatility which means MATIC might note lower price swings. And with the bias in support, the drawdown might slow down.

Chainlink (LINK)

The oracle blockchain token, LINK, observed a price fall of 9.64% from yesterday’s highs after witnessing a 12-days long rally of 22.68%.

As it is, this recovery wasn’t enough to invalidate the 36.1% crash of this month, and the altcoin is back to trade at the price it was at the beginning of the month.

The downtick noted on the Chaikin Money Flow further confirms that the price fall was organic since the outflows took the indicator into the negative zone.

Ethereum Classic (ETC)

The Ethereum hard fork managed to trend against the rest of the market and kept its recovery going marking a 23% rise in 8 days. While it is nowhere near invalidating the 44.88% decline, it is halfway there.

Plus, recently, the coin also witnessed a bullish crossover on the MACD, which could further support the rise further.

Stacks (STX)

Following in the footsteps of ETC, Stacks managed to close a rise of 12.09%, bringing the 10-day long rally to 37.68%. This single-day rise brought it closer to invalidating the 41.37% dip of June.

On top of that, it also placed the RSI right at the cusp of entering the bullish zone, an area that it hasn’t accessed since the beginning of April.

Bitcoin and ETH Price Prediction: Risk of Downside Break, Why SAND Could Rally

Key Insights:

  • Bitcoin struggled above $21,600 and corrected lower.
  • Ether (ETH) is slowly moving lower towards the $1,165 support.
  • The Sandbox (SAND) is up over 35% this week and might continue to rise.

Bitcoin

Recently, bitcoin price saw a decent increase above the $21,000 level. The price climbed above the $21,500 and $21,600 levels.

However, the price failed to rise towards the $22,000 resistance. It topped near $21,780 and started a fresh decline. There was a move below the $21,250 support and the 21 simple moving average (H1). BTC is now consolidating near the $20,800 level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

If the bears remain in action, there is a risk of a move below the $20,500 level. The main support sits at $20,150, below which the price could gain bearish momentum.

Ethereum (ETH)

ETH also followed a similar pattern after it climbed above the $1,200 level. The price even spiked above the $1,250 level, but there was no test of the $1,300 zone.

The price started another decline and traded below the $1,220 level. There was a break below a key bullish trend line with support near $1,225 on the hourly chart. ETH is now trading below $1,200 and the 21 simple moving average (H1).

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

If there is a downside extension, the previous resistance at $1,165 could act as a support. The next major support sits near the $1,100 level.

The Sandbox (SAND)

SAND started major drop from the $3.50 resistance zone. The bears gained strength for a move below the $2.20 and $2.00 support levels.

The price settled below the $1.50 level and the 21-day simple moving average. Finally, it traded below the $1.00 level and tested the $0.72 support. A base was formed above the $0.75 level and the price started a steady recovery wave.

SAND Daily Chart
SAND Daily Chart by FXEmpire

This week, the price gained over 35% and broke the $1.00 resistance. There was a move above a major bearish trend line at $1.00 on the daily chart.

The price is now facing resistance near the $1.250 level. A close above the $1.220 and $1.250 levels may perhaps send SAND price towards the $1.50 resistance zone or even $1.52. The next major resistance sits near the $1.68 level. If not, there is a risk of a fresh decline below the $1.00 level.

ADA, BNB, and DOT price

Cardano (ADA) is struggling to stay above the $0.50 and $0.505 levels. If there is a downside break below $0.48, the price could even test $0.45.

Binance Coin (BNB) is consolidating near the $230 level. If there is a bearish reaction, the price could revisit the $212 support.

Polkadot (DOT) is down 5% and trading near the $7.85 support. The next major support sits at $7.62.

A few trending altcoins are TRX, DOGE, and STX. Out of these, TRX is gaining pace above the $0.068 resistance zone.

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.

Crypto-Backed Mortgages on the Rise Despite Crypto Market Pullback

Key Insights:

  • In the US, crypto-backed mortgages are on the rise.
  • Homebuyers can avoid capital gains tax by placing crypto as collateral for home loans.
  • The increase in crypto-backed mortgages comes despite a bearish start to 2022, raising concerns for one rating agency.

Crypto-backed mortgages are the latest product to hit the US housing market, which enjoyed a stellar 2021.

Increased crypto adoption has given rise to digital asset banks and mortgage lenders. The City of Miami is particularly active in the digital asset space. Mayor Francis Suarez and Florida State Governor Ron DeSantis are crypto advocates.

With the State of Florida and the City of Miami looking to become an innovative crypto hub, Weiss Ratings sounds the alarm bell.

Weiss Ratings sounds alarm bell over crypto-backed mortgages

On Tuesday, Weiss Ratings published an article raising concerns over crypto-backed mortgages.

The report highlights that ‘a Miami startup is racing to securitize home loans with cryptocurrency.’

Florida-based digital bank Milo is accepting crypto to secure home loans. Milo plans to expand this further by offering these as mortgage-backed securities to asset managers and insurance companies.

Weiss Ratings refers to the pooling of risky home loans and the Great Recession of 2009.

In the final week of April, US mortgage rates stood at 5.10%, up a whopping 212 basis points compared with April 2021. US house prices have also risen sharply, while mortgage rates have surged in response to inflation and market sentiment toward Fed monetary policy.

In February, the S&P/CS HPI Composite – 20 n.s.a was up 20.2% year on year.

While house prices and mortgage rates have been on the risen, bitcoin (BTC) and the broader crypto market have fallen.

With Bitcoin and the broader market showing a strong correlation with the NASDAQ and the Fed about to embark on a journey toward monetary policy normalization, crypto-backed mortgages could be in for a hard landing.

According to the report, CEO Josip Rupena claims there is a waitlist of 8,000 homebuyers in Texas, California, and New York.

The demand is unsurprising when considering homebuyers can borrow up to 100% of the purchase price, with mortgage rates as low as 3.95%. Homebuyers don’t need to sell their crypto, with Milo accepting bitcoin, ethereum (ETH), and stablecoin as collateral.

Miami in overdrive to become a digital asset hub and center of innovation

Following Milo into the crypto-backed mortgage space is crypto firm XBTO. In April, FX Empire reported that XBTO was in the process of completing a multi-million-dollar Bitcoin-collateralized mortgage in Miami.

The increased activity in the crypto space stems from aspirations to become an innovative crypto hub.

In January, Mayor Suarez confirmed that he would take his first three paychecks in BTC. The City of Miami also launched MiamiCoin (MIA) in June 2021, the first CityCoins to market.

Powered by Stacks (STX), CityCoins is “a protocol that enables smart contracts on the Bitcoin network.” Miners can forward STX into the Stacks protocol. CityCoins miners receive 70% of all stacked STX tokens in MiamiCoin. Miners can then mine the rewarded MIA to earn BTC rewards.

The remaining 30% goes to City Wallets. In the case of Miami, Mayor Suarez can either exchange the accrued tokens for fiat or mine the STX tokens to earn BTC.

It remains to be seen how US lawmakers and the SEC view crypto-backed mortgages. A Bitcoin slid to sub-$30,000, and a rise in crypto-backed mortgages would test the water.

NYC Mayor Eric Adams Calls for an End to the BitLicense Scheme

Key Insights:

  • On Wednesday, New York City Mayor Eric Adams called for an end to the BitLicense scheme.
  • Crypto-related firms avoid New York due to the need to obtain a BitLicense.
  • NewYorkCoin (NYC) holders cannot trade NYC due to BitLicense requirements.

It is a busy week for New York lawmakers, who have placed greater attention on digital assets.

Amidst rising government and regulatory scrutiny, New York lawmakers are looking to address the impact of Proof-of-Work mining on the environment and curb a rise in illicit activity.

The recent legislative maneuvers could impact New York’s hope of becoming a digital hub.

One issue that New York City continues to face is the need for crypto firms to obtain a BitLicense. The issue has become significant enough for New York City Mayor Eric Adams to raise the subject publicly.

New York City Mayor Adams Calls to End to the BitLicense Scheme

This week, New York City Mayor Adams was one of the key speakers at the Financial Times Crypto and Digital Assets Summit.

On Wednesday, Mayor Adams discussed the BitLicensing regime, highlighting its impact on economic growth and innovation.

Mayor Adams reportedly added,

“It’s about thinking not only outside the box, but on this one, we may have to destroy the box.”

In March, FX Empire reported a snag with NewYorkCoin (NYC). According to the report, crypto exchanges that have procured a BitLicense have not listed NYC, which prevents citizens from trading in NYC.

The report states that “New York’s BitLicense regulatory regime is the most demanding in the United States. Digital currency firms in New York currently have to apply for a BitLicense, which can take years to process.”

Powered by Stacks (STX), CityCoins is “a protocol that enables smart contracts on the Bitcoin network.” Miners can forward STX into the Stacks protocol. CityCoins miners receive 70% of all stacked STX tokens in NewYorkCoin. Miners can then mine the rewarded NYC to earn BTC rewards.

The requirement for a BitLicense has led to crypto-related firms moving or establishing elsewhere.

It is not the first time Mayor Adams has shared his view on Bitcoin.

In February, Mayor Adams voiced his opposition to crypto mining at a local government budget hearing.

For Bitcoin (BTC) and the broader crypto market, the opposition to crypto mining came despite Adams taking a Bitcoin salary and supporting the introduction of NewYorkCoin (NYC).

The comments from Mayor Adams follow New York lawmakers presenting new crypto-related bills.

New York Lawmaker Bills Question Digital Hub Aspirations

This week, lawmakers have presented two crypto-related bills.

On Wednesday, FX Empire reported on a new Proof-of-Work mining bill, Assembly bill A7389C.

Currently awaiting a Senate vote, the bill,

“establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions; provides that such operations shall be subject to a full generic environmental impact statement review.”

The bill went on further to say that, for a period of two years, the Department of Public Service will not approve a new application or issue a new permit for “an electric generating facility that utilizes carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.”

In addition, the Department of Public Service may not approve an application to renew an existing permit during the two-year period.

The second bill, Senate Bill S8839, relates to illegal activity and has yet to be debated. New York lawmaker Kevin Thomas introduced a bill to criminalize illicit activity across the digital asset space.

The bill,

“Establishes the offenses of virtual token fraud, illegal rug pulls, private key fraud, and fraudulent failure to disclose interest in virtual tokens.”

Proposed penalties include,

“a civil fine of not more than five million dollars or imprisoned not more than twenty years, or both, except where such a person is a person other than a natural person, a fine not exceeding twenty-five million dollars.”

For New York to not lose out to the likes of Florida and other crypto-friendly states, lawmakers may need to consider the Mayor’s comments.

 

New York Is Back in the News with a Bill to Tackle Digital Asset Crime

Key Insights:

  • On Wednesday, New York lawmakers shifted their attention to illegal activity in the digital asset space.
  • A new bill aims to make crypto rug pulls illegal in the State of New York.
  • Earlier this week, Bitcoin (BTC) mining was in focus, with New York taking steps to clean up crypto mining.

New York State appears to be placing increased attention on digital assets this year. Illicit activity has risen sharply this year.

In recent months, governments and regulators have called for the increased scrutiny of digital assets.

New York State lawmakers have been busier than most this week. On Wednesday, lawmakers looked to curb illicit activity with a new bill aiming to classify crypto rug pulls as criminal activity.

New York State Lawmakers Introduce a Bill to Target Rug Bulls

On Wednesday, Kevin Thomas introduced Senate Bill S8839, which,

“Establishes the offenses of virtual token fraud, illegal rug pulls, private key fraud, and fraudulent failure to disclose interest in virtual tokens.”

As a result of a rise in illicit activity that has included rug pulls and hacks, lawmakers are introducing a legal framework to target cybercriminals.

Several rug pulls hit the crypto news headlines in recent months. There have also been some sizeable hacks, with North Korean and Russian cybercriminals targeting exchanges and holders of cryptos and NFTs.

The penalties for violating the provisions of the bill include “a civil fine of not more than five million dollars or imprisoned not more than twenty years, or both, except where such a person is a person other than a natural person, a fine not exceeding twenty-five million dollars.”

A natural person is an individual human being, while a legal person could be a private or public company.

At the time of writing, lawmakers had yet to debate Senate Bill S8839.

New York Looks to Build a Legislative Digital Asset Framework

The latest bill follows in the footsteps of Assembly bill A7389C. On Wednesday, FX Empire reported on Assembly bill A7389C that,

“Establishes a moratorium on cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions; provides that such operations shall be subject to a full generic environmental impact statement review.”

The bill went on further to say that, for a period of two years, the Department of Public Service will not approve a new application or issue a new permit for “an electric generating facility that utilizes carbon-based fuel and that provides, in whole or in part, behind-the-meter electric energy consumed or utilized by cryptocurrency mining operations that use proof-of-work authentication methods to validate blockchain transactions.”

In addition, the Department of Public Service may not approve an application to renew an existing permit during the two-year period.

At the time of writing, the bill was pending a Senate vote.

With lawmakers looking to build a more robust legislative framework, more questions will likely follow vis-a-vis New York’s ambitions to become a digital asset hub.

NYC Mayor Eric Adams and NewYorkCoin Send Mixed Signals

In February, Mayor Adams voiced his opposition to crypto mining at a local government budget hearing.

For Bitcoin (BTC) and the broader crypto market, the opposition to crypto mining came despite Adams taking a Bitcoin salary and supporting NewYorkCoin (NYC).

Powered by Stacks (STX), CityCoins is “a protocol that enables smart contracts on the Bitcoin network.” Miners can forward STX into the Stacks protocol. CityCoins miners receive 70% of all stacked STX tokens in NewYorkCoin. Miners can then mine the rewarded NYC to earn BTC rewards.

The remaining 30% goes to City Wallets. In the case of New York City, Mayor Adams can either exchange the accrued tokens for fiat or mine the STX tokens to earn Bitcoin.

In March, FX Empire reported a snag with NYC. According to the report, crypto exchanges that have procured a BitLicense have not listed NYC, which then prevents citizens from trading in NYC.

The report highlights that “New York’s BitLicense regulatory regime is the most demanding in the United States. Digital currency firms in New York currently have to apply for a BitLicense, which can take years to process.”

As a result, crypto-related firms have gone elsewhere, questioning further New York’s ambitions to become a center of innovation.

Bitcoin (BTC) Collateralized Mortgages on Offer in Miami

Key Insights:

  • Bitcoin (BTC) collateralized mortgages are available in the City of Miami.
  • Miami and the State of Florida are crypto havens, with Miami City looking to become a tax-free center of crypto innovation.
  • With Bitcoin collateralized mortgages on offer, foreign Bitcoin holders can also enter the Miami real estate market.

U.S mortgage rates have surged in recent weeks. 30-year fixed rates are now at 4.67%, the highest since December 2018.

While supply and rates may be pushing first-time buyers out of the market, demand continues to push house prices northwards. In January, the S&P/CS HPI Composite – 20 n.s.a increased by 19.1% year-on-year.

For Bitcoin (BTC) investors, the upward trend in house prices is of little consequence. Of greater significance is having to cash out for liquidity purposes.

The City of Miami, Florida, has been a center of crypto innovation for some time. It may, therefore, be of little surprise that crypto firms are finding ways to support Bitcoin holders and the real estate market.

Crypto Firm XBTO Targets Miami Housing Sector with Bitcoin-Backed Mortgages

Crypto firm XBTO is due to make its first Bitcoin-backed mortgage. According to reports, XBTO is in the process of completing a multi-million dollar Bitcoin-collateralized mortgage in Miami.

Bitcoin-collateralized mortgages allow Bitcoin holders to avoid capital gains tax and benefit from an uptrend in Bitcoin value. Longer-term Bitcoin holders are looking for Bitcoin to reach the dizzying heights of $100,000 and even $1,000,000. Bullish Bitcoin forecasts have contributed to the buy-and-hold strategy. In turn, this has led to the need for Bitcoin-collateralized loans.

XBTO is a crypto platform offering services that include institutional trading, asset management, lending & mortgages, mining, and venture capital.

Through its lending & mortgage services, XBTO offers residential and commercial mortgages with crypto collateralization. The offering enables U.S and international persons and companies to access crypto capital at competitive rates.

XBTO will reportedly limit mortgages to the State of Florida, with mortgages of $1 million or more.

Targeting the State of Florida is likely to be well received by the Governor of Florida and Miami City Mayor Francis Suarez, who are crypto advocates.

The State of Florida Becomes a Crypto Haven

In January, Miami City Mayor Francis Suarez confirmed that he would receive a Bitcoin (BTC) salary.

Miami City Mayor Suarez aims to transform the city into a “Cryptocurrency innovation hub.” The mayor’s ultimate goal is to drive enough crypto income through the MiamiCoin initiative to make the City of Miami tax-free, similar to the likes of Monaco.

In June 2021, the City of Miami launched its own digital asset MiamiCoin (MIA), the first CityCoins to market. Powered by Stacks (STX), CityCoins is “a protocol that enables smart contracts on the Bitcoin network.

Miners can forward STX into the Stacks protocol. CityCoins miners receive 70% of all stacked STX tokens in MiamiCoin (MIA). Miners can then mine with the rewarded MIA to then earn BTC rewards.

The remaining 30% goes to City Wallets. City Wallets are considered the same as a city’s treasury. For Miami City, Mayor Suarez can either exchange the accrued tokens for fiat or mine the STX tokens to earn Bitcoin.

Florida State is also progressive and crypto-friendly. The state governor of Florida announced this year that businesses would be permitted to pay state fees in digital assets.

With traditional finance now turning to digital asset product offerings, Miami City’s evolution into a tax-free crypto haven may gather pace in the months ahead.

City of Austin Eyes Crypto Inclusion: AustinCoin Anytime Soon?

Key Insights:

  • Austin city to conduct a study on the feasibility of Bitcoin adoption.
  • The investigation will look into crypto as payment for taxes and city bills.
  • The full report will be available by mid-June.

Crypto cities and CityCoins are on the rise in the U.S., and the capital city of Texas – Austin – isn’t left behind in embracing Bitcoin and other cryptos.

On Thursday, members of the Austin City Council voted in favor of considering adopting cryptos as a form of payment for taxes, fees, and city bills. 

Mayor Steve Adler and Council Member Mackenzie Kelly drafted a resolution (55), asking the City Manager to conduct a “fact-finding study.” The report will investigate potential crypto policies that the city can consider adopting and will be due by June 16.

The study will look into the possibility of adding crypto payments into taxes and bills, issues, and risks concerning cryptos and their applications. This includes financial stability, security issues, equity and inclusion issues, and environmental impact.

“AustinCoin” Launch? But Councilors Are Skeptical

Before delving into the possibility of ‘AustinCoin’, it is essential to look into how members of the Austin community are skeptical about embracing cryptos into state laws.

There were pouring criticisms soon after Mayor Adler introduced Web3 applications to improve residents’ lives during Web3 and Blockchain Ecosystem press conference early this month.

In a recent post, an Austin-based software engineer and tech blogger, Courtney Rosenthal, wrote that blockchain technologies are an “environmental disaster.”

“It is not technophobic to be concerned about these proposals. Many technology experts are skeptical of blockchain and cryptocurrencies. The exuberant support tends to come from people who have a vested interest in crypto.”

The blogger stressed the three biggest concerns, including environmental impact, the highly volatile nature of cryptocurrencies, and the lack of regulation.

Her comments were shared by many Austin council members who had expressed their skepticism during the council meeting on Thursday.

Mayor Pro Tem Alison Alter said that he isn’t comfortable with the notion of accepting crypto payments anytime soon. As reported by Austin Chronicle, he said,

“I’m not really sure that I need a fact-finding study to tell me there’s a lot of financial risks or that there are environmental implications of using this.”

Another council member Leslie Pool also voiced out her concerns about Austin considering adopting a “new technology” that even recent adopters like the city of Miami are reconsidering.

Pointing out to the sudden plunge of MiamiCoin (MIA) price after adoption, Pool said,

“At this point, given its relatively recent entry into [the tech sector], I am cautious about the city adopting or using it.”

The city’s pro-crypto Mayor Adler is keen on exploring the uses of and promoting blockchain technology. During the Thursday session, the Mayor said,

“I pushed back at some of the people in the community that are trying at this point to turn it into a debate about… adopting these technologies for particular uses. Before we should ever consider doing anything like that, we need more research, and that’s all these resolutions do.”

Member Kelly also said to the Council that “this is just a study” that will provide more information to prove what cryptos are capable of, an Austin-based radio station noted.

Growing “Crypto-Friendly” Cities

Various cities in the U.S. are becoming Bitcoin hotspots. For instance, the city of San Francisco is home to cryptocurrency trading platforms Coinbase and Kraken, and over 100 restaurants and bars to hostels and stores accept crypto as payments.

According to Coin ATM Radar, there are over 480 BitcoinATMs in the tech hub of the Bay Area.

The city of Miami and New York have gone far ahead by launching their native CityCoins dubbed MiamiCoin and NewYorkCoin (NYC). NYC Mayor Eric Adams even took his first three paychecks in Bitcoin.

CityCoins provides citizens a medium to generate crypto-based revenue. Powered by Stacks (STX), CityCoins enables smart contracts on the Bitcoin network.

Tennessee Lawmaker Proposes Bill to Allow Crypto Investment

It’s been mixed messages from the U.S on cryptos in recent months. While a number of U.S states have become crypto friendly, Capitol Hill has taken a sterner approach on digital assets.

U.S Crypto Advocates

In 2021, the City of Miami and New York City introduced their own CityCoins,  MiamiCoin (MIA) and NewYorkCoin (NYC Coin). CityCoins, powered by Stacks (STX), allows miners to stake STX and earn CityCoins as rewards. CityCoins miners receive 70% of all stacked STX in CityCoins, with 30% going to City Wallets. These are equivalent to a city’s treasury. Miners can then further stake the rewarded CityCoins to earn Bitcoin (BTC).

The principle is to allow the citizens of a city to support a city’s development. In the case of Miami City, Mayor Francis Suarez is aiming at making the city a tax free, crypto haven. Aligned with Mayor Suarez, Florida State Governor DeSantis affirmed last week that the state would allow businesses to pay state fees in crypto.

Mayors of both the City of Miami and New York City had confirmed that they will receive Bitcoin salaries at the start of the year. While a number of lawmakers on Capitol Hill are also crypto advocates, the number of crypto friendly U.S states are few and far between.

Tennessee Looks to Become a Crypto Hub

In spite of increased crypto scrutiny on Capitol Hill, Tennessee lawmaker Jason Powell has introduced 2 bills. The first bill proposes to allow counties, municipalities, and the state to invest in digital assets including cryptos and NFTs. Powell also proposed a study committee tasked with making the state “the most forward thinking and pro-business state for cryptocurrency and blockchain and to foster a positive economic environment for blockchain and cryptocurrency”.

While Powell’s move is a progressive one, it remains to be seen whether lawmakers will favor such a move. Regulators and even the IMF have voiced concerns over digital assets. Both have cited risks to financial stability in recent months. The concerns and calls for a global crypto regulatory framework have also led to an imminent executive order from the White House. For Powell and other crypto advocates in the State of Tennessee, the IMF’s latest assessment on central bank digital currencies could also be a hinderance.

Miami Receives $5.25m from MiamiCoin (MIA) Initiative

Late last year and through the early part of this year, there’s been plenty of crypto chatter on Capitol Hill and across a number of key U.S states.

The State of Florida and New York City Become Crypto Havens

In January, Miami City Mayor Francis Suarez and New York City Mayor Eric Adams confirmed that they will receive a Bitcoin (BTC) salaries. Both had announced that they would take Bitcoin salaries late last year.

Joining the Mayors of New York City and the City of Miami was Tampa Bay Mayor Jane Castor. Mayor Castor had also announced plans to receive a Bitcoin pay check late last year.

With Florida State and the City of New York considered progressive and crypto friendly, the Governor of the State of Florida announced late last week that businesses will be permitted to pay state fees in digital assets. Governor Ron DeSantis had proposed a program to let businesses pay state fees in digital currencies late last year.

Miami, CityCoins, and MiamiCoin

In the State of Florida, the crypto friendly position has led to an increase in crypto adoption.

The increased adoption comes in spite of a marked rise in regulatory scrutiny in the U.S and beyond. Just last month, a U.S Congress subcommittee held a hearing on crypto mining and the environment, with lawmakers targeting Bitcoin. Calls for a global regulatory framework and increased regulatory activity contributed to Bitcoin’s tumble from last November’s ATH $68,979.

Nonetheless, news from the City of Miami remains positive for supporters of digital assets and decentralization.

In June 2021, the City of Miami launched its own digital asset MiamiCoin (MIA), the first CityCoins to market. Powered by Stacks (STX), CityCoins is “a protocol that enables smart contracts on the Bitcoin network”.

Stack holders can forward STX into the Stacks protocol and receive 70% of all stacked STX tokens in MiamiCoin (MIA). Miners can then mine with the rewarded MIA to then earn BTC rewards.

The remaining 30% goes to City Wallets. City Wallets are considered the same as a city’s treasury. For Miami City, Mayor Suarez can either exchange the accrued tokens for fiat, or mine the STX tokens to earn Bitcoin.

MiamiCoin ultimately provides a platform for the residents of Miami to support the city by building a crypto treasure chest to fund infrastructure improvements, recruit start-ups, host events, and create new public areas.

Following Miami City was New York City that then launched its very own CityCoins named NewYork Coin (NYC Coin).

MiamiCoin Delivers $5.2m to the City of Miami’s Coffers

Late last week, Miami City Mayor Suarez announced on Twitter that the City of Miami received its first disbursement from CityCoins, totaling $5.25m. Suarez added that the project “creates resources for the city through innovation not taxation”.

The latest news places the City of Miami firmly on the crypto map. Mayor Suarez  is looking to transform the city into a “Cryptocurrency innovation hub”. The mayor has a goal to derive enough crypto income through the MiamiCoin initiative to make the City of Miami tax free.

Florida to go Ahead and Receive State Fees in Crypto

The U.S continues to grab the crypto news headlines as crypto friendly states push cryptocurrency adoption. At the turn of the year, however, the push comes amidst heightened regulatory scrutiny.

Crypto Friendly States, Mayors, and CityCoins

There’s been plenty of news coverage on U.S politicians and cryptos in recent months. At the start of the year, New York City Mayor Eric Adams confirmed that he would take his first 3 pay checks in Bitcoin (BTC). Former cop Adams had touted the idea before taking office. Later in the month, Adams took his first pay check amidst an extended crypto sell-off that saw Bitcoin tumble by more than 50% from its November ATH $68,979.

Eric Adams joined Miami City Mayor Suarez and Tampa Mayor Jane Castor, both of whom also had announced last year that they would take Bitcoin salaries.

In the U.S, the Cities of Miami and New York are among the more advanced when it comes to cryptos. Back in June 2021 the City of Miami launched its very own MiamiCoin, which became the first CityCoins to market.

CityCoins provides citizens a medium to generate crypto-based revenue. Powered by Stacks (STX), CityCoins enables smart contracts on the Bitcoin network. CityCoin miners receive CityCoins token rewards by depositing STX into smart contracts. 70% of all STX tokens deposited into the smart contract go to the stackers.

The remaining 30% goes to City Wallets. City Wallets are considered a crypto equivalent of a city’s treasury. Mayors can exchange the accrued tokens for fiat to invest in the city. Alternatively, mayors can mine with the accrued STX tokens to earn Bitcoin.

Following Miami City was New York City that then launched its very own NewYork Coin (NYC Coin).

Regulatory Scrutiny a Test for Pro-Crypto Politicians

While Miami and New York are crypto friendly, lawmakers on Capitol Hill have a different position on cryptos and crypto mining.

Last month, a U.S Congress subcommittee hearing focused on Bitcoin (BTC) mining and the environment. Lawmakers held a negative view on Proof-of-Work (PoW) mining, Bitcoin and the environmental impact. While the hearing was a fact-finding mission, the general view was that Proof-of-Stake was a better solution. Since the hearing, a recent paper by CoinShares questioned Bitcoin the accuracy of mining statistics shared during the hearing.

Following the hearing, the White House then announced the imminent release of an Executive Order tasking agencies with the regulation of cryptos as a matter of national security.

Heightened regulatory scrutiny has been a factor in Bitcoin and the broader crypto market’s sell-off since late November. More downside could result should there be a material shift in the crypto regulatory landscape. A number of regulators from around the world, including the Bank of England, have called for a global regulatory framework.

In spite of recent crypto market volatility, U.S politicians continue to forge ahead on their crypto goals.

Florida to Receive State Fees in Crypto

Late in the week, Florida Governor Ron DeSantis reportedly continued his support of Florida businesses being permitted to pay state fees in crypto. The Governor had proposed a program to let businesses pay state fees in digital currencies late last year.

According to the news piece, DeSantis highlighted that South Florida has seen an inflow of people due to the State’s crypto friendly stance.

With Miami City paving the way and Florida Governor DeSantis in favor of crypto adoption, success of the program may well hinge on the White House and its aspirations vis-à-vis crypto regulation and adoption. Punitive regulatory activity could force businesses to steer clear of cryptos near-term. A more pragmatic approach to regulate cryptos, however, could see more U.S states support crypto adoption.