Morning‌‌ ‌‌Update—July 23rd—Macro and Crypto Markets

Morning‌‌ ‌‌Update—July 23rd—Macro and Crypto Markets


With better-than-expected earnings results, tech shares rose yesterday on the session, bolstering investors’ sentiment and helping most equity indexes edge higher. Gold rose as well. Simultaneously, bonds were bought and yields fell. 

 

Crypto has been acting freakishly similar in the past few sessions. After a positive day on Wednesday, yesterday it edged higher just like other risk assets did. BTC rose half a percent, to $32,300. 

 

The BTC Dominance returned to its range, with a mid-point at 46. It might not feel like it but it’s interesting that the alts market cap has maintained such a big part of the crypto space during these painful past months. 

 

On the session and among the outperformers, we see COMP and LUNA up 10%, then AAVE with 7% gains and then DOT, LINK and XTZ rising about 5%. ETH and ADA are doing better than BTC but really just rose 1.5%.

 

Looking at the news, it was really interesting to see the US gearing up to raise charges against BlockFi. Cease-and-desist orders have been issued in New Jersey, then Alabama and, just a few hours ago, Texas. They allege that the interest accounts offered by the company are securities under the state rules and therefore should be operated under the proper licenses and oversight.

 

In more positive news, it was interesting to hear of Global X, an ETF provider, file for a Bitcoin ETF. It’s a trendy thing to do these days and we can see more providers at least considering or starting the process to offer crypto-linked products.

 

On that note, JP Morgan, which for the longest time thought that crypto was worthless, just became the first big bank to give retail wealth clients access to cryptocurrency funds.

 

Looking at crypto funds, Grayscale’s GBTC has been trading at a discount for nearly five months. This is probably linked to capital flowing to more efficient products, but also indicates a tamer interest from institutions.

 

As a last quick information nugget, it came out that FTX bought out Binance’s shares in its company. I suspect this has to do with a distancing from the compliance/regulatory hurdles the latter has been facing. But I wonder how long FTX itself will stay out of the regulators’ scope.

 

 

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Justin d'Anethan
Justin d'Anethan

Sales Manager at Diginex and EQUOS. Passionate about financial markets, long-term investments, the occasional short-term trade and disruptive technologies.


Daily Market Update
Daily Market Update

A quick market update (1-2min read). Every week day, morning in Asia, I go over major moves in macro and crypto markets, linking fundamentals to price action.

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