Morning‌‌ ‌‌Update—July 28th—Macro and Crypto Markets

Morning‌‌ ‌‌Update—July 28th—Macro and Crypto Markets


Even with positive earnings -earnings that were pretty much priced in- equity indexes edged down, yesterday. Prices were already at record highs and in a five-day winning streak that ended, at least for now, with concerns about the Chinese government cracking down on tech and education stocks. While this is happening in China, it naturally affects market sentiment broadly. 

 

A market which, these days, seems less affected by the Chinese crackdowns on tech is -surprisingly: crypto. BTC is actually up on the day, marching on even after Amazon denied the claims that they would offer BTC payment by the end of the year. On that note, I also want to point out that they did not deny looking at cryptocurrency solutions more broadly or that they might have a blockchain-based solution in the works for, say, next year.

 

BTC rose almost 5% yesterday, from $37,200 to now $39,000. 

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As it’s done lately, the BTC Dominance rose further, now at 48.63. Alts are enjoying the current market narrative but are really just following King Coin, not leading it. Among the outperformers, LINK and VET rose 6% yesterday, but otherwise most coins like ETH, MKR, DOT, MATIC rose 1-2% or stayed flat.

 

Among the positive news that came out yesterday it was great to hear of both Galaxy Digital and Mastercard launching, for the former, a venture fund of fund with backing from Franklin Templeton and, for the latter, a cryptocurrency program for startups. Both committing more funds to the growth of the crypto space and payment solutions.

 

Also, a report came from Nigeria about their plan to launch their digital currency “e-naira”, as soon as October. We’ve heard about CBDCs for a long-time now but, considering Nigeria’s acceptance of cryptocurrencies in general, this might indeed be a great case-study for actual implementation.

 

In other news, Binance announced that it wants to be licensed everywhere, even considering establishing multiple regional headquarters. It’s also greatly limited the withdrawal limits for basic account verifications (lower/no KYC), to now just 0.06 BTC.

 

Lastly, just for anybody trading derivatives, be aware that we have a pretty large options expiry (notional at $1.44 B), this Friday, with a max pain price at $35,000 for BTC. ETH is coming lower at $670 mil and max pain price at $2,200.

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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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