First Mover Americas: Despite the strength of the dollar, BTC and ETH outperformed traditional markets in July.
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Hello and thanks for visiting First Mover. I'm Lyllah Ledesma, and I'll walk you through the most recent developments in the cryptocurrency markets, news, and insights.
In the newsletter for today:
Price: Bitcoin modestly declines on the day but beats conventional markets for the entire month of July. Additionally, FTX intends to provide early liquidity to clients of the insolvent cryptocurrency lender Voyager Digital.
market changes $30 million was added to digital asset investment funds last week, indicating a modest rise in investor confidence.
Price Level
As stock futures rise ahead of the U.S. Federal Reserve's monetary policy meeting this week and corporate earnings releases, Bitcoin (BTC) was trading down 3% on Monday.
In an effort to contain increasing inflation, the Fed is predicted to raise interest rates by another 0.75% point on Wednesday. BTC is still selling at roughly $22,000, up 3% on the month.
Over the past day, Ether (ETH) has decreased 5% to $1,540.
According to Laurent Kssis, head of Europe at Hashdex, a cryptocurrency asset management company, "clearly ETH has outperformed owing to EthCC in Paris last week, but I wonder if it has now run out of steam since we tested $1,600." Laurent was referring to the Ethereum Community Conference.
Although the crypto market is still not out of the woods, he continued, "a pessimistic view is not to be discarded for the next two weeks." Nevertheless, he said, "last week's rally has brought optimism to many retail investors."
Other cryptocurrencies also experienced losses on Monday, with ADA from Cardano down 6%, AVAX down 7%, and ATOM from Cosmos down 8%.
In related developments, the cryptocurrency trading platform FTX intends to provide early liquidity to clients of the insolvent cryptocurrency lender Voyager Digital. Two weeks after Voyager filed for Chapter 11 bankruptcy, a proposal was made.
The proposal, according to attorneys for Voyager Digital, is a "low-ball bid disguised as a white knight rescue" that primarily benefits FTX.
According to a report by Sky News, U.K. bank Barclays is anticipated to be one of the investors in cryptocurrency custody service Copper's financing round this week.
Additionally, Tesla CEO Elon Musk's impact on the cryptocurrency market and whether markets are still alarmed by Tesla's actions were topics covered by CoinDesk's chief insights columnist David Z. Morris.
largest winners
Today, there are no winners in CoinDesk 20.
Major Losers
Asset Ticker Returns
Sector Avalanche in DACS
AVAX 7.2% Cosmos Smart Contract Platform
ATOM 7.1% Cardano Smart Contract Platform
Market Movements for Smart Contract Platforms at ADA 6.0%
According to a CoinShares study, $30 million was invested into cryptocurrency funds last week. The previous week saw an increase in inflows from $12 million to $343 million, which was the most weekly inflow since last November, when BTC and ETH reached record highs.
Unknown - CoinDesk
Weekly cryptocurrency asset flows (CoinShares) showed that ETH received inflows of $8 million and BTC saw inflows of $19 million last week. Ethereum received $120 million in inflows the previous week.
After a previous 11-week streak of outflows, James Butterfill, head of research at CoinShares, stated in the weekly report that "these inflows signal a turning point in sentiment."
It also shows that investor confidence is gradually increasing as the Merge moves closer to completion, according to Butterfill. The Merge, a software upgrade for the Ethereum network, is scheduled for September.
$294 million has been invested in digital asset funds so far in July.
Figure of the Day Crypto shines despite a strong dollar
Through Omkar Godbole
UnknownMacro assets' current year returns on CoinDesk (Skew)
By a wide margin this month, bitcoin and ether have outperformed conventional markets.
Despite the dollar's strength, the leading cryptocurrencies have recorded double-digit gains, departing from their historical trend of moving in the opposite direction of the dollar. At the time of publication, the dollar index, or DXY, which measures the strength of the dollar relative to the main fiat currencies, was up 2.5% for the month. Though it could still be too soon to declare that bitcoin has separated from the dollar. At the time of publication, the two's 90-day correlation coefficient was 0.65, showing a bad or inverse association.
If the Federal Reserve downplays the idea that "inflation has peaked" later this week, pushing markets to reprice further strong monetary tightening for the remainder of the year, the dollar may retake its supremacy.
"Before that [the Fed pivot] scenario takes place, things must get much more urgent. This makes way for dollar hegemony "Francis Hunt, the company's founder and director, said this in an interview with Real Vision Crypto.
The ETH-BTC rally stalls at its December peak trendline.
UnknownEthereum/bitcoin on CoinDesk (TradingView)
The ETH/BTC ratio is having trouble breaking through a strong resistance line formed by the peaks in December and May.
A break higher might make the journey to the 0.076 high from May 11 easy. The relative strength index (RSI) and the EMA (exponential moving average) ribbon on the daily chart, in particular, have turned positive.
After Ethereum developers announced Sept. 19 as the tentative date for the conclusion of the reportedly bullish and long-awaited switch from a proof-of-work to a proof-of-stake consensus mechanism, Ether saw a spike in demand at the beginning of this month.
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