THE RUNDOWN
The Rundown Powered By Arcane Research
• Bitcoin and the overall crypto market have experienced strong momentum over the last week, pushing BTC towards its consolidation range highs of $23,000. The Fear and Greed index has climbed from the extreme fear area after a record-long 74-day streak of extreme fear. (Read article)
• The most remarkable recovery is seen in ETH, seeing an enormous 40% week, pushing ETH above $1,500, leading the ETHBTC pair to climb to 0.07, levels not seen since mid-May. (Read article)
• Celsius filed for a Chapter 11 bankruptcy last week, disclosing a $1.2bn hole in its balance sheet and substantial asset exposure to Celsius’ native token. (Read article)
• The relief in the market is reflected in growing futures premiums. Offshore premiums align with early July levels but remain compressed, suggesting a prudent sentiment. (Read article)
• In June, the public miners sold almost 25% of their bitcoin holdings at fire-sale prices. (Read article)
A Deep Bite
Generation moonshot: why young investors are not ready to give up on risk
Even amid a meltdown in crypto markets, DIY traders who came of age after the financial crisis no longer want to play by the old rules. Traditional wealth managers are uneasy about the prospect of digital assets going mainstream. Nearly half of fund selectors said they feel pressure to offer cryptocurrencies to attract younger investors. Despite the increasingly hostile investing environment, high-risk speculation may be here to stay. More here
Weekly Bites
Bank of America Survey's Extreme Pessimism Might Be Contrarian Indicator
An old Wall Street mantra says when investors collectively feel worse and hold cash, most of the price drop has already happened. Then, selling stalls, eventually paving the way for a new bull run. Bank of America's monthly fund manager survey, conducted between July 8 and July 15, shows dire levels of investor pessimism and increased preference for cash. And bitcoin (BTC) is showing signs of life along with stocks. The leading cryptocurrency by market value peeped above $24,000, claiming the highest price since June 13. More here
Crypto enforcement takes center stage in SEC appearance before Congress
Crypto has become the most contentious part of the SEC’s enforcement wing, judging by a recent congressional subcommittee hearing. The partisan lines as to the financial regulator’s best course of action were also on clear display. More here
Putin Signs Ban on Crypto Payments in Russia
Russian President Vladimir Putin during the weekend signed into law a national ban on using digital assets for payments. The action comes after the Russian government and central bank have long debated what to do about cryptocurrency. More here
Experts reveal what Tesla's $936M sell-off means for Bitcoin
Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial disclosures released on Wednesday. Crypto industry experts are largely unfazed by this decision, saying it’s a fairly typical strategy for companies to improve cash flow during economic slowdowns. More here
Bankman-Fried's Crypto Exchange FTX Is In Talks to Raise Funds After Buying Spree
Crypto exchange FTX, co-founded by billionaire Sam Bankman-Fried, is in talks to raise fresh funding after carrying out a shopping spree during the recent digital-assets market rout. FTX and its American entity FTX US are both fundraising, according to people familiar with the matter who aren’t authorized to discuss ongoing discussions. More here
Ethereum Extends Rally on Back of New Merge Timeline Positivity
Ethereum seems to be attracting renewed investor interest as the Merge nears. The clarity on the date for the Merge is fuelling gains for the largest altcoin that has reclaimed the $1500 levels. Ethereum seems to be pulling the battered crypto market up, and the $1 trillion market cap has already been reclaimed. More here
Tweet Of The Week
So Tesla has already sold off their inventory, appears to have mainly done so to maintain positive cash flow (non bitcoin-centric reasons), and still has 25% of their BTC.
— Will Clemente (@WClementeIII) July 20, 2022
Maybe I’m coping but seems like a nothingburger.
