THE RUNDOWN
The Rundown Powered By Arcane Research
• Bitcoin’s recent strong momentum stalled in the middle of last week, and the price has decreased by 6% over the past seven days. Still, the price remains firmly within the $19k - $22k consolidation range. (Read article)
• Ethereum saw inflows totalling US$8m, while the corrected prior week data saw inflows totalling US$120m. These inflows mark the largest single week of inflows since June 2021.
• The Fear and Greed Index briefly hit a high of 34 last week as the strong recovery in the crypto market spurred increased optimism among investors. (Read article)
• Large institutions have sold at least 236k BTC over the past two months, leading to selling pressure that has pushed the bitcoin price down. Are the contagion effects over for now? (Read article)
• Basis premiums are now sitting at similar levels on CME and the offshore exchanges, indicating that the market sentiment is balanced among different groups of traders. (Read article)
A Deep Bite
The Democratic Nature of DeFi: Real or Imagined?
There’s a tension in crypto that Stacy-Marie is fascinated by. On the one hand, there’s this prevailing belief in the necessity, indeed the superiority, of decentralization. On the other hand there’s reality: when things hit the fan, folks respond by seeking a bailout, by demanding someone - perhaps even a regulator! - hold fraudsters accountable, and by consolidating around the strongest and biggest players in the market. In an industry so prone to spectacular scams and expensive hacks, this tension is ever-present. Can you simultaneously reject all forms of centralized control and then demand help from centralized authorities in times of trouble? More here
Weekly Bites
Hong Kong titled the most Crypto Ready country in 2022
By topping the crypto ready country table with a 8.6/10 score, Hong Kong is leading the chart. To assess the most crypto-ready countries, the data examines the number of crypto ATMs, cryptocurrency legislation and taxation, the number of blockchain startups, and the countries with the highest degree of interest in crypto. More here
Bill addressing stablecoins risks in US likely delayed until September: Report
Lawmakers in the United States House of Representatives have reportedly pushed back the timeline for considering a bill addressing the potential risks of stablecoins. The unresolved issues in the bill reportedly included provisions on custodial wallets from the Treasury Department, and concerns from the Securities and Exchange Commission. More here
Global Crypto ATM Market Projected to Reach $472.18 Million by 2027
According to a recent report, the Global Crypto ATM Market is estimated to be $46.45 million in 2022, while it is projected to reach $472.18 million by 2027, growing at a CAGR of 59.01%. The report provides a detailed analysis of the competitors in the market. It also gives detailed information on the companies’ recent development and competitive scenario. More here
EU Banking Regulator Worries It Can’t Find the Staff to Regulate Crypto
The European Union’s banking regulator is worried about how it will enforce new crypto rules that are expected to take effect by 2025, according to the Financial Times. European Banking Authority Chair José Manuel Campa said the agency does not yet have the capacity to supervise digital assets. More here
‘All Bets Are Off’—Crypto Now Braced For A $8.9 Trillion Earthquake As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing
BitcoinBTC +1.5% and cryptocurrency prices have swung wildly this month as traders try to gauge the Federal Reserve's mood and ethereum's cofounder revealed his surprise "surge" expectations. More here
EY Has Built an Ethereum-Based Product to Help Firms Hit Carbon Accounting Goals
EY, one of the world's four largest consulting and accounting firms, has built an Ethereum-based system to help big businesses manage their carbon footprints and satisfy environmental, social and governance (ESG) mandates. The carbon tracking prototype, which builds on the firm’s existing supply chain traceability product suite, is known internally as “Ops-chain ESG,” said EY global blockchain leader Paul Brody. More here
IMF Says Bitcoin Crash Hasn’t Harmed Global Financial Stability
The International Monetary Fund said that the Bitcoin bear market hasn't had an impact on global financial stability in a Tuesday report. In its ‘World Economic Outlook Update: Gloomy and More Uncertain’ report published today, the IMF acknowledged that the crypto market has experienced a “dramatic” sell-off—but added that it hasn’t yet hurt the financial system. More here
Tweet Of The Week
Pull back? o Bull trap? ????♂️????♀️????#BTC #bitcoin #Criptomonedas #criptos #Cryptos pic.twitter.com/Kv0eAt0WLZ
— BTC Historia Inteligente (@satorumentefria) July 24, 2022
