August 4, 2023

Markets Insights

Next FOMC meeting: Sept 20th 2023.

  • Probability of a 0bps hike → 83.5%
  • Probability of a 25bps hike → 16.5%

The News Room

Elon Musk's X Seeks Financial-Data Partnerships to Develop In-App Trading Hub

Elon Musk's newly rebranded app, X (formerly Twitter), is actively seeking partnerships with financial-data providers to develop an integrated trading hub, according to reports from news outlet Semafor. X had sent out requests to such data providers for proposals on financial content and real-time stock data, aiming to leverage its massive user base. This development isn't X's first attempt to enter the trading space, with eToro, a social investing platform, planning earlier this year to offer crypto and other asset trading services to X's users.

If successful, X's in-app trading hub could support trading of cryptocurrencies, aligning with Musk's well-known interest in digital assets. Musk has previously shared intentions to integrate payment capabilities into X, initially in fiat currencies with the possibility of adding crypto options later. The rebranding of Twitter to X, along with these developments, is viewed as part of Musk's larger strategy to transform the platform into a multifunctional app, akin to China's WeChat.

Jack Dorsey's Block Reports $5.5 Billion Q2 Revenue with Nearly Half From Bitcoin

In its Q2 2023 report, Block Inc., formerly known as Square, announced a 27% YoY increase in gross profit, with $2.4 billion of its $5.5 billion net revenue generated from Bitcoin. This represents a 34% YoY rise in Bitcoin revenue, which is defined as the total sale of cryptocurrency to customers.

The company indicated that the growth in Bitcoin revenue and gross profit was largely driven by increased Bitcoin sales to customers, although this was slightly offset by a drop in Bitcoin's average market price. Furthermore, Block has managed to avoid impairment losses on its Bitcoin holdings, currently worth $245 million, for the three- and six-month periods ending June 30, 2023.

Latin American Crypto Company Ripio Launches U.S. Dollar-Pegged Stablecoin

Ripio, a Latin American cryptocurrency service provider, has launched a US dollar-pegged stablecoin, UXD (also known as Criptodólar), to help Argentinians shield their assets amidst soaring inflation, which is currently at an annual rate of 115%.

Users in Argentina and Brazil can purchase the UXD stablecoin, which is hosted on LaChain, a Latin America-centric Layer 1 blockchain launched by Ripio in collaboration with several other companies. Despite a bearish crypto market, the use of stablecoins is increasing in Latin America, according to Ripio CEO Sebastian Serrano. Ripio, founded in Argentina and now operating in multiple countries, has eight million users and processes $200 million worth of transactions monthly.

Trading Desk Insights

Stock futures experienced an uptick on Friday morning as Wall Street analyzed recent earnings from major technology corporations and a July jobs report that came in below expectations. July's nonfarm payrolls amounted to 187,000, falling short of the anticipated 200,000, while the unemployment rate experienced a slight decrease, moving to 3.5% from 3.6%.

Amazon shares skyrocketed by 9.6%, having significantly exceeded profit expectations and provided encouraging future guidance. Conversely, Apple suffered a 2.6% dip due to a decline in revenue compared to the same period last year.

This week, U.S. Treasury yields have slowly ascended, with the 10-year yield rising from 3.96% to 4.2%. This rise has been exerting pressure on the market recently.

Bitcoin continues to trade sideways with no momentum in sight. As much as volatility has been contracting recently, we should expect some level of expansion in the near future especially as the Summer season comes to an end and we approach the SEC deadlines for the spot ETF application.

Curve founder is now trying to solve its problem with over the counter sales of $CRV. Egorov raised $42.4M in the last two days to pay off an $80M on-chain debt and the OTC buyers include Justin Sun, Stake DAO and Yearn Finance's treasury. Prices are currently trading around $0.62 but the market fears potential contagion if the price of CRV hits $0.368.

Economic Calendar:


  • US Non-farm payrolls + unemployment

Technical Charts

Altcoin Watch

Even with the recent fluctuations in the cryptocurrency market and the waning attention towards the Decentralized Finance (DeFi) sector, there has been significant growth in the Liquid Staking Derivatives (LSD) segment. Solana stands to potentially reap benefits from this LSD sector expansion. Data provided by Token Terminal has highlighted a conspicuous surge in the activities of Jito, an LSD protocol functioning on the Solana network. According to data from Artemis, there has been a substantial increase in the Total Value Locked (TVL) on Solana in recent months, a portion of which can be attributed to the successful operation of LSDs on this protocol.

Solana has been outperforming the top 20 coins (excluding stablecoins) in the last 30 days. The index has come down by around 6% while SOL has surged by almost 20% in the same time period, and was up by 40% in the first two weeks of July.

From a chartist point of view, SOLUSDT has pulled back 30% from the yearly highs but is still up by 130% since the start of the year. After having broken above a declining trend channel, prices came back to the breakout zone which should act as temporary support. As long as 21.75 holds, we expect further upside towards 25.75 and potentially 29.15.


This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.

Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.

The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.

Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

Contact Us

Start trading with Secure Digital Markets today by e-mailing:


Was this content helpful?
Announcing the Release of the 2023 Market Outlook
April 23, 2023
9 min
April 23, 2023
Crypto Industry Reeling After 3 Banks Collapsed Over the Weekend
March 24, 2023
9 min
March 24, 2023