July 28, 2023

Markets Insights

Next FOMC meeting: Sept 20th 2023.

  • Probability of a 0bps hike → 82%
  • Probability of a 25bps hike → 18%

The News Room

Optimism flips Arbitrum in daily transactions following Worldcoin launch

Optimism and Arbitrum, two Layer 2 scaling solutions for Ethereum, are witnessing a surge in transaction volume as gas fees on the Ethereum network continue to rise. The increasing popularity of Layer 2 solutions reflects the growing demand for more scalable and cost-effective alternatives to Ethereum's mainnet. Worldcoin, a cryptocurrency project, is using the Arbitrum platform to distribute its tokens to every eligible person globally. The move showcases the potential of Layer 2 solutions to facilitate large-scale token distributions efficiently and at a reduced cost. As Ethereum explores various Layer 2 options, these solutions could play a vital role in enhancing the scalability and usability of the network for both retail and institutional users.


Crypto.com registers in the Netherlands following Binance exit

Crypto.com has ceased offering services to users in the Netherlands due to regulatory challenges. The decision comes as the crypto industry faces increasing scrutiny from regulators worldwide. Binance, another major player in the cryptocurrency space, has also faced regulatory hurdles in various jurisdictions. These developments underscore the importance of regulatory compliance for cryptocurrency companies seeking to operate globally. As the regulatory landscape evolves, exchanges and platforms must navigate the complexities of different jurisdictions to ensure they can continue providing services while adhering to local laws and regulations.


Grayscale challenges SEC on Blackrock filing to ensure fair approval of Bitcoin ETPs

Grayscale Investments, a leading digital asset management firm, has filed with the U.S. Securities and Exchange Commission (SEC) to challenge BlackRock's Bitcoin ETF application. Grayscale aims to ensure fair approval processes for all Bitcoin ETF applicants. The move comes amidst growing interest from institutional players in launching Bitcoin ETFs, which would provide investors with a more accessible and regulated way to gain exposure to Bitcoin. Grayscale's challenge reflects the competitive nature of the ETF space and the desire for a level playing field in the approval process. As the SEC evaluates multiple ETF applications, the outcome of these challenges could significantly impact the adoption and legitimacy of Bitcoin in traditional financial markets.


Trading Desk Insights

The US equity futures markets are heading for their 3rd winning week as the Nasdaq index is up 1% while the S&P500 is up 0.50% after positive inflation data.

Data from June revealed a consistent decline in inflation as indicated by the Personal Consumption Expenditures (PCE) Price Index. The index showed a monthly increase of 0.2% in PCE, aligning with the predicted 0.2% rise. Furthermore, the core PCE saw an annual growth of 4.1%, outperforming the expected 4.2% increase.

Intel shares surged over 7% in response to the company's return to profitability, earning the approval of investors. Roku's stock increased by 8% following its impressive performance which surpassed Wall Street's top and bottom-line expectations.

Yesterday afternoon ahead of the Bank of Japan monetary policy statement, reports emerged about the central bank's plans to deliberate on its yield curve control policy, leading to a dip in US indices at the close. The BOJ, known for its dovish stance over the years, recently unveiled plans for increased flexibility in its monetary policy, catching the global financial markets off guard by raising the cap on the 10-year Japanese government bond yield to 1% from 0.5%.

Bitcoin was under a bit of pressure yesterday afternoon after a report that the Bank of Japan was mulling a change to its yield curve control policy, before bouncing off an intraday support near 29,125. The market is risk-on this morning as the inflation data came in better than expected which pushed BTC from 29,250 to 29,500.

The ultimate test for BTC is to break above 29,700 and 30,450. If prices manage to break above these price ranges while also pushing the RSI to break above this declining trend line, then we would likely get ready to retest the yearly highs near 31,800.

SHIB is one the leaders this morning, up 5%. According to its developers, a bridge between its layer 2 blockchain Shibarium and Ethereum is live for public testing, allowing users to transfer tokens between the two networks. The testnet has seen meaningful activity in the past months with 27 million transactions from an estimated 16 million wallets as of July, indicating brisk demand for the network.

Economic Calendar:


  • US core PCE index
  • US consumer sentiment
  • Earnings → Exxon Mobil

Altcoin Watch - Shiba Inu (SHIB)

The Shiba Inu ecosystem’s world paper, as well as new Shiba Inu projects and detailed information about the Treat token, will be presented at a Toronto conference next month, Shytoshi Kusama says.

Kusama stated that the Shiba Inu ecosystem would serve as the title sponsor for the upcoming Blockchain Futurist Conference, as well as the official hackathons, ETHToronto and ETHWomen. Additionally, Kusama will make an appearance via artificial intelligence technology and deliver a speech during a conference held on the day of the Shibarium release.

This conference will showcase the “world paper” of the Shiba Inu ecosystem, announce new projects and provide detailed information about the Treat token for the first time.

SHIB/USDT - On the daily chart, price has just retraced into the demand region which has triggered a bullish reaction. The recent high of 0.00000853 is likely to be taken out for the uptrend to continue.


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