Crypto Weekly 24-30 July 2023
Uniswap introduces new protocol UniswapX, a decentralized exchange (DEX) solving liquidity and fee issues, with plans for feeless cross-chain Swaps
Aave Protocol launches GHO, a DeFi stablecoin over-collateralized with ETH, approved by token holders’ votes
Liquid staking ranks as top staking protocol for ETH, leading in total value locked (TVL), second only to centralized exchanges (CEX), aiming to become the top DeFi protocol
CoinGecko reports Q2 DEX trading volume of top 10 DEXs at $155 billion, decreasing by less than 30% compared to CEXs’ 43% drop, Uniswap still dominates DEX protocols
Yat Siu, Animoca Band Co-founder, believes China will receive the green light for digital asset acceptance, and predicts China will allocate budget for Web3 technology, competing with the US
Grayscale Bitcoin Trust (GBTC) records highest daily trading volume of the year at $183 Million, amid Bitcoin ETF applications by leading financial institutions
CoinShares data shows crypto investment inflows exceed $742 million in the past month, with Bitcoin attracting 99% of the inflows, partially attributed to Ripple’s legal victory against the SEC
IntoTheBlock’s analysis reveals around 29% of current Bitcoin supply has remained inactive for over 5 years, possibly due to lost wallet access, Bitfinex report shows all-time high of idle BTC
Tesla’s Q2 financial report shows no Bitcoin trading activity for the fourth consecutive quarter, currently holding $184 million worth of digital assets, selling over 75%, or 30,000 BTC previously acquired in 2021
Weekly Technical Analysis: 24-30 July 2023
Bitcoin (BTC)
BTC’s price has declined due to new supporting factors coming into play. Recently, the price of BTC has negatively correlated with macroeconomics, but it’s mostly related to specific factors within the crypto industry. However, the potential approval of a Bitcoin ETF by the U.S. SEC may lead to a resurgence of profit-taking activities. Support: 1,000,000 THB Resistance: 1,112,000 THB
Ethereum (ETH)
ETH has somewhat underperformed in the market as transaction values on-chain have decreased due to users shifting towards Layer2 blockchains. Nevertheless, there are still confident players in the market who believe in the long-term fundamentals of ETH, leading to a narrow trading range. Support: 63,000 THB Resistance: 70,000 THB
Chainlink (LINK)
LINK has seen a 14.3% increase in price over the past week. While the price has contracted, significant support may act as a buying point at 252 THB. If the price continues to hold, the market might wait for short-term profit-taking at the previous resistance of 288 THB, which could lead to a break in the support level.
Stellar (XLM)
XLM has surged by 60% in the past week, recovering after a decline alongside XRP. The market may use 4.8 THB as the first entry point, and if support holds, it could test the previous high of 6.2 THB. However, due to price fluctuations, the market might wait for a price contraction before entering.
Trading and Investment Considerations For The Week
The overall market is still relatively unchanged, especially Bitcoin, which continues to move sideways. However, some DeFi coins like SNX and AAVE are experiencing significant profit-taking activities. Additionally, two coins, XRP and XLM, have shown strong buying momentum in recent times.
The key highlights for this week are on Wednesday, July 26th, when the results of the US Federal Reserve meeting will be announced. The market predicts a 90% possibility that the Fed will maintain the interest rate at 0.25%, despite the recent decline in inflation rates.
Furthermore, on Thursday, July 27th, the GDP growth forecast of the second quarter for the US economy will be released. The market expects a growth rate of 1.8%, slightly lower than the 2.0% growth rate in the first quarter. Investors are closely monitoring whether the US economy will enter a period of recession.
However, it’s worth noting that in the past two months, the correlation between Bitcoin and other economic indices, especially the US dollar, has been relatively low. This means that Bitcoin’s price movement is primarily driven by specific factors within the crypto industry, particularly regulatory issues from the US SEC.
Disclaimer:
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– Past Returns/Past Performance does not guarantee future returns/performance.
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