Macro Overview
- US FOMC meeting this week indicated a collaborative decision to keep interest rates constant and decided not to raise the interest rates.
- However, Fed officials do believe that a mild recession may start sometime later this year when the interest rate hikes would be necessary.
- US Non-farm payroll for June 23 stood at 209K below the 225K expectations. This is bullish for the crypto space. It measures the change in the number of people employed during the previous month, excluding the farming industry.
- The U.S. Unemployment rate for June 23 came at 3.6%, same as the expectations. This is neutral to bullish for the crypto space. It measures the % of the total workforce that is unemployed and actively seeking employment during the previous month.
Crypto Markets Overview
- This week, crypto markets are down by 1.4% totaling 1.17 trillion with BTC and ETH down by 2.5% and 1.5% respectively.
- Bitcoin made yearly highs at $31,568 after prospective issuers like Blackrock, and Fidelity refiled their Bitcoin ETF applications after the SEC decided to declare the previous applications inadequate.
- The CEO of Blackrock, the world’s largest asset manager supported Bitcoin and crypto, declaring Bitcoin as the global international asset. This is huge, as this could pave the way for more institutions to join the crypto space
- Solana surpassed Ethereum in Daily NFT Sales for the First Time Ever in a 24-hour time frame
- Litecoin’s upcoming halving is now less than a month away with the hash rate reaching an all-time high. A higher hash rate represents the network is more secure from attacks.
- Cardano’s Total value locked (TVL) has soared to a record high of over 741 Mn ADA tokens. In dollar terms, ADA’s TVL has risen by 13% since last week to $210Mn, signaling its growing DeFi ecosystem.
- Liquid staking tokens (LSTs) have begun to pick up momentum this month as the second half of the year edges closer toward a highly anticipated Ethereum upgrade. LST platforms and protocols like Lido, and Rocketpool have so far accrued $20 billion in total value locked, representing some 10.3 million ETH
Bitcoin Technical Analysis
Source: TradingView
Summary:
- This week, BTC made an unsuccessful attempt to break out of the sideways trading range between $29,500 & $31,350.
- BTC found support at the 20-EMA D on the downside and subsequently experienced a rebound.
- BTC is currently above the 20,50,100, and 200 EMA Daily, indicating a bullish outlook.
- If BTC breaks the resistance at $31,400, it has the potential to reach the $32,000 level.
Ethereum Technical Analysis
Source: TradingView
- This week, ETH experienced volatility and it also touched the 55-EMA D. However, it rebounded from that level.
- On a macro view, the chart shows that ETH is receiving inclined trendline support.
- Below the current price level, there are two important support levels at $1787 & $1711, which are significant in providing potential price support.
- ETH needs to overcome two important resistance levels at $2022 and $2164 respectively to continue bullishness.
Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The Content is for informational and educational purposes only. The Content is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or securities or virtual digital assets or to participate in any investment or trading strategy.The Content or any part of it is not legal, financial, investment or tax advice. The calculations, data, risk return formulations, performance or market capitalization indicators are based on the independent data sourced by CoinDCX or third parties. Past performance is not indicative of any future results.
