GSG News Update – June 24, 2019

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GSG News Update

 

MarketWatch

June 24, 2019
Name Current Price 24h % 30d Vol 90d Vol 21d EMA 50d EMA
Bitcoin $10,779.28 0.41% 66.77% 72.61% $9,063.473 $8,066.870
Ethereum  $307.09 -1.69% 74.09% 84.31% $269.739 $244.417
XRP  $0.461 -3.64% 72.66% 91.51% $0.427 $0.401
Litecoin  $135.62 -3.88% 83.36% 101.46% $128.640 $112.747
Bitcoin Cash $471.68 -3.39% 77.96% 125.47% $423.672 $387.928
EOS  $7.18 -3.79% 121.54% 103.66% $6.872 $6.451
Binance Coin $37.21 -1.71% 80.61% 91.67% $34.195 $30.708
Bitcoin SV $237.83 -1.80% 213.88% 184.51% $205.571 $163.309
TRON $0.039 5.43% 118.13% 96.77% $0.033 $0.031
Cardano  $0.096 -2.04% 92.85% 106.97% $0.089 $0.084
Stellar $0.127 -2.91% 64.40% 89.95% $0.126 $0.123
 

News

  • FATF released latest standards combating money laundering and terrorism, and it includes “travel rule" requiring exchanges to collect and transfer customer information during transactions. FATF says virtual asset providers required to obtain, hold and transmit both originator and beneficiary information, so exchanges have to gather and transfer originator name, originator account number (VA wallet address), originator’s location information, beneficiary name and beneficiary account number.
  • Celsius lending startup, unsure over the status of its native token, took precautionary measures, suspending the asset’s distribution in the U.S. The firm, which sold CEL tokens for $50 million in an ICO in March 2018, sent an email to its American users explaining that interest payments in the token had been paused with immediate effect, saying the move had been prompted following instruction “from legal counsel.”
  • Electric Coin Company, the firm behind Zcash, intends to build a new scalable blockchain. Chief engineer at ECC Nathan Wilcox said the firm should “make Zcash usable by 10 billion people by 2050” if it can, stating that ECC is considering implementing sharding into the network in the near future.
  • France, which holds the G7 presidency, will create a group taskforce on stablecoin projects, announced by France’s central bank governor Francois Villeroy de Galhau. The taskforce will reportedly be headed by European Central Bank board member Benoit Coeure, and is a response to Facebook’s planned cryptocurrency project, Libra. 
  • Galaxy Digital to offer cryptocurrency options contracts amid demand from institutional investors and cryptocurrency companies like mining firms, lenders, and other projects, including those sitting on treasuries, that want to hedge the inherent volatility risk of cryptocurrencies.
  • Financial Intelligence Unit of the Financial Services Commission of South Korea said crypto exchanges should comply with FATF's cryptocurrency supervision guidelines, or they will be forced to cancel their business licenses. The guidelines are expected to take effect in the second half of next year.
  • TRON Foundation and New York-based fintech firm Carbon announced launch of first FDIC-insured fiat-backed stablecoin on TRON's blockchain, TRXD. The collaboration between the two parties aims at providing user-friendly payment solutions and in-DApp purchases.

Upcoming Events

  • Jun 25-26 - Bitcoin 2019 (Andrew Poelstra, Anthony Pompliano, Jihan Wu, Tuur Demeester)
  • Jun 28 - CME Bitcoin Futures Jun 2019 contract (BTCM19) last trade date; settlement July 1
  • July 4-5 - Asia Blockchain Summit Taipei (Arthur Hayes, He Yi, Charlie Lee, Nouriel Roubini, Samson Mow, Vincent Zhou)
  • July 16 - U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing on Facebook's Libra
  • Jul 26 - CME Bitcoin Futures Jul 2019 contract (BTCN19) last trade date; settlement July 29
  • Aug 6 - Litecoin Block Reward Halving (Coin reward decreases from 25 to 12.5 coins)
  • Aug 14 - SEC decision on Bitwise ETF
  • Aug 20 - Blockchain Summit Singapore 2019 (forthcoming)
  • Aug 30 - CME Bitcoin Futures Aug 2019 contract (BTCQ19) last trade date; settlement Sept 3
  • Sept 17 - Ethereum Classic Atlantis hard fork
  • Sept 27 - CME Bitcoin Futures Sep 2019 contract (BTCU19) last trade date; settlement Sept 30
  • Jan 3, 2020 - Ethereum 2.0 Launch (Phase Zero)
  • Nov 2020 - ZCash Halvening / Founders’ Reward set to expire

Charts

BTC Longs-Shorts


ETH Longs-Shorts


Market Cap Return


Sector Return

Twitter Daily

Delphi Digital‏ @Delphi_Digital

0/ We’re excited to release a preview of one of our Institutional reports publicly. You can read the @UniswapExchange portion of our Uniswap/Kyber Network report here: (short thread attached)

1/ Analyzing both in tandem was necessary because of their symbiotic relationship. After @KyberNetwork added Uniswap as one of its liquidity reserves in February, trades sourced through Kyber made up 34% of Uniswap’s total trade volume from February through May.

2/ Uniswap and Kyber have both experienced significant growth in 2019. Uniswap had ~30,500 ETH locked up in liquidity at the end of May, up from ~3,200 at the end of January. Kyber’s monthly trading volume was up to ~32M in May, with Feb-May volume equal to its 2018 total.

3/ Uniswap’s constant product market maker model allows individuals to trade through a liquidity pool rather than an order book. While small trades aren’t costly, slippage can become significant as the trade size increases relative to the liquidity pool.


4/ Uniswap liquidity providers collect a small fee from trades, that accrues over time. Since inception in November to May, the DAI/ETH pool has accrued over 11% in fees (~20% annualized). This rate has been increasing over time with over 5% earned in the past 8 weeks.


5/ As a liquidity provider, you underperform a pure hold strategy when prices deviate from their starting point. We analyze various scenarios to establish when it make sense to provide liquidity, depending on $ETH price expectations and other variables, in this report.




Silver Watchdog‏ @Silver_Watchdog

Four or less traders hold almost 70% of all btc short futures positions. (COT Data)

Not only are they accumulating shorts but reducing long exposure as well. This is positioning for a price drop.

What the crypto market needs are some players like Jim Chanos or Muddy Waters to exposure the frauds. Right now are hardly any fraud detectors other than a few anon tweeters. Taking down Bitfinex with several exchanges would be a huge profitable play if it could be done.



CZ Binance@cz_binance

We had our first Margin liquidation today. Guess what, it was on a #BTC short. Don't bet against bitcoin, and don't bet again b...



Quant Fiction‏ @quantfiction

An interesting trend comparing recent correlations between alts/btc to their historical norms. Alts typically move in tandem with btc; this hasn't been the case during the current rally



 


Alex Krüger‏ @krugermacro 

Stats for bitcoin CME weekly gaps greater than 3% during 2019. There has been a gap greater than 3% on 40% of the weekends; bullish gaps mostly. The Sunday open stop-run has resulted in an average move on the open of 2.4%.


  • Stop-run = immediate continuation (on the Sunday open) in the direction of the gap, as poorly positioned CME traders close positions on the open.

    Jacob Pickle @JPicL
    Stop-run as in pullback?
     

Gap & ensuing stop-run, illustrated. This represents normal market mechanics.




Alex Krüger‏ @krugermacro

Extremely high bitcoin Bitmex funding rate coming up in 2 minutes, 0.2965%. This happened about 10% of the time in 2017, never in 2018. It is equivalent to 325% per annum (ex-compounding). Speaks of how bullish traders are at the moment.



Joe McCann‏@joemccann

Noticing for the first time in weeks that contango is starting to drop, not remain stable or rise. #BTC likely signaling a pullback.

Here's the December Futures Contract for the past 7 days for #bitcoin.


And the September Futures Contract... See the difference? I treat this as a measure of sentiment. I've been wrong before.


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