CryptoFinance Metrics | 07.09.2021

Published in

BCISTCenter

4 min readJul 9, 2021

Social Media: LinkTree

Among stablecoins, USDC has the largest amount ( $5.79 billion ) moving between network addresses, for the last 24 hours.

Further Reading: Categorization of Stablecoins

Latest Headlines

The Bank of France and the Monetary Authority of Singapore (MAS) concluded a wholesale cross-border settlement transaction using an experimental CBDC.
USDC stablecoin issuer Circle plans to go public later this year via SPAC at $4.5 billion valuation.
According to a survey, 36% of retail crypto investors in the UK have conceded that their understanding of the sector was “poor or non-existent” when they made their first investments.
Deputy governor of the People’s Bank of China (PBoC) expressed concerns over the stablecoins like Tether (USDT) pose to global financial and settlement systems.
Visa announced that it is partnering with over 50 cryptocurrency companies including FTX and Coinbase.

Technical Analysis

BITCOIN [BTC] — 36,431.13 USD

The price of Bitcoin, which followed a horizontal course in the morning hours, is $ 32,914. After the FUD news from China yesterday, it caused a general withdrawal movement in the market, especially for Bitcoin. Although the decline was relatively weak according to the effect of previous FUD news, we saw a Bitcoin movement that receded to the level of 32 thousand dollars. When we look at the chain data, the 1% decrease in the number of new addresses in the last 24 hours shows that new investors have decreased in Bitcoin, but it is not at a worrying level. In addition, when we analyze the net inflows / outflows in the stock markets, the net BTC outflow of 119 million dollars can be interpreted as positive. Uncertainty in the direction continues in the short term.

When we consider the BTC/USDT parity technically, we see that BTC tests the bottom of the descending trend from May 10, but is priced above it as of the morning hours. Despite holding on to the monthly DEMA, BTC could not break the two-week DEMA level to the upside, and the closest resistance levels will be the $33,212–33,500 band. On the upside break of these levels, a move towards $34,838, which coincides with the Fibo’23.60 retracement level, is possible. If the downtrend continues, we expect the monthly DEMA ($32,400) levels to act as support. In the short term, buying near support and selling near resistance will be a healthier strategy.

Resistance Levels: 33.680 / 34.300 / 35.080
Support Levels: 32.280 / 31.500 / 30.880

ETHEREUM [ETH] — 2,219.33 USD

The price of Ethereum, which has risen by 1 percent in the morning hours, is $2135. When we examine the chain data of Ethereum, there is a net $ 1.1 billion Ethereum outflow from the stock markets on July 8. We interpret it positively that investors transfer their Ethereum to their wallets in order to keep them instead of transferring to stock exchanges to sell with the decline experienced yesterday.

When we consider the ETH/USDT parity technically, we see that there is a slight recovery today after the decline experienced yesterday. In case of a continuation of the upward move, with the nearest support level at $2,027, we expect the $2225 levels to act as the nearest resistance. If the support at $2097 is lost, a pullback towards the $1987 levels could occur. In the short term, buying near support and selling near resistance may be appropriate.