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News & Insights/Market
Weekly Market Update - 24 July 2023

By Amber Group 07/23/2023, 3 min read time

 

Crypto Market

 

 

BTC

ETH

Weekly High

$30,359 $1,928

Weekly Low

$29,706 $1,858


BTC and ETH Market Insight


The cooling of sentiment in the market made the short-dated BTC vols drift lower. BTC prices continue to consolidate at $30k and trade within a tight trading range. Fear and greed index has fallen into neutral territory. ETH/BTC bounced off its low summer low, shaping up to be more constructive longer-term. The broader altcoin markets broke through downtrends, especially RWA categories and L2. Regulation from a macro perspective continued and Nasdaq decided to pause the launch of its U.S. digital assets custodian business.





Options Market


Bitcoin dawdles around $30k as investors are now having eyes on the coming Fed Rate decision this week. Options data reveal high open interests in $31,000 and $32,000 Call options, denoting strong resistance at these levels. Fundamentally, the outlook remains bullish as money continues to flow into the crypto ecosystem.





Altcoins and Blockchain News

 

  • Musk announced that the Twitter brand will gradually move away from its "blue bird" image and replace it with an X logo.
     According to L2BEAT data, the total value locked (TVL) in Ethereum Layer2 has fallen, with Arbitrum One down 2.69% to 5.95 billion USD in the past 7 days, OP Mainnet up 1.74% to 2.47 billion USD, zkSync Era down 15.46% to 491 million USD, and Starknet up 31.02% to 118 million USD in the past 7 days.
    Conic Finance suffered two attacks this week, losing more than 1700 ETH. Currently, the deposit services of all Omnipools have been closed, and its token CNC has fallen more than 50%. 
    Hybrid trading platform OpenEx completed a pre-A round of financing with a valuation of 50 million USD. The amount was not disclosed, and C² Ventures, Agallochum Capital, TKX Capital, and others participated, with the founder and CEO of Galxe and Fenbushi Capital also participating personally. 
    PenSea has launched a new NFT swapping feature called "Deals", allowing users to combine NFTs and WETH to directly initiate NFT exchanges with others.
     Binance Labs has invested 10 million USD in the cross-chain lending protocol Radiant Capital. This round of financing will drive further product development and expansion to other Ethereum-compatible chains. 
    Memecoin, the official token of Memeland, announced that it will airdrop 17.25 billion tokens to holders of ecological projects (including MVP, Captainz, and Potatoz), accounting for 25% of the total supply. 
    According to Curve data, the number of Curve's native stablecoin crvUSD has exceeded 100 million coins.

Macro

 

Stocks rallied on hopes that a hard landing is likely to be avoided with the moderating inflation: the DJIA added 2.1%, and the S&P 500 added 0.7%. The tech-heavy NASDAQ Composite, however, suffered a modest pullback of -0.6%. U.S. Treasury Secretary Janet Yellen downplayed the risk of recession last week given the labor market’s resilience and slowing inflation.





 

 

 

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