$BTC 24 Hour High $21,583.87
$BTC 24 Hour Low $20,800.66
$ETH 24 Hour High $1,644.04
$ETH 24 Hour Low $1,565.67
Happy Monday from HKbitEX! Hope you had a great holiday! Highlights from the week:
- Puell Multiple signals market bottom, hitting its lowest since 2019
- Fed opens pathway for crypto banks to tap central banking system
- Brazil brokerage giant with 3.6mn clients launches BTC and ETH trading
- Celsius on pace to run out of cash by October
The $BTC and $ETH market
Crypto markets pulled back a bit this week with both Bitcoin (-3.1%) and Ethereum (-1.8%) failing to remain above their psychological supports line of $25k and $2k. In the last 48 hours, Bitcoin’s market took another turn for even the worse as the asset slipped to $20,750, while it was riding high last weekend. The bulls were highly expected to stay in control and probably keep pushing the asset north, and yet BTC plummeted by over $1,000 in hours.
BTC is down roughly 15% on the week, and its market cap is close to breaking below $400 billion.
Meme stocks are back – Meme coins like Dogecoin (+5.8%) and Shiba Ibu (+9.8%) were solitary positive movers with clear evidence that the retail investor is back.
Puell multiple signals market bottom
The famous Puell Multiple indicator, which has broken out of the oversold area in recent days, represent a signal confirming that Bitcoin’s macro bottom had been reached. The Puell Multiple is calculated by dividing the daily issuance value of Bitcoins (in USD) by the 365-day moving average of daily issuance value. In other words, it compares the short-term revenue of BTC miners to its longer term trend. A lower score equates to lower revenue for miners. Since 2014, the Puell multiple has gone below 0.50 only 4 times: during the previous market bottoms of 2015 and 2019, the Covid-induced crash of Spring 2020, and most recently in July 2022.
NFT volumes, prices, users, search fall +70% since Q1
OpenSeas trading volumes plunged to their lowest level in 13-months on Tuesday. The number of transactions has also plunged by two-thirds and active users has also fallen 70% from the heady early days of 2022. Google search for the term NFT has also come off 85%.
Other than OpenSeas, Volume in NBA Top Shot, Dapper Labs NFT Sports series, is down 87% from its high of $3.17mn on April 29th.
Mainstream adoption & What’s in the news…
The U.S. Federal Reserve said Monday it is publishing its final guidance for novel financial institutions to access its "master accounts," something these firms need to participate in the global payment system. The central bank will create a three-tiered system for evaluating whether a financial institution should have access.
XP Inc has become the latest Brazilian fintech player to offer crypto trading services, following Nubank and MercadoLibre. The news was broke in a Monday post by the Nasdaq Exchange Twitter account, noting that XP had rung the exchange’s “Opening Bell” to celebrate the launch of the XTAGE digital assets trading platform.
Celsius Network, the crypto lender that filed for bankruptcy in July, appears to be in even worse financial straits than previously signaled. A new court filing Monday from Kirkland & Ellis, a law firm the crypto lender hired to lead its restructuring efforts, included financial projections that Celsius will run out of cash by October.