The Month of June was liquidation central.
The ranging markets are looking to continue through August-September, and these conditions are still suitable for lending and liquidity provision. Let’s look at some charts.
1D BTC/USD:
All eyes are on Bitcoin as the market hangs on by a thread from a steep drop. Closing above the 36k mark for this monthly candle would strengthen the last week’s upward trend since the wick into 28k as a local bottom. RSI on the daily chart is scraping the 50, and bullish divergence on the RSI started forming after the June 21st low. Under these conditions, The risk/reward becomes greater since the large correction is closer to the floor than the ceiling. Multiple purchases over the next few months will have a greater chance of long-term profitability.
1D ETH/USD: The price breaking through $2275 would solidify the upward momentum. A range 2275-1984 is our buying window if Bitcoin can continue the higher movement.
The market sentiment shifted from ultra bearish, and many short positions were removed after the latest push to local lows. The fear and greed index is slowly recovering, and once again, fear in the markets is generally a sound time to continue adding positions.
Volatility in a sideways market can be boring, but I believe we have weathered the current storm and will continue to consolidate after the market froth has been removed.
Coinbase Debuts Savings Product With 4% APY on USDC Deposits 🤑🤑
Coinbase is rolling out a crypto savings account that lets you earn 4% annual percentage yield (APY) by lending out your USDC (+0.03%).
The account isn’t FDIC- or SIPC-insured and functions much like other products at crypto lenders and other exchanges that regularly offer yields around 8%. The reason why Coinbase is offering a comparatively lower yield is because it doesn’t lend to “unidentified third parties,” said Thorsten Jaeckel, senior product manager at Coinbase.
Coinbase, which administers the USDC stablecoin in partnership with Circle through the CENTRE Consortium, appears to be aiming squarely for banks with its new product, touting rates “more than 50x the national average of a traditional savings account.” Read more.
Making Bold Crypto Moves: Coinbase, ARK Invest, Tom Brady
“The Hash” tackles the day’s hot topics: Cathie Wood’s ARK Invest jumps into the bitcoin ETF race, and Coinbase debuts a savings product paying 4% APY on deposits of the stablecoin USDC. The crypto community is talking about the reported death of Mircea Popescu, one of the largest owners of bitcoin, Bitcoin’s mining hash rate has dropped to a 1-year low, and Tom Brady, along with his wife Gisele Bündchen, are now part owners of FTX. Watch here.
CoinMarketCap Taps Uniswap for Ethereum-based Token Swaps
Traders addicted to refreshing CoinMarketCap can now swap Ethereum-based tokens directly on the popular crypto price reference site.
Through an integration with decentralized exchange Uniswap, visitors that connect their crypto wallet can buy or sell any ERC-20 token they please—just like on Uniswap itself.
The integration, launched today, is a big boon for Uniswap; CoinMarketCap, founded in 2013 and bought out by Binance seven years later, attracted 272 million visitors to its site last month, according to Similarweb.
That’s all for the free weekly Crypto Crier. If you enjoyed this article, please like and share. If you have any questions, please leave a comment, and I can answer your questions further. As with all of my writing, this is not financial advice and is my opinion. I cannot stress enough how important it is to do your research on all financial endeavors. I hope that these newsletters can help investors realize the current financial systems’ downfalls and usher in a more equitable system without middlemen.
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