CryptoAM: CoinEx, Coinbase, ETFs, and DataViz

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“I like” -Borat, circa this morning when looking at CoinMarketCap. Also, we’ll be taking tomorrow off for July 4th. Hope you don’t miss us too much…but if you’re craving a CryptoAM kick come join us on Telegram!

3 things you need to know:

One: CoinEx seizes title of #1 exchange after paying users to trade. CoinEx, following in the footsteps of CoinBene and Bit-Z, has started reimbursing users in it’s native CET token for trading fees. They take the rebate model one step further, and also offer daily dividends for CET token holders. In response, CET is up 8x over the past 2 weeks.

  • Accusations: Binance CEO Changpeng Zhao took a swipe at their model, posting on the Chinese social media site, Weibo, that their model is unsustainable. He’s partially correct — the model requires price growth of the token for sustained revenues. If they want to survive, CoinEX needs to find other income streams.

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Two: Coinbase Custody is now open for business. Coinbase Custody accepted its first deposit last week, but now the service is live for all customers. It’s on-boarded 10 instutional clients on it’s first day, showing demand for custody is high — and Coinbase they can handle it.

  • Stay awake: Custody (along with regulation) is one of the main reasons institutions haven’t started investing in cryptocurrencies. Coinbase has built a reputation on being fair, compliant and trustworthy — the adult in the proverbial crypto room. Now that institutions have someone to trust, we might be seeing some inflows.

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Three: SEC blasts open door for potential ETFs. On June 28th, the SEC passed a proposal that streamlines the issuance of ETFs. This could mean big things for us everyday investors, as it drastically improves the chances for a Bitcoin or Ethereum ETF to hit the market. Historically, the SEC has been against the creation of cryptocurrency ETFs, due to concerns about liquidity, manipulation, custody and valuation.

  • Be smart: An introduction of an ETF would spur large inflows of capital into the cryptocurrency market, by opening access to a previously untapped segment of the population. It would both lead to a direct price increase because on new capital inflow, and bring attention back to cryptocurrencies in general. If only someone was scraping twitter feeds & press releases to figure out the exact moment it happens….

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Also in the news:

What I’m reading today:

Data Visualization for Crypto Assets

There are number of resources online that can help you visually understand what’s going on with the cryptocurrency market and various blockchains.

OnchainFX: Advanced CoinMarketCap

Bitcoinity: Pretty visualization of exchange volumes

Coin360: Price activity heatmap (Nice to keep on a second monitor)

Sifr Data: Cryptoasset Correlations, volatility, sharpe ratios

Coin Metrics: NVT

Bitcoin Visuals: Bitcoin mining data, Lighting Network data

Bloxy: Data for any ERC-20 token

Blockchair: Universal blockchain search engine

Around the corner:

  • The Reserve Bank of India is banning banks from interacting with cryptocurrency starting on July 5th. 

  • The Augur mainnet is launching on July 9

Tell us what we should add!

Market Outlook:

Quick Take

There’s been pretty low volatility since yesterday, so I’m looking at the exact same chart and trading levels that I was before. We’ve bled a little from the top, but have held mostly steady. I’m looking to see volatility soon to either direction. If we break below 9D EMA (6350) I’ll be calling this a failed reversal.

I’m looking at 6675 and 6350 at top resistance and bottom support. This reversal is the strongest reversal we’ve seen since the beginning of April, and I suspect we will retest the 6675 soon and likely break through as well. The price action combined with strong volume indicated a reversal in the the process, and strong break of 6655 would likely take us to the 7.2k level. 

Daily Chart:

We’re kicked up again with momentum & strength. Speculation however, took a nosedive. Safe haven demand is as low as it’s been in a long time (evidenced by BNB’s underperformance).

Shorts have increased drastically, making a breakout rally likely to be large. Indicators are decidedly bullish, as we are still <50 on the overall index. 

Here’s a reminder of what these criteria mean

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