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Kraken Daily Market Report for July 21 2021

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Overview


  • Total spot trading volume was $1.06B, above the 30-day average of $875.1M.
  • Total futures notional at $440.9 million.
  • The top five traded coins were, respectively, Bitcoin (+7.8%), Ethereum (+12%), Tether (+0%), Doge (+12%), and USDC (+0%).
  • Strong returns from Rarible (+29%), Matic (+29%).

July 21, 2021 
 $1.06B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
BTC 
$32120. 
↑7.8% 
$336.4M
ETH 
$1995.0 
↑12% 
$256.0M
USDT 
$1.0 
↓0.02% 
$228.4M
DOGE 
$0.1903 
↑12% 
$55.8M
USDC 
$0.9999 
↑0.0% 
$44.4M
ADA 
$1.1693 
↑11% 
$44.3M
DOT 
$12.332 
↑13% 
$26.3M
XRP 
$0.5695 
↑7.9% 
$19.8M
LINK 
$15.281 
↑11% 
$9.89M
MATIC 
$0.8884 
↑29% 
$9.71M
LTC 
$117.56 
↑9.6% 
$8.79M
KSM 
$173.95 
↑17% 
$6.34M
FLOW 
$14.313 
↑20% 
$6.3M
DAI 
$1.0007 
↓0.01% 
$6.19M
BCH 
$430.43 
↑8.0% 
$5.03M
SC 
$0.0106 
↑9.7% 
$4.83M
DASH 
$138.77 
↑11% 
$4.66M
AAVE 
$259.05 
↑16% 
$4.02M
SOL 
$26.61 
↑14% 
$3.85M
COMP 
$375.83 
↑7.3% 
$3.66M
XMR 
$196.31 
↑7.4% 
$3.22M
EOS 
$3.4993 
↑7.4% 
$2.94M
YFI 
$28231. 
↑10% 
$2.84M
XLM 
$0.2277 
↑7.4% 
$2.43M
UNI 
$16.664 
↑14% 
$2.26M
FIL 
$46.193 
↑12% 
$2.1M
XTZ 
$2.3934 
↑11% 
$1.95M
ETC 
$42.964 
↑9.0% 
$1.95M
SNX 
$8.433 
↑12% 
$1.65M
KAVA 
$3.6781 
↑10% 
$1.63M
ALGO 
$0.7648 
↑9.8% 
$1.59M
MINA 
$1.07 
↑14% 
$1.5M
TRX 
$0.0538 
↑6.8% 
$1.45M
ATOM 
$10.466 
↑11% 
$1.36M
MLN 
$71.467 
↑12% 
$1.28M
QTUM 
$5.3731 
↑7.8% 
$1.25M
NANO 
$3.5428 
↑9.8% 
$1.23M
MANA 
$0.5785 
↑12% 
$1.06M
ZEC 
$95.13 
↑11% 
$1.0M
SUSHI 
$7.01 
↑11% 
$902K
EWT 
$5.124 
↑15% 
$841K
GRT 
$0.5562 
↑13% 
$824K
OMG 
$3.4593 
↑8.5% 
$793K
KEEP 
$0.2388 
↑7.6% 
$752K
ICX 
$0.7432 
↑9.7% 
$751K
GNO 
$168.22 
↑10% 
$639K
ENJ 
$1.088 
↑9.8% 
$584K
OXT 
$0.2476 
↑6.8% 
$561K
PAXG 
$1806.3 
↓0.16% 
$513K
ANT 
$3.2831 
↑5.5% 
$425K
WAVES 
$12.723 
↑7.2% 
$324K
CRV 
$1.442 
↑12% 
$277K
RARI 
$9.6174 
↑29% 
$273K
SAND 
$0.47 
↑21% 
$265K
SRM 
$2.711 
↑11% 
$248K
BAT 
$0.5018 
↑7.6% 
$241K
REPV2 
$15.901 
↑7.2% 
$229K
STORJ 
$0.7612 
↑7.5% 
$227K
MKR 
$2437.9 
↑12% 
$218K
REN 
$0.3123 
↑10% 
$186K
OCEAN 
$0.3718 
↑8.6% 
$182K
LSK 
$2.2881 
↑8.1% 
$181K
REP 
$18.995 
↑5.9% 
$171K
BNT 
$2.841 
↑10% 
$113K
LPT 
$11.43 
↑3.1% 
$111K
ZRX 
$0.63 
↑17% 
$101K
GHST 
$1.08 
↑2.4% 
$100K
BAL 
$17.49 
↑11% 
$91.3K
KNC 
$1.2632 
↑8.2% 
$82.1K
ANKR 
$0.0588 
↑7.0% 
$50.1K
TBTC 
$32717. 
↑14% 
$25.5K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (July 21 2021)



Figure 2: Mid-size trading assets: (measured in USD) (July 21 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 3: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (July 21 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

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Source: https://blog.kraken.com/post/10203/kraken-daily-market-report-for-july-21-2021/

Blockchain

Longing Bitcoin Cash at this zone can bag you profits

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Once a regular top 10 cryptocurrency, Bitcoin Cash has fallen slightly down the pecking order. Its year-to-date gains of 38% seemed pale when compared to its larger counterparts- some of which have seen percentage growth in triple digits.

Nevertheless, BCH’s correlation with BTC has historically remained strong and the digital asset has been quick to respond to bullish and bearish cues emanated by the king coin. Similarly, BTC’s recent drop from $39,500 triggered a correction for BCH as well which moved towards a strong defensive zone. At the time of writing, BCH traded at $480.2, down by 5.5% over the last 24 hours.

Bitcoin Cash 4-hour chart 

Source: BCH/USD, TradingView

BCH’s decline on 22nd June and subsequent rally led to the emergence of a new demand zone between $387-417. The region was called into action a week ago and successfully triggered another uptrend for BCH as prices eventually broke north from their ascending channel. However, BCH failed to sustain this breakout and prices moved back within the confines of the pattern.

Key support zone to trigger rebound?

The spotlight now moved to a defensive zone of $470-475 and a bullish argument can be made if losses are maintained above this region. Previously, a fall below this area led to a 7% decline on the back of a descending triangle breakout.

This time around, the area some saw a confluence between the 20-SMA (red) and 200-SMA (green) which bolstered its defensive capabilities. If bulls avoid a close below this level, the next upcycle would likely be initiated in the next 24 hours. Conversely, a sharper retracement could drag prices towards the next support available at $460.

Reasoning 

The Relative Strength Index declined from the overbought zone but found support at 50-55 which was a sign of bullish strength. Although the Directional Movement Index’s lines converged, a bullish trend was still active as the +DI maintained above the -DI. The OBV also registered a slight uptick as buying pressure outweighed selling pressure.

Conclusion 

The above mentioned signs indicated that bullish control would resume over the coming sessions and a hike towards $513-515 can be expected in the best-case scenario. Meanwhile, traders can long opt to BCH at its current price level as a decline below $470-475 and exit their positions once the upper ceiling is snapped.

Where to Invest?

Subscribe to our latest Crypto News and Analysis below :

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/longing-bitcoin-cash-at-this-zone-can-bag-you-profits

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Blockchain

Longing Bitcoin Cash at this zone can bag you profits

Published

on

Once a regular top 10 cryptocurrency, Bitcoin Cash has fallen slightly down the pecking order. Its year-to-date gains of 38% seemed pale when compared to its larger counterparts- some of which have seen percentage growth in triple digits.

Nevertheless, BCH’s correlation with BTC has historically remained strong and the digital asset has been quick to respond to bullish and bearish cues emanated by the king coin. Similarly, BTC’s recent drop from $39,500 triggered a correction for BCH as well which moved towards a strong defensive zone. At the time of writing, BCH traded at $480.2, down by 5.5% over the last 24 hours.

Bitcoin Cash 4-hour chart 

Source: BCH/USD, TradingView

BCH’s decline on 22nd June and subsequent rally led to the emergence of a new demand zone between $387-417. The region was called into action a week ago and successfully triggered another uptrend for BCH as prices eventually broke north from their ascending channel. However, BCH failed to sustain this breakout and prices moved back within the confines of the pattern.

Key support zone to trigger rebound?

The spotlight now moved to a defensive zone of $470-475 and a bullish argument can be made if losses are maintained above this region. Previously, a fall below this area led to a 7% decline on the back of a descending triangle breakout.

This time around, the area some saw a confluence between the 20-SMA (red) and 200-SMA (green) which bolstered its defensive capabilities. If bulls avoid a close below this level, the next upcycle would likely be initiated in the next 24 hours. Conversely, a sharper retracement could drag prices towards the next support available at $460.

Reasoning 

The Relative Strength Index declined from the overbought zone but found support at 50-55 which was a sign of bullish strength. Although the Directional Movement Index’s lines converged, a bullish trend was still active as the +DI maintained above the -DI. The OBV also registered a slight uptick as buying pressure outweighed selling pressure.

Conclusion 

The above mentioned signs indicated that bullish control would resume over the coming sessions and a hike towards $513-515 can be expected in the best-case scenario. Meanwhile, traders can long opt to BCH at its current price level as a decline below $470-475 and exit their positions once the upper ceiling is snapped.

Where to Invest?

Subscribe to our latest Crypto News and Analysis below :

PlatoAi. Web3 Reimagined. Data Intelligence Amplified.

Click here to access.

Source: https://ambcrypto.com/longing-bitcoin-cash-at-this-zone-can-bag-you-profits

Continue Reading

Blockchain

Tesla Reports $23 Million Impairment From Its Bitcoin Holdings

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Tesla, Elon Musk’s electric car manufacturer, released its quarterly earnings results, reporting more than $1 billion in profits for the first time since its launch.

It’s not all fun and games, though. To the delight of Elon’s crypto Twitter fans-turned-haters, Tesla’s investment in Bitcoin made it $23 million in losses after the markets crashed during the second quarter of 2021.

Oddly enough, the only mention of bitcoin appears in the “profitability” section of the report, mentioning the loss.

“Positive impacts were partially offset by growth in operating expenses including increased SBC, Model S/X ram (negative margin in Q2), additional supply chain costs, lower regulatory credit revenue, Bitcoin-related impairment of $23M and other items.”

Tesla Lost $23 Million… But Did It?

The $23 million loss might seem digestible considering Tesla invested about $1.5 Billion in Bitcoin. An almost 50% drop from its ATH could certainly trigger concern among investors, especially those who fear for a continuation of the downtrend that could accelerate upon Bitcoin’s drop below $30K.

However, this stat may be due more to the exploitation of a legal loophole than to an actual monetary loss.


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According to the US norms, accountants must record the value of their cryptocurrency investments at the time they are procured. If cryptocurrencies go up in price, nothing happens as long as the company hodl. The business only has to record the transaction in case of a sale. However, when prices go down, the company must record the decrease in its investment as an impairment charge.

Therefore, even though sales gains may be recorded, the tax incidence may be softened by the declines during the time the company hodled its tokens.This is due to the classification of cryptos as an “indefinite-lived intangible asset.”

In short, Elon haters probably don’t have much to celebrate, as it’s really all about a technicality… Although on second thought, $22 million seems like spare change for the world’s wealthiest man.

The Musk Effect

Tesla’s Bitcoin purchase was crucial to the Bitcoin price history.

After a brief exchange of tweets between Elon Musk and MicroStrategy CEO Michael Saylor, Tesla announced a massive purchase that put it on the podium of publicly traded companies with the most significant Bitcoin holdings.

As a result, the price of bitcoin skyrocketed at a frenetic pace, reaching an ATH in April 2021. At that point, Tesla had made more money with Bitcoin than it did with its entire car production.

However, another Tesla decision contributed almost decisively to killing this trend, driving bitcoin to its most significant decline since late 2017. The company’s announcement to stop taking payments in Bitcoin because of its environmental implications caused a panic in the markets that ended with a nearly 50% drop as the days passed.

However, recently Elon Musk acknowledged that Tesla could accept Bitcoin again if the network becomes environmentally friendly enough. After an online conference with the CEO of Twitter and a dose of optimistic rumors related to the possibility of Amazon accepting Bitcoin, cryptocurrencies had a significant rally today.

It seems that the “Musk Effect” is still alive after all.

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Source: https://cryptopotato.com/tesla-reports-23-million-usd-impairment-q2-2021/

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