POKKET: Crypto Market Update (July 27)
Bitcoin is up +8.5% to $37.6k while ETH is +3.5% to $2250. Movers are DENT ANKR +18%, HOT +16%, SNX +15%, LIT +14%, MATIC +13%, CHR -18%, DEGO -17%, ALICE -15%.
About $1B in shorts were liquidated yesterday and volumes picked up as BTC quickly ramped to $40k but failed to hold.
Many point to the Amazon payment in Bitcoin ‘news‘, which naturally they denied, or Tesla’s earnings call but data shows a potential rotation from USDT to other stablecoins which ended up seeing, for example, BUSD print $1B over the past 5 days.
Tesla took an impairment hit of $23M vs. the analysts estimate of $100M thanks to some clever accounting.
In a report, most likely an effort to pamp stock price, Coinbase predicts a Bitcoin ETF approval should come this or next year to help its bottom line.
Lastly, appetite for shorting USDT is growing as firms like GSR is offering puts on USDT while B2C2 offers USDT borrow in size vs. most liquid pairs which allow the borrower to sell (short) – both report growing interest.
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