Recurring market commentary on what's happening in the crypto markets, summarized by the Crypto Broker team at Crypto Finance AG.

Market commentary

Good Morning!

Crypto adoption is growing daily. In the last few months, we have been seeing massive amounts of capital/investment continue to pour into blockchain and cryptocurrency companies from venture capital and direct investment.

One example is crypto startup Fireblocks, which raised 310M USD in a Series D, tripling its valuation to 2.2B USD. The customer base increased to about 500 compared to 150 in January 2021. Another example is the FTX exchange, which has raised the largest funding round in crypto history to date. Its valuation has gone up to 18B USD after a sensational 900M USD Series B Investment round.

What's next?

Amazon announced plans to explore accepting cryptocurrency payments. Additionally, the company posted an online job ad seeking a "Digital Currency and Blockchain Product Lead“. The news from Amazon resulted in a market rally, quickly leading the way towards 40'000 USD with massive volume.

Bitcoin BTC (daily)

We have been trading around this level for a few days now, and await the July options expiry, which could lead to higher short-term volatility. Interestingly, the 40'000 USD strikes still have the highest open interest, followed by the 50'000 USD strike. The downside definitively relaxed when we broke through the 30'000 USD level two weeks ago, as most of the downside options have been rolled to lower strikes.

Bitcoin (BTC) has been the dominant coin in this weekly bull run. The spread between Ethereum (ETH) and all other Altcoins has been clearly expanded in favour of bitcoin. All the derivatives have increased funding rates and premium as well.

Ethereum / Bitcoin ETHBTC (daily)

The desk flow has mainly concentrated on BTC and ETH, but towards month end we expect a great deal of rebalancing of several funds and certificates containing cryptos, including the most popular DeFi coins.

Happy Friday!

All intellectual property, proprietary and other rights and interests in this publication and the subject matter hereof are owned by Crypto Broker AG including, without limitation, all registered design, copyright, trademark and service mark rights.

Disclaimer

This publication provided by Crypto Broker AG, a corporate entity registered under Swiss law, is published for information purposes only. This publication shall not constitute any investment advice respectively does not constitute an offer, solicitation or recommendation to acquire or dispose of any investment or to engage in any other transaction. This publication is not intended for solicitation purposes but only for use as general information. All descriptions, examples and calculations contained in this publication are for illustrative purposes only. While reasonable care has been taken in the preparation of this publication to provide details that are accurate and not misleading at the time of publication, Crypto Broker AG (a) does not make any representations or warranties regarding the information contained herein, whether express or implied, including without limitation any implied warranty of merchantability or fitness for a particular purpose or any warranty with respect to the accuracy, correctness, quality, completeness or timeliness of such information, and (b) shall not be responsible or liable for any third party’s use of any information contained herein under any circumstances, including, without limitation, in connection with actual trading or otherwise or for any errors or omissions contained in this publication.

Risk disclosure

Investments in virtual currencies are high-risk investments with the risk of total loss of the investment and you should not invest in virtual currencies unless you understand and can bear the risks involved with such investments. No information provided in this publication shall constitute investment advice. Crypto Broker AG excludes its liability for any losses arising from the use of, or reliance on, information provided in this publication.