Chart of the Day
The broader crypto market moved lower over the previous day. Bears are back in command, with Bitcoin and Ether failing to break respective key resistances. BTC dropped below a bullish trendline drawn from July 15 and July 26 lows and is set to test its 50-day EMA at $22.3k. As of the time of writing, the largest cryptocurrency by market cap is trading at $22.8k, after posting a 2.8% decrease in the last 24 hours. Regarding derivatives, strike prices of put options expiring this week indicate that bears see BTC below $24k, while most call options are poised to expire worthlessly. BTC 25d skew breaks the downward trendline, signaling pricier protection for put options, another bearish signal to BTC’s short-term movement.
Meanwhile, U.S. M2 money supply YoY change, historically a prelude to BTC’s bull run, is expected to slow down in its July printing coming next week, putting BTC under strain before any signal of “Fed pivot”.
In a similar vein, ETH shed 1.39% to the $1.8k level in the past 24 hours. Ethereum core developer Tim Beiko claimed that The Merge Mainnet Readiness Checklist was all ticked off, sustaining ETH’s outperformance against BTC and other altcoins. Major altcoins whipsawed, with AAVE, UNI, and LDO leading the decline after registering 10% drops in the last 24 hours.
Talk of the town
This week, the popular virtual gaming world, The Sandbox, announced their collaboration with ITV Studios and Gordon Ramsay’s Hell’s Kitchen. The virtual Hell’s Kitchen will take place in ITV’s LAND in The Sandbox, where fans of the popular show will be given a chance to recreate their favorite moments within the metaverse. The first ever fully fledged metaverse cooking experience includes features and interactive elements designed with inputs from Gordan Ramsay himself.
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