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Bullish Insights Weekly Market Recap

Jul 21, 2023 3 min read

The Bullish Insights Weekly Market Recap includes curated industry news and analysis from the Bullish team for the week of July 17, 2023.

Bullish exchange

This week’s peak exchange trade volume (24h): US$547,998,212 (18,232 BTC) on July 18, 2023.

This week’s headlines

  • The People’s Bank of China governor Yi Gang announced that China’s digital yuan had seen almost US$250bn in transactions since its pilot.
  • Myanmar’s Spring Development Bank will be the country’s first crypto-based financial institution run entirely on a blockchain. The bank will build on Polygon aiming to facilitate faster domestic and overseas transactions.
  • The Capital Markets Authority, Kuwait’s main financial regulator has announced an “absolute prohibition” on cryptocurrencies which include mining and investment operations.
  • Seizure warrants have been issued by US authorities for certain accounts under Deltec Bank. The reason cited was for alleged "wire fraud….series of transfers, generally ending overseas, designed to conceal the source, nature, ownership and control of the funds."
  • Robert F. Kennedy Jr has expressed if elected president he would look to back the U.S. dollar with hard assets "including gold, silver, platinum or Bitcoin".
  • Polychain Capital announced a close for its fourth fund at roughly US$200mn. The VC firm has noted that it still intends to continue raising to a total target of US$400mn.
  • Since the launch of puzzle game Sui 8192, Sui’s blockchain has seen increased transaction count totaling above 29 million transactions. The on-chain game counts every tile move as a transaction changing the state of the game.
  • Multichain, the cross-chain protocol has ceased operations. The project confirmed that its CEO, Zhaojun has been detained in China. Zhaojun’s sister subsequently moved US$220mn worth of user funds into new wallets that she controlled. She has also now been detained.
  • One of Australia’s big four banks, National Australia Bank has announced it will introduce more blocks on crypto platforms where "scams are more prevalent". The bank notes that the intervention will be in place to help protect its customers from security threats.

Equity markets

  • U.S. equity markets rose in Monday's session as Treasury Secretary Janet Yellen eases recessionary fears amidst China's slowdown in growth.
  • U.S. equity markets rose again in Tuesday's session as bank shares rallied post Bank of America and Morgan Stanley results.
  • U.S. equity markets rose in Wednesday's session with the Dow seeing its eighth-consecutive day in the green. The S&P 500 rose by 0.2%, the Dow advanced by 0.3%, and the Nasdaq Composite saw little change.

Crypto market highlights

  • The seven day MA of outflow from Bitcoin miner's reached a 19-month low. The previous low reached 42.23 BTC back on December 21, 2021 versus the new low of 43.09 BTC.
  • Accumulation is steady as long-term bitcoin supply (BTC held for 155 days and above) remains at 14.5mn BTC, an all-time high.
  • After the hype of Arbitrum's airdrop earlier in March this year, it appears to have lost significant market share. The L2 protocol peaked in market share to 32.3% on March 13 to 15.6% on July 17. Contrastingly, BNB chain went from 6.4% to 21.1% over the same period.

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