August 13, 2024

Markets Insights

Economic Calendar

ETF Dashboard

The News Room

‍

DBS, Singapore's Largest Bank, Launches Blockchain-Powered 'Treasury Tokens' Pilot

DBS Bank, Singapore's largest bank by assets, has launched a pilot for "DBS Treasury Tokens" in collaboration with Ant International, the international arm of Alibaba's Ant Group. This initiative aims to enhance treasury and liquidity management using DBS's permissioned blockchain, which supports multi-currency transactions across various markets for Ant International entities. The pilot seeks to reduce the settlement time for intra-group transactions from days to seconds, optimizing liquidity and cash management for corporate treasurers. This project aligns with the evolving needs of businesses driven by e-commerce and on-demand services. DBS's involvement in Project Orchid and Project Guardian, initiatives by the Monetary Authority of Singapore to explore tokenization, forms the foundation for this new venture.

‍

PayPal’s PYUSD Stablecoin on Solana Surpasses Supply on Ethereum

The supply of PayPal’s PYUSD stablecoin on Solana has surpassed its supply on the Ethereum network, with 377 million PYUSD on Solana compared to 356 million on Ethereum. Since its launch on Ethereum in August 2023 in partnership with Paxos, PYUSD has seen significant growth, with its total supply tripling to over 733 million. The expansion to Solana in May 2024 contributed to this growth, particularly through its integration into decentralized exchanges like Jupiter and Orca. With a market cap of $733 million, PYUSD is now the fourth-largest centralized stablecoin, following Tether (USDT), Circle (USDC), and First Digital (FUSD).

‍

Trump-Themed Memecoins Surge Ahead of Musk Interview on X

As anticipation builds for a live interview between former President Donald Trump and Elon Musk, set for Monday night, several Trump-centric memecoins have seen significant price increases over the past 24 hours. TRUMP, the largest Trump-themed coin by market cap, rose 10.6%, while MAGA Hat (MAGA) surged 42%, and Fight for Trump (TRUMPCOIN) climbed 33.5%. Other tokens like Doland Tremp (TREMP), Dark MAGA (DMAGA), and FreeTrump ($TRUMP) also saw gains between 10% and 15%. These tokens are part of the PolitiFi subsector, which has a market cap of $606 million and is tracked by CoinGecko. Despite Trump's recent embrace of the crypto community during his reelection bid, these tokens have no official affiliation with him. Last week, Trump's sons hinted at a crypto-related announcement, but Donald Trump Jr. clarified that it was unrelated to memecoins. In the lead-up to the Musk interview, Trump returned to his X (formerly Twitter) account after focusing on his Truth Social platform for several years.

‍

Trading Desk Insights

‍

Bitcoin is currently oscillating between $58,000 and $60,000, lacking a decisive trend. Earlier, it seemed like bouncing off $58,000—a key 61.8% Fibonacci retracement level—would be the perfect setup for accumulation before pushing higher. Now, it appears we’re stuck in a range, waiting for a catalyst to ignite some movement. Altcoins are showing mixed performance, with some poised to outshine while others lag behind. Meanwhile, the Nasdaq is showing bullish momentum, potentially fueling a new Bitcoin rally.

U.S. ETFs have been relatively quiet lately, with Bitcoin seeing $27.8 million in inflows compared to Ethereum's modest $5 million yesterday.

The "exchange stablecoins ratio"—which compares the amount of Bitcoin on centralized exchange wallets to stablecoins—has hit its lowest point since February 2023. This indicates reduced selling pressure on Bitcoin, as fewer traders are converting their holdings into stablecoins.

According to DeFi Llama, Ethereum fees have reached $40.46 million for the first half of August, while Uniswap has accumulated $23.64 million in fees during the same period. This puts Uniswap on track to surpass July’s $47.4 million in fees, potentially challenging June’s $54 million total.

In other news, the liquidators of Three Arrows Capital (3AC) have filed a $1.3 billion lawsuit against Terraform Labs. They claim Terraform manipulated the market for Luna and TerraUSD, enticing 3AC into purchasing these tokens.

Equity futures were mixed early Tuesday as investors awaited the PPI data release, a key inflation indicator. The report showed wholesale inflation rose less than anticipated in July, potentially paving the way for the Federal Reserve to consider lowering interest rates. Wall Street is coming off a volatile session that struggled to build on last week's rebound.

Elon Musk's highly anticipated interview with former President Donald Trump on the social media platform X almost hit a snag due to technical issues but managed to draw over 1 million listeners. Notably, crypto didn’t make it into the two-hour discussion.

‍

‍

Crypto Charts

Disclaimer

‍

This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.

Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.

The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.

Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

‍