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Weekly Market Highlights - Jul 8, 2022

Binance Research
2022-07-08 09:14
Happy Friday! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / Tradfi
  • In Europe, a tumultuous week in the UK government, with PM Johnson finally stepping down on Thursday after losing over 50 MPs in the course of 48 hours. Sterling reacted positively, rising around 1% vs the US Dollar and hitting a six-week high against the Euro.
  • We also saw the release of the ECB minutes for their June meeting. While the central bank stated its intention to raise its deposit rate by 0.25% on July 21st, the minutes indicated that many members of the governing council want the central bank to move more quickly, with some calling for a 0.5% hike. CPI data from last week showed a record rise of 8.6% in the year to June, up from 8.1% in May.
  • The US also saw minutes from the most recent Fed meeting released, with inflation entrenchment worries the key issue. The yield on the 10-year Treasury bond fell below that on the two-year note for the third time this year i.e. an inverted yield curve, which has preceded every US recession in the past 50 years.
  • In Turkey, inflation came in hot at 78.6%. Interestingly, P2P Bitcoin trading volume on the LocalBitcoins exchange also saw a massive uptick when compared to Q4-21 numbers. In the Central African Republic, adoption continues to be on the front page, with the launch of their Sango crypto hub. The government-backed initiative aims to attract businesses and foster global crypto talent, increase local BTC adoption and oversee the rollout of crypto regulatory frameworks and infrastructure.
🔎 Crypto
- CeFi turmoil continues, with Celsius taking the headlines this week. While the lender managed to pay back its entire $440m MakerDAO debt this week, the bad news keeps coming. The CEO of KeyFi, a DeFi aggregator partially acquired by Celsius, is suing the platform for crypto market manipulation and fraud. Details of the accusations and the lawsuit were released on Twitter. Also this week, Canada-based Voyager Digital filed for Chapter 11 bankruptcy on Tuesday, following the halting of withdrawals, deposits and trading last week. Interestingly, the bankruptcy filing revealed that Alameda Research, who extended a $500m credit line to Voyager last month, itself owes the company $377m. Earlier in the week, we also saw Vauld, a Singapore-headquartered crypto lending and exchange startup, suspend withdrawals, trading and deposits too. Nexo, who seem to be handling the CeFi crisis fairly well, is now in talks to buy the company and has signed a term sheet with Vauld, giving it 60 days of discussions to explore an all-equity acquisition.
- BITI, the ProShares short Bitcoin ETF, since launching just a few weeks ago has become one of the largest US Bitcoin-related ETFs in the market. BITI now holds net short exposure equivalent to 3,811 BTC, up from just 937 in late June.
- On the Ethereum side, this week saw the successful merge of the Sepolia testnet. This follows the Ropsten testnet merge just a few weeks ago and means that we are now only one public testnet merge away from the execution of the mainnet merge.
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