BullionFX Market Report – July 02, 2023

Gold struggles to capitalise on the overnight bounce from $1,893-$1,892, or its lowest level since mid-March, and oscillates in a narrow trading band during the Asian session on Friday. The XAU/USD is currently trading below $1,910, nearly unchanged for the day as traders keenly await the release of key inflation data from the United States before placing fresh directional bets.

From a technical perspective, the $1,900 round figure, followed by the overnight swing low around the $1,893-$1,892 region, now seems to act as immediate support levels. Some follow-through selling will reaffirm the negative outlook and make the Gold price vulnerable to extend the downward trajectory towards challenging the very important 200-day Simple Moving Average (SMA), currently pegged around the $1,840.

On the flip side, any positive move beyond the $1,913 area, or the overnight swing high, might now confront resistance near the $1,924-$1,925 region ahead of the $1,936 range. This is closely followed by the 100-day SMA, around the $1,942 zone. A sustained strength above might trigger a short-covering rally towards the $1,962-$1,964 hurdle en route to the $1,970-$1,972 supply zone. Some follow-through buying should allow Gold price to reclaim the $2,000 psychological mark and climb further towards the $2,010-$2,012 hurdle.

Bitcoin the world’s largest cryptocurrency by market capitalisation has been floating around $30,500 the last 7 days. 

Ethereum gained 2% to US$1,933 for the week. Litecoin and Solana are up 18.5% and 10.5% respectively in the last 24 hours.

MicroStrategy once again purchased 12,333 Bitcoins at an average price of $28,136, spending approximately $347 million. 

Bitcoin Investment Sentiment turned bullish after largest weekly fund inflow in a year. The total digital asset inflows were $199 million, reversing nearly half of the previous nine consecutive weeks of outflows.

Digital asset investment products witnessed the largest single weekly inflows in a year – mostly dominated by Bitcoin-related products – after nine consecutive weeks of outflows, according to a report from European digital asset manager CoinShares. Bitcoin-related products were the primary asset for inflows, seeing $188 million in total, representing 94% of the total flows. According to the report, short-Bitcoin products saw a total outflow of $4.9 million for the ninth consecutive week. This comes after several high-profile institutions filed for exchange-traded funds (ETF) last week and bitcoin (BTC) prices hit a one-year high. Asset management giant BlackRock filed an application to roll out a spot Bitcoin ETF on June 15. There were also re-filings for similar products by well-known TradFi firms such as Invesco and WisdomTree.

The Monetary Authority of Singapore (MAS) has collaborated with 11 financial institutions to explore infrastructure models that would facilitate tokenized asset trading. The MAS’s Project Guardian report, released on June 26, emphasized the importance of open and interoperable digital asset networks in unlocking the full potential of asset tokenization. The report examined three use cases: over-the-counter(OTC) foreign exchange transactions, trade finance, and OTC-structured notes. The first use case was over-the-counter (OTC) foreign exchange transactions. The second use case was trade finance and focused on asset-backed securities tokenization. In this model, tokenised trade finance receivable assets are repackaged as natively issued fungible tokens and divided into two tranches with differing risk exposures. The third use case was OTC-structured notes, which are “a popular wealth management product with substantial traction and demand in Asian wealth centres. FTX Customers Need to File Proofs of Claim by September 29th FTX announced that the Bankruptcy Court has set September 29th, 2023, at 4 pm ET as the deadline (also known as Customer Bar Date) for FTX customers to file proofs of claim for customer claims. The FTX Debtors are finalizing an online claims portal at https://claims.ftx.com, which is expected to be launched on July 3rd.In addition, FTX has started negotiations with investors regarding reopening the exchange. BlackRock, Ripple, and Nasdaq are among the companies showing interest in the new FTX. According to the data, the price of $FTT went up by 32.8% over the last 24 hours, trading at $1.7844 at the time of writing. 

Crypto Exchange Binance.US Avoids Broad Asset Freeze

The exchange agrees to keep assets in the country and under Binance.US executives’ control.

A U.S. district judge ordered Binance’s American exchange to keep all assets in the U.S. and limit spending to expenses needed for regular operations. The order falls short of the Securities and Exchange Commission’s original request for a broad asset freeze. Earlier this week, a federal court judge questioned what evidence the agency had to support claims that customer funds were leaving the country. Binance.US had said that a broad asset freeze would cripple its business.

Fidelity to Submit Filing for Spot Bitcoin ETF, Wall Street giant Fidelity is preparing to submit its own filing for a spot Bitcoin ETF. According to a source familiar with the matter, Fidelity could submit its filing as soon as Tuesday. Recently, many asset management firms applied for spot Bitcoin ETFs in succession. BlackRock submitted its filing on June 15th, and then Invesco, WisdomTree and Bitwise joined the competition. In addition, Ark Invest and 21Shares submitted a spot Bitcoin ETF application in April. In 2021, Fidelity applied for a spot Bitcoin ETF called the Wise Origin Bitcoin Trust but was denied by the U.S. Securities and Exchange Commission (SEC). Last week, EDX Markets, a crypto exchange backed by many TradFi companies including Fidelity, announced its launch.

Hang Seng Investment Management Co., Ltd., the largest ETF manager in Hong Kong, said it is reviewing the possibility of deploying cryptocurrencies in existing investment products, after HSBC, the largest bank in Hong Kong, announced that it would allow its customers to purchase cryptocurrency ETFs. Hang Seng Investment Management (HSVM) is the largest ETF manager with over 40% of the market share in the HK ETF market by asset under management. It also has the largest ETF average daily turnover in 2022. HSVM is a wholly-ownedsubsidiary of Hang Seng Bank.

dYdXv4 Chain public test net is set to launch on 7/05/2023, Milestone 4 marks the completion of features necessary for the public test net launch, which will include a larger number of validators running the software. This public testnet will launch with Bitcoin and Ethereum markets initially but anticipate that the open-source software will include approximately 30+ markets as the network gets upgraded. The V4 Exchange Public testnetlink will be available on July 5th.

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