BullionFX Market Report – July 14, 2023

Gold prices edged higher this week, hitting a new monthly high at $1,963.56, breaking through resistance around $1,930, as discussed in last week’s report, which has now become a major support level. If gold can maintain its price above support, it will likely re-test $2,050 and, upon breaking this, is expected to rally. The recent rally has been off the back of a weakening USD as it becomes apparent the Federal Reserve is likely nearing the end of its interest-rate-hiking cycle. The dollar index (.DXY) fell to its lowest in more than a year, making gold more affordable to overseas buyers, while benchmark US Treasury yields fell, cutting the opportunity cost of holding non-yielding bullion.  

Gold markets continue to show strong support around $1,920/30 and further resistance around the psychological $2,000 & $2,050 barrier, which may be well positioned to break in the short term. 

Looking to trade gold? Here are some fast facts:

  • Physical gold is a hassle > to receive, store, and sell at market price when you need to  
  • Paper Gold isn’t backed > Today’s paper gold ratio is 124:1* (meaning for every 124kg of paper gold, only 1kg exists) *usdebtclock.org 
  • BullionFX allows users to hold Digital Gold, which is 1:1 physically backed & allow users to trade it at the wholesale market. 
  • Click here for our easy guide to trade gold, or contact OTC@BullionFX.com.  

Bitcoin rocketed to a yearly high of 31,809 after a federal judge ruled a cryptocurrency associated with Ripple Labs isn’t a security when sold to retail investors on digital-asset exchanges. The world’s largest cryptocurrency by market cap is up 3.30% in the last 24 hours, and daily volume has surged more than 58% to almost $23B.  

Prices of Ether, the world’s second-biggest cryptocurrency, rose more than 6% to US$2,201 in 24 hours.   

The remaining top 10 cryptocurrencies had substantial price gains. XRP’s price has skyrocketed 96% in the past 24 hours after the ruling. Polygon’s Matic token gained 17.82%. Litecoin and Solana jumped 18.35%, and Cardano’s token advanced 20.31%.

Bankrupted crypto lending company Celsius and its co-founder and former CEO Alex Mashinsky were sued by the US Department of Justice (DOJ) today, and Mashinsky was already arrested. DOJ charged Mashinsky on seven counts, including securities fraud, commodities fraud, wire fraud and conspiracy to manipulate the price of $CEL.  

EU Securities Agency Issues First Batch of Detailed Crypto Rules Under MiCA Law – Consultations cover authorisation and conflict-of-interest rules for crypto companies under the landmark digital assets regulation.

Crypto ransom attacks rose in the first half of 2023 from a new report from Chainalysis – Blockchain data firm Chainalysis said Wednesday that cryptocurrency-related crime has dropped by 65% this year compared with 2022. The data was based on digital asset inflows to illicit entities. However, the volume of payments to ransomware attackers surged and is on track for its second-biggest annual total on record.  

South Korea to Mandate Firms Issue Crypto Disclosures in Financial Statements – Regulations will mandate firms that issue or own cryptocurrencies to provide detailed crypto disclosures in their financial statements. The disclosures must include a range of information, including the amount and characteristics of their crypto tokens, their business models, and their internal accounting policies concerning the sale of cryptocurrencies and associated profits.  

Ethereum Tops New Crypto ESG Ranking – Crypto data firm CCData released the first institutional-grade scoring system that evaluates digital assets focusing on environmental, social and governance aspects. Ethereum topped the first institutional-grade crypto ESG ranking, followed by Solana and Cardano, while Bitcoin lagged due to its heavy energy usage, according to crypto data firm CCData’s research.  

Binance Labs Invests $15 Million in Crypto Game Publisher Xterio – Xterio, the publisher behind upcoming NFT and crypto games like Age of Dino and Overworld, nets funding from Binance’s VC arm. 

Tokenised US Treasuries Surpass $600M as Crypto Investors Capture TradFi Yield – Crypto investors now effectively lend $614 million to the US government via different tokenised Treasury products, according to real-world asset data firm RWA.xyz. Demand for tokenised Treasuries among digital asset investors has been steadily growing as the yield on US government bonds, widely considered risk-free interest rate, surpassed yields in decentralised finance (DeFi).  

Bitget reserves top $1.44B, claims to be debt free – Bitget reserves top $1.44B, claims to be debt free. The cryptocurrency exchange claims its total proof-of-reserves ratio has reached 223% in its latest July report.

Telegram Wallet bot enables in-app payments in Bitcoin, USDT and TON – Wallet, a Telegram bot allowing users to buy and sell cryptocurrencies like Bitcoin. It has launched a crypto payment solution based on The Open Network (TON) blockchain. The new Wallet Pay service provides crypto transactions between users and retail businesses, enabling direct payments within the Telegram interface. 

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