πŸ“’ Weekly Market Update 22-July-22 πŸ“’

πŸ‡ͺπŸ‡Ί With inflation reaching 8.6% in the eurozone last month, the ECB decided to raise interest rate by 0.5 points for the first time since 2011, which was higher than market anticipations.

πŸ“ˆ Investors seem to rebound with optimism as Paradigm saw significant buying interest on the upside “with large volumes in ETH/BTC call flies and ETH/SOL call spreads. 25k more ETH Dec 2500 / 3000 / 3500 bought”. Similarly, they believe there are some pockets of short gamma which could add more fuel to a rally.

πŸš€ “The Merge” could be the reason of the renewed optimism in the crypto markets as it would be one of the most sophisticated upgrades in the industry. It has been announced for Sept 19th.

πŸ› Stablecoin legislation in the US could require issuers to maintain 100% reserves and prevent them from lending stablecoins to customers. According to Bloomberg, the leaders of the House Financial Services Committee is targeting July 27 to advance the bill.

πŸš— Tesla sold 75% of its bitcoin holdings netting $936 million in cash, but Elon Musk said that “this should not be taken as some verdict on Bitcoin” and that he remains open to buying more Bitcoin in the future.

🧯Crypto lender Vauld owes $402 million to its creditors, with 90% of that debt coming from retail investors according to Coindesk.

πŸ“… Busy week ahead with the FED interest rate decision (27th) and Inflation data for Germany (25th), France (29th), Euro Area (29th), Italy (29th), USA (29th).

🏎 Fun Fact: the first automobile race took place between Paris and Rouen, France on July 22nd 1894.