Retest of Strength — July 26

Chart of the Day

Eyeing $40k. After an extended period of fear, uncertainty, and doubt (FUD), Bitcoin has finally rebounded dramatically over the weekend, and is now inches away from $40k — well, at least it is what appears on most exchanges. In a brief moment of utter exhilaration, we noticed a wick that went up as high as $48k (if only that were true), while its spot counterparts laid low near $38k. Apparently, some liquidities are more equal than others. Futures basis schism is observed as market positioning is diverging on major exchanges, with FTX and Deribit seeing stronger bids. Would this hint towards another round of short squeeze? Ether, in anticipation of the London upgrade, is up more than 20% and jumps back to above $2,300. 

Talk of the Town

Amazon Hunt. Every once in a while a job posting by a big name will lead off whirlwinds of speculations in the crypto world. Market watchers are keen to find out whether tech giants such as IBM or Apple are ready to hop onto the crypto bandwagon. This time, it is Amazon. The mega tech corporation is looking for a Digital Currency and Blockchain Product Lead to spearhead the integration of its payment systems into the crypto era.