Bisher Khudeira
Bisher joins the Stormrake trading & brokerage team with a wealth of experience in foreign exchange and cryptocurrency markets. Bisher has a deep understanding of derivatives products ranging from perpetual swaps to options and a robust understanding of the macro environment to help you as our client navigate the ever changing landscape of digital asset investing.
As an industry professional, Bisher highly values exceptional service and understands the need for a professional team of traders and brokers to support investors, especially under current market conditions:
"when I saw the passion and dedication of the directors combined with the exceptional trading engine they had built, I simply knew I had to come across and help realise their vision of providing the best full service crypto brokerage in the world." - Bisher Khudeira
Key Market Updates: July 11th 2022
Welcome to the Stormrake key market updates as we have pertinent market and business updates to share with you.
Summary:
* US jobs report came in on Friday with a sizeable beat on expectations adding 372k new jobs
* RBA raises rates again hiking 50 bps - cash rate now sits at 1.35%
* Bitcoin continues to find support at $20,000 USD and ETH finding support at $1,100 USD
* ThorChain Main-net launch goes live and now fully operational
Market Overview
BTC & ETH continue to stage battles across key levels being 20k and 1k respectively and with the bulk of large institutional liquidations either completed, anticipated or priced in, markets seem to be putting in a base and would require a positive catalyst to start retesting resistance levels currently sitting at 22.7k for BTC and $1,400 for ETH.
Recently crypto kingpin Sam Bankman-Fried shared his macro insights on a podcast with Raoul Pal and he has anticipated that we are close to the bottom stating that, "I can't see any reason why we couldn't be at the bottom, not saying that we are at the bottom but a lot of the deleveraging that had to happen has probably occurred". This gives credibility to the thesis that most of the major forced liquidations have occurred and we are now set to hunker down and accumulate throughout the crypto winter.
* Top 8 coins by market cap thanks to CoinGecko
Macro Snapshot
Interest Rates
- Central banks globally continue their tightening cycles and rate hikes have been observed across all major regions
Labour Market
- A huge beat on expectations where the US added 372k new jobs has stoked further concerns that more rapid fire and larger hikes are to be expected as the backdrop of a strong labour force can absorb further demand side curtailing
- Unemployment numbers set to come out of Australia this Thursday and expectations are coming in at 3.9% and could spell larger rate hikes coming from the RBA
ThorChain Launches Main-net
- The highly anticipated launch of Thorchain's Main-net launch was successfully completed on the 23rd June 2022 after 4 years of development which had its fair share of controversies around bugs, outages and hacks but the development team persevered and has launched a chain that doesn't require vulnerable bridges or wrapped assets to swap cryptos cross-chain.
- The team at Stormrake will have a full report on ThorChain (RUNE) sent to newsletter subscribers. Stay tuned!
Stormrake Team
custody@stormrake.com
General Advice Warning
The information provided in this newsletter is general in nature only and does not constitute personal financial advice. The information has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information contained here you should consider the appropriateness of the information having regard to your objectives, financial situation and needs. Therefore, before you decide to buy any product or keep or cancel a similar product that you already hold, it is important that you read and consider the relevant Product Disclosure Statement (PDS) of the product provider to make sure that the product is appropriate for you. Before making any decision, it is important for you to consider these matters and to seek appropriate legal, tax, and other professional advice. You can get a copy of relevant PDSs from Stormrake by email custody@stormrake.com. Disclaimer
All statements made in this newsletter are made in good faith and we believe they are accurate and reliable. Stormrake does not give any warranty as to the accuracy, reliability or completeness of information that is contained here, except insofar as any liability under statute cannot be excluded. Stormrake, its directors, employees and their representatives do not accept any liability for any error or omission in this newsletter or for any resulting loss or damage suffered by the recipient or any other person. Unless otherwise specified, copyright of information provided in this newsletter is owned by Stormrake. You may not alter or modify this information in any way, including the removal of this copyright notice.Copyright © 2022 Stormrake Pty Ltd, All rights reserved
