TGIF BTC! — July 30

Chart of the Day

The price of Bitcoin is well above the $39k zone and the 100-hourly simple moving average, but struggles to turn the psychological resistance level at $40k into support. A total of 40.7k BTC are about to expire later today at 8AM UTC, with a notional value of $1.63 billion, the largest single-week delivery record for Q3. With option delivery bounded between $33k-36k and a strike price of $40k, prices are expected to fluctuate after the option delivery. On-chain metrics from Chainalysis indicate that a price floor is formed around $37.3k. With the return of demand and the impending supply squeeze, the price of Bitcoin is unlikely to enter another state of free fall. 

Talk of the Town

Visa’s data shows that crypto’s bull run earlier this year had a notable impact on the payment giant’s cross-border transaction volume. Vasant Prabhu, Visa’s CEO, noted during the earnings call, that growth in cross-border volume was accelerated by cryptocurrency purchases via card from mid-April through the end of May, before the exhaustion of bullish momentum across crypto markets. More than $1 billion worth of cryptocurrency was spent on goods and services across the globe through crypto-linked cards in the first half of the year, pointing to the growing trend of mass adoption. However, Visa has no near-term plans to add crypto to its balance sheet.