With BTC at 29K we saw MicroStrategy purchase 6,455 BTC at a 22% discount while paying off a $205M loan. Tether's profits have soared this quarter, with a predicted $700M in profits and over $1B in reserves, leading to stablecoin dominance reaching a 22-month high. Meanwhile, the Polygon zkEVM Mainnet Beta is now live, and Lido has incorporated NFTs into their unstaking process. Xapo Bank has also made history by becoming the first fully licensed bank to allow USDC deposits and withdrawals.
MicroStrategy kicked off this week purchasing a whopping 6,455 BTC and paying off a $205M loan at a 22% discount as BTC hit $29k. Meanwhile, Tether is making bank with a predicted $700M profit in Q1, with excess reserves crossing the $1B mark just as USDC outflows surpass $10B, leading to Tether's stablecoin dominance reaching a 22-month high. And that's not all - a quant trading firm has accumulated nearly $800M worth of USDC and Ethereum in just one month. Despite turbulent regulation issues, Binance's on-chain balance stands at an impressive $64B while OKX is set to return $157M in frozen FTX funds.
The Polygon zkEVM Mainnet Beta is now live, and Ethereum's own Vitalik Buterin has already sent the first transaction! And that's not all – Lido, a major Ethereum staking provider, is incorporating NFTs into their unstaking process. Meanwhile, Gemini is gearing up to launch an international derivatives platform in the midst of Binance's regulatory troubles. And if you're looking for a lightning-fast global payment service, look no further than Zebedee, powered by Bitcoin's Lightning Network. Finally, Alchemy Pay has made it easier than ever to get started in crypto by deploying their fiat onramp on OKX, allowing for quick and convenient buyouts.
The G7 countries are teaming up to bring us tighter regulation of digital currencies this week while in India, the government is cashing in on the crypto boom, with over $19.2M in tax revenue generated in the 2023 fiscal year. This shows that governments are starting to take crypto seriously and are finding ways to benefit from it. Plus, Xapo Bank is making headlines as the first fully licensed bank to allow deposits and withdrawals of USDC. Stay tuned for more updates!
First up, XCMG has announced its partnership with Conflux to explore the use of NFTs and other blockchain applications. Meanwhile, DalliPay is shaking up the payments game for SMEs by utilizing the XRP ledger. And if you’re tired of slow money transfers, Fintech Strike is here to save the day with its lightning-fast service from the US to Vietnam. Plus, Telegram users can now exchange USDT stablecoin through conversations. Last but not least, get ready for a digital fashion revolution as Adidas and Tommy Hilfiger are set to debut their cross-platform designs at Metaverse Fashion Week.
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BTC managed to grind higher this week breaching $29K just as $4B of quarterly call options are set to expire this Friday. At the same time, short-term holders are cashing in on their Bitcoin investments, taking advantage of the highest profit margins seen in over a year shown by SOPR on-chain metrics. But the big news is the TBD C= upgrade to the Lightning Network, which promises to provide more liquidity to users. Exciting times ahead!
tl/dr
Thursday saw price finally take $29K and mitigate our bearish daily order block, which we had been waiting to be mitigated. A sell-off followed with price breaking below the hourly 50 EMA and reaching discounted prices, price is now hovering around equilibrium pulling in liquidity before it starts its next directional move
Moving forward, we would be watching for price to move deeper into bearish territory around the $27,000 price level before any bullish move. Alternatively, a push higher to raid 1H buy-side liquidity and mitigate order blocks in premium could be the catalyst for bearish prices.
tl/dr
This week, we saw BTC continue to find resistance after reaching the $29K mark, the highest price since June 2022. BTC formed a new high this week at $29K but failed to close bullish, as seen by the large daily wick closure on Thursday, signaling that each time bulls try to push price higher, they are immediately met by short selling.
Because of this on the daily chart, we have formed a manipulation pattern that signals price to break bearish down to at least the $25,400 price range, which coincides with finding support at the bullish order block and daily 50 EMA.
Speaking of the daily 50 EMA, we have seen an aggressive divergence away from the 200 EMA on the daily, which is signaling bullish intent. For this bullishness to continue, it would be healthy for price to see a pullback, providing value for bulls to re-enter their long positions.
Exciting news for Ethereum with 90% of Ethereum now being self-custodied, marking the lowest supply level on exchanges since 2015. To add to the positive trend, the ETH funding rates have turned green after a recent bull move. With 23.3 million addresses holding at least 0.01 ETH, we're seeing an 8-month high. Finally, we’ve seen $5.2 million in ETH outflows. It's clear that ETH is holding its own.
tl/dr:
ETH has shown signs of resistance for a second week this week, staying below the high of $1850 formed in previous weeks. The 50 EMA on the daily chart is fast approaching, although the 200 EMA is still a distance away.
We are likely to see some form of retracement take place to the $1600 price level, where we would expect price to find support at the 50 and 200 EMAs as well as the closing of fair value from the immediate price.
Alternatively, if the bulls manage to pump fresh buying into the market upon news catalysts, we could see $2000 being reached in the coming few weeks.
BTC managed to grind higher this week breaching $29K just as $4B of quarterly call options are set to expire this Friday. At the same time, short-term holders are cashing in on their Bitcoin investments, taking advantage of the highest profit margins seen in over a year shown by SOPR on-chain metrics. But the big news is the TBD C= upgrade to the Lightning Network, which promises to provide more liquidity to users. Exciting times ahead!
tl/dr
Thursday saw price finally take $29K and mitigate our bearish daily order block, which we had been waiting to be mitigated. A sell-off followed with price breaking below the hourly 50 EMA and reaching discounted prices, price is now hovering around equilibrium pulling in liquidity before it starts its next directional move
Moving forward, we would be watching for price to move deeper into bearish territory around the $27,000 price level before any bullish move. Alternatively, a push higher to raid 1H buy-side liquidity and mitigate order blocks in premium could be the catalyst for bearish prices.
tl/dr
This week, we saw BTC continue to find resistance after reaching the $29K mark, the highest price since June 2022. BTC formed a new high this week at $29K but failed to close bullish, as seen by the large daily wick closure on Thursday, signaling that each time bulls try to push price higher, they are immediately met by short selling.
Because of this on the daily chart, we have formed a manipulation pattern that signals price to break bearish down to at least the $25,400 price range, which coincides with finding support at the bullish order block and daily 50 EMA.
Speaking of the daily 50 EMA, we have seen an aggressive divergence away from the 200 EMA on the daily, which is signaling bullish intent. For this bullishness to continue, it would be healthy for price to see a pullback, providing value for bulls to re-enter their long positions.
Exciting news for Ethereum with 90% of Ethereum now being self-custodied, marking the lowest supply level on exchanges since 2015. To add to the positive trend, the ETH funding rates have turned green after a recent bull move. With 23.3 million addresses holding at least 0.01 ETH, we're seeing an 8-month high. Finally, we’ve seen $5.2 million in ETH outflows. It's clear that ETH is holding its own.
tl/dr:
ETH has shown signs of resistance for a second week this week, staying below the high of $1850 formed in previous weeks. The 50 EMA on the daily chart is fast approaching, although the 200 EMA is still a distance away.
We are likely to see some form of retracement take place to the $1600 price level, where we would expect price to find support at the 50 and 200 EMAs as well as the closing of fair value from the immediate price.
Alternatively, if the bulls manage to pump fresh buying into the market upon news catalysts, we could see $2000 being reached in the coming few weeks.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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