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MicroStrategy bought another $23M worth of Bitcoin this week as Binance observed stablecoin outflow due to regulatory issues. Meanwhile Pancakeswap launched v3 alongside Axie Infinity's Ronin blockchain expanding to new game studios. On the world stage we saw the UK and India discuss crypto regulation while CBDC’s came under fire in the US. Finally Swiss gov-backed banks granted crypto capabilities to its 2.5M users right as ETH broke out of its most recent price range.
MicroStrategy has made another bold move, purchasing another $23M worth of Bitcoin this week, while Dogecoin soared after Twitter's logo change by Elon Musk sparking wild debate on the reason behind the move. Binance, on the other hand, has observed the largest stablecoin outflow in history. But it's not all bad news - they're also expanding in Argentina, allowing crypto purchases with the peso. Plus, DigiToads is making waves with a presale that's already surpassed $495k. And while Arbitrum FUD may be spooking the market, on-chain data shows that whales are accumulating ARB.
Exciting news! Pancakeswap has launched version 3 of their protocol on both BNB and Ethereum blockchains this week. And that's not all, Axie Infinity's Ronin blockchain is expanding to new game studios, just one year after a major hack, talk about a turn-around! Meanwhile, Cardano users will soon be able to access Ethereum Dapps directly from their ADA wallets once the new feature on Milkomeda goes live, and Solana's options protocol Cega is soon to be available on Ethereum. Plus, with the RGB protocol, users can now allocate altcoins to Bitcoin UTXOs enabling altcoin transfers on the Bitcoin Lightning Network, it’s all growing so rapidly.
The SEC's Coinbase insider trading case is almost over, and it looks like we're getting closer to some major progress in crypto regulation. The UK government is taking a firm stance on economic crime, including the regulation of crypto as part of their ‘robust’ economic crime plan. And it's not just the UK – India is also discussing crypto legalization and fraud prevention answering all of the hard questions this week. Plus, attorneys predict a possible Ripple win against the SEC based on appeal. And last but not least, the crypto exchange Fasset is aiming to win a license in Indonesia next month so stay tuned!
Swiss Government-Owned Bank's new partnership leads to granting 2.5 million users crypto capabilities. And that's not all – Brazilian Investment Bank BTG Pactual has unveiled its very own dollar-backed stablecoin! Meanwhile, UBS is making waves with intraday cross-border repo on blockchain via Broadridge’s Distributed Ledger Repo (DLR), and Credit Agricole CIB and SEB have launched a public sustainable blockchain bond network. The WEF also announced working on an international framework for digital ID... Finally, blockchain builder Ava Labs has partnered with Korea's SK Planet to expand its Asia footprint. Who said blockchain was slowing down?
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Bitcoin price hovered sideways this week as we saw the US Government is set to sell over 40k Bitcoin in 2023 after seizing them from Silk Road hacker James Zhong. Investor demand is also rebounding resulting in crypto funds' Bitcoin holdings rising but that's not all Bitcoin mining sustainability has reached a new all-time high, which means fewer gas emissions. And finally, we're seeing more and more "wholecoiner" addresses, with close to 1 million holding more than 1 bitcoin – double the number from 2016.
tl/dr:
The LTFs tell the HTF story beautifully, with continued highs and lows being raided on both sides of the market as price fails to establish a trend in either direction, typical of accumulative price action to build orders for liquidity.
It would not be unreasonable to see an aggressive, high-volatility move happen shortly, pushing price in one direction and showing us commitment by market participants.
As price is currently sitting around the equilibrium with the 1H 50 EMA acting as resistance, a break and retest to the upside could signal price reaching the minimum $28600-$29,000 range or breaking out further.
tl/dr:
This week saw continued sideways price action typical of accumulation phases, as buy and sell orders continued to be built on either side of the market, building liquidity to fuel the next directional move.
On the HTF, the 50 EMA on the daily chart is fast approaching, a key area of potential support inbound, while the 200 EMA is still lagging much further behind.
In the coming weeks, we could see a short-term raiding of the $26,400 price low coinciding with 1D sell-side liquidity and mitigation of the bullish order block at equilibrium alongside 50 EMA support.
Alternatively, we could push higher once again, getting closer to the $32k previous price high before seeing deeper sell-offs ensue.
ETH prices surged this week as ETH network's Total Value Locked (TVL) surged to a staggering 5.91M ETH, with over half of staked ETH operating at a loss. This signals less selling pressure, which is fantastic news for ETH holders ahead of the upcoming Shapella upgrade. Plus, the ETH Market Value to Realized Value (MKRV) ratio has reached a 10-month high, and the number of non-zero addresses has hit an all-time high of 96,879,333! To top it off, the ETH fear and greed index has hit "Greed."
tl/dr:
ETH this week has diverged from BTC, broken out to the upside, and reached a price high of $1942. After doing so price mitigated the extreme bearish order block, where we would expect some form of healthy retracement to take place.
Moving forward, there is a high potential for a price retracement to the $1730 price range, where daily 50 EMA support would be found alongside reaching the current daily price range's discounted prices. After that, a raid on 1D sell-side liquidity to find support at the 200 EMA could also be a potential scenario.
Bitcoin price hovered sideways this week as we saw the US Government is set to sell over 40k Bitcoin in 2023 after seizing them from Silk Road hacker James Zhong. Investor demand is also rebounding resulting in crypto funds' Bitcoin holdings rising but that's not all Bitcoin mining sustainability has reached a new all-time high, which means fewer gas emissions. And finally, we're seeing more and more "wholecoiner" addresses, with close to 1 million holding more than 1 bitcoin – double the number from 2016.
tl/dr:
The LTFs tell the HTF story beautifully, with continued highs and lows being raided on both sides of the market as price fails to establish a trend in either direction, typical of accumulative price action to build orders for liquidity.
It would not be unreasonable to see an aggressive, high-volatility move happen shortly, pushing price in one direction and showing us commitment by market participants.
As price is currently sitting around the equilibrium with the 1H 50 EMA acting as resistance, a break and retest to the upside could signal price reaching the minimum $28600-$29,000 range or breaking out further.
tl/dr:
This week saw continued sideways price action typical of accumulation phases, as buy and sell orders continued to be built on either side of the market, building liquidity to fuel the next directional move.
On the HTF, the 50 EMA on the daily chart is fast approaching, a key area of potential support inbound, while the 200 EMA is still lagging much further behind.
In the coming weeks, we could see a short-term raiding of the $26,400 price low coinciding with 1D sell-side liquidity and mitigation of the bullish order block at equilibrium alongside 50 EMA support.
Alternatively, we could push higher once again, getting closer to the $32k previous price high before seeing deeper sell-offs ensue.
ETH prices surged this week as ETH network's Total Value Locked (TVL) surged to a staggering 5.91M ETH, with over half of staked ETH operating at a loss. This signals less selling pressure, which is fantastic news for ETH holders ahead of the upcoming Shapella upgrade. Plus, the ETH Market Value to Realized Value (MKRV) ratio has reached a 10-month high, and the number of non-zero addresses has hit an all-time high of 96,879,333! To top it off, the ETH fear and greed index has hit "Greed."
tl/dr:
ETH this week has diverged from BTC, broken out to the upside, and reached a price high of $1942. After doing so price mitigated the extreme bearish order block, where we would expect some form of healthy retracement to take place.
Moving forward, there is a high potential for a price retracement to the $1730 price range, where daily 50 EMA support would be found alongside reaching the current daily price range's discounted prices. After that, a raid on 1D sell-side liquidity to find support at the 200 EMA could also be a potential scenario.
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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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