This week saw Microsoft CEO along with Goldman Sachs, Deloitte, and other powerhouses prepare to join a global blockchain network by Digital Asset. Meanwhile, Aave DAO deploys on Ethereum Layer 2, Haribo, FICO, Fujitsu, and Formula 1 file web3 and NFT patents. That's not all, Binance whale transfers $2.26B worth of BTC as realized profits and losses surge 300%, just as New York considers accepting stablecoins for bail, China's Supreme Court approves cryptocurrency for debt settlements. Finally, Cryptegrity launches decentralized ESCROW.
This week we saw users of Blur open $95M of loans backed by NFTs in just 10 days, meanwhile Bitcoin Cash (BCH) price surged 9% ahead of an exciting network upgrade. But that's not all; Bitcoin mining stocks are rallying as network congestion sparks hopes for higher fees just as Binance gears up to enable BTC Lightning Network withdrawals to help combat the issue. Meanwhile, the BRC-20 token market cap has achieved an incredible milestone, surpassing $6 billion in record time after PEPE’s rally. Oh, and did we mention that Broadridge now conducts a staggering $70 billion worth of blockchain repo trades per day, a huge volume!
In new tech, Lukka has joined forces with Space and Time for an incredible collaboration, bringing on-chain data to new heights. Meanwhile, Cryptegrity is making waves as the world's first decentralized ESCROW solution goes live. Aave DAO is embracing innovation by deploying on Ethereum Layer 2 Metis Network. And guess who's getting in on the action? Haribo, FICO, Fujitsu, Fidelity investments, and even Formula 1 have filed web3 and NFT patents. But that's not all—Digital Asset is set to launch a global blockchain network, backed by powerhouses like Deloitte, Goldman Sachs, BNP Paribas, Cboe Global Markets, and Microsoft. Lastly, Binance is preparing for an epic event with Bitcoin Ordinals NFTs coming in late May.
New York is making waves for legislation by introducing a bill that could accept stablecoins as payment for bail, just as major players like Coinbase, a16z, and the Blockchain Association are pushing back against the SEC's proposed custody rule. In a win for the crypto community, China's Supreme Court has given the green light for cryptocurrency to be used in debt settlements. As if that wasn't enough, the New York attorney general has released a draft of the "CRYPTO act" signaling a significant step towards clear crypto legislation.
According to recent surveys, 47% of Nigerians have already embraced crypto, while in the UK, a KPMG study reveals that nearly half of consumers believe metaverse platforms will become the norm within the next decade. Even Liechtenstein is taking flight with Bitcoin, as their Minister proposes government services to be paid in crypto. All while in Africa, Bitcoin users are adapting to the Lightning network and stablecoins to cope with rising transaction fees. And the trend continues with major players like Mastercard, PayPal, and Robinhood jumping on board, now offering crypto services. The future is now!
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The supply of Bitcoin on exchanges has dropped to an astonishingly low 5.84%, indicating strong hodling sentiment among investors. The number of non-zero addresses has reached an all-time high at 46.1 million, showcasing the growing adoption of Bitcoin. The hashrate has surged by an incredible 184.59%, reaching a staggering 439.23 EH/s. Moreover, a remarkable 75% of Bitcoin transactions now utilize Taproot, marking a record high compared to earlier this year.
tl/dr:
The 1H chart on BTC/USD is telling the HTF story, with price breaking below and retesting the hourly 50 EMA just as the bearish HTF leg initiated. Since then, we have seen the 50 EMA provide resistance and places for short sellers to find value for entering their positions.
Moving forward, we could see price continue this bearish momentum, pushing down into the $25k region. Alternatively, a short-term retracement up into the $27600 price region to set up further shorts could be likely, given the cluster of bearish order blocks and the hourly 50 EMA there.
tl/dr:
BTC broke bearish this week, breaking below the daily 50 EMA for the first time since March amidst bitcoin network capacity issues. The 50 EMA had acted as support for the past few months since the start of the year and the bullish trend.
Moving forward, bullish sentiment is still at play, but a healthy retracement was always to be expected. Given that we have the 200 EMA fast approaching on the daily chart as well as a bullish order block around the $24,800 price level, we could see price find support here to fuel the next bull leg into $33k
Exciting news from the Ethereum ecosystem! ETH staking rewards are soaring, offering an impressive annual yield of 8.6% a new record while ethereum validators are reaping the benefits, with a staggering $46 million in earnings during just the first week of May. However, skyrocketing gas fees have hit users hard, with transaction costs surpassing $30 per swap.
The Ethereum Foundation recently sold a whopping $30 million in Ether, while Ethereum whales are making moves, converting millions of dollars into the Shiba Inu competitor, PEPE. On the exchange front, collectively all CEX’s Ethereum holdings have dipped by 10% since the year began, and a massive whale shook the market by transferring a jaw-dropping $154 million (80M ETH) in one go.
tl/dr:
ETH followed suit as was to be expected, with the daily 50 EMA finally failing as support. However, current price action is extremely reminiscent of the February-March reaccumulation that took place leading to the next bullish leg; are we about to have a repeat scenario?
Given that the 200 EMA is fast approaching and price finding support at it after a break above for the first time since the bear market initiated, we could see the next bullish leg start to push price back into the $2500 price levels last seen almost a year ago.
The supply of Bitcoin on exchanges has dropped to an astonishingly low 5.84%, indicating strong hodling sentiment among investors. The number of non-zero addresses has reached an all-time high at 46.1 million, showcasing the growing adoption of Bitcoin. The hashrate has surged by an incredible 184.59%, reaching a staggering 439.23 EH/s. Moreover, a remarkable 75% of Bitcoin transactions now utilize Taproot, marking a record high compared to earlier this year.
tl/dr:
The 1H chart on BTC/USD is telling the HTF story, with price breaking below and retesting the hourly 50 EMA just as the bearish HTF leg initiated. Since then, we have seen the 50 EMA provide resistance and places for short sellers to find value for entering their positions.
Moving forward, we could see price continue this bearish momentum, pushing down into the $25k region. Alternatively, a short-term retracement up into the $27600 price region to set up further shorts could be likely, given the cluster of bearish order blocks and the hourly 50 EMA there.
tl/dr:
BTC broke bearish this week, breaking below the daily 50 EMA for the first time since March amidst bitcoin network capacity issues. The 50 EMA had acted as support for the past few months since the start of the year and the bullish trend.
Moving forward, bullish sentiment is still at play, but a healthy retracement was always to be expected. Given that we have the 200 EMA fast approaching on the daily chart as well as a bullish order block around the $24,800 price level, we could see price find support here to fuel the next bull leg into $33k
Exciting news from the Ethereum ecosystem! ETH staking rewards are soaring, offering an impressive annual yield of 8.6% a new record while ethereum validators are reaping the benefits, with a staggering $46 million in earnings during just the first week of May. However, skyrocketing gas fees have hit users hard, with transaction costs surpassing $30 per swap.
The Ethereum Foundation recently sold a whopping $30 million in Ether, while Ethereum whales are making moves, converting millions of dollars into the Shiba Inu competitor, PEPE. On the exchange front, collectively all CEX’s Ethereum holdings have dipped by 10% since the year began, and a massive whale shook the market by transferring a jaw-dropping $154 million (80M ETH) in one go.
tl/dr:
ETH followed suit as was to be expected, with the daily 50 EMA finally failing as support. However, current price action is extremely reminiscent of the February-March reaccumulation that took place leading to the next bullish leg; are we about to have a repeat scenario?
Given that the 200 EMA is fast approaching and price finding support at it after a break above for the first time since the bear market initiated, we could see the next bullish leg start to push price back into the $2500 price levels last seen almost a year ago.
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