Crypto Weekly
May 12, 2023

Microsoft and Goldman join blockchain network, Aave deploys on L2 and China’s supreme court on crypto

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.


  • Digital asset prepares global blockchain network backed by Deloitte, Goldman Sachs, and Microsoft CEO
  • Aave DAO deploys on Ethereum Layer 2, Haribo, FICO, Fujitsu, and Formula 1 file web3 and NFT patents
  • Binance whale transfers $2.26B worth of BTC, realized profits and losses surge 300%
  • New York considers accepting stablecoins for bail, China's Supreme Court approves cryptocurrency for debt settlements
  • Lukka and Space and Time collaborate for on-chain data, Cryptegrity launches decentralized ESCROW

Movers and Shakers

Top 7-Day Gainers:
  1. KAVA +15.03%
  2. BSV +9.28%
  3. ANT + 6.43%
  4. MX +1.43%
  5. USDP +0.53%

Top 7-Day Losers:
  1. PEPE -55.99%
  2. FLOKI -36.53%
  3. CAKE -28.44%
  4. WOO -24.66%
  5. CFX -23.30%


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Technical Summary

Bitcoin Pulse

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. 

Bitcoin micro


  • BTC/USD on 1H chart: Bearish HTF leg initiated, price broke below and retested hourly 50 EMA.
  • 50 EMA acting as resistance, attracting short sellers to enter positions.
  • Possible bearish momentum, pushing price down to $25k region.
  • Short-term retracement to $27600 could set up more shorts due to bearish order blocks and 50 EMA presence.

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.

Bitcoin Macro


  • BTC breaks bearish, dipping below the daily 50 EMA due to network capacity issues.
  • Bullish sentiment remains, but a healthy retracement was anticipated.
  • The 200 EMA on the daily chart and a bullish order block around $24,800 could provide support.
  • Next bull leg aims for $33k. Buckle up for potential upward momentum!

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

Altcoins on the move

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.

ETH macro


  • ETH breaks below the daily 50 EMA, but familiar patterns suggest a potential repeat scenario.
  • The approaching 200 EMA might act as support, signaling the start of the next bullish leg.
  • Price could surge back to $2500 levels, not seen in almost a year.
  • Exciting times ahead as ETH hints at a possible bullish comeback!

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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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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