This week saw wallets accumulate stablecoins like $USDC, $BUSD, and $DAI while Elon Musk warned against ‘betting the house’ on Dogecoin. Microstrategy CEO Michael Saylor was forefront saying VC interest in lightning network will lead the next bull run. Meanwhile, The Solana Foundation pledged $10 million for projects exploring Solana and AI. All while XRP rallied over 10% due to news from the SEC and CBDC. Finally Tenet teamed up with Conflux & Qtum while Bitfinex partnered with OrionX.
This week we saw wallets holding substantial amounts ranging from $100k to $10M are accumulating stablecoins like $USDC, $BUSD, and $DAI. Just as Elon Musk's warning to twitter users to not 'bet the farm on Dogecoin.' Meanwhile, VC's interest in the lightning network is to lead the next bull run, says Microstrategy CEO. Solana Foundation also were center stage as they pledged $10 million in funding for projects exploring Solana and AI. Finally, XRP rallied over 10% this week, thanks to news from the SEC and CBDC, further validating its potential.
Layer 1 Blockchain Tenet joined forces with Conflux and Qtum this week, expanding its reach in China. Bitfinex and Chile's OrionX shared they were teaming up, to help drive crypto adoption in Latin America. In security, Monero, Ethereum, and DogeMiyagi lead the way with advanced encryption techniques to safeguard users from hacks. Meanwhile, Vega Protocol takes a significant step forward as on-chain futures become a reality. And in a major boost for Brave Wallet, BitPay integration is underway, attracting interest from prominent retailers and brands.
Global securities standard setter IOSCO is stepping up its game by proposing a comprehensive regulatory framework for the crypto industry. This move aims to provide clarity and establish guidelines for market participants. But that's not all—brace yourself for the convergence of trademark law and the metaverse, where virtual worlds collide with intellectual property. With the metaverse gaining momentum, protecting trademarks in this digital realm becomes paramount. Meanwhile, across the pond, lawmakers in the UK are sparking a debate by calling for Bitcoin to be regulated as gambling.
The U.S. Army must embrace online tactics and virtual worlds to stay ahead in a digital landscape, said the commanding general of training and doctrine. Meanwhile, NeutronPay and Pouch.ph join forces to revolutionize remittances for Canada and Vietnam, making them more affordable than ever. Coinbase leads the way with its 'Moving America Forward' national campaign, spreading awareness and adoption of cryptocurrencies. Meanwhile, Tether takes a leap forward by partnering with KriptonMarket to enhance access to stablecoins. And hold on tight, as Strike launches its global money app in over 65 countries, making Bitcoin payments faster and easier than ever before.
Automate all your strategies for free on QUADX
Tired of subscription or added fees when running a bot? Wait no more, bot trading is totally free on QUADX!Discover Quadency Bots
New on-chain figures show a whopping 68% of BTC is held for at least a year, indicating strong confidence and long-term belief in its potential. And that's not all, 55% of BTC has been held for a remarkable two years or more. Long-term holders are in the game, with an all-time high of 14.46M coins held longer than 155 days. But here's an interesting twist:
The LTFs show the higher TF's low volatility at a much better resolution, we have seen price repeatedly run previous highs and lows, leading to opposite directional moves. However, we have now reached the extreme of the bearish leg and would expect either a bullish retracement to the $27k price level or a continuation of the bearish leg to sub $25.8k
Given we are currently being held down by the 1H 50 EMA as resistance, we wait to see how price closes relative to the 50 EMA.
Following on from last week's low volatility sideways price action, this week we have continued this low momentum; however, after a clear rejection of the daily 50 EMA as resistance, we have pushed to the last bastion of support (the bullish order block at the extreme) before price continues its next bearish leg.
Moving forward, if this line in the sand is to fail, we would expect price to make its way to under $25k, at which point it would have had a healthy retracement from the 31k high. These price levels would also align with the retest of the daily 200 EMA as support for the next bullish price leg.
Ethereum is blazing a trail with its latest energy-saving update, successfully closing a significant security hole. But that's not all—ETH is making history with its lowest supply on exchanges since its genesis, a remarkable 10.1%. The altcoin market is buzzing too, as sharks and whales make their moves, driving excitement around mid and low cap assets like MTL, POWR, Aergo, and DIA. And talk about a whale of a tale! An Ethereum whale scored an impressive 10X gains, turning $244k into a whopping $2.63M with PEPE
We saw ETH try to break above the 50 EMA on the daily chart this week, which was quickly met with bearish selling pressure pushing price back below the 50 EMA and signalling bears are laying in wait.
Moving forward, we would look for price to continue its macro retrace down $1700, at least where it would meet the daily 200 EMA, a significant catalyst for potential long-term bullish legs.
Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.
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.
Manage all your crypto assets on the go with zero-gas swaps and a unified portfolio at your fingertips.
Disclaimer: Information contained herein should not be construed as investment advice, or investment recommendation, or an order of, or solicitation for, any transactions in financial instruments; We make no warranty or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose. Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation to buy, sell or hold a particular financial instrument; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Quadency, or vice versa. Market information is made available to you only as a service, and we do not endorse or approve it.
Copyright © Quadency Global, Ltd