The Daily Edge | 8/2/23

Matt Brienen
December 13, 2022
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The crypto market is experiencing a significant downturn, with Nasdaq dropping over 300 points. Most cryptocurrencies are down between 1% and 5%, and certain indices have seen declines exceeding 2%. Despite this, the team notes that the market still maintains a pattern of higher highs and higher lows, suggesting a potential consolidation phase.
The team then proceeds to discuss notable news items. They introduce the convenience of integrating Venmo and Cash app on the blockchain, emphasizing the potential ease of use and drawbacks related to storing keys on individual devices. They touch upon MicroStrategy's significant Bitcoin accumulation through Q2 and their plans to increase their Bitcoin holdings further. The team also highlights China's continued involvement in the cryptocurrency market despite bans and regulations, emphasizing the resilience of demand.
Further, the team discusses Uber's CEO announcing plans to accept Bitcoin payments and Stablecoins, aiming to enhance cryptocurrency adoption within the Uber app. They delve into Hedera's positive performance despite a bear market and regulatory challenges, pointing out revenue growth, network expansion, and notable partnerships like the one with Hyundai for CO2 emissions monitoring.
The team then shifts to technical analysis, offering insights into various assets such as stocks, cryptocurrencies, and commodities. They discuss trends, support levels, and potential weaknesses in different markets, including the Dow Jones, S&P, Nasdaq, dollar, Bitcoin dominance, gold, silver, US oil, and various cryptocurrencies like Bitcoin, Ethereum, Stellar Lumens, Algorand, ADA, Casper, and others. The team suggests that while some assets exhibit strength, there is a corrective phase ongoing, anticipating potential further downside movement.
Lastly, the team mentions Litecoin's decline ahead of its halving, highlighting how most of the market's movement is proportional to Bitcoin's price changes. Throughout the update, the team maintains an objective perspective, offering insights into both bullish and bearish scenarios across various assets and the broader cryptocurrency market.

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