Weekly Wrap-Up | 12/6/21 - 12/11/21
By Matthew BrienenNews Flash
*Tuesday 12/07/21:*TheBiden administration has published the [United States Strategy on Countering Corruption](https: //dashboard.cryptocharged.com/news/biden-targets-crypto-in-new-anti-corruption-strategy/). The document defines a government-wide approach to corruption under five pillars. Specifically, pillar three—which is about holding corrupt actors accountable—targets cryptocurrencies with a new Department of Justice (DOJ) task force. According to this new task force "Cryptocurrencies hinder the efficacy of the United States’ sanctions regime by giving bad actors an economic lifeline."
*Wednesday 12/08/21:*Chief executives of six cryptocurrency companies[testified for nearly five hours](https: //dashboard.cryptocharged.com/news/congress-gets-a-crash-course-on-cryptocurrency/) on Wednesday before the House Financial Services Committee about the promises and perils of cryptocurrencies. This hearing consisted of some huge names in the crypto space including Brian Brooks, Charles Cascarilla & Sam Bankman-Fried. The executives repeatedly criticized Gary Gensler, the chairman of the S.E.C., who has said that many crypto tokens fall under the agency’s purview and should be registered as securities, which would require extra disclosure and compliance costs.
*Thursday 12/09/21:*Palm NFT Studio announced a[$27 million Series B investment](https: //dashboard.cryptocharged.com/news/microsoft-warner-bros-back-palm-nft-studio-in-27m-series-b-round/) round including Microsoft’s M12 venture fund and Warner Bros. The Palm protocol is an energy-efficient Ethereum sidechain that has thus far been used for art, entertainment, and sports NFT projects. As the NFT space expands and flourishes, creators are looking for ways to minimize Ethereum’s sizable environmental impact, congestion issues, and transaction costs. Palm has emerged as a bespoke, NFT-centric sidechain and scaling solution to help with those concerns, and now the creative studio tied to it has brought on some major new investors.
Bitcoin Technical Recap
Bitcoin sits in a precarious position after the Dec 3 sell off that sent BTC down as deep as $42,500. This bearish move was fueled by an over inflated derivates market & leveraged traders. Within 24hrs, a total of $2.5B in leveraged crypto positions & nearly 400,000 traders were liquated.Although the key support of $52,750-$53,000 was lost, Dan Habib presented a compelling case with on-chain data suggesting that the $72,000 target may still be valid. Long term holders (LTH) hadn't spent or sold any of their coins during this event; short term holders (STH) on the other hand, did in fact capitulate.On Friday evening the markets briefly pushed down under major support of $47,800 only to sharply rally back above the $48,000 region. Price remains in a large pennant pattern & is awaiting more clarity in direction. $53,000 needs to be reclaimed as support to see more short-term bullishness.Looking at Bitcoin Dominance (BTC.D), we can see that money is slowly fading from BTC & is gearing up to unload those funds into the altcoin market. BTC dominance may rally once more within the red bear flag before breaking down & heading into sub 40% territory.
Ethereum Technical Recap
ETH was not immune from the Dec 3 sell off, wicking as deep as $3,300, however price pulled back sharply within the same day closing above $4,100. As we can see below, price is attempting to reclaim the bullish wedge structure. $3,880 is currently serving as key support.A break above $4,400 will allow for more bullishness of Ethereum. Looking at the ETH/BTC pair, there was a clear breakout showing Ether significantly outpacing BTC in volume & dominance. If this pair continues to make bullish legs, BTC's recovery will remain crippled.
Project Breakdowns & Daily Update Recaps
Didn't catch all the daily update streams? We've got you covered with highlights & links to the full episodes. *Monday 12/6/21:*Matthew Brienen makes his case for a bearish view of [Bitcoin's technicals,](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-12-6-21/)pointing to a correction towards the $58,000-$61,000 region before seeing more bearishness. In juxtaposition to Brienen's bearish bias, Dan Habib provided some bullish on-chain data to suggest the $72,000-$75,000 targets may still be intact. Brian Decker closed out the show with a live look into his portfolio.
Tuesday 12/7/21:Decker took us back to basics, schooling us on a core crypto concept: [The 4-year Bitcoin Halving Cycle](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-12-7-21/). Matt & Brian discussed some safe area to secure part of your BTC & ETH positions to protect profits. Our new chat feature was revealed & the team answered some member questions live on stream.
*Wednesday 12/8/21:*An introduction to a new type of scaling solution,[ZK-Rollups](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-12-8-21/), was presented by Brian. Although Z-cash (ZEC), uses a portion of this technology already, newer tech companies are looking to leverage this on a much larger scale. Brienen furthered his case on dominance rotation in the market.
*Thursday 12/9/21:*Dan Habib came online for a solo stream with a lot of strong data & a compelling case for more bullishness in Bitcoin. Habib highlighted inflation data, on-chain metrics & technicals. Check out the full episode here.
Friday 12/9/21: The week got closed out with a deeper dive into ZK-Rollups & some specific projects Brian has been speculating on. Some inverted charts were showcased by analyst Matthew Brienen, bringing a different prospective to where we are within this market cycle.