Week 10 | 3/7/22 - 3/12/22
By Matthew BrienenNews Flash
Monday 3.7.22: Coinbase has blocked over 25,000 addresses related to Russian individuals or entities believed to be engaged in illicit activity. The exchange added that these accounts were identified through its own "proactive investigations" and that the addresses have been shared with the U.S. government to "further support sanctions enforcement."
Tuesday 3.8.22: President Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices. "We're banning all imports of Russian oil and gas energy," Biden told reporters at the White House. "That means Russian oil will no longer be acceptable in U.S. ports and the American people will deal another powerful blow to Putin's war machine."
Wednesday 3.9.22: The much-anticipated executive order relating to crypto was signed by Biden, and far more positive than forecasted. "The E.O. will help position the U.S. to keep playing a leading role in the innovation and governance of the digital assets ecosystem at home and abroad, in a way that protects consumers, is consistent with our democratic values and advances U.S. global competitiveness," National Economic Council director Brian Deese and national security adviser Jake Sullivan said in a statement.
Thursday 3.10.22: South Korea has elected Yoon Suk-yeol as the country’s next president. Yoon is a pro-crypto candidate who has pledged to overhaul “unreasonable” crypto regulations in the country. He added that South Korea should embrace a “negative regulation system” to ensure the crypto market “has no worries.”
Friday 3.11.22: The SEC hasn't changed its mind about a spot market Bitcoin ETF. The Securities and Exchange Commission denied yet another set of spot market Bitcoin ETF applications—this time from investment manager NYDIG and ETF provider Global X.
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Bitcoin Technical Recap
BTC has been trading in a wide & grueling range with the lower bound residing at $33,000 and the upper bound located at $45,800. Using the inverse Fibonacci range, we can see that price has respected the 61.8% & the 70.2% levels as areas of support. Continuing to trade above $36,800 would be positive for the market; a strong break over $44,400 would give retail traders the signal to jump back into the race.
BTC/USD 20HR Chart
Ethereum Technical Recap
Ether is telling a near identical story, respecting the 70.2% fib as a strong floor of support. The descending trendline is still intact; a strong flip of the trendline would also give steam to the ETH/BTC pair, suggesting altcoins may have their time to shine. Major resistance @ $3,055 & Major Support @ $2,400.
ETH/USD 20HR Chart
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 3.7.22: Analyst Matthew Brienen reported that Europe's crypto regulations will proceed without a Bitcoin ban, showing once again how quickly news can get flipped on its head. He also provided a very insightful analysis of the stock market, precious metals, oil & a thorough analysis of Bitcoin, sharing some technical tools to assist you in better understanding charting.
Tuesday 3.8.22: Tracking the evolving Russia/Ukraine conflict, Matt discussed Biden's ban on Russian oil imports to the US as well as Bain Capital Ventures' $560 million crypto fund, and Elizabeth Warren's bill to track transactions to private crypto wallets.
Wednesday 3.9.22: Brian Decker discusses a donation to Ukraine made by the Bored Ape Yacht Club as well as the benefits of Cosmos. Matt shares how Polygon could potentially scale NFT functionality, how crypto is assisting Ukraine, and how Janet Yellen's leaked press release details Biden's crypto executive order.
Thursday 3.10.22: Dan Habib summarizes recent economic and geopolitical events that have influenced asset prices. He also discusses new inflation data and the current prevalence of the trend. After Dan's on-chain data analysis, Brian Decker joins the conversation, resulting in one of the most in-depth shows to date.
Friday 3.11.22: The show was kicked off with news including UK's financial regulator has ordered the closure of all Bitcoin ATMs, the SEC rejecting another set of spot market Bitcoin ETFs, and a massive win for Ripple. Brian Decker discusses his investments and why he will keep his "golden goose.”