Week 11 | 3/14/22 - 3/19/22
By Matthew BrienenNews Flash
Monday 3.14.22: The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has passed the much-anticipated Markets in Crypto Assets Regulation (MiCA) legislative package, which aims to coordinate the EU's regulatory approach to the crypto industry. After an earlier vote on Monday, the legislation does not include language about a proposed ban on proof-of-work mining, which was framed as a "de facto Bitcoin ban."
Tuesday 3.15.22: OpenSea competitor Magic Eden curated a $27M Series A round led by Paradigm, with participation from Sequoia, Solana Ventures, Greylock, Kindred, Electric, and Variant. Magic Eden plans to use the funds to hire more employees, build out its gaming vertical, explore partnerships, and develop a full-service mobile app for buying and selling NFTs.
Wednesday 3.16.22: Argentina is set to include cryptocurrency firms in its wider anti-money laundering (AML) regulatory regime, per the Buenos Aires Times. “This policy statement proposes that additional firms and crypto asset businesses should be brought into scope of the return based on their business activities and the potential money laundering risks,” the FCA said at the time.
Thursday 3.17.22: Bored Ape Yacht Club NFT holders are about to get yet another reward for being in the club: ApeCoin (APE). ApeCoin sports the BAYC skull logo, and Yuga Labs is adopting ApeCoin “as the primary token for all new products and services” including its blockchain game coming later this year, according to a press release.
Friday 3.18.22: Russia’s top lender has been granted a license by the country’scentral bank to begin issuing digital assets following US economic sanctions that witnessed a seismic drop in the institution’s value earlier in the month. Those assets issued on the bank’s digital platform will be recorded and circulated via a distributed ledger technology system ensuring “data security” and data immutability, it said. Companies will be able to issue their own digital assets, providing they prove they have the cash requirements.
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Bitcoin Technical Recap
BTC kicked off the week with a much-needed rally from the key support zone $37.7k. Looking to our micro fib range we can see that both the 61.8% and the 70.2% fib points have offered an iron clad floor of support for the grandfather of digital assets. Price is encountering resistance in the $42.7K region; nonetheless, BTC is battling through its retracement levels looking for a proper breakout over major resistance at $45.7k.
BTC/USD Daily Chart
Ethereum Technical Recap
Ether had one of its best weeks in several months, both breaching the long-term descending trendline & overtaking BTC is relations to dominance. We can see that akin to BTC, the 70.2% fib at $2,500 acted as a launch pad, hurling ETH as high almost $3,000 before finding some resistance. Key zone to break back over is $3,280.
ETH/USD Daily Chart
Additionally, we discussed the ETH/BTC chart during the week showing a crucial breakout that may be the early signs of an altcoin breakout. The 2-day chart illustrated below shows a pennant structure that's been intact & well respected since June of 2021. We have finally broken aggressively out of this structure & the pair is now looking to lock in a successful back test.
ETH/BTC 2-Day 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 3.14.22: Brian Decker kicks off the week demonstrating how to earn a cool 19% APY on the Luna based stablecoin UST. Matt discusses the EU parliament's approval of a crypto legislative package, Elon Musk's refusal to sell his crypto, and the latest developments in the SEC vs. Ripple case.
Tuesday 3.15.22: Analyst Matthew Brienen discusses the news that FTX and Binance have received licenses in the Middle East, the upcoming plans of Ethereum wallet MetaMask, and Crypto.com's 'initial phase' of US launch. The team also looked at some technical analysis of precious metals, oil, and the US dollar currency index before delving into the crypto market.
Wednesday 3.16.22: Dan Habib, EVP of MBS Highway, discusses the FOMC meeting, inflation, and an on-chain breakdown of Bitcoin. Per our member requests, Decker dives deeper in the mechanics of Anchor Protocol. Matt reports that Ukraine's President has signed legislation legalizing and regulating crypto assets, Argentina is cracking down on crypto with anti-money laundering regulations, and NFTs are coming to Instagram.
Thursday 3.17.22: This show commenced with some rapid-fire news regarding Ripple has committing 1 billion XRP to advance the XRPL, new job openings at Spotify indicating a shift to Web3 technology, and Rarible adding Polygon NFTs and multi-wallet support to its marketplace. Brian provides an overview of Apecoin, which has recently gained popularity.
Friday 3.18.22: Brian Decker introducesChase Tantalo, CryptoCharged's new NFT specialist, the team interviewed him discussing his experience with cryptocurrency and NFTs, as well as what qualities to look for & some red flags to watch for when purchasing.