Week 13 | 3/28/22 - 4/2/22
By Matthew BrienenNews Flash
Monday 3.28.22: A group of U.S. lawmakers says the U.S. Treasury Department may be the right government entity tocreate a digital dollar – not the Federal Reserve. Reps. Stephen Lynch (D-Mass.), Jesús Chuy Garcia (D-Ill.), Ayanna Pressley (D-Mass.) and Rashida Tlaib (D-Mich.) introduced the "Electronic Currency And Secure Hardware Act" (ECASH Act) to direct the Treasury Secretary to develop and issue an electronic version of the U.S. dollar, with an eye to preserving privacy and anonymity in transactions.
Tuesday 3.29.22: A subsidiary of Microstrategy has just executed a $205 million cash loan using its current Bitcoin holdings as collateral. Silvergate Bank, a San Diego-based bank focused on cryptocurrencies, serviced the loan through the Silvergate Exchange Network (SEN), which provides loans collateralized by Bitcoin.
Wednesday 3.30.22: Azuki, the hottest NFT project released so far in 2022 in terms of total trading volume, has just notched a new milestone. The Ethereum-based profile picture project, which debuted in January, saw its first secondary sale over the $1 million mark.
Thursday 3.31.22: CleanSpark, a Nevada-based software and Bitcoin mining company, is adding up to 500 megawatts (MW) of mining power to its operations through an agreement with Texas energy company Lancium. The agreement includes the option to add another 300 MW, but there are no exact dates for when this power will be deployed.
Friday 4.1.22: Buyers on OpenSea, one of the world’s leading marketplaces for non-fungible tokens, can soon pay for NFTs with a credit card, debit card, or Apple Pay—without having any cryptocurrency. The move is likely aimed at bringing in more mainstream buyers, similar to the strategy NBA Top Shot took when it was red-hot one year ago.
Join our new [Discord Community](https: //dashboard.cryptocharged.com/community/) now!
Bitcoin Technical Recap
Before the equity markets opened on Monday, BTC broke over a resistance level that it had been trapped under for the last 80 days. Bitcoin is now looking to hold this recent breakout zone as a new floor of support. If price is able to successfully hold this level @ $45.5k, the next key range resides at $50.5k-$52.7k.
BTC/USD Daily Chart
We also discussed throughout the week how Bitcoin dominance has continued to fall after a third rejection, and new lower high within the bearish flagging structure. Altcoins are enjoying BTC taking a pause here and are siphoning more market volume as we approach retracement levels.
Bitcoin Dominance (BTC.D) 2-Day Chart
Ethereum Technical Recap
Ether has continued to lead this most recent set of crypto market rallies. Price is currently challenging the 50% fib level @ $3,500. We can also see there was a very brief back test of the 38.2% fib at $3,200 before making a move higher. As ETH pushes into the $3,800-$4,200 region, we must remain cautious as this is an area that could provide heavy resistance.
ETH/USD Daily 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 3.28.22: Analyst Matthew Brienen discusses the CryptoCharged Discord beta, US lawmakers introduce the 'ECASH' bill as part of a renewed push to create a digital dollar, and the European Union proposes a crackdown on non-custodial crypto wallets. The team looks at some in-depth technical analysis of our ten favorite cryptos.
Tuesday 3.29.22: Brian Decker provides an introduction to THORChain (RUNE) and a major problem they solve. Matt provides some quick on-chain analytics as well as a technical breakdown of Bitcoin and Ethereum.
Wednesday 3.30.22: Chase Tantalo discusses the utility of an NFT project called NFT Worlds & how NFTs impact play-to-earn games. The team also highlighted some news including how Putin's senior advisors are feeding him incorrect information & the plunge in Axie Infinity price are after a $622 million hack.
Thursday 3.31.22: Decker completes pt 2 of his THORChain presentation & a quick tutorial overdefi protocol THORSwap with yields up to 80% APY. Matt reports that Bitcoin miner CleanSpark will add 500 MW of mining power, the EU parliament has voted to impose KYC on private crypto wallets, and USDC reserves will be held by BNY Mellon.
Friday 4.1.22: Dan Habib gives a presentation outlining the March 2022 jobs report, recession red flags, and on-chain analytics. Chase gives away a Weather Report NFT & provide some insight into his two favorite projects right now. ]