Week 18 | 5/2/22 - 5/7/22
By Matthew BrienenNews Flash
Tuesday 5.3.22: Crypto.com CEO Kris Marszalek said the firm will continue to offer staking rewards to its card users a day eliminating the reward program. The decision had led to a vocal backlash among community members on social media sites like Reddit and Twitter.
Wednesday 5.4.22: The Hawaii State Senate today approved bill SB2695, co-signed by Sens. Donovan Dela Cruz and Rosalyn “Roz” Baker, that establishes a blockchain and cryptocurrency task force. In March, President Joe Biden signed an executive order for “Ensuring Responsible Development of Digital Assets,” intending to protect American citizens from scams while not stifling innovation. State governments are following suit.
Thursday 5.5.22: Iconic fashion brandGucci will begin accepting cryptocurrency in some of its U.S. locations later this month, with plans to roll out the program to other North American stores this summer. The first locations to accept crypto are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
Friday 5.6.22: The United States Securities and Exchange Commission (SEC) has given the green light to Valkyrie’s futures exchange-traded fund (ETF) application. The past year has seen a slew of applications for ETFs, with several companies withdrawing their applications, such as Bitwise, which redirected attention to a spot fund instead. The funds have performed well thus far, although many people are hoping for greater success in the future with the introduction of a spot ETF.
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Bitcoin Technical Recap
BTC lost a large floor of support in the $37,000 region and closed its weekly candle just above $34,000. We are currently trading near the lows that were set in January of this year. The next key support we can expect a rection from should be around $33,000. This zone has been a highly volatile pivot zone for the past 2 years. We don't have any clues from equities or DXY yet so we will have to see how the market digests this sell-off when institutional traders return tomorrow.
BTC/USD Weekly Chart
Ethereum Technical Recap
Unlike BTC, ETH hasn't blown out its final fib level we've been studying for the past few weeks. Yesterday's weekly candle closed above the 78.6% fib at $2,470. This doesn't mean ETH & alts get the green light to recover from here, but its quite apparent took the bigger beating over the low volume weekend.
ETH/USD Weekly 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 5.2.22: Brian Decker provides an overview of the Aave Protocol and explains why it falls short of other options in the crypto market. Matthew analyzes equities, the dollar index, and the crypto market as well as discussing news regarding SEC V. Ripple briefing schedule being moved up.
Tuesday 5.3.22: Matthew does some TA & comparison charts of cryptos in their early stages before a potentially massive breakout. The team brtoke some news on Crypto.com restarting staking rewards following a community outcry & FIFA crypto based sponsorships.
Wednesday 5.4.22: Dan Habib gives a presentation on Fed rate hikes, well-known Crypto bulls vs. bears, and an analysis of the most recent on-chain data, which shows many positives. Dan also provides a technical analysis of Bitcoin and answers questions from members with Brian Decker.
Thursday 5.5.22: Matt reports on Solana Pay & Binance pledging $500 million to assist Elon Musk in his deal to win over Twitter. He closes out the show providing a detailed technical analysis of Bitcoin and sharing a goal that he is constantly striving for.
Friday 5.6.22: Brian also discusses some current move-to-earn projects that are very exciting. Dan Habib discusses the April jobs report, macroeconomic headwinds, and the possibility that we are currently in a recession. Chase Tantalo discusses the five NFTs in which he has invested or intends to invest.