Week 2 | 1/10/22 - 1/15/22
By Matthew BrienenNews Flash
Monday 1/10/22: Changpeng Zhao, CEO of crypto exchange Binance, has become one of the richest men in the world, with a fortune of $96 billion. The near-$100 billion dollar wealth amassed by CZ (as he is known in crypto circles) doesn’t even factor in his own personal crypto holdings. CZ's fortune dwarfs those of many of the crypto industry’s biggest names, including FTX CEO Sam Bankman-Fried (who holds $22.5 billion according to Forbes), and Coinbase CEO Brian Armstrong (who holds $9.6 billion).
Tuesday 1/11/22: The Federal Reserve's much-anticipated crypto report is "ready to go" and will come out "in the coming weeks," according to Fed Chair Jay Powell. The report is likely to focus on CBDCs, or central bank digital currencies, which Powell has said the Fed is looking into ever since China launched its own digital yuan. Powell also said the report will seek input from the public, and it remains unclear if the report will offer any actionable guidance.
Wednesday 1/12/22: Rep. Tom Emmer (R-MN) proposed a law on Wednesday that would prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals. In a press release describing the bill, Emmer warns that a digital currency issued by the Fed could be a slippery slope in which consumers could one day be forced to register with the central bank to access money, which could in turn lead to mass surveillance of their financial activity. “Requiring users to open up an account at the Fed to access a U.S. CBDC would put the Fed on an insidious path akin to China’s digital authoritarianism,” Emmer stated.
Thursday 1/13/22: The United States House Committee on Energy and Commerce has announced a hearing on the cryptocurrency industry’s energy consumption taking place January 20, 2022. “In just a few short years, cryptocurrency has seen a meteoric rise in popularity. It’s time to understand and address the steep energy and environmental impacts it is having on our communities and our planet,” said Committee Chairman Frank Pallone (D-NJ) and Oversight and Investigations Chair Diana DeGette (D-CO) in a joint statement. “We look forward to examining the crypto mining's growing energy footprint and how proof of work blockchains, in particular, may migrate toward cleaner alternatives and renewable energy solutions.”
Friday 1/14/22: The Securities and Exchange Commission (SEC) must surrender to Ripple an email with a draft of former director William Hinman’s speech on whether ether is a security as part of an ongoing lawsuit the regulatory agency filed against the crypto startup, a judge ruled Thursday. The SEC sued Ripple and members of its leadership at the end of 2020 on charges the company sold and continues to sell the XRP cryptocurrency in violation of federal securities law. The agency and Ripple have been involved in a protracted back-and-forth over what sort of documents must be made available through the discovery process, with Ripple seeking a number of documents detailing internal SEC communications and policies.
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Bitcoin Technical Recap
After finding a local bottom on Friday Jan 10 in the $39,600 region, price rallied sharply to test an important Fiboancci level at $44,100. Using an inverse Fiboancci range, going from the swing low from June of 2021, to the swing high from Nov of 2021, we can see that the 70.2% level held as a floor of support & the 61.8% fib is serving as a ceiling of resistance. Looking at Bitcoin dominance, which measures the percentage of total crypto market share belonging to Bitcoin, is toying again with sub 40% levels. If BTC dominance breaks down from this level with tenacity, it is likely that altcoins will commence their rampage.
BTC/USD Daily Chart
BTC Dominance Daily Chart
Ethereum Technical Recap
ETH has recovered well off the $2,920 region & looks poised to test $3,655 next if $3,290 continues to hold as support. Using an inverse Fiboancci range, starting from the swing low from July of 2021, & ending at the the swing high from Nov of 2021,we can see that the 61.8% level held as a floor of support & the 50% fib is offering an area of consolidation.
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 1/10/22: Matthew Brienen kicked off the week with some news about a new token that allows you to utilize a "buy now, pay later" mechanism, leverage in the XRP ledger. Brian Decker brought the heat with a lesson on Fibonaccis, showcasing how simple & effective the tool can be to find optimal entry points.
Tuesday 1/11/22: Dan Habib gave a presentation of on-chain analytics & dove deep on some Bitcoin technical analysis. Matt discussed the NFT testnet launch on the XRP Ledger, a Constellation Network pre-order for a new product, and Grayscale holdings showcasing their Zcash & Bitcoin cash holdings.
Wednesday 1/12/22: Brian Decker introduces Wonderland (TIME) in response to a request from CryptoCharged members, providing a step-by-step tutorial on how to purchase the asset. Dan discussed highlights from the Fed's latest infation data & its impact on risk-on assets. Brienen shared information about the SEC & Ripple jointly filing a request to postpone the expert discovery meeting due to Omicron.
Thursday 1/13/22: Matt shared some Hedera and Algorand-related news & use case studies. He also got into the charts, sharing long-term price action and what you need to know about price history, as well as looking at the technicals of some of his favorite small cap coins. Decker returns to the project Wonderland (TIME) , providing more information about it as well as a warning before proceeding.
Friday 1/14/22: Brian Decker and Matthew Brienen discussed recent news in the cryptocurrency market as well as their favorite projects. In addition, the team engaged in a round table discussion, alternating between fundamentals and technicals among CoinMarketCap's top coins.