Week 20 | 5/16/22 - 5/20/22
By Matthew BrienenNews Flash
Monday 5.16.22: Grayscale Investments has today announced that its “Future of Finance” exchange-traded fund (ETF) will list on the London Stock Exchange, Borsa Italiana, and Deutsche Börse Xetra. GFOF) is thus a way for investors to make a single stock purchase to bet on the performance of a variety of companies heavily committed to the crypto economy including stocks such as Robinhood, PayPal, Block, and Coinbase, and several crypto mining and energy management firms, including Argo Blockchain, Northern Data, and Canaan.
Tuesday 5.17.22: Binance announced that it would be the exclusive crypto sponsor of Brasileirão, the leading soccer tournament in Brazil, for the next three years. As with other markets, Binance Launchpad will be used to develop NFTs and fan tokens, digital assets that offer interactivity and benefits for holders.
Wednesday 5.18.22: Meta, formerly Facebook, has submittedfive trademark applications in the United States for what appears to be new digital platform dubbed Meta Pay. The social media giant previously acquired the MetaPay.com domain name from the South Dakota-based MetaBank in a $60 million deal in December 2021.
Thursday 5.19.22: While the crypto world continues to assess the damage done in last week's market crash, members of the G7 are urging regulators to act before the body's next gathering in June. A draft letter by the countries' finance ministers and central bankers is asking the Switzerland-based Financial Stability Board (FSB) to advance "consistent and comprehensive regulation," before the next gathering of the G7 in Germany.
Friday 5.20.22: The UK's Financial Conduct Authority (FCA) "will absolutely need to take into account" the recent instability in crypto markets when beginning its work on a new regulatory framework for cryptocurrencies later this year. This narrative is consistent with G7 and Janet Yellen's call for stablecoin regulation before end of year.
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Bitcoin Technical Recap
BTC was able to close another weekly candle over the $29/30k region we've identified as an important floor of support, but not without volatility. Price was able to close at $30,200, coming as deep as $28,600. Recent weekly closes are optimistic; however, the $23,000 region still looms with worry as many indicators and levels suggest this to be a massive area of interest. We are seeing DXY or dollar index starting its first bearish candle, which could provide some relief to cryptocurrencies and other risk on assets if the trend continues.
BTC/USD Weekly Chart
Ethereum Technical Recap
ETH continues to hold the 2021 summer lows as a strong floor of support. Last week's dipped as deep as $1,900, which is where the weekly candles in July of 2021 closed before seeing a reversal. All eyes on BTC for direction; we are currently at the mercy of the consolidation washing machine.
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 5.16.22: Brian Decker provides information on the UST peg failure and the Terra ecosystem revival plan 2. Matthew Brienen discusses Grayscale's European 'future of finance' ETF tracking crypto firms, Portugal's status as a crypto tax haven appears to be ending, and how the SEC messed up big time. Dan Habib presents a brief overview of the macro, on-chain analytics, and technical analysis of the cryptocurrency market.
Tuesday 5.17.22: Matthew gives a detailed analysis of the markets, with a strong emphasis on altcoins that are the most profitable to invest in or lower your average in your position.
Wednesday 5.18.22: Brian explains how he evaluates his portfolio and the history of his cryptocurrency investments as well as some blue chip cryptos that he believes will perform well in 2022. Matthew discusses thekey principles of Elliot Wave Theory while providing a technical analysis of the markets.
Thursday 5.19.22: Matthew provides technical analysis of stocks, currencies, and cryptocurrencies. He also explains the difference between hot and cold wallets, as well as the benefits and drawbacks of each. Matthew also explains how to set up the Ledger Nano X.
Friday 5.20.22: Dan Habib presents a macro view of the markets, a call the Fed could make to turn the markets around, and a deep dive into on-chain analytics. Matthew also breaks down equities and Bitcoin. Decker offers some thoughts on investing strategy for the coming months.
