Week 22 | 5/30/22 - 6/4/22
By Matthew BrienenNews Flash
Monday 5.30.21: One of the world’s biggest cryptocurrency exchanges, Binance, strengthened its European presence by obtaining registration andregulatory approval in Italy. The registration allows Binance to offer crypto products to its customers in Italy in compliance with local regulations, open offices and expand the local team.
Tuesday 5.31.22: Ethereum’s oldest proof-of-work testnet is transitioning to proof-of-stake, with two more to follow “before focus shifts to mainet.” Ropsten will be Ethereum’s first public test network to transition from proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism as part of the blockchain’s “Merge” event, expected August this year.
Wednesday 6.1.22: ForUsAll, a 401(k) provider with over $1.7 billion in assets under management (AUM), hassued the U.S Labor Department (DOL) for planning an investigation into companies offering crypto investment options to 401(k) holders. “This lawsuit seeks to preserve the rights of American investors to choose how to invest money in their own retirement accounts,” reads the lawsuit. “Brought under the APA [Administrative Procedure Act], this lawsuit challenges DOL’s arbitrary and capricious attempt to restrict the use of cryptocurrency in defined contribution retirement plans.”
Thursday 6.2.22: Gemini Trust Co. is laying off 10% of staff in an effort to help the firm weather “crypto winter,” billionaire brothers Tyler and Cameron Winklevoss, President and CEO, announced on Thursday. “We have asked team leaders to ensure that they are focused only on products that are critical to our mission and assess whether their teams are right-sized for the current, turbulent market conditions that are likely to persist for some time,” they wrote. “After much thought and consideration, we have made the difficult but necessary decision to part ways with approximately 10% of our workforce.”
Friday 6.3.22: The upper house of Japan's parliament has just passed a landmark law clarifying the legal status of stablecoins, essentially defining them as digital money, per a Bloomberg report Friday. The bill, initially prepared by Japan's Financial Services Agency (FSA), was first announced in December 2021 and passed Parliament in March before being approved by a majority during today’s House of Councilors plenary session.
Bitcoin Technical Recap
At a quick glance, BTC is still very much range bound trading between the high $28k and low $31k range. On June 1, price poked its head over the range touching $32.4k before returning back to the mean of the range. These spikes are optimistic, but we need to take out more significant local highs to see a proper retracement towards at $35k-$37k.
BTC/USD Weekly Chart
The weekly charts are showing small signs of life, and a nice relief after this relentless downtrend. We finally closed an inverted hammer for the most recent weekly candle; these are traditionally found at the end of downtrends and can signal reversals.
BTC/USD Weekly Chart
Equities & Indices
Stocks have been taking a breather this week as cryptocurrencies attempt to play catch up. After seeing many potential ABC Elliot wave corrections that may be at play, we see DJI, SPX and NAS100 offering some selling after monster 5-9% weekly closes. Taking out the B waves we have been discussing would show confirmation of a defeated downtrend.
(Weekly Charts Left to Right) Dow Jones | S&P 500 | | Nasdaq
Looking at DXY, which measures the strength of the US Dollar, we can see that prices are consolidating just below a 70.2% retracement zone. Examining the last two topping structures for DXY we saw price consolidate for 100-150 days before blowing its floor out. We're roughly 30 days into this process so far.
DXY Weekly Charts
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. Tuesday 5.31.22: Matthew Brienen breaks some news regarding Web3 payment ecosystem enables one-click payment from customers to merchants, and MoneyGram CEO sees a future in stablecoin remittances. Matthew provides a top-down analysis of equities, oil, the US dollar index, foreign exchange, and, of course, cryptocurrency. He also provides the best tips for keeping your cryptocurrency safe.
Wednesday 6.1.22: Brian Decker showcases Token Terminal, a platform that aggregates financial data from the leading blockchains, as well as a recap of The 2022 State of Crypto Report. Matt discusses Zcash's dismissal of trusted setup, the Bank of England's rescue of collapsing stablecoin issuers, and Ripple's big wins.
Thursday 6.2.22: Matt analyzes crypto 401k provider ForUsAll suing the US Department of Labor, Gemini laying off 10% of staff to prepare for crypto winter, and Fed's Brainard says she does not support a pause. He also provides a technical analysis of the markets, as well as a deep dive into altcoins with massive upside potential.
Friday 6.3.22: Dan Habib gives a presentation on theMay BLS Jobs Report, well-known individuals coming around to the idea of a recession, and a detailed look at on-chain analytics with a possible true bottom for Bitcoin. Brienen discusses the launch of crypto exchange FTX in Japan, Coinbase becoming the latest crypto firm to cut costs amid market downturn, the New York Senate passing a two-year Bitcoin mining ban, and Japan passing a stablecoin bill. 
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