Week 23 | 6/6/22 - 6/11/22
By Matthew BrienenNews Flash
Monday 6.6.22: Gala Games announced that its Wild West-themed battle royale shooter GRIT would be the first NFT-powered game to launch via the Epic Games Store. GRIT will be a free-to-play online multiplayer game for Windows PC players, and it will feature user-owned NFT assets that can be purchased, resold, and utilized within the game.
Tuesday 6.7.22: PayPal announced that crypto users can now move funds off its platform, a long-awaited feature that will make the company's offering more like other popular cryptocurrency services. "Starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," the financial giant said in a statement.
Wednesday 6.8.22: Ethereum’s Merge—the blockchain’s much-anticipated transition from its current proof-of-work (PoW) mechanism to a proof-of-stake (PoS) consensus algorithm—will be one step closer today if the planned trial upgrade on the Ropsten public testnet goes as planned.
Thursday 6.9.22: The New York State Department of Financial Services (DFS) released first-of-its-kind regulatory guidance for entities issuing U.S. dollar-backed stablecoins. The guidance outlines the “baseline criteria” for backing and redeemability of stablecoins and sets up the department’s expectations in relation to stablecoin reserves and independent audits.
Friday 6.10.22: Mastercard has announced that it's teaming up with several non-fungible token (NFT) marketplaces to “bring its payments network to Web3,” making it possible to purchase NFTs with its debit and credit cards. The integration will enable users to purchase NFTs in an "easier and safer" manner by using their cards, rather than crypto, to complete the transaction.
Technical Recap
Cryptocurrencies saw heavy selling through the weekend and there was follow through early Monday morning. The bear market continues, and Bitcoin isn't ready to perform a retracement yet like we've seen in the past. We turn our attention now to the 200-week moving average. In 2019 & in 2020 the 200W MA provided a floor of support for BTC. The 200W MA currently resides around $22.5k for BTC, however, there isn't any previous resistance in this area like we've seen in the past, so a good value area for accumulation resides in the $20k region.
BTC/USD Weekly Chart
Moreover, looking at Bitcoin Dominance, we saw massive spikes over the weekend as the altcoin market suffered more heavily. We are now seeing a slight pullback after touching summer 2021 dominance levels.
Bitcoin Dominance (BTC.D) Daily Chart
Looking at TOTAL3 which represents altcoins (minus BTC and ETH), prices have breached the 2021 summer lows we were looking to hold. Unlike BTC however, we are currently testing the previous ATH set in Jan of 2018 and could see a bounce here.
TOTAL3 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 6.6.22: Brian Decker introduces Gala Games and the concept of "freeing music on the blockchain.” Matthew Brienen examines Kenya's solution to crypto mining's energy demand, the opening of Hut 8 Mining's third facility, and a "listening party" regarding Hinman's speech. Matthew offers a precise analysis of the markets as well as a broad look at the price history of XRP.
Tuesday 6.7.22: Matt gives a market technical analysis and discusses the Wall Street Cheat Sheet Psychology Of A Market Cycle. Decker delivers part 2 of Gala Games, as well as a deeper dive into the decentralized music world.
Wednesday 6.8.22: Dan Habib addresses recession talk, headline CPI, and the peak of inflation gives a context as well as an analysis of equities, technical trading, and different “looks” of Bitcoin. Matthew describes the Crypto Fear & Greed Index over time, as well as a collaborative analysis of Bitcoin that includes multiple indicators.
Thursday 6.9.22: Brienen gives a presentation on The Top 3 Ways To Earn Crypto & best practices to stay safe. The team also discusses Do Kwon's obligation to cooperate with the SEC investigation, Salesforce's platform launch, and the New York Finance Commission's new guidance on dollar-backed stablecoins.
Friday 6.10.22: Habib dives deep into theConsumer Price Index for May 2022 and where oil prices could go & a summary of what on-chain analytics are telling us, as well as some data on Bitcoin's "adoption story."
