Week 26 | 6/27/22 - 7/1/22
By Matthew BrienenNews Flash
Monday 6.27.22: A stablecoin issued by one of Australia’s biggest banks, ANZ, has been used to purchase tokenized carbon credits in a landmark transaction aimed at testing the asset’s feasibility in carbon abatement instruments. BetaCarbon tokenizes Australian carbon credits into its BCAU token, with each representing 2.2 pounds (1 kilogram) of carbon captured.
Tuesday 6.28.22: Smartphone manufacturer HTC has launched its first "Viverse" phone, designed to be compatible with its metaverse platform and incorporating crypto and NFT functionality. The HTC Desire 22 Pro comes preloaded with apps that let you access and manage your metaverse content, including crypto and NFTs, from the phone. A Viverse app also lets you buy NFTs in a digital marketplace and "create your own virtual space," per an announcement.
Wednesday 6.29.22: The Singapore-based crypto fund Three Arrows Capital (3AC) has been ordered to liquidate by a court in the British Virgin Islands. As the market continued to plummet, crypto exchanges BitMEX, FTX, and Deribit also liquidated 3AC's positions after the crypto fund failed to meet margin calls.
Thursday 6.30.22: OpenSea, the largest non-fungible token (NFT) marketplace by trading volume, has suffered a data breach after an employee at Customer.io, the platform’s email delivery partner, leaked user data. OpenSea said that malicious actors may try to contact customers via emails originating from domains that look similar to OpenSea.io, such as OpenSea.org and OpenSea.xyz.
Friday 7.1.22: New York-based asset management firm VanEck has filed a new application with the Securities and Exchange Commission (SEC) for its spot market Bitcoin ETF. In November 2021, the SEC rejected VanEck’s previous Bitcoin ETF application due to concerns surrounding “fraud and manipulation” of the Bitcoin spot market. The SEC has only approved futures-based Bitcoin ETFs, rejecting all spot market Bitcoin applications to cross its desk.
Technical Recap
Bitcoin continues to tease traders and long-term investors, teetering atop the 2017 bull market high of $19,890. We have now spent 3 weeks below the 200-week moving average, which is the longest BTC have ever remained below. No proper retracement towards $28,000 has been offered yet illustrating weakness in retail sentiment. According to the RSI (relative strength index) Bitcoin is the most oversold it's ever been on a weekly chart, implying a reversal to the upside is well overdue. If unable to hold the previous all-time high as support, we will likely test towards $16,200 next.
BTC/USD Weekly Chart
We have also yet to see a slowdown in DXY's (Dollar Index) parabolic rise. Price is now breaching over the 70.2% retracement, suggesting that risk on assets have a lot further to fall if we need to hunt down higher resistance towards the 109.9 region.
DXY 2 Week 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 6.27.22: Dan Habib offers some useful updates for Coinbase Pro customers as well as a look at on-chain analytics. Matthew gives a brief technical analysis & discusses the ongoing insolvency saga including Voyager Digital issuing 3AC with a default notice. Brian Decker discusses what he is constantly purchasing.
Tuesday 6.28.22: Brian articulates the future of decentralized data storage and gives an overview of Filecoin (FIL). Matthew discusses Ripple's CBDC Innovate challenge & provides a top-down analysis of the markets.
Wednesday 6.29.22: Matthew describes key news and topics such as BlockFi obtaining an Iowa license weeks after being fined by the state, crypto fund Three Arrows Capital being ordered to liquidate, and MicroStrategy acquiring 480 Bitcoin. Matthew delivers a technical market analysis, altcoin entry opportunities, importance of building a FIAT bag, and the option to rebalance your portfolio right now.
Thursday 6.30.22: The team discusses news including Grayscale suing the SEC after spot Bitcoin rejection & FTX retracting from Celsius acquisition. Matthew provides technical market analysis as well as the first part of the presentation "Top 10 Cryptos To Buy This Bear Market." Brian Decker considers the best way to rebalance his portfolio.
Friday 7.1.22: Dan Habib presents on the "Worst First 6 Month Starts For The S&P 500," a macroeconomic outlook, and a brief look at on-chain analytics. Matthew Brienen concludes his list of the "Top 10 Cryptos To Buy This Bear Market" with the best 5 cryptos to buy now. Brian Decker discusses how he intends to allocate his dry powder during the current bear market.
