Week 27 | 7/5/22 - 7/9/22
By Matthew BrienenNews Flash
Tuesday 7.5.22: Coinbase wants to expand in Europe, with CEO Brian Armstrong meeting policymakers in London and Dublin this week despite a market downturn and recent layoffs. The biggest U.S. cryptocurrency exchange, according to a company blog post, seeks to be “driving a concerted effort to strengthen our presence in Europe.”
Wednesday 7.6.22: Cryptocurrency broker Voyager Digital filed for bankruptcy on Tuesday in the wake of the collapse of the major crypto hedge fund Three Arrows Capital (3AC). Voyager’s Chapter 11 filing comes just days after 3AC filed for bankruptcy — and about a week after 3AC defaulted on a loan provided by Voyager. Voyager Digital states that it has about $1.3 billion worth of crypto assets on the platform, $110 million in cash and crypto assets on hand, and the $350 million it holds in an FBO (For-Benefit-Of) account for customers. It also says 3AC still owes more than $650 million.
Thursday 7.7.22: Celsius Network, the crypto lender that halted user withdrawals last month because of liquidity pressures, reclaimed $440 million of collateral on Thursday after it fully paid off a loan on Maker, one of the largest decentralized finance (DeFi) platforms in the crypto universe. On-chain data shows that a wallet linked to Celsius repaid the remaining $41.2 million of the loan in DAI, the Maker protocol's stablecoin.
Technical Recap
Bitcoin rallied sharply into Friday, testing the mid $22k range. Price appears to be attempting to lock in a successful back test of the broken wedge structure. If successful, price will test the imbalance left behind in the $26,000-$28,000 region before continuing a downtrend towards the $12,000-$15,000 region.
BTC/USD 4-Hour Chart
The other major headwind we must pay close attention to is DXY (Dollar Index). Using our macro fib range (2001 swing high, 2008 swing low) we can see price blew through the 70.2% level at ~105.7 opening up the 109.3 level as the next major level of resistance. As long as DXY strengthens in the short term, we will continue to see risk on assets like stocks and cryptos suffer.
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. Tuesday 7.5.22: Matthew offers a top-down market analysis and discusses short-term potential for cryptocurrency. Brian Decker summarizes the Relay Chain and parachains, as well as providing an overview of Moonbeam (GLMR).
Wednesday 7.6.22: Matt interviews Kevin Cage, a prominent figure in the crypto space, about his background, how API3 compares to Chainlink, future crypto assets, and some of his own technical analysis of Bitcoin and Fantom.
Thursday 7.7.22: Dan Habib discusses the Fed's current situation, economic indicators of weakness, media confusion, and the significance of the jobs data. Dan analyzes on-chain analytics. Matt discusses a service that allows you to buy a Bored Ape now and pay later & Robinhood enabling deposits and withdrawals of all listed crypto assets.
Friday 7.8.22: Habib discusses the June Jobs Report as well as a few indicators that the economy is slowing. He also discusses the funding rate when leverage trading and provides a technical analysis of Bitcoin.
