Week 28 | 7/11/22 - 7/16/22
By Matthew BrienenNews Flash
Monday 7.11.22: The Federal Deposit Insurance Corporation (FDIC) has launched a probe into the bankrupt crypto company Voyager Digital for allegedly deceiving users. Voyager Digital reportedly marketed that all depositors in the firm were covered by FDIC insurance through its partnership with Metropolitan Commercial Bank, Voyager’s banking partner. In simple terms, it may have sold Voyager as FDIC insured.
Tuesday 7.12.22: The South China Morning Post reported that the Shanghai government planned to establish an industry fund of 10 billion yuan in assets, or nearly $1.5 billion, dedicated to metaverse development. This financing will go toward creating 10 “leading” companies and 100 small-sized firms that will specialize in “benchmarking products and services,” said Wu Jincheng, head of Shanghai’s Economy and Information Technology Committee, at a press conference on July 8.
Wednesday 7.13.22: BlockFi Inc. unwound its positions in the Grayscale Bitcoin Trust and stopped accepting shares of the investment fund as collateral, according to a person with knowledge of the matter. The crypto lender will evaluate the use of Grayscale as collateral in the future.
Thursday 7.14.22: After weeks of speculation and rumors, lawyers representing crypto lending platform Celsius have officially notified regulators the company is filing for Chapter 11 bankruptcy protection. Celsius says the filing will provide the opportunity to stabilize its business and consummate a comprehensive restructuring that maximizes value for all stakeholders.
Friday 7.15.22: The court-appointed liquidator of insolvent crypto hedge fund Three Arrows Capital (3AC), Teneo, has hired a Singapore law firm WongPartnership LLP to convince the country’s High Court to recognize the liquidation order issued to 3AC last month by the British Virgin Islands (BVI), according to local news outlet The Straits Times. Should Teneo’s move be successful, it would enable the liquidators to continue the 3AC liquidation process in the hedge fund’s native city-state.
Technical Recap
Bitcoin is still working on its slow grind to the upside as the flagging structure has yet to make a definitive move for trend direction. Until we see a clear breakout/retest, we should assume the bearish trend will continue in the short term. If a break to the upside is successful, we can look to $26,000-$28,000 as short-term areas of interest.
BTC/USD 12-hour Chart
Ethereum on the other hand is showing clear signs of a breakout, even if it's short lived, we may have enough steam to test the $1,700 region. A back test of the breakout zone around $1,300 would be a healthy rebalancing and give ETH the gas it needs to potentially break above $1,700 major resistance.
ETH/USD 12-hour 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 7.11.22: Matthew provides a top-down market analysis as well as a possible inevitable reality of Bitcoin's price. The team also covers Bitget, its benefits for leverage trading, and gives a tour of the Futures platform.
Tuesday 7.12.22: Brian Decker goes on to discuss the adoption of Bitcoin, blockchain technology, and the next wave of business innovation. Matt examines some news regarding STEPN's profits from platform fees in Q2 2022, and SEC V. Ripple expert testimony clarity.
Wednesday 7.13.22: Dan Habib dissects the Consumer Price Index for June 2022, when inflation will peak, as well as on-chain data demonstrating Bitcoin adoption. The team spent some time discussing the massive win in the ongoing SEC v. Ripple Labs case with the production of SEC emails tied to the 2018 speech.
Thursday 7.14.22: The CryptoCharged Live Show's 200th broadcast! Brian Decker and Matthew Brienen discuss the SEC v. Ripple case and why XRP is such a good investment as a digital asset. Matthew talks about Celsius declaring bankruptcy, a UK court allowing legal documents to be served via NFTs, and Mastercard partnering with Fasset to drive financial inclusion in Indonesia. Matthew provides a technical analysis of the markets, as well as the Position Size Calculator and risk management strategy for trades.
Friday 7.15.22: Dan Habib explains the latest economic news, current inflation, and recession expectations. Dan and Matthew both provide technical analysis of Bitcoin as well as a look at other markets.
