Week 29 | 7/18/22 - 7/23/22
By Matthew BrienenNews Flash
Monday 7.18.22: De Nederlandsche Bank (DNB) has fined cryptocurrency exchange Binance 3.3 million euros ($3.35 million) for offering services in the Netherlands without the appropriate license. The regulator said Binance had been in violation of the registration rules from May 21, 2020, until at least December 1, 2021, when DNB completed its investigation into the matter.
Tuesday 7.19.22: Paraguay’s legislature has approved a bill that creates a tax and regulatory framework for crypto mining in the South American country. The senate bill regulates businesses undertaking mining activities in the Bitcoin-friendly nation.
Wednesday 7.20.22: Web3 infrastructure provider Polygon today announced the launch of Polygon zkEVM (zero-knowledge Ethereum Virtual Machine), which is said to be the "first" Ethereum-compatible scaling solution that uses the cryptographic method called zero-knowledge proofs. This allows for faster and cheaper transactions on the Ethereum network.
Thursday 7.21.22: Microsoft’s Mojang Studios announced on Wednesday that it will soon ban the use of NFTs on community-run Minecraft game servers. But the Epic Games Store doesn’t plan on taking a similarly unilateral approach against NFTs in games, according to new comments from the firm’s CEO. “Developers should be free to decide how to build their games, and you are free to decide whether to play them,” Sweeney wrote. “I believe stores and operating system makers shouldn’t interfere by forcing their views onto others. We definitely won’t."
Friday 7.22.22: Sam Bankman-Fried’s FTX is looking tobuy South Korean crypto exchange Bithumb, according to Bloomberg. Founded in South Korea in 2014, Bithumb has grown to become one of South Korea’s “big four” cryptocurrency exchanges, alongside Upbit, Coinone and Korbit.
Technical Recap
Bitcoin had one of its better weeks after this relentless, multiweek downtrend price has been trapped under. BTC spiked over the $24,000 mark at one point breaching the 200-week moving average in the $22.8k region. Unfortunately, bears were able to reclaim the momentum pushing price just below the 200w MA as weekly candles closed. We now find ourselves in the same position we've been in for the last 6 weeks.
BTC/USD Weekly Chart
Ethereum on the other hand is telling a different story. ETH led the latest breakout breaching over its 200-week moving average and testing just shy under major resistance at $1,700. This is now the second weekly candle Ethereum has successfully closed over the 200w MA. It's likely price will want to confirm this is new support with a back test of the $1200-$1300 region.
ETH/USD 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 7.18.22: Brian Decker kicks off the week explaining why you should be familiar with the metaverse and shares the first installment of the"11 Best Metaverse Cryptos For 2022.” The team discusses Bill Gates attempting to explain the internet to David Letterman in 1995 and how it compares to adoption of crypto today.
Tuesday 7.19.22: Matthew Brienen answers common questions about cold storage, strange world events & the power and accuracy of Fibonaccis.
Wednesday 7.20.22: Brian summarizes the macro environment and completes part 2 of "11 Best Metaverse Cryptos For 2022.". Matthew Brienen talks about the UK Treasury's plan to regulate stablecoins, and Eric Peters potentially revealing what will be tokenized next. Dan Habib discusses major economic news that will be released very soon.
Thursday 7.21.22: Matt speaks about the latest news as well as other topics, such as the former product manager of Coinbase being accused of insider trading, the SEC labeling nine cryptocurrencies as securities, and the implementation of Google Pay by Crypto.com. The development of XRP as a digital asset is discussed by Matthew along with a technical analysis of the markets.
Friday 7.22.22: The team discusses news includingCalifornia lifting the ban on crypto donations to political campaigns. Matt closes the show out with technical analysis as well as insight into what is really going on in the cryptocurrency market.
