Week 3 | 1/17/22 - 1/22/22
By Matthew BrienenNews Flash
Monday 1/17/22: OpenSea, a popular marketplace for non-fungible tokens (NFTs), has recorded a new all-time high in monthly Ethereum trading volume, soaring past the $3.5 billion mark, according to data from Dune Analytics. OpenSea's January trading volume has topped $169 million each day so far, with the platform's largest single-day volume of $261 million recorded on January 9.
Tuesday 1/18/22: Cash App—a mobile payments app developed by Jack Dorsey’s Block (formerly Square)—is making the Lightning Network, a layer-2 solution that speeds up Bitcoin transactions, available to users in the United States. “Customers can send Bitcoin internationally from Cash App to any external compatible wallet to a friend, family members, a self-managed wallet, or any merchant that accepts Lightning Network payments, with zero fees.” Dorsey stated.
Wednesday 1/19/22: Erik Thedéen, vice chair of the European Securities and Markets Authority (ESMA), has called for a ban on proof-of-work crypto mining based on the industry's high energy demands, per the Financial Times."The solution is to ban proof-of-work. Proof-of-stake has a significantly lower energy profile," Thedéen said. However, Thedéen emphasized that he was not advocating for a general ban on the crypto industry.
Thursday 1/20/22: Dapper Labs and Ultimate Fighting Championship will launch the UFC Strike NFT collectibles platform on January 23. After finding success with NBA Top Shot and inking subsequent deals with the NFL and LaLiga, Dapper Labs announced today that it will launch an NFT platform for the popular mixed martial arts organization Ultimate Fighting Championship tomorrow.
Friday 1/21/22:The Bank of Russia on Thursday issued a report calling for a total ban on cryptocurrencies. While Russia banned cryptocurrency payments in 2020 and the central bank last month floated a ban on cryptocurrency investments within the country, today's proposal would go further. Citing environmental concerns, it would immediately halt Bitcoin mining in the country, which provides over 10% of the computing power to the Bitcoin network.
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Bitcoin Technical Recap
There's no way to sugarcoat it... Bitcoin, cryptocurrency & other risk on assets have taken an absolute beating heading into 2022. We can see that BTC is trading in a very consistent & steep downward channel structure. As the Fibonacci ranges have been invalidated, we are looking for price to find some support in the previous support zone that formed from May-July of 2021. The bottom of this choppy range is roughly $33,470. This is a great area to consider adding to or opening a position in both BTC and the altcoin market. A strong break & retest of this bearish channel will offer bullish rallies.
BTC/USD Daily Chart
Ethereum Technical Recap
ETH was not immune to recent selling, dipping as deep as $2,380 at the 78.6% fib. If price is unable to hold the $2,380 region, we will likely head to test the green band in the $2,000 region. Examining the ETH/BTC chart, which measures the strength of Ethereum against Bitcoin, we can see that BTC has swallowed up heaps of market dominance during this latest crashing structure.
ETH/USD Daily Chart
ETH/BTC Daily 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 1/17/22: Resident analyst Matthew Brienen kicked off the week with some interesting news about El Salvador's credit rating concerns with their BTC balance gorwing rapidly. Brian showcased some of the additional features that Cardano has and will have soon, such as NFTs, a Metaverse, and SundaeSwap for high yield staking.
Tuesday 1/18/22: Matt brought the CryptoCharged team a solo show, highlighting some news regarding the acquisition of a 250-year-old German bank for crypto related products, as well as Intel working on energy efficient mining chips. Matt spent the rest of the episode diving into technicals & a price study of Bitcoin dominance, presenting the case for a huge altcoin market run that is still afoot.
Wednesday 1/19/22: Brian Decker introduced BetSwap, a platform for decentralized sports betting, and shows how to participate in an upcoming airdrop. Dan Habib delivered a presentation of on-chain analytics, showing the conviction of long-term holders & their refusal to sell at these prices. Matt reported on Polygon's delegation of MATIC to Bitfinex, Microsoft's acquisition of Activision Blizzard, and Crypto.com's listing of MOVR and CSPR for institutional use.
Thursday 1/20/22: The team provided some much-needed investing mindset coaching, reminded our members to zoom out & average down. Brian completed his deep dive presentation of BetSwap highlighting the pros & cons of this upcoming project.
Friday 1/21/22: Dan Habib shed some light on what is going on in the crypto market by providing some on-chain and technical analysis. The team discussed risk appetite & different ways you can navigate the market depending on your trading & investing style. Matthew Brienen adds further technicals with the altcoins while also providing news regarding Russia's crypto ban.