Week 30 | 7/25/22 – 7/30/22
By Matthew BrienenNews Flash
Monday 7.25.22: Bankruptcy lawyers representing cryptocurrency lender Voyager Digital have slammed a buyout proposal spearheaded by Sam Bankman-Fried’s companies, claiming the offer made several “false and misleading assertions” that violated both debtors and the bankruptcy court. Voyager Digital responded to a joint offer from Bankman-Fried’s FTX and Alameda Research Ventures (Alameda/FTX) in a court filing lodged Sunday, calling it a “low-ball bid” that would give the crypto billionaire’s businesses an upper hand.
Tuesday 7.26.22: The Commodities and Futures Trading Commission (CFTC), which stands to gain greater authority over digital assets under the proposals of a bipartisan congressional bill, is setting up a new Office of Technology Innovation. “We are past the incubator stage, and digital assets and decentralized technologies have outgrown their sandboxes,” said CFTC chief Rostin Behnam of the decision.
Wednesday 7.27.22: Tether has said that spreading false information about its reserve holdings is “the biggest threat to the cryptocurrency industry that currently exists.” The stablecoin giant has described the rumors of its alleged exposure to Chinese commercial paper as “false information.”
Thursday 7.28.22: As global authorities continue to wrestle with how to regulate cryptocurrencies, the U.K. Law Commission on Thursday proposedchanges to clarify how property laws apply to digital assets in England and Wales. "Digital assets such as NFTs and other crypto-tokens have evolved and proliferated at great speed, so it's vital that our laws are adaptable enough to be able to accommodate them," said Professor Sarah Green, the Law Commissioner for Commercial and Common Law, in a statement.
Friday 7.29.22: Banco Santander S.A., the Brazilian subsidiary of the Spanish Santander Group, is reportedly eyeing the launch of crypto trading for its clients, per local media publication Folha de S. Paulo. "We recognize that it is a market that is here to stay, and it is not necessarily a reaction to competitors positioning themselves; it is simply a vision that our client has demand for this type of asset, so we have to find the most correct and most educational way to do it," said Leão.
Technical Recap
After a heartbreaking close below the 200-week moving average last week, Bitcoin squeezed out a close over the MA this week closing at $23,300. We saw risk on assets respond positively to the Fed hiking 75BP, a second quarter of negative GDP & a hotter than expected PCE reading... the opposite of what we should have seen.
BTC/USD Weekly Chart
Although this rally may continue, we must be aware of the major resistance that lies in the $26,000-$28,500 region. This may be an area we could see further bearish continuation if unable to break through and reclaim as support.
BTC/USD 3-Day Chart
Ethereum on the other hand has produced its 3rd weekly close back over the 200-week moving average with some conviction. It's important that we stay aware of the overhead resistance we are butted up against in the $1600-$1800 region. Flipping this area to support opens up the $2,500 zone.
ETH/USD Weekly Chart
CryptoCharged Live Show Recaps
Didn't catch all the live streams last week? We've got you covered with highlights & links to the full episodes. Monday 7.25.22: Dan provides an overview of previous recession bear markets, what a recession means for cryptocurrencies, and the upcoming Fed meeting. Brian Decker describes the state of the economy. Matt discusses John Deaton's breakdown of how the SEC defines a security, and the origins of the Howey Test.
Tuesday 7.26.22: Matthew presents a clear analysis of the markets & a look into Japan's upcoming framework for developing the business environment in relation to Web 3.0. Brian Decker discusses staking, its benefits, and common staking misconceptions.
Wednesday 7.27.22: Dan Habib dissects the markets, the Fed's comments, and when inflation may begin to fall. Matthew Brienen analyzes Terra's Do Kwon's 'notice of arrival' for entering South Korea, and the wheels of justice continue to turn slowly in the case of SEC v. Ripple Labs.
Thursday 7.28.22: Matthew Brienen discusses the White House Press Secretary's comments on the current economy, Coinbase funding wallets, and a stock trading ban for lawmakers. Dan Habib summarizes the major economic news this week, namely that the United States' Quarter 2 GDP is negative nine-tenths of a percent and emphasizes the importance of the next two months.
Friday 7.29.22: Brian Decker provides some important Ethereum updates regarding the upcoming merge to proof of stake. Matthew Brienen discusses Voyagers' 'false and misleading' insurance claims and the city of Miami launching 5,000 Ethereum NFTs.
