Week 31 | 8/1/22 - 8/6/22
By Matthew BrienenNews Flash
Monday 8.1.22: Tiffany & Co., one of the most prominent names in luxury goods for over a century, is launching a series of NFTs starting at 30ETH each. “No, we’re not launching our own cryptocurrency,” Tiffany & Co. stated on its website. “But these very real limited-release 18k gold coins are a modern version of our Tiffany Money and celebration of our history.”
Tuesday 8.2.22: The New York State Department of Financial Services imposed a$30 million fine on the cryptocurrency trading unit of online brokerage Robinhood Markets Inc. for alleged violations of anti-money-laundering and cybersecurity regulations, in the department’s first crypto enforcement action. As part of the consent order, Robinhood also will be required to retain an independent consultant to evaluate its compliance with NYDFS’s regulations and its remediation efforts.
Wednesday 8.3.22: A bill introduced by a Senate committee would grant the Commodity Futures Trading Commission “exclusive oversight” over what it defines as a “digital commodity.” The Digital Commodities Consumer Protection Act of 2022, introduced by the Senate Agriculture Committee, outlines definitions for the new category of commodities, including Bitcoin and Ethereum but excluding financial instruments considered securities.
Thursday 8.4.22: Coinbase has asked the U.S. Supreme Court to halt two lawsuits launched by account holders after the firm appealed the cases in Federal court, according to a Bloomberg report. America’s largest crypto exchange is facing two separate suits, with one customer seeking to be compensated for $31,000 in losses after he gave a scammer remote access to his account. The other case was brought as a class action lawsuit by a New York resident David Suski who is accusing Coinbase of holding a “deceptive digital ad campaign” related to a Dogecoin sweepstakes event in June 2021.
Friday 8.5.22: The U.S. Bankruptcy Court in New York has given crypto brokerage Voyager Digital approval from the U.S. Bankruptcy Court to return $270 million to affected customers. Voyager expects to conclude its sale process in September, with FTX Trading making an offer to purchase some of Voyager's assets as well as take on some of its customers.
Technical Recap
Bitcoin closed last week's candle just over the $23,000 mark. Although price continues to make higher highs and higher lows, a staple of an uptrend, we are still structurally trading within a bear flag. This is generally a corrective structure to the upside before seeing another bearish move to the downside.
BTC/USD Daily Chart
Examining the weekly chart, we can see price has squeaked out another close just above the 200 week moving average which resides at ~ $22,900. The newest weekly candle is currently attempting to turn this MA into support - this would support more bullishness toward the $26,000-$28,000 region if the bear flag illustrated above is violated.
BTC/USD Weekly Chart
Ethereum on the other hand has closed its 4th weekly candle back over the 200 week moving average with conviction. Price is now butted up against major resistance in the $1700-$1800 region; flipping this into support opens up $2,500 and potentially higher prices.
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 8.1.22: Matthew provides a detailed technical analysis of the markets as well as debunks common cold storage misconceptions. The team also discusses an important update that will improve the user experience on Uphold as well as Hong Kong University of Science and Technology announcing plans to launch the world's first metaverse campus.
Tuesday 8.2.22: Brian Decker discusses some of the upcoming news as well as the distinction between put and call options. Matt Brienen discusses Michael Saylor's resignation as CEO of MicroStrategy and Bill Hinman's violation of the law and the consequences in SEC V. Ripple. The team closes out with a round table discussion of when Bitcoin bottoms historically have come in.
Wednesday 8.3.22: The team takes a look at RBI's approval of cross-border payment solutions for Cashfree, and the Solana wallet hack and how to avoid hacks. Matthew offers an in-depth technical analysis of the altcoin market & reiterates the roadmap for quality assets.
Thursday 8.4.22: Dan & Brian roundtable topics including GDP, job data, and how to read the Bureau of Labor Statistics' jobs report. Matt dives into historical US Oil charts and examines how each administration may or may not have impacted pricing.
Friday 8.5.22: Habib breaks down the 2022 July Jobs Report, updates on a recession, and on-chain analytics showing Bitcoin participants' spending behavior. Brienen discusses a variety of news and topics, including China sanctioning Pelosi for her trip to Taiwan, Voyager Digital being approved to return $270 million to clients, and whether or not the SEC is investigating all cryptocurrency exchanges.
