Week 33 | 8/15/22 - 8/20/22
By Matthew BrienenNews Flash
Monday 8.15.22: Popular privacy coin Monero (XMR) completed a hard fork introducing new privacy and security features over the weekend. One of the main changes introduced with the fork is an increase in Monero's ring size from 11 to 16. In order to protect user privacy, Monero merges the digital signature of the individual signing a transaction with those of 11 (now 16) other non-signers to create a new signature authorizing the transaction.
Tuesday 8.16.22: The Federal Reserve released formal guidelines this afternoon to oversee the process by which “institutions offering new types of financial products or with novel charters” could be granted so-called “master accounts,” a key financial status that allows for direct payments with, and access to, the Fed. All federally-chartered banks possess a master account. The guidelines set up a tiered framework that organizes applicant institutions based on their apparent risk level.
Wednesday 8.17.22: Crypto.com today announced regulatory approval from the UK’s Financial Conduct Authority (FCA) to act as a crypto business. With this approval in hand, the firm also meets local anti-money laundering (AML) regulations.
Thursday 8.18.22: Mykhailo Fedorov, Ukraine’s Vice Prime Minister, shared yesterday how $54 million of the country’s crypto donations have been spent. Unmanned aerial vehicles (or drones) were the highest cost at $11.8 million. After that, the country spent $6.9 million on armored vests and $5.7 million on computer hardware and software.
Friday 8.19.22: Tether, the issuer of the industry’s largest stablecoin USDT, today published its latestquarterly attestation report for the token’ reserves. Tether stressed that its consolidated assets exceeded its consolidated liabilities, which totaled $66,218,725,778.
Technical Recap
After a grueling 2-month climb within a rising wedge structure, Bitcoin resumed trend continuation, breaking structure with conviction. Price is hovering just above the previous all time high from 2018. We will watch closely or a retracement higher to play another leveraged short position to the downside.
BTC/USD Daily Chart
Moreover, examining the 200 week moving average, Bitcoin has plunged deeply back below (~$23,100) after teetering just above for 3 consecutive weeks. This confirms more bearishness is afoot and we need to remain patient for the value buys.
BTC/USD Weekly Chart
ETH was also unable to reclaim the key level above ~$1,700 and was sent back day with BTC. Price is still currently residing above its 200w MA located at ~$1,250; this will be a crucial zone for bulls to defend to avoid a nasty spill back into the 3 digit realm.
ETH/USD 3-Day (TOP) | ETH/USD Weekly (BOTTOM)
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 8.15.22: Brian Decker gives a sneak peek into the Ethereum Merge and why it is so important, as well as the technical advancements in Polygon. Dan Habib gives a presentation about equity market volatility, when the bear market might be over, and the Ethereum Merge. Dan and Matthew provide technical analysis of markets and areas of interest.
Tuesday 8.16.22: Matthew Brienen cites a broad range of topics, including Coinbase's suspension of ERC-20 token deposits and withdrawals during ETH merge event, and Ripple's announcement of a new joint project with SBI Remit.
Wednesday 8.17.22: Brian Decker summarizes Synthetix (SNX) and why algorithmic stablecoins should not be dismissed entirely. Matthew Brienen discusses Celsius receiving permission to sell mined Bitcoin to fund operations, UK inflation reaching 10.1%, and Colombia introducing a central bank digital currency.
Thursday 8.18.22: Matt brings up a variety of headlines and topics, including Canadian exchanges imposing a CAD 30K annual limit on altcoin purchases, Vitalik saying XRP and users deserved to be destroyed by the government, and US Fed President Neel Kashkari saying, "it does not feel like a recession now." Matthew Brienen gives a market technical analysis as well as technical analysis of one of his favorite "Dino" coins, Zcash (ZEC).
Friday 8.19.22: Dan Habib discusses the upcoming Fed meeting in September. Brian demonstrates how he has used Bitget to make money in a down market. Matthew Brienen examines the resolution of HUSD liquidity issues, the Dragonchain case and its hypocrisy, and delving deep into a massive ODL announcement with Travelex.
