Week 34 | 8/22/22 - 8/27/22
By Matthew BrienenNews Flash
Monday 8.22.22: In a statement Monday, the Australian treasury announced a multi-step plan to establish a crypto regulatory framework that it claims will be more thorough and better-informed than those previously established “anywhere else in the world.” Key to the government’s approach will be a form of market research it’s calling “token mapping.” Token mapping will allow officials to view and evaluate nuanced trends in Australian crypto markets, to best “identify how crypto assets and related services should be regulated.”
Tuesday 8.23.22: A Coinbase customer is suing the San Francisco-based exchange for $5 million for failing to properly secure customers’ accounts and “flouting” federal securities laws, among other allegations. Theplaintiffs allege that the exchange crashed during times of market volatility—which does happen to crypto exchanges—making it difficult for the user to withdraw cash. “Coinbase’s user growth has outpaced its ability to provide the account services and protections it promises to consumers,” the lawsuit adds.
Wednesday 8.24.22: Crypto onboarding service Coinme has announced the introduction of six new digital assets available for purchase via cash deposits at kiosk stations located across the U.S following a partnership deal with Coinstar. Alongside Bitcoin, users will also be granted access to Chainlink, Dogecoin, Ethereum, Litecoin, Lumens, and Polygon at a purportedly instant transaction rate.
Thursday 8.25.22: Alexey Pertsev, a Tornado Cash app developer who was recently apprehended by Dutch police over suspected money laundering charges, has been ordered to stay in prison for an additional 90 days. As of August 17, no charges have been filed against Pertsev, according to DeFi Education Fund. The group supports DeFi-friendly policies, advocating for the use of decentralized open-sourced data like Tornado Cash’s code.
Friday 8.26.22: VanEck, the New York-based asset management firm, is once again forced to wait for the U.S Securities and Exchange Commission (SEC) to rule on its latest Bitcoin exchange-traded fund (ETF) application. In an August 24 filing, the SEC said it was extending the decision on VanEck’s application by another 45-day period, until October 11, when the regulator would "either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change."
Technical Recap
Bitcoin failed to test its previous broken support level in the ~$28,000 region & rejected strongly from the $25,000 level. Prices are currently trying to stabilize atop the 2018 cycle high around ~$20,000. We will look for opportunities to get short and profit from more bearish moves.
BTC/USD Day Chart
Ethereum failed the reclaim the pivot zone in the ~$1,700 region as support. As expected, prices are now grinding their way back towards the ~$1,250 region to back test the structure that created a nice bullish move in mid June.
ETH/USD Day 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 8.22.22: Brian Decker demonstrates how to open short positions in markets outside of cryptocurrency. Matthew Brienen discusses EU crypto lobbyists fighting MiCA limits on US dollar stablecoins, and Samsung Securities joins the ranks of giant brokerages in crypto.
Tuesday 8.23.22: Dan Habib explores the housing market, the economy, and on-chain analytics. The duo tag teams some technical analysis of stocks, the US dollar currency index, US oil, and Bitcoin.
Wednesday 8.24.22: Matt gives a brief technical analysis of the markets, and Brian Decker discusses his low-risk leverage trading strategy. The team also covered a crucial Cardano update as well as a look into how student loan forgiveness will affect national debt.
Thursday 8.25.22: Brienen cites Coinbase's announcement of cbETH Wrapped Ethereum staking token & and why Gary Gensler should resign. Matthew gives a market overview and discusses how to approach swing trades.
Friday 8.26.22: The team addresses Coinbase launching a voter registration tool ahead of the November elections, and Binance signing an agreement with the city of Busan to further the development of the blockchain industry. Matthew shares a technical market analysis, how to add a 200 week moving average, and short opportunities on various digital assets.
