Week 37 | 9/12/22 - 9/17/22
By Matthew BrienenNews Flash
Monday 9.12.22: Starbucks is set to begin a non-fungible token (NFT) based loyalty program with the blockchain technology provided by Polygon. The company's Starbucks Odyssey will allow customers to purchase and earn digital collectible stamps in the form of an NFT that offer benefits and immersive experiences.
Tuesday 9.13.22: The Central Bank of Bahrain (CBB) plans to roll out a Bitcoin (BTC) payment processing and payout solution in partnership with BTC payment processor OpenNode. Once deployed, OpenNode said that the payment solution would usher in the room to develop similar products in the future.
Wednesday 9.14.22: Following an ongoing investigation into the collapse of the Terra ecosystem, a court in Seoul issued an arrest warrant for Do Kwon, the CEO, and founder of TerraForm Labs. The warrant was reportedly issued in relation to a violation of capital market rules and targets five more individuals who are currently residing in Singapore.
Thursday 9.15.22: At 2:45 am EST, the Ethereum network successfully began its transition—with no hiccups—from proof of work to proof of stake, a historic feat anticipated by the crypto community for over five years. The upgrade has forever changed both how ETH is created and how transactions on the Ethereum network are validated. Up until the moment of the merge, ETH was generated by “mining,” an energy-intensive process by which individuals directed huge amounts of computer power at difficult-to-solve puzzles.
Friday 9.16.22: The White House released a “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” outlining the conclusions and recommendations of various federal agencies after six months of studying the crypto industry. The new framework builds on research from nine reports submitted to the President since the order, and claims to reflect “the input and expertise of diverse stakeholders across government, industry, academia, and civil society.”
Technical Recap
Bitcoin rallied ahead of the CPI print (consumer price index) trapping bulls long. After CPI came in hotter than expected, markets sold off sharply. The pivot zone in our range at ~ $21,600 proved to have a meaningful effect on price. BTC must maintain above $18,700 to avoid fresh lows coming into play. Federal reserve press conference this week may send markets lower. Be patient for value buys.
BTC/USD Daily Chart
CryptoCharged Live Show Recaps
Monday 9.12.22: Matthew provides a comprehensive technical analysis of the markets and shares where we are right now in cryptocurrency. Brian Decker presents an overview of Lido Finance and discusses the ideal way to earn rewards.
Tuesday 9.13.22: Dan Habib breaks down theconsumer price index for August 2022, when inflation may peak, as well as the current railway strikes. Matthew Brienen cites Celsius Network CEO plans to rebuild the company, Russia's goal of establishing rules for crypto cross-border payments by the end of the year, and a breakdown of David Schwartz's comments about the XRP vision. Finally, Dan and Matt provide a technical analysis of the stock market and cryptocurrency in response to the CPI report.
Wednesday 9.14.22: Matthew gives a brief presentation on federated sidechains on the XRPL & some technical analysis of the markets and looks at a few altcoins in the early stages of price action.
Thursday 9.15.22: The team discusses bankrupt Celsius being scrutinized further, Fortnite developer Epic Games' marketplace listing its first NFT game, and a prediction of how much the metaverse economy could be worth by 2030. Matt offers a comprehensive technical market analysis, focusing on the stock market, precious metals, US oil, lumber futures, the US currency index, and, of course, cryptocurrency.
Friday 9.16.22: Dan Habib offers a geopolitical outlook, discusses the Fed, and mentions the possibility of a global recession. Brienen talks about the release of a "comprehensive framework" for cryptocurrency regulation by the White House, the desire to sell $23 million worth of stablecoins by bankrupt cryptocurrency lender Celsius, and whether the SEC will pay attention to Ethereum's new staking model. Matthew concludes by providing a technical analysis of the markets and discussing how a move in the US dollar currency index might hurt risk on assets.
