Week 38 | 9/19/22 - 9/24/22
By Matthew BrienenNews Flash
Monday 9.19.22: The U.S. Treasury today invited the public to comment on how digital assets are being used in crime—and what the government can do about it. It lists 23 questions touching on a number of topics, including the risks posed by NFTs (tokens used to represent ownership over digital items) and what the government can do to prevent crime related to DeFi—the world of decentralized, non-custodial trading, lending, and borrowing.
Tuesday 9.20.22: Nasdaq is reportedly planning to launch its own crypto custody service, as Wall Street tries to capture institutional investor interest amid the ongoing crypto winter. The move would put the stock exchange operator in competition with the likes of Coinbase and BitGo, as well as firms like BNY Mellon and State Street.
Wednesday 9.21.22: A judge in New York has ordered stablecoin issuer Tether to produce financial documents proving the dollar backing of USDT, as part of a lawsuit alleging the firm manipulated crypto markets. Tether, which is owned by the same company as crypto exchange Bitfinex, has been ordered to release “general ledgers, balance sheets, income statements, cash-flow statements, and profit and loss statements” in addition to information about the timing of the trades. The order also requires Tether to share details about the accounts it holds at crypto exchanges Bitfinex, Poloniex and Bittrex.
Thursday 9.22.22: Helium, a blockchain-based network that powers wireless communication protocols powered by thousands of individual users, will migrate its own purpose-built Layer 1 blockchain to the Solana blockchain. Today’s news comes hot on the heels of news that Nova Labs, the creator of the Helium Network, is partnering with German telecom giant T-Mobile to launch Helium Mobile, a 5G wireless service for smartphones.
Friday 9.23.22: Ethereum coin mixer Tornado Cash is now back on software hosting website GitHub. Ethereum core developer Preston Van Loon, who was among several vocal members of the crypto community to call on Github to unban Tornado Cash's code repositories, announced the news on Twitter. He previously said that “code is speech and free speech is a constitutional right worth protecting.”
Technical Recap
Upon the Fed announcing a 75bp rate hike, we saw the Dow Jones and other risk on assets obliterate their June lows, while crypto sat mostly flat. Bitcoin is still maintaining above its June lows set at ~$17.5k. XRP made a monster move after the Fed clearing out the $0.55 region, confirming a new ceiling of resistance. Bitcoin may be setting up for something identical to clear out the ~$28k region and confirming a new ceiling of resistance. Although risky, this could make a nice counter trend play if the markets are able to shake off the fear of another aggressive hike in November.
BTC/USD Daily Chart
CryptoCharged Live Show Recaps
Monday 9.19.22: Matthew Brienen goes on to discuss the Treasury asking for public input to shape crypto regulations, South Korean authorities requesting an interpol red notice for Terra's Do Kwon, and a walkthrough explaining whether or not XRP is a security. Matthew shares a technical analysis of the markets and discusses the three major events to be aware of when investing and trading with Brian Decker.
Tuesday 9.20.22: The team provides a technical analysis of the markets and identifies areas where you should consider taking short positions, as well as discussing news including crypto based taxes payments in Colorado, and the SEC claiming all of Ethereum transactions is subject to US jurisdiction.
Wednesday 9.21.22: Dan Habib summarizes the Fed meeting, where to find Fed projections, and an intriguing analogy that demonstrates how Fed rate hikes work. Matt mentions the latest draft of the US crypto low would temporarily ban Terra-like stablecoins & provides a thorough market analysis and shares some concerning highs for the US dollar currency index.
Thursday 9.22.22: Matt discusses Coinbase receiving regulatory approval in the Netherlands, and how Celsius may be planning to convert its debt into crypto 'IOU' tokens. He also proposes a comprehensive examination of the markets in light of what theFed is doing and a possible counter argument.
Friday 9.23.22: Brian Decker introduces Jason Yoursky, CEO of Mortgage Token. Jason shares an overview of Mortgage Token and what it provides to consumers, as well as why the utility of this project resonates with many. Matt provided a technical analysis of the markets and discussed how the global economy is being harmed.
