Week 39 | 9/26/22 - 10/1/22
By Matthew BrienenNews Flash
Monday 9.26.22: Australia is pushing ahead with central bank digital (CBDC) currency research. Stated in their whitepaper, the country’s CBDC pilot should be completed by mid-2023. The plan, according to the Reserve Bank of Australia (RBA), is to research the use cases for a CBDC in Australia and try it out in an experiment using Quorum, an enterprise-grade, private variant of Ethereum.
Tuesday 9.27.22: Digital asset lending platform Nexo has purchased a stake in a holding company that owns a federally chartered bank in the United States — a move Nexo said will enhance its ability to serve retail and institutional clients. The acquisition gives Nexo and its customers the ability to open bank accounts with Summit National Bank. U.S.-based retail and institutional clients of Nexo will also have access to asset-back loans, card products, and escrow and custodial solutions offered through Summit.
Wednesday 9.28.22: Coinbase will introduce NFT floor pricing feeds via its Cloud service, allowing developers to access real-time NFT prices to create new DeFi applications like NFT lending markets and NFT indexes. The feature was developed with Chainlink Labs, the development team behind the Chainlink oracle solution, and leverages Coinbase Cloud’s NFT pricing algorithm to scan every NFT transaction in a collection across major marketplaces, estimating the current floor price and updating it as new transactions are recorded on-chain.
Thursday 9.29.22: Binance conversions of Circle's USDC, Paxos's Pax Dollar, and TrueUSD to the exchange’s own stablecoin, Binance USD, have begun. Since Binance's announcement that it would discontinue support for competing stablecoins on its exchange, the world's largest by volume, USDC outflows from Binance—that is, the number of USDC stablecoins leaving the exchange—are up by 93%. Meanwhile, USDC's market cap has fallen by 5%.
Friday 9.30.22: Spain’s largest telecom company Telefónica has reportedly led a $29 million (€30 million) investment round in Bit2Me, Spain’s largest crypto exchange, according to reports from La Información. Telefónica will also start piloting crypto payments on its online marketplace, with Bit2Me reportedly leading the development of the technology.
Technical Recap
Although DJI and other risk on assets obliterated their June lows, setting fresh new lows last week, Bitcoin held its ground. The June low for BTC resides around $17,500 with prices trading nearly 10% above that zone. Price has found strong support around $18.5k which can also be explained looking at on-chain metrics. The markets are still weary of the Fed as they continue to beat the perpetual hiking drum, however, with the latest surprise move from the BoE pivoting to QE so brashly, it's possible the Federal Reserve may has to reverse course earlier than expected to maintain market stability.
BTC/USD Daily Chart
CryptoCharged Live Show Recaps
Monday 9.26.22: Matthew Brienen discusses Interpol issuing a global arrest warrant for Terra founder Do Kwon, Walmart entering the metaverse with Roblox experiences & two possible outcomes of the SEC v. Ripple Labs court case. Brian Decker relays potential market outcomes for the economy and investing based on conversations he has had with some of the world's largest money managers and wealthiest individuals.
Tuesday 9.27.22: Dan Habib provides a technical analysis of stocks and Bitcoin. He deconstructs on-chain analytics to show why Bitcoin may not be following the stock market and discusses how technology adoption has increased even during recessions. Matthew concludes with a presentation on "Swing Trading & Risk Management 101.”
Wednesday 9.28.22: Matt summarizes breaking news of The Bank of England intervenes with temporary QE to halt the sell-off, and a bill being drafted to prohibit politicians and family members from owning stocks. Matthew presents a technical analysis of the markets and discusses what needs to happen for risk-on assets to see relief in the short term.
Thursday 9.29.22: The team brings to light new legislation aimed at expanding 401(k) investment options to include cryptocurrency, Meta recently announced that US users can connect their crypto wallets to their platforms, and Judge Torres agreed with Judge Netburn on every single issue pertaining to the Hinman emails. Brian Decker breaks down call and put options and the key points to remember.
Friday 9.30.22: Dan Habib reveals the final reading of Q2 GDP, the Fed's focus on PCE, and what happened this week in the UK. Matthew Brienen discusses Ukraine's application to join NATO, EU lawmakers remove "travel rule" KYC requirements for self-custody Bitcoin wallets from draft bill, and I-Remit expands their use of ODL. Dan and Matthew provide a technical analysis of the markets and explain why Bitcoin is holding steady in price.
