Week 40 | 10/3/22 - 10/8/22
By Matthew BrienenNews Flash
Monday 10.3.22: The Federal Reserve and other central banks risk pushing the global economy into recession followed by prolonged stagnation if they keep raising interest rates, a United Nations agency said Monday. The warning comes amid growing unease about the haste with which the Fed and its counterparts are raising borrowing costs to contain surging inflation. India’s central bank Friday said that the global economy was facing a third major shock after the Covid-19 pandemic and Russia’s invasion of Ukraine, in the form of aggressive rate increases by central banks in rich countries.
Tuesday 10.4.22: Developers behind the Telegram @Wallet Bot, which allows Telegram users to purchase cryptocurrencies with a bank card, exchange and transfer to other wallets, have launched a P2P cryptocurrency exchange. Users who wish to sell cryptocurrencies will be paying a 0.9% commission, while buyers will not need to pay any fees, according to a statement by developers of the @Wallet bot.
Wednesday 10.5.22: America’s largest crypto exchange Coinbase has announced the expansion of its services to retail customers in Australia, making it easier to buy, sell, and trade digital assets. Additionally, Coinbase is rolling out Retail Advanced Trading—a new tool that will give Australian-registered customers access to powerful trading tools with one unified balance, as well as 24/7 chat support.
Thursday 10.6.22: The South Korean Ministry of Foreign Affairs announced yesterday that the passport of Terra’s Do Kwon would be canceled in 14 days. The Ministry also ordered that the passport be returned to authorities.
Friday 10.7.22: Binance’s BNB Chain is back up and running this morning after reports indicated a hacker made off with an estimated 2 million BNB tokens by exploiting a vulnerability in the network. At the time of the exploit, this sum came out to roughly $586 million, which would have made it the second-largest in crypto’s history.
Technical Recap
Although Bitcoin has fared well compared to the stock market and other risk on assets, we've seen a weaking in BTC and a large bearish structure solidifying. While teetering above the June lows at ~$17,500, there is a large bear flag that has been forming since June of last year. A break and retest of this structure opens up value buy zones we've been identifying in the $14,000-$15,500 region. The bullish case would be an invalidation of this structure, breaking to the upside and retest some imbalanced zones in the $28,000-$32,000 region. This is less likley as the Federal Resvere keeps its sights set on another 75bp hike.
BTC/USD Daily Chart
CryptoCharged Live Show Recaps
Monday 10.3.22: Matthew Brienen describes Kim Kardashian paying over $1 million to settle SEC charges related to a crypto promotion, Celsius recovery steps, and Credit Suisse credit default swaps gapping to new highs. Matthew delivers a technical analysis of the markets and discusses the risks of shorting the market right now with Brian Decker.
Tuesday 10.4.22: Matthew Brienen explains Musk's proposal to buy Twitter for the original price of $54.20 per share, a Fed pivot theory, and a precursor to the chance of selecting digit assets for transactions. The team examines the technicals and an XRP short he is currently taking.
Wednesday 10.5.22: Dan Habib summarizes OPEC's 2 million barrel per day cut, job creation in September, and a nationwide home price increase forecast. Matt reveals how asset management giant Fidelity is expanding its crypto offerings with an Ethereum index fund, how SWIFT has proven it can be the way forward for global CBDCs, and how South Korean prosecutors have frozen approximately $40 million in Do Kwon's crypto assets. Dan wraps up by discussing some on-chain metrics and technicals with Matthew.
Thursday 10.6.22: The team discusses the EU's confirmed Russian crypto ban as the bloc tightens sanctions, South Korean authorities formally revoke Do Kwon's passport, and Uphold is offering 9.25% APY when staking CSPR. Matt provides a technical analysis of the markets as well as a market overview.
Friday 10.7.22: Dan Habib describes the September jobs report, its implications for Fed rate hikes, and when inflation will peak. Matthew explores FTX's plans to roll out crypto-linked visa cards globally, the BNB chain's resumption of activity following a 2 million token exploit, and the impending arrival of digital asset banking at United Texas Bank.
