Week 42 | 10/17/22 - 10/22/22
By Matthew BrienenNews Flash
Monday 10.17.22: Mastercard plans to announce a program on Monday called Crypto Source that will make it easier for banks and other financial institutions to offer cryptocurrency trading. The program will act as a “bridge” between crypto trading platform Paxos and banks, the company said. Mastercard will also take care of regulatory compliance and security, two sticking points for banks wanting to get involved in offering crypto trading services.
Tuesday 10.18.22: According to anonymous sources reported by Bloomberg, the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) are now looking into whether 3 Arrows Capital “violated rules by misleading investors about the strength of its balance sheet and not registering with the agencies.” The Singapore-based fund, which began actively trading cryptocurrencies in 2017, was one of the world’s largest crypto funds before filing Chapter 15 bankruptcy proceedings on July 1, claiming that it owed $3.5 billion to creditors following its collapse.
Wednesday 10.19.22: The U.S. Internal Revenue Service (IRS) has given NFT investors new clarity about how the assets are set to be taxed. As per the IRS’ 2022 tax year guide, all “digital assets,” including stablecoins, non-fungible tokens (NFTs), and cryptocurrencies are set to be taxed under the same rules.
Thursday 10.20.22: Following a successful bid to acquire the remaining assets of the bankrupt crypto broker Voyager, crypto exchange FTX.US is offering a recovery plan that would see Voyager customers recover about 72% of their funds recovered, according to a Bloomberg report. The deal, however, can’t be completed until U.S. Bankruptcy Judge Michael E. Wiles approves Voyager’s bankruptcy payout plan, which reportedly may be considered in December.
Friday 10.21.22: After starting with Bitcoin, $4.5 trillion asset manager Fidelity is now turning to Ethereum. “Institutional Ethereum capabilities are coming to the Fidelity Digital Assets platform on October 28, 2022,” Fidelity Digital Assets said in an email sent to its clients. The offering will only be available for Fidelity’s existing institutional clients who already trade or custody Bitcoin, which the firm provided services for beginning in 2018.
Technical Recap
The wait continues for a decision from Bitcoin, teetering precariously above $19,000. As we discussed throughout the week, Bitcoin's structure resembles a textbook bear flag, a bearish continuation structure. We have placed an opportunity in the Weekly Plays section to take advantage of this next leg down and to hedge against your long term holds. The team is looking for a target for $14,000 and then a sharp bounce.
BTC/USD Daily Chart
CryptoCharged Live Show Recaps
Monday 10.17.22: Matt highlights some industry news including crypto exchange FTX US is being investigated by a Texas regulator for securities violations, Mastercard tapping Paxos to launch crypto trading for banks & Google changing its stance on crypto. The team closes out with some technical analysis of the markets, pointing to some key retracement levels.
Tuesday 10.18.22: The team discusses Voyager's plans to settle negligence claims related to Three Arrows Loans, and the rollout of NFTs on the XRP Ledger. Dan Habib explains stock market rallies, when inflation will peak, and a variety of other metrics that point to a recession. Matt and Dan provide a technical analysis of the markets, including whether Bitcoin is on the verge of a breakdown.
Wednesday 10.19.22: At the top of the show the CryptoCharged team focused on regulation including Japan easing regulations on crypto. Matthew provides an analysis of the markets, highlighting the relationship between fundamental news and technical analysis.
Thursday 10.20.22: Matt explores Plaid's entry into Web3, increasing international access for USDC, and how the FTX recovery plan could reimburse 72% of Voyager users' funds. The team also offers special market analysis and shares mega value opportunities for a select group of cryptos.
Friday 10.21.22: Dan Habib reveals Fed mole Nick Timiraos and upcoming Fed actions, how shelter costs are contributing to inflation, how the money supply is declining, and a crypto investing strategy to capitalize on the bear market. Matthew Brienen explains fidelity's plans to launch Ethereum trading for institutions next week, the SEC's release of key documents in the Ripple case, and reactions from the biggest names in crypto toRipple's big win in the SEC V. Ripple case.
