Week 43 | 10/24/22 - 10/29/22
By Matthew BrienenNews Flash
Monday 10.24.22: Thirty-year-old billionaire and FTX chief Sam Bankman-Fried is again loosening his purse strings for victims of a multimillion-dollar phishing scam that hit FTX users through compromised 3Commas’ Application Programming Interfaces (APIs). Sam tweeted " To be clear, only for FTX accounts! Hopefully other exchanges will comp theirs. BUT AGAIN NOT A PRECEDENT, WE WILL NOT GOING FORWARD."
Tuesday 10.25.22: Lawmakers in the U.K. voted in favor of recognizing crypto assets as regulated financial instruments and products in the country on Tuesday. The draft bill already included measures to extend existing regulations to payments-focused stablecoins, which are cryptocurrencies pegged to the value of other assets like the U.S. dollar or gold.
Wednesday 10.26.22: The Monetary Authority of Singapore (MAS), the nation’s central bank, is seeking public feedback onproposed measures to ramp up crypto and stablecoin policy in the wake of Terra’s spectacular collapse. One proposal seeks to stop retail investors from buying crypto with credit cards and trading with leverage & Stablecoin issuers would also be required to enhance anti-money laundering and terror financing controls.
Thursday 10.27.22: Crypto exchange FTX could soon launch its very own stablecoin, but would prefer to do so with a partner, CEO Sam Bankman-Fried has said in a recent interview. “We’ve held off on doing it because, I think to some extent, we think that cooperating on that can be really powerful and a lot of that ends with us trying to find the partners we’d be really excited to work with there,” said Bankman-Fried.
Friday 10.28.22: Binance announced itself as an equity investor in Twitter, pledging $500 million towards helping bridge social media and news to Web3. CZ stated "“Binance is creating an internal team to focus on ways that blockchain and crypto could be helpful to Twitter and actively brainstorming plans and strategies that could help Elon Musk realize his vision...”
Technical Recap
Bitcoin has broken the bearish structure, but not with much conviction or tenacity. We can also see that a death cross is about to occur (this is when a short-term moving average falls below that of a long-term moving average.) In this example we can see the 200-day moving average illustrated in orange is about to cross over the 200-week moving average illustrated in red. If the Fed talks tough on Tuesday after hiking 75bps, we should see further decline in risk on assets like stocks and cryptocurrencies.
BTC/USD Daily Chart
CryptoCharged Live Show Recaps
Monday 10.24.22: Matt talks about some big upgrades to the Casper network, and the UK prime minister pushing for a CBDC. Matthew dives into the charts looking back in time can provide a good indication of the future, but not always.
Tuesday 10.25.22: Dan Habib describes recessions, short-term treasuries, Bitcoin supply, and when Bitcoin typically bottoms. Dan and Matthew provide a technical analysis of the markets and discuss the complexities of market makers.
Wednesday 10.26.22: The team discusses theBank of Canada slowing to a 50 basis point hike, JPMorgan exploring digital identity applications, and Ripple is very confident in their position with the SEC.
Thursday 10.27.22: Brian Decker shares some of the complexities with the US oil market as well as providing an introduction to Tron (TRX). Matthew discusses FTX's chief teases native stablecoin, the ECB raises interest rates again, and Credit Suisse reports a massive third-quarter net loss.
Friday 10.28.22: The CryptoCharged team uncovers Elon Musk's takeover of Twitter, Visa's potential launch of its own cryptocurrency wallet, and some cryptocurrency scam prevention tips.
