Week 5 | 1/31/22 - 2/5/22
By Matthew BrienenNews Flash
Monday 1/31/22: Coinbase announced on that Tobias Lütke, who leads the ecommerce giant Shopify, will be joining its board of directors. In a blog post, Coinbase CEO Brian Armstrong touted Lütke's early support for cryptocurrency and suggested the Ottawa-based Shopify could play a key strategic role in crypto's future. "Shopify sits at the nexus of three important areas that crypto seeks to revolutionize: Finance and payments, web applications, and the internet itself," wrote Armstrong.
Wednesday 2/2/22: New York-based Grayscale announced the "Future of Finance" ETF, which will hold a basket of shares consisting of 22 public companies that are deeply committed to cryptocurrency. Those include payment and tech firms like PayPal and Block (formerly Square), as well as pure crypto companies like Coinbase and investing firms like Silvergate Capital.
Thursday 2/3/22: Wormhole, a popular cross-chain crypto bridge between Solana, Ethereum, Avalanche, and others, has restored its missing funds after a hacker managed to siphon $320 million in Wrapped Ethereum (wETH) out of the protocol. After Wednesday's hack, Wormhole sent a message to the attacker on the Ethereum blockchain. It said: "This is the Wormhole Deployer: We noticed you were able to exploit the Solana VAA verification and mint tokens. We d [sic] like to offer you a Whitehat agreement and present you a bug bounty of $10 million for exploit details and returning the wETH you've minted."
Friday 2/4/22: Attendees of the Super Bowl LVI will receive a souvenir NFT along with their ticket, as part of a partnership between the NFL and Ticketmaster. For the time being, the NFL is issuing NFTs as a "digital keepsake," but it is evaluating the space "for future ticketing and event engagement opportunities," said the league's SVP of Club Business Development, Bobby Gallo.
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Bitcoin Technical Recap
After 88 days of a grueling and relentless downtrend, Bitcoin has offered a large dose of hope & optimism. On Friday morning we saw BTC fire off a behemoth of a daily candle closing for a 12.5% gain. We can see both a clear break of the descending channel & the critical $40,000 mark we've been discussing for the last 2 weeks. This breakout is optimistic; however, we need to see if BTC is able to perform a successful back test of the zone it broke out of in the $38,000-$40,000 region & reclaim it as support.
BTC/ USD Daily Chart
The fixed volume range below, which shows us the number of orders being placed in certain regions, is indicating that if this reversal is to continue the next major level of resistance lies in the $46,000-$47,000 region. Minor support is also illustrated here in the $43,000 range.
BTC/USD Daily Chart
Finally, the weekly charts are showing strong bullish momentum building up. Looking left, we can see how important the $43,000 level has been serving as both strong resistance & support in the past year. A strong weekly candle close over $43k would give the markets steam to test $46,700.
BTC/USD Weekly Chart
Ethereum Technical Recap
Ethereum rode the coattails of BTC and rallied in unison during Friday's monster breakout rally. Price has successfully broken above the $2,800 level & has encountered some minor resistance in the $3,000 region. This area is a psychological level for most traders. The next logical move here would be a proper back test of the breakout zone in the $2,700-$2,800 region, reclaiming it as support.
ETH/USD Daily Chart
Project Breakdowns & Daily Update Recaps
Didn't catch all the daily update streams? We've got you covered with highlights & links to the full episodes. Monday 1/31/22: Analyst Matthew Brienen discusses the SEC vs. Ripple case, Jamaica's upcoming digital currency rollout, and politicians accepting Bitcoin as payment. He then discussed "The Consistent Investor Strategy" and what qualifies a coin for inclusion in your long-term bag. The show was wrapped up with some on-chain and technical analysis.
Tuesday 2/1/22: Dan Habib, EVP of MBS Highway, gave a presentation analyzing on-chain analytics, the Fed's control, and a Bitcoin price study. Matt reported news including OpenSea's $5 billion in sales, the SEC's first national blockchain, the Modulr and Ripple partnership, and Stellar's preparation for smart contracts.
Wednesday 2/2/22: Brienen brought another solo stream, tackling a number of news stories, the most notable of which are Grayscale's launch of a Bitcoin-exposed ETF, Thailand's 15 percent capital gains tax plan on crypto, and blockchain bridge Wormhole's possible $326 million hack. Matt also goes over the technicals, including a three-panel chart of some"dinosaur" coins with high ROI potential. Finally, Matt concluded with Casper discussing the protocol's future proofing as well as its proof-of-stake architecture, which allows for sharding.
Thursday 2/3/22: Brian Decker returns to our scheduled CryptoCharged programming coming in hot with an introduction to a5D metaverse project Wilder World. Matt discussed some recent news, including Wormhole bribing a hacker, the IRS offering a refund to a Tezos staker, and TurboTax partnering with Coinbase to give you your 2022 tax refund in cryptocurrency.
Friday 2/4/22: The digital asset trio engaged in a round table discussion about the recent breakouts in the crypto markets. Decker and Habib go over the data from the January job report as well as the "revisions." Brienen discusses the NFT for Super Bowl tickets, Gamestop's $47 million in Immutable X tokens, and Manchester's $27M partnership with Tezos.