Week 8 | 2/21/22 - 2/26/22
By Matthew BrienenNews Flash
Monday 2.21.22: Intel shared tech details for its first-generation “Bonanza Mine'' (BMZ1) blockchain accelerator chip, which it recently started taking orders for. The computing giant also unveiled a new 3,600-watt mining rig comprising 300 BMZ1 chips. They're not quite as powerful as the 198 TH/s claimed by Bitmain’s 5,445-watt liquid-cooled miner, out this summer, but Intel also said that its miner’s underlying BMZ1 chips are the cleanest and most powerful on the market.
Tuesday 2.22.22: Canadian officials initiated The Mareva injunction–the first of its kindtargeting Bitcoin and other cryptocurrencies—restrained protestors from "selling, removing, dissipating, alienating or transferring" any of the assets raised in relation to the convoy protests. The order also targeted entities that have held assets for the convoy protestors themselves. These include prominent Canadian banks like TD Canada and ATB Financial, as well as approximately 150 cryptocurrency wallets.
Wednesday 2.23.22: The digital world of NFTs is bleeding into real life thanks to Solana-based NFT marketplace Neon, which closed a $3 million seed round last month. The company soft-launched the first NFT vending machine—located at 29 John St in Manhattan—back in December. Now, the vending machine is open 24 hours a day and allows collectors to buy Solana NFTs with fiat currency.
Thursday 2.24.22: The European Union is reportedly drafting regulations that could result in a ban on proof-of-work cryptocurrency mining across the union’s 27 member states. The proposal forms part of the EU’s upcoming Markets in Crypto Assets (MiCA) legislation that will govern the regulation of cryptocurrencies in the EU. Per CoinDesk, a draft MiCA package up for discussion includes a provision that would ban proof-of-work mining in the union.
Friday 2.25.22: In the past 24 hours, cryptocurrency donations have poured in for the Ukrainian army as Russian forces continue to attack the country. Come Back Alive, a Ukrainian nongovernmental organization that raises crypto funds for the Ukrainian army, has received more than $400,000 worth of digital tokens in the past day, according to research from blockchain and crypto analytics firm Elliptic. Another 24 hours later the total donated amount jumped 10-fold to $4 million.
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Bitcoin Technical Recap
BTC kicked off the week looking to back test its 90-day downtrend, flipping the black trendline from resistance to support. Price held the top of the structure as support through Wednesday. Geopolitical news of Russia invading Ukraine shook the markets early Thursday morning sending risk-on assets tumbling to their lows. BTC broke as low as $34,300 while pessimism built up. President Biden announced later in the day that the US would be joining other nations such as the European Union and British Parliament in economic sanctions and would NOT be deploying US troops to aid. The markets loved hearing this approach and rebound sharply, closing green for the day. Price is now looking to break above local resistance at $40,000 to continue its retracement into the mid $50,000 range.
BTC/USD Daily Chart
Ethereum Technical Recap
Ethereum followed Bitcoin's lead, diving and rebounding with the rest of risk-on assets. We are currently holding above the key zone we identified of $2,700 as support. A break above the black trendline will give ETH more momentum to rally further into the final moments of retracement for BTC.
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. Tuesday 2.22.22: CryptoCharged analyst Matthew Brienen broke down some key news including Intel unveiling a new Bitcoin mining chip, Canadian regulators flagging Kraken, and Coinbase adding support for Ledger hardware wallets. After a three-day weekend, Matthew gets into the technicals, sharing about thecritical back test we are seeing on Bitcoin while Brian Decker adds some clarification to some confusing terms that beginners often struggle with.
Wednesday 2.23.22: Dan Habib, EVP of MBS Highway, examines on-chain analytics, including a breakdown of short-term bearishness and long-term optimism. Brian Decker shares his portfolio and goes through it, adding some optimal fundamental and ROI plays. The team discussed news articles: vending machine in New York City selling Solana NFTs, a collaboration between Warner Music Group and Splinterlands on play-to-earn games, and NBA owners in an NFT fantasy basketball game.
Thursday 2.24.22: Announcements of proposed EU regulations that would limit Bitcoin, Ukraine's cash withdrawal caps, and Biden's sanctions against Russia were the key news items of the day. Matthew also provided a technical analysis of the stock market, precious metals, and, of course, cryptocurrencies.
Friday 2.25.22: Matthew brought the much-requested nutshell review of Litecoin and comparing it to other "Dino" coins. The team also discussed the fragile situation with Putin telling Ukrainian soldiers to lay down their arms to come to a diplomatic agreement. Dan Habib shares some important inflation data as well as some Bitcoin analysis, all of which point to a sharp rebound in the price of Bitcoin.