Week 9 | 2/28/22 - 3/5/22
By Matthew BrienenNews Flash
Monday 2.28.22: South Korea’s Ministry of ICT, Science, and Future Planning pledged 223.7 billion Korean won ($186.7 million) to create a broad metaverse ecosystem to support the growth of digital content and corporate growth within the country. Jason Ye, co-founder of multichain ecosystem accelerator DeSpread, is calling the new funding a “positive signal” that the Korean government is interested in the metaverse.
Tuesday 3.1.22: Cambridge University’s Centre for Alternative Finance (CCAF) has announced a collaboration with the International Monetary Fund (IMF), the Bank for International Settlements (BIS) and others to conduct crypto research. “Industry collaboration and public-private partnerships will be vital in bringing the benefits of digital currencies to life in a sustainable, inclusive and secure way,” said Terry Angelos, SVP and Global Head of Fintech at Visa.
Wednesday 3.2.22: Federal Reserve Chairman Jerome Powell today reiterated his view that there is a growing need for cryptocurrency regulations during a testimony before the House Financial Services Committee. “We have this burgeoning industry which has many parts to it, and there isn’t in place the kind of regulatory framework that needs to be there,” he said in response to questions about how Russia may be using crypto to circumvent sanctions.
Thursday 3.3.22: The U.S. Securities and Exchange Commission, which has taken a tough line toward cryptocurrency projects under Chairman Gary Gensler, is probing NFT creators and marketplaces for regulatory violations, according to a Bloomberg report that cites anonymous sources familiar with the investigation. Per the report, the probe is looking into whether NFTs "are being utilized to raise money like traditional securities." The SEC has reportedly sent subpoenas related to the investigation and is particularly interested in information about fractional NFTs, which allow multiple people to hold (and trade) a share of an asset.
Friday 3.4.22: Decentralized autonomous organization Ukraine DAO raised 2,258 ETH (around $6.75 million) in an auction that began on February 26 and ended on March 2. "This is exactly what DAOs are for, making change offline in the real world harnessing the power of blockchain," stated the brainchild of the Ukraine DAO, Alona Shevchenko.
Are you brand new to CryptoCharged?Check out this[quick video guide](https:** //dashboard.cryptocharged.com/libraries/how-to-navigate-cryptocharged-com/)** to ensure you're maximizing your membership to its fullest.
Bitcoin Technical Recap
The week was kicked off with a strong Bitcoin rally, peaking as high as $45,500 early Wednesday morning. This move was followed by a sharp correction to the downside & is now looking to potentially hold the $38,600 region as support. The key level to reclaim is still $40,000; as long as BTC does not break below $34,300, the uptrend is still intact. Looking at the micro fib range we selected, price seems to be respecting the 61.8% fib as support. Ideally price dips no lower than $36,700.
BTC/USD Daily Chart
Ethereum Technical Recap
Ether was rejected from its descending trendline once again, regardless of the rally attempt earlier in the week. It appears price is consolidating at the minor support zone we identified at $2,550. Any serious moves from ETH will come after a break of the trendline and $3,200.
ETH/USD Daily Chart
Looking at the ETH/BTC chart, which measures the strength of ETH against BTC, we can see that price has become extremely compressed inside the wedge structure. A strong break to the upside would signal altcoins to move higher.
ETH/BTC 2-Day 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 2.28.22: Brian Decker introduces the "Coin Library," a new CryptoCharged feature. South Korea to invest $187 million in national metaverse project, FTX pledges up to $1 billion for philanthropic fund, and Ukraine crypto crowdfunding efforts reach $20 million, according to Matthew Brienen. Brian provides insight into UST demand and LUNA supply. To conclude the show, Matthew provides a technical analysis of Bitcoin, discussing with Brian about what we can expect in the weeks and months ahead.
Tuesday 3.1.22: Analyst Matthew Brienen shares the latest news, including a Mexican senator proposing crypto bill, Cambridge University launching a crypto research project, and Nvidia hackers selling Ethereum GPU mining workarounds. Decker continues to focus on UST while also introducingstaking solUST and the market cap calculator.
Wednesday 3.2.22: Dan Habib, EVP & CTA of MBS Highway, speaks about current events and the geopolitical climate. He also discusses how smaller jobs are suffering, how the FED is becoming less aggressive, and some interesting on-chain data. Matthew Brienen provides a quick overview of the crypto market's technicals. Brian discusses his upcoming presentation on NEAR Protocol.
Thursday 3.3.22: Matt dove into the SEC's targeting of NFT creators, the EU's efforts to prevent Russia from evading sanctions with cryptocurrency, and the Swiss city of Lugano's decision to make Bitcoin and Tether "de facto" legal tender. He also discusses the distinction between accumulation and distribution structures, as well as a technical analysis of Bitcoin and several popular altcoins.
Friday 3.4.22: Brian discusses this week's top trending coins as well as an overview of the NEAR Protocol. Matt provided a brief analysis of the cryptocurrency market. Matthew provides a brief analysis of the cryptocurrency market & and discusses Ripple Labs CEO Makes Remarks About the SEC.