Weekly Wrap Up | 10/25/21 – 10/30/21
By Matthew BrienenNews Flash
Sunday 10/24/21:** Leaders from around the world synced up for a quarterly**[G7 Summit](https:** //dashboard.cryptocharged.com/news/g7-financial-leaders-reach-agreement-on-digital-currencies/)** meeting. The central bank officials came to an accord on 13 public policy principles for central bank digital currencies (CBDCs). While some countries like China have moved to repeatedly ban crypto with haste, many are racing to build framework & infrastructure to allow central banks to custody & regulate cryptocurrencies. Time will tell if these policies will further along blockchain innovation or hurt the space.
*Wednesday 10/27/21: *The General Services Administration (GSA) kicked off another round of [Bitcoin auctions](https: //dashboard.cryptocharged.com/news/us-government-auctioning-300k-worth-of-bitcoin/) - this time 5 BTC with an estimated $300,000 in market value. The GSA has been conducting these auctions for many years dating back to 2014 when U.S. Marshals auctioned off 30,000 BTC in disgorged profits from the infamous Silk Road. More recently in Feb of 2020, the U.S. govt. put 4,000 BTC on the auction block derived from forfeitures from federal criminal, civil & administrative cases.
Thursday 10/28/21: Mark Cuban, owner of the Dallas Mavericks, announced a partnership with an up & coming crypto exchange giant: [Voyager](https: //dashboard.cryptocharged.com/news/mark-cubans-dallas-mavericks-partner-with-crypto-broker-voyager/)**.The partnership also includes naming rights to the Mavs Gaming Hub, which is the official gaming and event venue for the Mavs NBA 2k League team. Additional details were not disclosed.This news comes in just 1 week after Coinbase's ($COIN) partnership announcement with the NBA & WNBA.
Friday 10/29/21: Facebook (FB) announced a massive rebranding to["Meta"](https: //dashboard.cryptocharged.com/news/the-metaverse-is-mark-zuckerbergs-escape-hatch/). The social media behemoth Facebook realigns its mission to pull their users closer into the world of augmented reality with everything from virtual meetings to online gaming. Zuckerberg stated that $10B would be injected into Metaverse specific applications, building on top of their already existing Oculus & Portal hardware & protocols. This will most likely evolve overtime with pay- to-play NFT implementations & personalized ad experiences.
Bitcoin Technical Recap
Bitcoin continued its bearish corrective structure Monday morning, dipping down as deep as $57,500 - just shy of testing major support at $57,100. On Thursday the 28th, price offered a strong bullish break of the bearish channel, after holding minor support at $59,500. We can see that BTC is now conducting a test of the broken structure. Overall this structure looks healthy & poised for another move higher. The case for further downside would point towards the $54,000 region if price were to turn on its self and see deeper correction, losing key support at $57,000.If BTCUSD is to take the lead again in relations to volume & market dominance, we could see another impulse move towards the $72,000 region. Check out the Technical Analysis section for updates & our Bitcoin Exit Plan.Dan Habib, EVP & CTA of MBS Highway, showcased some on-chain metrics including miner & whale behavior, coin days destroyed & long term holder cohorts. All the evidence points towards one more leg to the upside before some major profit taking ensues. He also provided some invaluable information regarding the latest inflation readings & how the Fed might approach tapering into the the end of the year. Watch the full episode for the detailed breakdown.
Ethereum Technical Recap
Ethereum poked its head above its previous all time high off $4,377 setting a new high around the $4,460 mark. We saw price pull back after making a new high. Eyes on minor support at $4,170-$4,200 region. The massive inverse head & shoulders pattern we've been discussing is poised to provide an impulse leg towards the $5,100 & $6,030 targets. Once the previous all time high of $4,377 has been flipped & reclaimed as major support, we will see more bullishness. Check out the Technical Analysis section for updates & our Ethereum Exit Plan.
Project Breakdowns
Didn't catch Brian Decker's killer project deep dives this week? We've got you covered.On Monday we discussed the tokenomics & supply factors of Shiba Inu & expressed some caution against jumping in on a coin that's already up 10x. Brian brought us one of his favorite smaller cap projects that has been awarded a U.S. patent: Veracity (VRA). Learn how Veracity validates viewership of video content, creating a more reliable & cost effective advertising model.Tuesday's episode offered a look at a long term winner:[LUNA](https:** //dashboard.cryptocharged.com/updates/the-crypto-charged-live-show-10-26-21/). We took a look into its unique stablecoin counterpart UST & a lucrative LUNA short term technical setup. We also got a live lesson from Decker on how to use your Metamask Wallet to buy exotic coins on decentralized exchanges like Uniswap.On Wednesday's stream, special guest Reggie Jerath of Gather Network let us pick his brain on their Layer 1 protocol. Reggie provided some great insight as to how Gather is helping website owners remove advisements from their platform by having users give up a negligible amount of their computing power to secure the network. Check out the full interview here.Ask & you shall receive. The much requested & long awaited[VeChain (VET) breakdown](https:** //dashboard.cryptocharged.com/libraries/what-is-vechain/)** was presented live on Thursday's episode. Brian took his time explaining the value of the tracking & logistics protocol VeChain offers. Understanding the everyday use cases from food safety to validating authenticity of physical items makes the technical targets provided seem a lot more achievable.**
