Weekly Wrap-Up | 11/15/21 - 11/20/21
By Matthew BrienenNews Flash
*Monday 11/15/21:*PresidentBiden signed into law a [$1 trillion bipartisan infrastructure bill](https: //dashboard.cryptocharged.com/news/biden-signs-infrastructure-bill-containing-crypto-broker-reporting-requirement/), which contains a controversial cryptocurrency tax reporting requirement. The bill would require all brokers to report transactions to the IRS under the current tax code; this encompasses miners, and other participants in the cryptocurrency realm that are not brokers in any capacity. Senator Ted Cruz & a small handful of legislators are working to get this broad definition narrowed & amended before it goes into effect in 2023.
Wednesday 11/17/21:Crypto.com announced a massive naming rights deal to the [Staples Center](https: //dashboard.cryptocharged.com/news/crypto-com-buys-naming-rights-to-lakers-staples-center/): home to the Lakers, Clippers and National Hockey League’s Kings franchise. This partnership involves a $700M agreement to be paid over the next 20 years, coming in at $35M per year.The Crypto.com name change will take effect on Christmas Day, as the Lakers host the Brooklyn Nets in the National Basketball Association’s annual Christmas Day games.
Friday 11/19/21: Square, the financial services company helmed by Twitter's Jack Dorsey, wants to do more with Bitcoin than just allow people to buy it on its Cash App. It's working on a way to let people trade BTC and fiat on a decentralized exchange (DEX). This will allow people to execute smart contracts on the Bitcoin network with speed & efficiency if implemented correctly. You can read the full white paper[here](https:** //t.co/ffvYGjQQ7T).
Bitcoin Technical Recap
Bitcoin faired a tough week, capitulating from its $66,300 high on Nov 15th, tumbling down to test as low at $55,800 on Nov 19th. Strong support has held at the $57,000 handle thus far, with higher timeframe candle bodies failing to close below $57k with tenacity.Dan Habib, EVP & CTA of MBS Highway, had alluded to a potential retest of the $53,000 region, which is also the top of the A leg from the ABC Elliot wave correction that took place for the majority of September. Habib also highlighted that the 50 day moving average was violated, pointing to some potential short term weakness in BTC. Matt Brienen agreed that this is a likely zone to be revisited if $57,000 does not hold firm as there's a large untapped liquidity pool sitting in the $53k region.The charts look optimistic, however, $60k needs to reclaimed in the short term & $66,000 to be reclaimed on a macro level to confirm the correction is complete.
Ethereum Technical Recap
Ethereum followed suit & sold off from its high of ~$4,800, printing a wick just past the $4,000 mark. Price showed fantastic strength from the $4k level & is currently testing under the previous all time high of ~$4,380.Habib's on-chain presentation suggested more bullishness on Ethereum in the coming weeks compared to Bitcoin. This was confirmed when examining the ETHBTC chart with Brienen on today's bonus Saturday episode. Reclaiming the $4,600 level will confirm the correction has completed & will offer more bullish moves towards $5,100.
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 11/15/21:** Dan Habib provided some excellent clarity on the true**[inflation rates](https:** //dashboard.cryptocharged.com/libraries/the-current-state-of-inflation/)** compared to the readings provided by the U.S. govt. we discussed, highlighting that inflation is much hotter than what most analysts & news outlets are reporting. The team also discussed the $1T Infrastructure bill & some tax implications for the cryptocurrency space.
*Tuesday 11/16/21:*Brienen provided some clarity on the charts as the markets bled out, pointing to some potential reversal zones. Brian & Matt then tag teamed a walkthrough of their favorite passive income platform Nexo, showcasing how you can earn 6-10% on stablecoins and other digital assets.
Wednesday 11/17/21:Decker took the time to share his experience with Chase bank shutting down 6+ accounts due to his crypto related activity; Brian presented some[crypto friendly banks](https: //dashboard.cryptocharged.com/libraries/banks-that-love-and-hate-cryptocurrency/)** including SoFi & Wells Fargo. Matt briefly covered some fundamentals & technicals on an oldie but goodie from the 2018 cycle**[EOS,](https:** //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-11-17-21/)** highlighting its end of cycle 10-12x potential.**
*Thursday 11/18/21:*This episode consisted of Matt providing some some macro technical analysis for the total market cap for all of crypto currency, as well as some investing mindset coaching. Decker closed out the show with a huge passive income play using UST & TerraStation to earn 20% APY.
*Friday 11/19/21:*Habib rejoined the team as traditional markets closed to give us an in depth look at Bitcoin & Ethereum alongside reiterating some crucial on-chain data hinting at some short term Ethereum strength.
*Saturday 11/20/21:*The guys came together for a special Saturday episode to cover a parabolic project [Render (RNDR)](https: //dashboard.cryptocharged.com/updates/the-cryptocharged-live-show-11-20-21/), a price study of the rotational market, as well as some weekend trading rules.