Can the Crypto Bulls Contain the Bears?
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Ok let’s dive…🥽
Yellen on Crypto & White House executive order on Crypto.
A new crypto mining ETF enters the market.
Binance to expand on various economic sectors.
The cryptocurrency market has recently been on what can only be described as a rollercoaster ride. Putting even the most seasoned investors on the verge of panic. A look at the charts reveals the spectacular volatility the market has been over the last few months.
As the global and geopolitical stage are deteriorating, leading to uncertainties in the market and high volatility, with some prices trading sideways while others spike overnight it’s getting more and more hard to make sense of where the market is heading but we’ll try to cut the noice and focus on the fundamentals and examine the technicals.
US take on Crypto
Yellen spilled the beans on Biden's executive order on cryptocurrency, The Treasury's statement was posted a day early and has since been removed from the website. but thanks to WebArchive Org here is the Archived statement
“As we take on this important work, we’ll be guided by consumer and investor protection groups, market participants, and other leading experts. Treasury will work to promote a fairer, more inclusive, and more efficient financial system, while building on our ongoing work to counter illicit finance, and prevent risks to financial stability and national security.”
This caused Bitcoin to spike more than 8% in the crypto market, some might argue that this is just a “Buy the news & sell the event” hype.
Let's do some analysis on BTC
Daily Active Addresses are gaining momentum resulting in healthy volume despite the macro global instability.
Overall price movement is Bullish, and we predict the price to gain more momentum reaching around $46k zone before it retests but macro events might play otherwise and cause some drastic changes to our forecast.
According to Glassnode metrics, the realized price of the Short-Term Holder is currently trading at $46.4k, resulting in an unrealized loss of 15%. The HODLer Implied Price, which shows an assessment of 'fair value,' is currently at break-even ($39.2k).
VanEck has launched a new crypto mining ETF, adding to a growing range of exchange-traded funds focusing on blockchain-related entities.
The fund aims to track the performance of the MVIS Global Digital Assets Mining Index. DAM trades on the Nasdaq and comes forward with a 0.50% expense ratio.
Binance expansion to different economic sectors
Crypto exchange Binance plans to invest in retail, e-commerce, and gaming.Binance invested $200 million in Forbes last month ahead of the media business's intentions to go public through a special purpose acquisition company. Binance became one of Forbes' two largest investors as a result of this investment, and the crypto exchange was given two director slots on the company's board of executives. CEO Changpeng "CZ" Zhao: "The strategy is about making the crypto industry bigger".