/ Crypto Weekly

Stealing $100M just to vote in a DAO seems justified, Kanye West being kicked out of JP Morgan, Bitcoin is more stable than stocks, and more!

Bulls are most likely in control as CPI reports do little damage to the market, Yellen starts flirting with the idea of CBDCs, all and all, this Crypto Weekly report is just another example of unpredictability being normality in Crypto!

At a glance...




  • The effects of the CPI report were in and out 🔀
  • Bitcoin is more stable than the stock market 🎢
  • American Rapper Kanye West is another case for Bitcoin adoption 🪙
  • Yellen said, “certainly worth getting involved in developing [CBDCs]” 🤔


Top Market Trends:

  • Crypto prices nose-dived on Wednesday and Thursday - following the release of the U.S. Bureau of Labor Statistics consumer price index (CPI).
  • Google’s latest crypto feature enables some Ethereum wallet addresses to have balances tracked straight off of the Google search engine!
  • Solana based - Mango token MNGO was down about 40% after a new massive decentralized finance exploit led.
  • For the first time ever, Metamask lets U.S. users buy cryptocurrencies with their bank accounts.

Movers and Shakers

Top 7-day Gainers:

  1. HT +83.1%
  2. USTC +63.9%
  3. QNT +23.2%
  4. ENS +17.9%
  5. OKB +10.9%

Top 7-day Losers:

  1. KLAY -19.3%
  2. XEC -13.4%
  3. ICP -13.2%
  4. RVN -12.1%
  5. NEAR -11.9%

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Technical Summary

Bitcoin Pulse
Bitcoin (BTC) just went on an extreme roller-coaster ride this week from 20k to 18.3k and back to 19.8k. Somehow and surprising to most of Crypto Twitter, BTC still manages to hold that critical 18-19k level despite the CPI data and all the FUD that came along.

  • This week, Bitcoin was less volatile than stocks for a brief moment.
  • As of Thursday the 13th, it appears that traders are chasing short-term pumps to salvage losses. Now long-term traders are waiting for Bitcoin to begin receiving the spotlight again.
  • Earlier this week, Michael Saylor was on the Lex Friedman and stated, “Bitcoin is a massive breakthrough for the human race that will cure half the problems in the world and generate hundreds of trillions of dollars of economic value to the civilization.”

1-Hour BTC/USD
Our recent forecasts highlighted the 4H and 1D Sell Side Liquidity at $18,900 and $18,500, respectively, as we waited to see if the bears had more selling pressure in them before the bulls took over upon 1D liquidity being triggered.

1 day of liquidations is nothing

Upon bearish CPI news this week we saw the bears push price past the $18,500 level tapping into the extreme order-block of the 22 day range at which point we had no other path but to aggressively move back into premium and mitigate the extreme order-block of the range. Now we wait to see if price will make its way back into discount to end the week or if we edge higher into the $20,000-$20,500 range.

1-Day BTC/USD

This week we saw a continuation of the low volatility range we have been stuck in over the past 22 days.

Fuel for a bullish push?

However, we have now taken daily sell-side liquidity at $18,500 which has fuelled a bullish move above the psychological $20,000 price level. At this point we have seen order-flow take place from the extreme low on the 18th of June, to the 20th of September low and now on the 10th of October, at this point probability of bulls pushing price into the $21,000-$22,700 range is high, as if the bears take hold we will be seeing sub $17,500 price levels.

Altcoins on the Move

Ethereum (ETH) had a modest 2% decline this week, while XRP saw a nice 3% pump. Since the $1,275 price floor broke this week, Ethereum bulls have reentered the market. Limitations to bearish sentiment are now starting to disappear.

  • Hacker steals $100 million from crypto project Mango ($MNGO), only to make a proposal on the DAO, to then vote "yes" on the proposal, which now has a 99.9% approval rate.
  • An exploit that drained the Binance Smart Chain of $100 million, has now led to a hard fork on the blockchain to ensure its security.
  • Ethereum-native projects, like Uniswap, can now be "transpiled" to StarkNet via Nethermind's new Warp.
  • The cryptocurrency markets showed no signs of short-term price change after Binance burned $547 million worth of BNB in its 21st quarterly burning event.

1-Day ETH/USD
This week continued the low volatility range that both BTC/USD and ETH/USD have been recently ranging within.

Bears stall at order-flow zone around $1270

As expected, we saw bears stall at the intraday order-flow zone around the $1270 region, where bulls had a chance to take over, however like BTC, upon bearish CPI news, we had a high vol bearish session where price made its way deeper into the order-flow bullish order-block on the daily chart. As price continues deeper into discount of the range, the potential for a bullish move up into premium seems likely, unless we see macro events that usher in further weakness to the overall crypto market.

Newsworthy:

  • American Rapper formally known as Kanye West was banned from both Instagram and JP Morgan this week. An old Kanye West video where he speaks about bitcoin resurfaced.
  • Elon Musk is being investigated by federal authorities over his conduct in his $44 billion takeover deal for Twitter Inc.
  • U.S. Treasury Secretary Janet Yellen reaffirmed the need to work on digital asset regulation while at the International Monetary Fund’s (IMF) annual meeting.
  • Twitter critics accused Maren Altman of not being open about her deal with the now-bankrupt crypto lender Celsius.

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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.