/ market insights

SUSHI Whale barely makes a splash as crypto protocols pivot and Brazil brings on Bitcoin adoption

Another week in the red for Bitcoin (BTC) and despite growing adoption in countries like Brazil, BTC miners are having to shut down due to soaring power costs. Ethereans as well as the larger crypto community remain positive about the future of ETH, yet some uncertainty prevails.

At a glance...




  • Brazil leads crypto adoption at national level
  • Plans for ETH Merge take shape
  • Crypto platforms pivot for survival
  • Mining facilities shut down due to power costs


Top Market Trends:

  • Brazil’s largest bank will lead the creation of a DeFi liquidity pool platform for the Brazilian Central Bank, and a Brazil exchange partnered with Nasdaq for an institutional Bitcoin exchange.
  • Synthetix (SNX) founder proposed a 300M cap for SNX supply to move away from the inflationary tokenomics needed to “bootstrap the network.”
  • Compass Mining announced it was shutting down 2 Georgia Bitcoin mining facilities due to a 50% increase in power costs.
  • MakerDAO Founder, Rune Christensen, suggested that over time the protocol should depeg its DAI stablecoin from USD to achieve a “decentralized collateral threshold” in the long-term.

Movers and Shakers

Top 7-day Gainers:

  1. CEL +21.0%
  2. XEC +13.9%
  3. BIT +12.5%
  4. MATIC +8.8%
  5. NEXO +7.7%

Top 7-day Losers:

  1. HNT -29.6%
  2. AR -18.6%
  3. AVAX -17.5%
  4. AMP -14.6%
  5. ZEC -14.0%

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Technical Summary

Bitcoin Pulse
Bitcoin correlated with stock markets this week in anticipation of the US jobs report coming out on Friday. BTC was down about 7% compared with the Nasdaq's 8% decline. Bitcoin failed to hold the $21k support line and is now trying to establish support at $20k.

  • Bitcoin dominance dropped to under 40% for the first time in 7 months.
  • BTC mining Difficulty saw its biggest increase in 7 months so that 30T computations are now required to find a block.
  • BTC’s 10-day MA continues to maintain a downward trajectory.

2-hour Bitcoin TA
Over the last 7-days, Bitcoin has slowly moved into a symmetrical triangle.

BTC-USDT-Short-Term-TABTC/USDT: Let’s play “wait and see”

What does this mean? It's great for some grid trading! What happens after is a mystery since symmetrical triangles are known for being both a continuation and reversal pattern. We'll probably just have to wait and scalp.

1-Day Bitcoin TA

Looking at Bitcoin's 50 & 200 SMMA, we can see the distance between the two lines is nearing all-time highs.

BTC-USDT-Long-Term-TAGood news and bad news

Our current situation is a "good news, bad news" scenario, where the bad news is we're deep into macro bear territory. While the good news is that price drops most likely won't be much worse.

Altcoins on the Move
Leading up to the Merge, Ethereum Founder Vitalik Buterin has been (overly?😉) active in social media this week, bringing up technical discussions on decentralization. Both Avalanche and Tether were dealing with accusations and FUD, with AVAX falling 17% and Tether publicly responding to the Wall Street Journal’s “misinformation.”

  • $CEL rose 30% on the news that Celsius is in the process of returning crypto assets to its users.
  • Cardano (ADA) fell with BTC and most Alts at the start of the week but rose after Founder Charles Hoskinson announced the long-awaited Vasil hard fork would take place in September.
  • $SUSHI whale Arca sold their $3.1M position, barely making a splash and relieving many SushiSwap community members

Altcoin TA
If we look at ADA on the Macro, we see a channel that has formed since May.

Cardano_ADA_Technical_AnalysisIs macro scalping a thing?

We are currently on the channel's lower side, meaning it may be a good time to stack some ADA, prepare some sell signals, and enjoy the late summer. Let's just say it's good Macro scalping!

Newsworthy:

  • The Merge: The wider crypto community is counting down until the Merge to PoS takes place, Merge events are being planned, and Cloud platform Hetzner, the host of 10% of ETH nodes, said it would not allow mining or staking.
  • In NFTs: Meta rolled out digital wallet integration, PROOF NFT collective raised $50 million to launch its 3rd collection (Moonbirds Mythics), OpenSea will accept $MATIC, and Gemini is testing an NFT curator program to operate Shopify-like storefronts.
  • Crypto Regs: The Monetary Authority of Singapore (MAS) plans to limit retail traders’ accessibility to crypto, while Japan may cut corporate tax rates to attract crypto startups.

Spotlight on: ApeCoin (APE)

ApeCoin and its ecosystem partners, BAYC NFTs, APEDAO, The Ape Foundation and Yuga Labs, have dominated the NFT space since launching in spring of 2022. Get a look behind the scenes as we dive down the rabbit hole on $APE.

Read the ApeCoin Coin Profile

ApeCoin_APE-BAYC-Price-History$APE Price History

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We Looked Into: Counter Arguments for Anti-Crypto Sentiment

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Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

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.