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Mass FUD & Volatile Markets Meet Accelerated Adoption

Crypto Market Summary




  • Huge moves towards mainstream adoption amid volatile markets worldwide
  • Major FUD from governments seeking to control Bitcoin
  • Uncertainty caused by Canada’s handling of Freedom Convoy donors
  • NFT history was made, and a big Superbowl bet was paid out in crypto


The Week in Crypto

This week we saw major waves of mainstream crypto adoption, including record-breaking Superbowl ads, the NYSE filing a patent for an NFT marketplace, and Canada’s unprecedented free marketing campaign for Bitcoin.

Top trends:

  • Coinbase's Superbowl ad spawned a crowd of 20 million new crypto enthusiasts, who all scanned Coinbase’s QR code in the same minute, crashing the website but bringing Coinbase to the number 2 rank in the App Store.
  • Canada invoked the Emergency Act to “choke off the truckers’ funding” by blacklisting bank accounts and crypto wallets. Leading Canadian banks were reported to have experienced major Outages following the emergency order.
  • The SEC fined BlockFi crypto earning and lending platform $100,000,000 for providing financial services that people want while not reading the SEC’s mind.

Movers and Shakers

Volatility was the name of the game this week. Crypto markets are trying to settle amid major economic upheaval from recent inflation numbers, continued pandemic-related shutdowns, and supply chain disruption.

Top 5 Gainers

  1. Frax Share (FXS) +17.01%
  2. Juno (JUNO) +7.89%
  3. Klatyn (KLAY) +7.05%
  4. Osmosis (OSMO) + 5.00%
  5. Neo (NEO) +4.88%

Top 5 Losers

  1. MobileCoin (MOB) -44.18%
  2. Gene (GENE) -23.12%
  3. Bloktopia (BLOK) -21.35%
  4. Theta Token (THETA) -18.74%
  5. Woo Network (WOO) -17.58

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Technical Summary

Bitcoin

Bitcoin (BTC) experienced major FUD regarding US-El Salvador, Russia/Ukraine tensions, and continued attention on Canada’s move to restrict the Freedom Convoy’s Bitcoin donations.

  • Midweek, Bitcoin was heading for a break-out of the $45,000 resistance level, only to fall 6.10% for the week.
  • RSI levels dropped to 56 as the new support level.
  • Current market price is $40,432.
”BTC-RSI-5-Day="95%"5-day BTC/USD Chart

Altcoins

A bloody week for altcoins with some crypto majors like Polkadot (DOT) and Litecoin (LTC) posting double digit losses. Most if not all altcoins were in the red.

  • Mid-week, Ethereum (ETH) broke through the $3000 resistance level but still ended the week by reversing by -5.22%. Some traders feel ETH could soon hit $4000 if bullish patterns persist.
  • Cardano (ADA) and Solana (SOL) experienced major reversals this week, dropping 10.20% and 9.89% respectively.
”ADA_USD_1_Week="95%"7-day ADA/USD chart

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Universal Music Group (UMG), the world leader in music-based entertainment, and Curio, the premier Non-Fungible Token (NFT) platform for entertainment brands and musical artists, today announced that Curio will serve as a dedicated global outlet for future officially licensed NFT projects from UMG’s record labels, operating companies and recording artists worldwide.

Newsworthy:

  • In NFTs news, Universal Music Group (UMG) entered the NFT space, the NYSE filed a patent for an NFT marketplace, and a CryptoPunk sold for 8000 ETH ($23 million). Despite all the bullish news, NFT volume plummeted 30%. Read more.
  • Drake stacked over $1 million in BTC winning his Super Bowl bets on the LA Rams. Read more.
  • 24% of US residents now hold crypto according to a new report, surpassing Americans with savings accounts (23%) for the first time. Read more.
"I'm very skeptical of all of them." - Jack Dorsey on CBDCs

Spotlight on: Avalanche AVAX

DeFi interoperability platform Avalanche (AVAX) surged by 25% over 2 days this week, then dropped along with most altcoins, and surged again to $91.

  • AVAX was one of 4 altcoins that Morgan Creek’s Mark Yusko recently identified as having what it takes to survive a crypto winter.
  • Avalanche briefly reached the $78 support level with key resistance now at $95.
”AVAX_Avalanch_24_hour="95%"AVAX/USDT 24-hour

Pro tip: Relative Strength Index (RSI)

RSI is a widely used technical indicator for cryptocurrencies that measures the magnitude of recent price movements to identify overbought or oversold conditions. As an oscillator, RSI ranges between two extremes to give a reading from 0 to 100.

  • If the RSI value is below 30, the asset is called oversold and an upward price movement is usually expected.
  • If the value is above 70, the asset is considered to be overbought and a downward price correction is expected.
”SAND_RSI_levels_1_year="95%"SAND/USDT RSI levels 1-year

By using the Quadency smart trading terminal, traders can set the RSI indicator on 4000+ trading pairs and schedule market orders to capitalize on RSI data. Learn more about the Multi-Level RSI trading bot.

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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.