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Markets Jump but Could Low Sentiment and a Regulatory Squeeze Curtail a Bull Run?

US recessionary indicators and another Fed rate increase created a supportive environment for risk assets. Crypto markets reversed even in the midst of acute regulatory aggression, as the SEC closed in on Yuga Labs and Coinbase. Unstoppable Domains raised $65 million at a valuation of $1 billion and Brazil’s largest broker announced the addition of crypto assets.

At a glance...




  • Crypto markets bounce after Fed action and Q2 GDP contraction
  • The FTC blocks Meta's metaverse acquisition for antitrust reasons
  • Yuga Labs and Coinbase face SEC probe
  • Brazil’s biggest brokerage to launch crypto trading


Top Market Trends:

  • Crypto markets bounced after the Fed raised rates again, upping the market cap by $100 billion while the US reported the 2nd consecutive quarter of GDP contraction, signaling a recession.
  • Meta reported a revenue loss for the first time in 10 years and the FTC reined in Meta’s metaverse pursuits with an antitrust injunction to stop its acquisition of Within.
  • A US bill was introduced to make $50 or less crypto transactions tax free. Meanwhile, stablecoin legislation was postponed for weeks as Committee leaders concede they are “not there yet.”
  • Shit posting reached peak levels as BTC evangelist Michael Saylor downplayed Ethereum at an event in Istanbul and crypto twitter ratioed Coinbase over their “Degen Trilogy” video.

Movers and Shakers

Top 7-day Gainers:

  1. BTG +77.8%
  2. QTUM +57.2%
  3. ETC +55.4%
  4. CEL +43.4% (withdrawals disabled)
  5. RVN +38.0%

Top 7-day Losers:

  1. 10SET -10.7%
  2. RUNE -8.0%
  3. HT -7.4%
  4. OMI -6.7%
  5. HNT -5.1%

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Technical Summary

Bitcoin Pulse
Bitcoin (BTC) jumped to $22,000 following the Fed’s rate increase, leading analysts to debate between a bull market and a bull trap. In the UK, the Law Commission said that the right to self-custody Bitcoin should be a “foundational touchstone” of law.

  • BTC rose another 4% after low Q2 GDP numbers came in.
  • Bitcoin broke out from both a short- and long-term descending resistance line.
  • Daily RSI bounced at its ascending support line, moving above 50, which is considered a bullish signal if the RSI remains above the support level.

Short-Term Bitcoin Technical Analysis

On the BTC 2-hour chart, the price has finally broken out of the 10-day downward channel.

Bitcoin-Short-TermBTC Breaking Out

For the short term, we can anticipate some resistance and support stemming from the previous price movements formed in the channel. Also, note (not shown on the graph) that there is a potential upward trend line that acts as resistance dating back to June 20th.

Long-Term Bitcoin Technical Analysis

Last week on the BTC 1-Week chart, we looked at the 200-week moving average. Revisiting that from the previous week, our green candle body did not close above the 200 MA.

BITCOIN-Long-TermMonitoring BTC's 200 MA

Once once an entire body has formed above the 200 MA can the bulls celebrate. Till then, the bears are still in the tug-of-war with the bulls.

Altcoins on the Move
Several altcoins were hit with exploits this week, as markets rose despite the US hitting recession numbers. Traders are going long on Ethereum as the Merge gets closer. ETH was the lead gainer among the top 10 coins this week.

  • Solana-based Nirvana token (ANA) was exploited for $3.49 million while Audius suffered a malicious governance vote exploit, losing 18 million AUDIO tokens.
  • Ethereum Classic (ETC) was the 7th top coin by daily volume on Thursday and rose by over 53% this week.
  • Ethereum developers announced a merge date for the Goerli testnet as Aug 6th-12th. This will be the last test before the mainnet merge!

Altcoin Technical Analysis
Looking at the macro scenario dating back to the summer of 2021 on the MATIC/USDT chart, we can see the potential range in which the price will be moving.

MATIC_TA_1-DayMATIC potential range forming

It looks as though if MATIC can achieve a price above $1 for a week or two, then we can expect a range of $1 to $1.50 for the near future.

Newsworthy:

  • Tether/Bitfinex CTO hinted at an upcoming rollout of a P2P communications suite with unparalleled security and “insane” speed and UX.
  • Brazil’s biggest brokerage firm XP is launching BTC and ETH trading in August with other assets to follow in 2023.
  • Yuga Labs is facing a class-action lawsuit while Coinbase is being probed by the SEC over unregistered securities.
  • Unstoppable Domains raised $65 million at a $1 billion valuation for its NFT domains platform.

Spotlight on: Polkadot (DOT)

This week, we took a deep dive into the Polkadot project, which was co-founded by Dr. Gavin Wood, co-founder of Ethereum and creator of Solidity. As a blockchain interoperability platform, Polkadot is building an infrastructure for Web3 development. Its native token DOT is a solid top 20 crypto that has a high level of utility.

Polkadot_DOT_price_history_Quadency_Coin_ProfilePrice Evolution of $DOT

Read the complete DOT Coin Profile

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We Looked Into: Ethereum’s Merge to PoS

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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.