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Lightning Network took flight, markets corrected, and UK vowed to lead crypto

The Week in Crypto

An exciting week with Bitcoin Miami kicking off and plenty of live announcements coming from the conference, such as Robinhood's integration of the Lightning Network. Markets were generally in a downtrend in reaction to the FED's negative economic outlook.

The Crypto Week in Summary




  • Michael Saylor talked up the Lightning Network at Bitcoin Miami.
  • Lightning Labs launched TARO to issue digital assets on the Bitcoin Blockchain.
  • Crypto market entered a correction phase.
  • WAVES' USDN de-pegging brought scrutiny to stablecoins.


Top Market Trends:

  • Crypto markets went sideways to start the week, then corrected along with traditional markets in reaction to hawkish FED news.
  • UK Finance Minister urged official mint to issue a government-sponsored NFT to take a “forward looking approach” on crypto regulation and innovation.
  • Robinhood and Shopify announced they would be integrating Lightning Network payments.
  • Lightning Labs launched TARO, enabling new digital assets to be issued on the Bitcoin Blockchain.

Technical Summary

Bitcoin
Bitcoin (BTC) spent much of the week ranging between $45,500 and $47,000 before it dipped alongside most markets and brought altcoins with it.

  • BTC dropped to the $45,000 support level midweek.
  • Multiple TA indicators were converging on $46,000 to $47,000 as the next key resistance level to break through.
  • Over the last 7 days, BTC dropped 4.59%.
Quadency_BTC_USD_20_week_MA_correctionBTC falling sharply below the 20 week MA

Altcoins
Altcoins followed in BTC’s wake this week, correcting after a few weeks of strong gains. WAVES, ZIL and RUNE showed big losses while Ethereum (ETH) settled on a new resistance level of $32.50.

  • Waves Protocol (WAVES) came under fire by an anonymous “former Goldman, current NYC heggie” who tweeted that Waves manipulated markets resulting in the depegging of the USDN token. Waves founder Sasha Ivanov replied in an AMA citing “growing pains” and free markets. USDN dropped as low as $.72 before climbing back into the $.96 range 3 days after the de-pegging.

  • Dogecoin (DOGE) had a mid-week surge to $0.17 on the news that Elon Musk bought 9% of Twitter, ending the week up 4.68%.

DOGE_Reacts_to_Elon_Musk_Buying_9_percent_of_TwitterDOGE reacting to MUSK's move on Twitter

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Newsworthy:

  • AXIE Infinity raised $150 million towards reimbursing user funds from last week's hack. Read more.
  • Bolt e-commerce payment company acquired crypto payments startup Wyre for $1.5 billion. Read more.
  • ESPN partnered with Tom Brady-owned ProFootballTalk to launch a Brady NFT collection. Read more.
  • Trezor and BitMEX confirmed their users had been targeted after email marketing company Mailchimp (owned by Intuit) was hacked. Read more

Focus on: Near Protocol (NEAR)

NEAR Protocol (NEAR) is a layer-1 dApp platform and community-run cloud computing platform.

  • NEAR hit its highest price point since mid-January 2022 this week, possibly on news it had just raised $350 million.
  • Over 7 days, NEAR rose $27.85.
  • The upper and lower lines of the Bollinger Bands indicator widened considerably, signaling a potential bounce.
Bollinger_Bounce_NEAR_QuadencyNEAR hinting at a Bollinger Bounce

Pro tip: Spotting a bullish crossover with MACD

The moving average convergence divergence (MACD) is an indicator-based trading strategy based on price momentum. Generally, it’s calculated using a 12-month EMA minus the 26 month EMA, but can be configured differently with Quadency’s MACD Bot.

  • A buy signal is created when the MACD line crosses above a signal line.
  • A sell signal is created when it crosses below the signal line, or when a profit target or stop-loss level has been reached.

Learn more about using the MACD indicator strategy at Quadency.

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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.