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Merge tokens roll out and Samsung and Mastercard to elevate crypto adoption

Exciting developments are heating up in the decentralized universe. CoinCenter formulated legal answers to Tornado Cash sanctions and a massive DAO vote released $74 million to team and development funds for the Uniswap ecosystem. Exchanges are preparing for the Merge and Bitcoin (BTC) struggled to gain momentum after last week's plunge.

At a glance...




  • The ETH Merge has a kick-off date
  • Exchanges launch Merge-related tokens
  • Platforms react in different ways to Tornado Cash sanctions
  • 86 million votes sealed a Uniswap DAO proposal


Top Market Trends:

  • The Ethereum Merge will kick off with the Bellatrix Upgrade on September 6th. Over 13.3 million ETH are currently staked on the Beacon Chain with 1661 ETH set to enter supply daily as part of the merge to PoS.
  • Uniswap's request for $74 million from the DAO treasury to create the Uniswap Foundation for team and developer grants was overwhelmingly voted in.
  • Mastercard partnered with Binance to enable people to spend crypto in 90 million stores, starting in Argentina.
  • AliPay developer ANT will launch a “SuperApp” for Malaysia’s largest investment bank for stock trading, crypto investing, and foreign currency exchange in 2023.
Leading_Up_to_the_Ethereum_MergeETH Merge Timeline from Ethereum.org

Movers and Shakers

Top 7-day Gainers:

  1. EVMOS +40.6%
  2. EOS +15.0%
  3. BIT +10.6%
  4. DFI +7.6%
  5. ATOM +6.3%

Top 7-day Losers:

  1. CEL -60.2%
  2. FLOW -21.1%
  3. FIL -18.6%
  4. STEPN -17.5%
  5. OKB -17.0%

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Technical Summary

Bitcoin Pulse
Bitcoin has been fighting to build momentum this week and finally managed to inch out of the $21,000 support zone. Inflationary pressures continued to increase worldwide with energy prices soaring in the Eurozone, wreaking havoc with traders’ risk appetites.

  • A Bitcoin whale moved over $65 million in BTC off of Coinbase.
  • BTC is facing resistance from the $22,000 zone and was trading inside a corrective pattern this week.
  • An analyst suggested that Bitcoin bulls may see a bullish reversal if the 50-week and the 100-week MAs cross.

2-hour Bitcoin Technical Analysis
On the 2-hour BTC chart, we're seeing the 20 and 50 EMA duking it out!

BTC-USDT-Short-Term_TA20 vs 50 EMA - who will win?

Keep an eye out for these two indicators, for we tend to see buy pressure when the 20 EMA crosses over the 50 EMA. Now, if the gap widens between the 20 EMA and 50 EMA, expect downward price pressure.

1-Day Bitcoin TA

We're deep in bear territory as we find the current Bitcoin price far from the Senkou Span A.

BTC-USDT-Long-Term_TAThe Macro is our Senpai

The Senkou Span derives from the Kumo cloud. The Senkou Span A represents the price's equilibrium between the short-term & mid-term.

Altcoins on the Move
Several DAO tokens were in the top 10 gainers for the week including BitDAO (BIT) and CurveDAO, but most major alts were down between 5-10%. In a strange reversal, Ethereum (ETH) seemed to lead crypto markets this week. ETH price was climbing at a steadier clip than BTC’s and the Merge hype across markets is palpable.

  • Ethereum’s burn rate hit an all-time low signaling some to believe that post-Merge, ETH will become deflationary by default.
  • Voyager (VGX) price jumped 40% despite Coinbase withdrawing its bid to buy the project’s assets in bankruptcy proceedings. FTX and Binance are still in the loop.
  • Coinbase launched a liquid staking token, cbETH, while BitFinex launched Ethereum Chain Split Tokens (CST) for both ETHW and ETHS in preparation for the ETH Merge.

Altcoin TA
CHZ has had a crazy ride the last 4 weeks; the higher the ride, the higher the fall.

CHZ-USDT-Technical-AnalysisIs $CHZ flying too close to the sun?

Currently, CHZ is distancing itself from its ascending support line. If and when prices fall, make notice to see if it breaks below the line. There are three significant resistant points as indicated. There may be a nice short opportunity here.

Newsworthy:

  • In NFTs: Pudgy Penguins jumped 83% on the announcement of new Meta and Nansens Advisors, the founder of NFT lending protocol BendDAO proposed emergency procedures to avert a credit crisis, and SudoRare NFT platform rug pulled.
  • Exchange news: Samsung announced it would launch a crypto exchange in South Korea in 2023 and Taliban forces shut down 16 crypto exchanges and arrested staff in Afghanistan.
  • Crypto Regs: The FDIC published cease and desist orders against FTX and 4 other exchanges for misleading investors about funds having FDIC backing, while CoinCenter published an analysis of the legality of OFAC’s move against Tornado Cash.
  • Tornado Cash reactions: Uniswap blocked 253 crypto addresses in connection with Tornado Cash sanctions but Tether said it would hold off until it hears from law enforcement.

Spotlight on: Tron (TRX)

TRON (TRX) lifted off during the 2017 ICO craze and since then has been a viable contender. With a charismatic founder like Justin Sun, the project’s reach has grown tremendously. But is the platform legit and will it continue to thrive?

TRON_TRX_Coin_Profile_Price_Evolution$TRX Price History

Get the full scoop on TRON in our $TRX Coin Profile.

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We Looked Into: The origins and ramifications of the Fear & Greed Index

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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.