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Commodities in Disarray as BTC Challenges Gold and Metaverse Tech Surges

The Week in Crypto

Another volatile week was brought on by continued global uncertainty, with privacy coins surging, Bitcoin executing classic Bart Simpson patterns, and a Biden executive order bringing crypto deep into the realm of US politics.

The Crypto Week in Summary




  • Oil & nickel prices spike.
  • Sanctions tighten for Russia.
  • Bart Simpson rears his ugly head.
  • Biden Executive Order shows promise.


Top Market Trends:

  • Russia's invasion of Ukraine continues to cause intense market disruption with sanctions tightening, stocks plummeting, and volatility spiking in commodities like nickel and oil.
  • US President Biden issued an executive order on crypto pushing for studies on how to emphasize investor safety, American innovation, and a potential CBDC.
  • Kraken won’t ban Russians from using its platform but is routing Russian trading fees to help Ukrainians, in addition to sending a $10 million dollar donation.
  • Andre Conje and Anton Nell announced they were ending their DeFi involvement in 25 dApps including Yearn Finance (YFI), leading to massive sell-offs on the Fantom (FTM) network.

Technical Summary

To start the week, the NASDAQ, DOW and global markets plunged with dismal recoveries and GOLD rose sharply then faltered. BTC experienced high volatility and privacy coins saw significant gains.

Bitcoin

  • BTC price surged mid-week, finally breaking above the $40,000 resistance level but then retraced to $39,000. It closed the week at -4.62%
  • With volatile markets like we're seeing today, it’s no wonder that the infamous Bart Simpson pattern appeared in this week’s BTC chart.
  • GOLD/BTC charts perfectly demonstrate the week's volatility, with GOLD outperforming BTC for several brief periods.
GOLD_BTC_7_Day_ChartGold-BTC 7-Day

Altcoins
Privacy coins spiked 25% overnight prior leading up to the crypto executive order announcement. Exchange tokens were down, signaling a market reaction to a potential clamp down on cryptocurrencies. Even crypto exchange founders are recommending that users put their digital assets in cold storage (self-custody). Update: Binance just announced it has attained Cold Storage insurance.

  • Multiple exchange tokens including BNB, CRO, and FTX were down significantly this week with both FUD about regulators and taking crypto off exchanges heavy throughout the week.
  • Curve’s DAO Token (CRV) bounced to establish an important $2 support area after falling from $6.80 to $1.89 since January 4th and is currently trading inside a bullish pattern.
  • Privacy coin ZCash (ZEC) uncharacteristically was the 3rd best performing coin for the week, jumping 25.88%
ZEC_USDT_7_Day_ChartZEC/USDT 7-day Chart

Get Ready for DEX Trading at Quadency!

Newsworthy:

  • Yoon Suk-Yeol was elected to become the next South Korean president on campaign promises to deregulate cryptocurrencies. Read more..
  • Stripe global payment platform announced its support for crypto businesses, exchanges, onramps, wallets and NFT marketplaces. Read more..
  • The Metaverse continues to grab global attention with Japanese conglomerate Softbank (Z Holdings) developing an NFT Mall, NFT Worlds building on Microsoft’s Minecraft servers, and defunct p2p file sharing platform LimeWire relaunching as an NFT marketplace.

Focus on: Monero (XMR)

  • With a week-high of $192.23, XMR-USD fell 12% on Thursday to an intra-day low of $167.29. It closed the week at $172.
  • XMR Price fluctuated in almost perfect sync with the Biden executive order; prior to the announcement XMR spiked, directly after if plummeted as the order itself proved tame.
  • The $153 price level could be a signal for bears if downward pressure continues.

Pro tip: Become a Market Maker!

Traditionally, big investors act as market makers who execute trades on both sides of the order books hoping to profit from the bid-ask spread and providing liquidity to exchanges in return for lowered trading fees. In open crypto markets, anyone can become a market maker:

  • Try using Quadency’s Market Maker Bot, which enables traders to automate simultaneous buy lows/sell highs and continuously places orders.
  • You can also become a market maker on a DEX (coming soon to Quadency!) by staking token market pairs in a liquidity pool. The pooled crypto assets provide liquidity for those token pairs and liquidity providers earn a share in the trading fees.

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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.