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Markets Ranged, Exploits Took Center Stage, and Meta Continued its Metaverse Expansion

Bitcoin and Ethereum uncoupled from Fed-encouraged stock markets, moving sideways with slight losses for the week. Several major hacks dominated the conversation while Coinbase and Meta continued their seemingly relentless drive to dominate crypto and NFT markets.

At a glance...




  • Multiple hacks hit hard but crypto markets stayed neutral, considering
  • Meta launched a massive NFT expansion on Instagram
  • SOL’s TVL came into question after Coindesk published an exposé
  • Blackrock-Coinbase partnership to bring crypto to institutional investors


Top Market Trends:

  • White hack hackers have so far returned $9 million to Nomad after a $190 million exploit hit Nomad’s cross-chain bridge.
  • Solana users lost ~$4.5 million in SOL this week to a private key exploit tied to mobile wallet Slope. The same week, Fortune featured Sam Bankman Fried extolling the virtues of SOL.
  • Blackrock is adding crypto investing through a partnership with Coinbase, while ETH staking was added to the Coinbase platform. $COIN stock jumped 10% on the announcements.
  • A US Senate Committee introduced the Digital Commodities Consumer Protection Act, the 3rd bill this year focusing on making the CFTC crypto’s primary regulator.

Movers and Shakers

Top 7-day Gainers:
FLOW +53.7%
FIL +39.6%
CHZ +20.6%
CAKE +18.3%
VET +17.9%

Top 7-day Losers:
DFI -15.1%
BCH -11.2%
ETC -10.3%
CRV -10.1%
XCN -8.7%

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Technical Summary

Bitcoin Pulse
Bitcoin (BTC) unsuccessfully faced a key resistance zone at $23,500 this week, a hurdle it needs to clear for any near term gains. Otherwise, we may be in store for a lot more sideways action. BTC posted seven red daily candles consecutively, while the stock market saw a boost in reaction to the US Fed’s commitment to reining in inflation.

  • El Salvador launched a stablecoin that is pegged to the US dollar, collateralized by Bitcoin, and available over the Lightning Network.
  • Bitcoin Evangelist Michael Saylor stepped down as CEO of MicroStrategy to take a Board Chairman position with MS and focus solely on Bitcoin.
  • CashApp parent company Block announced a 34% decrease in Bitcoin revenue on the app.

BTC 2-hour TA

Bitcoin seems to be moving into a new channel in the last 30 days:

BTC_USDT_Short_Term_TAA new channel has formed!

If it bounces off the support, it isn’t wild to expect a good bounce. So keep an eye out on this channel for Bitcoin - because this may be the range we will see Bitcoin moving in for the next coming weeks.

BTC 1-Week TA:

Let us zoom out on the 1W BTC chart and convert the Y-axis to the log scale:

Long-Term-BTC-Technical-AnalysisLog scale makes a happy camper!

We can create a pitch fork using the last bull run’s top (Dec. 2017) and bottom (Dec. 2018) to notice that time is really on our side. We're not calling the bottom, but we are trying to remind everyone that the market may not feel too promising right now, but in the long run, we are in the lower band of the pitchfork.

Altcoins on the Move
A relatively tame week for altcoins with some top-100 coins managing to pull off double digit gains, led by FLOW, FIL, and CHZ. Ethereum (ETH) price price dipped to below the $1600 support level in a short-term bearish move, while ApeCoin (APE) will now be accepted as payment at select Gucci boutiques.

  • Filecoin continued to trend this week, jumping 35% since Monday’s news of a Harvard partnership.
  • Solana (SOL) was down slightly for the week but trending up in the last 24 hours despite 7000 wallets being hacked, which is still under investigation.
  • Proof of Work (POW) miners are planning a hard fork to continue mining Ethereum, but may have a hard road ahead, according to experts.

Altcoin Technical Analysis

On the REN 4h chart, we see an ascending triangle that has formed:

REN_altoin_technical_analysisA possible scalp + more!

At the same time, we see the points of previous support and resistance from Earlier in Q2. If REN breaks upward out of the ascending triangle, we see the last points acting as resistance. Whether or not this breakout occurs, there is still an opportunity to scalp REN!

Newsworthy:

  • Craig Wright, who claims to be Satoshi Nakamoto, was awarded a 1£ settlement in a defamation suit against Peter McCormick.
  • Japan will begin to install Bitcoin ATMs in the country for the first time since 2018, when a Japanese exchange was hacked for $400 million.
  • Meta expanded Instagram’s NFT collectible features to 100 more regions and added support for Coinbase and Dapper.
  • Coindesk published an exposé on two brothers who faked 12 developer/founder identities to exploit Solana’s TVL in 2021, possibly accounting for 70% of SOL TVL.

Spotlight on: Filecoin (FIL)

As one of Web3’s pinnacle projects, Filecoin has been in the works since 2014 and even broke a massive crypto record during its ICO in 2017. Find out exactly what Filecoin is and learn about the team, the technology, and the tokenomics.

Filecoin_FIL_Price_History$FIL Price Evolution

Read the full Filecoin (FIL) Coin Profile

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We Looked Into: Historic rug pulls

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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.