/ Crypto Weekly

Test run of CBDCs failed, Corporations are exploring Crypto Tooling, and QUADX has more assets!

Coinbase is burning through its runway; maybe it’s time for Elon Musk and Changpeng Zhao to buy them too? China has become a Crypto Whale for Nigeria; their CBDC is failing. As for multinational corporations like Meta and JP Morgan, they’re exploring crypto toolings and making commitments.

At a glance...




  • More assets to trade on QUADX 💱
  • The Chinese Government is a Crypto Whale 🇨🇳
  • Nigeria’s CBDC is a bust 🪙
  • Central Banks struggle to calm inflation 💹
  • Various altcoins pump after breaking news 📰


Top Market Trends:

  • China is a Crypto whale, since confiscating more than $6B-worth in Crypto assets - the country will now use that money for its national Treasury.
  • Geopolitical Analyst Nick Giambruno claims Nigeria’s CBDC (eNaira), which launched in October of 2021, is a failure after only 0.5% of the population uses it and only does $50k in daily volume.
  • Coinbase reports huge losses for the fourth quarter, with a 55% revenue decline and a total of $546M USD spent.
  • Drama is unfolding after the Art Gobblers NFT project racked up over $15M in trading volume within five days of mint - the NFT world feels deceived after rumors claim the whitelist was rigged.

Movers and Shakers

Top 7-day Gainers:
1.DOGE +53.6%
2.AR +45.3%
3.OMI +39.8%
4.LRC +37.7%
5.OKB +29.6%

Top 7-day Losers:

  1. WBT -33.6%
  2. APT -16.3%
  3. LUNC -7.7%
  4. KLAY -7.6
  5. %BIT -5.8%

Pro Tip: XRP, ATOM, and more are now live on QUADX!

Live-Tokens-Visual-Nov03-b

We’re excited to announce that you can now trade a number of new crypto assets directly on QUADX. Trade now!

Technical Summary

Bitcoin Pulse
Bitcoin (BTC) $20k support looks shaky, but pro traders are staying quiet. Price resistance at $21,000 shows options traders are not particularly bullish. However, experts believe that "green shoots" of this being a "generational buying opportunity" still exist at these current price levels.

  • Binance records a staggering 120k of Bitcoin, or $2.5 billion worth, leaving the marketplace over the weekend.
  • Bitcoin's hashrate hit a new all-time high of 331EH/s, according to data from Glassnode. Some believe that hash rates follow Bitcoin prices, while others argue the opposite.

BTC - Low Timeframe

After closing the 1H fair-value gap, mitigating the open of the extreme 1H bullish order-block we had gone into a multi-day consolidation period on the 1H chart.

BTC-MICRO

Bull and bear trap?

This was in anticipation of the FED Rate Announcement that was due to be released. Upon release, we saw price spike on both sides of the accumulation, trapping in all buyers and sellers, we then made our way to the extreme bullish rejection block before forming a manipulation pattern to prematurely take out those who had bought.

At which point we saw price initiate its aggressive bullish move back into premium of the current range of importance. Now that we have reached this level, broken and retested the 50 EMA, we look to see if price will retrace into discount and mitigate the order-block left behind, which will act as either long-term support for longs, or short-term support for a retracement.

Alternatively, we could make our way bullish into the extremes of the range, mitigating the extreme 1H OB and get a retracement from there.
We have also now seen a dip below the 50EMA take place which could be signs of sustained selling pressure entering the market.

BTC - Macro View

Since last week's impulsive move out of the month-long consolidation period and entering the daily fair value gap to the left, we saw the price stall within its current 1D range.

BTC-MACRO

Towards a deeper retracement.

Given the fact our daily target we expect a deeper retracement from (1D Order-block at $22,300) has not yet been achieved we lean more toward the fact the current 1D consolidation is likely to be a re-accumulation to fuel the move up into testing equilibrium, closing the fair value gap and mitigating the clean order-block left previously. Given we have now also broken above and successfully retested the 50-EMA for the first time in August, this would act as a further confluence to this perspective.

Altcoins on the Move

Ethereum (ETH) on the monthly chart has been looking good with a +18.5% return, while for the week it is a mere +0.5%, but ETH needs to hold at $1,500! Below $1,500, support is weak due to recent sell-offs following the recovery in its price. In other words, it would lie just about $1,300 before losses start to accumulate.

  • Dogecoin rallied by 150% in four days but is reaching highest oversold level since April 2021.
  • BNB signed an impressive 21% rally over the last 7D, and just broke through the $330 resistance area.
  • ETH saw moves Very similar to BTC/USD, after accumulating once discount was reached. Upon the FED rate announcement, we saw both sides of the accumulation spike.

ETH-MICRO

ETH stuck at key support level

The spike trapped buyers and sellers, at which point price made its way aggressively the last and extreme bullish order-block, the final level of support for the current daily range. We then saw a small re-accumulation and bullish move up into premium. At current, we have just seen a retest of the 50-EMA and mitigation of the bullish order-block. We now wait to see if reaching the extreme bearish order-block taking 4H+1H BSL is on the cards or if a deeper retracement into the bullish order-block is needed.

Newsworthy:

  • The Bank of England has informed us that we are facing the longest recession since records began, as it raised interest rates by the most in 33 years.
  • Turkey's inflation climbed to a new 24-year high of 85.51% - despite the best efforts made by the central bank in Turkey.
  • Binance founder Changpeng Zhao has said he has invested $500 million in equity in Elon Musk's acquisition of Twitter, claiming this as a "small contribution."
  • Even with the recent rate hikes from the European Central Bank, many countries within the eurozone are experiencing double-digit increases in consumer prices.

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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.