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Friday Wrap Up - Crypto Market Recap - February 4th, 2022

The Week in Crypto

Macro events continue to shape investor actions in crypto markets worldwide but the thirst for digital assets continues to grow. India and the US are moving toward more defined crypto regulations, while at same time major national economies are buckling under inflationary pressures.

Top trends of the week:

  • Fidelity, one of the world’s largest asset management companies, calls Bitcoin a "monetary good" and admits to mining Bitcoin and stacking sats since 2014.
  • Gaming communities push back against the emergence of NFTs and Play-to-Earn initiatives over environmental concerns relating to Ethereum mining (which is slated to end in 2022).
  • Total Value Locked (TVL) across DeFi platforms jumped over 12% to $78.9 billion this week, as news surfaced of a staking validator taking on the IRS.
  • Bitcoin dominance rate (BTCD) reclaimed the 40% support line after it dipped in January for the first time since mid-2021, indicating a possible long-term bottom.

Movers and Shakers

Metaverse tokens had a strong showing this week, despite major news on Meta’s stock price dive.

Top 5 Gainers

  1. QNT +47.55%
  2. LEO +44.17%
  3. WAXE +36.75%
  4. XTZ +34.09%
  5. LDO +30.05%

Top 5 Losers

  1. DEP -22.33%
  2. GERA -21.33%
  3. FXS -15.63%
  4. OMI -9.02%
  5. BLOK -2.94%

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Technical Summary

Bitcoin testing / holding $37k support range as MACD indicates bearish trend
Bitcoin stabilized this week and jumped on Friday despite selling pressure brought on by adverse macro events and forecasts, such as an expected Fed rate hike in March.

  • BTC’s MACD (moving average convergence divergence) chart crossed below zero, indicating a sell signal and possible bear trend if the $37k support is broken.
  • Bitcoin may be entering its 3rd month in a row of losses amid looming fears of global monetary tightening.
  • To round out the week, early Friday BTC jumped to almost $40,000.
”BTC_USDT_5_day="95%"5-Day Chart for BTC/USDT

Altcoins reentered green territory with some of crypto’s top projects posting significant gains

  • Ethereum (ETH) price rose 5.27% and pushed through its 3rd price floor. This week ETH rose 30% above its local bottom ($2,160)
  • Chainlink (LINK) was up 11.25% and found support this week above $15.
  • Terra (LUNA) fell to reject the $53-$55 resistance area and will need to break out before seeing bullish momentum.
”LUNA-7-day-chart="95%"1-Week Trading Chart for LUNA

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  • Lambo NFTs by Lamborghini hit the markets this week to help celebrate the Lunar New Year. Read more.
  • Meta stock (FB) plunged mid-week following a rare decline in 4th quarter profit and a loss of $10.2 billion due to Augmented/Virtual Reality expenditures. Read more.
  • According to a Deloitte report, 82% of surveyed Indians plan to invest in digital assets once regulation is in place. Read more.
  • Jack Dorsey posted a video on social media explaining how he’s mining Bitcoin with an Antminer, transferring the sats to his wallet, and buying tacos. Read more.

Spotlight on: Solana (SOL)

Solana tumbled 10% during the week after news broke of the Wormhole $326M hack that took place on the Solana-Ethereum bridge.

  • Moving averages were indicating a strong sell for SOL while Oscillators like RSI are signalling neutral.
  • After falling, SOL stabilized around the $96 mark and finished the week with a +21.03% gain.
”SOL_USDT_7_Day="95%"1-Week Trading Chart for SOL

Pro tip: Discover Overbought & Oversold Conditions with Bollinger Bands

Bollinger Bands is a technical indicator that measures a market’s volatility to screen for overbought or oversold conditions. It uses 2 standard deviations around a simple moving average.

  • When the price of an asset is close to the upper bands, it’s often considered overbought.
  • If the price reaches the lower band, it’s considered to indicate an oversold condition.

You can set up the Bollinger Bands bot on Quadency and schedule automated buys and sells according to these indicators.

”Bollinger_Bands="95%"Bollinger Bands

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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.