Talk of Bitcoin’s Bottom, an XRP Win, and Crypto Markets Decouple from Crashing Stocks

Hopium was activated this week as Bitcoin bottom speculators suggested this may be it and crypto briefly decoupled from stock markets. Regulatory enforcement was hot and heavy but the SEC lost a battle against Ripple Labs.

At a glance...




  • Crypto markets decouple from stocks
  • XRP vs. SEC takes a turn for the better
  • A big NFT loan with NFTs as collateral
  • Reversal on Tornado cash code ban


Top Market Trends:

  • XRP pumped when a US Judge overruled the SEC’s 2nd attempt in its case against Ripple Labs to withhold documents from former Director William Hinman, where he concluded BTC and ETH were not securities.
  • Circle announced it would expand the reach of its stablecoin USDC to Arbitrum One, NEAR, Optimism, Polkadot, and Cosmos by early 2023.
  • Github lifted its ban on Tornado Cash’s open source code repositories, making the code available for reading (but not modifying).
  • Singapore’s biggest bank, Development Bank of Singapore, will expand to crypto trading for its 100,000 accredited investors.

Movers and Shakers

Top 7-day Gainers:

  1. QNT +33.3%
  2. TKX +24.3%
  3. MKR +17.8%
  4. HNT +12.2%
  5. XDC +11.7

Top 7-day Losers:

  1. EVMOS -37.3%
  2. DFI -13.5%
  3. CHZ -12.1%
  4. LDO -11.9%
  5. RVN -11.8%

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Technical Summary

Bitcoin Pulse
Bitcoin (BTC) and the larger crypto markets decoupled from stock markets early in the week with a refreshing show of green as stocks slid to news of increased inflationary pressures. However, BTC then dipped, completing a Bart Simpson pattern before reversing again.

  • Bulls are targeting $20,300 as the next resistance line.
  • Bitcoin price is now trading above $19,000 and the 100-hour simple moving average.
  • If BTC does not recover the $19,650 resistance zone, a fresh decline could follow.

2-hour BTC/USDT

On the 2-hour BTC chart, we can see a descending triangle form with multiple bounces off support.

Bitcoin_BTC_Technical_Analyais_Short_TermDescending Triangle on the 2-hour BTC/USDT Chart

Next week will be a crucial time to determine the direction of this market. There doesn’t seem to be much evidence that it’ll be a dramatic shift, but there will be attempts made by both bulls and bears to take control of the price of Bitcoin.

1-Day BTC/USDT

One of our favorite macro indicators is looking at the 50 & 200 EMA respectively and seeing the gap width to determine the market’s overall sentiment.

Bitcoin_TA_1_Day_ChartChecking on the gap between the 50 & 200 EMAs

When we look at the 1-day chart of BTC while running the 50 & 200 EMA, we see that the gap between the two is nearing 2022's all-time high. Currently, the gap between the two is $6,653, with Bitcoin sitting 1k under the 50 EMA. Long story short - we’re far from a bull market.

Altcoins on the Move
Ethereum (ETH) price saw some heavy volatility with a midweek surge & plunge, but evened out the week down only .1%. The chaos in Ethereum markets in the last few weeks have led some analysts to question if the Merge was really worth it.

4-hour EGLD/USDT

EGLD just had a breakout of a descending triangle that formed throughout September.

Altoin_TA_EGLDEGLD/USDT breaking out of the descending triangle

Now after nearly 12 hours trading EGLD seems to show a preference in market direction. However, it won’t be easy since there are a few points of potential resistance at around the $51 and $54!

Newsworthy:

  • Robinhood launched the beta version of its Polygon-based, non-custodial web wallet to 10,000 users.
  • Enforcement actions from US regulators picked up speed as the CFTC sued Ooki DAO while the SEC brought charges against an ICO promotor and a crypto market maker.
  • Nexo Exchange was hit by a 7-state desist order against its interest accounts, even though it ended service to US states in February of 2022 after the BlockFi ruling.
  • In NFTs, Meta rolled out NFT sharing between Facebook and Instagram, Latin American NFT market, Minteo, raised $4.3M in a seed round, and Fragment metaverse company took out a 1,000 ETH loan (~$1.3M) to buy Mega Noise, one of the rarest Mutant Ape NFTs, using other Ape NFTs as collateral.

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We looked into: What is the EVM?

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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.