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More mainstream crypto adoption amidst falling markets and a $Zcash reveal

This week in crypto

South Central Africa adopted BTC as legal tender, Telegram enabled free crypto transactions for its 550 million users, and the battle for free speech raged on.

At a glance




  • Bitcoin mining banned by NY Assembly and adopted by Fort Worth
  • USDC.homes and Teller brokered the first USDC-based mortgage
  • Sandbox spent $1 million on Moonbirds
  • Telegram messenger rolled out a P2P crypto bot


Top Market Trends:

Movers and Shakers

Top 7-day Gainers:

  1. APE +53.73%
  2. NEXO +47.90%
  3. HEX +24.10%
  4. LDN +18.89%
  5. CVX +3.31%

Top 7-day Losers:

  1. STG -36.96%
  2. ZIL -24.14%
  3. AXS -22.74%
  4. WAVES -22.06%
  5. NEAR -21.60%

Technical Summary

Bitcoin
Bitcoin (BTC) dropped to a 1 month low mid week and rebounded past its long-term resistance level of $39,700.

  • BTC was rejected at the $40k level.
  • 14-day RSI is tracking toward 45.
Quadency_Trading_Terminal_BTC_RSIBTC/USDT 14-Day RSI

Altcoins
Ethereum (ETH) experienced a choppy week with a modest pump midweek while most altcoins fell amid continued uncertainty and rising inflation.

  • Ethereum briefly broke out of the $2,950 resistance level, down -4.35% for the week.
  • ApeCoin (APE) was the sole top ten NFT coin to post a 7-day gain, up over 51%
  • Tron (TRX) and Litecoin (LTC) hit quarterly lows, both losing billions in trading volume.
Quadency_Markets_Ethereum_USDT_7_DayETH-USDC 7-Day Chart

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Newsworthy:

  • Layer-2 Rollup solution Optimism formed a DAO and announced an upcoming token launch with “season of airdrops.” Read more.
  • Stripe payments giant will offer merchants a way to pay their users in crypto via USDC stablecoin.
  • Edward Snowden revealed to Naomi Brockwell that he was the mysterious Zcash OG (aka John Dobbertin), who was part of the “trusted setup” ceremony that launched the privacy coin in 2016.
  • Sandbox spent $1 million on Moonbirds and Moonbirds COO resigned a week after launching to start an NFT fund.

Spotlight on: NEAR

Near Protocol (NEAR) is a Proof of Stake (PoS) blockchain platform for building dApps and scaling blockchain throughput via sharding.

  • $NEAR dominated Quadency trading volume in the last 7 days with 42% in the last 24 hours.
  • On Thursday the 28th NEAR was trading at $12.54.
Quadency_Markets_NEAR_USDNEAR/USD 24-Hour

Pro tip: RSI Bot

Relative Strength Index (RSI) is a momentum indicator used by technical analysts to measure the magnitude of recent price changes to identify overbought and oversold conditions.

  • Quadency’s Multi-Level RSI bot strategy enables traders to place buy orders when the price of an asset falls below pre-defined RSI levels, averaging down by buying more if the price drops further.
  • The bot will automatically sell when a profit target or stop loss is realized.
Quadency_Markets_NEAR_USD

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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.