Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
As the world was gripped by the drama between Logan Paul and Dillon Danis, another showdown was unfolding in the crypto realm.
The SEC and Grayscale might not be in a boxing ring but the “fight” will still be more exciting than watching Dilon trying to not get knocked out. We feel sorry for anyone who paid to watch this boring fight.
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. SEC vs Grayscale: Crypto "Logan vs Dillon" Fight
4. Funniest Meme of the Week
· CFTC changed the former CEO of bankrupt cryptocurrency lender Voyager Digital with fraud.
· The Moscow Exchange, the largest one in Russia, has announced plans to issue real estate digital assets in 2024
· JPMorgan Chase has debuted its blockchain-based collateral settlement system, tested by BlackRock and Barclays.
· The Hong Kong Monetary Authority has recently completed a series of tests regarding the programmability of the e-HKD, Hong Kong CBDC.
· CZ explained that Bitcoin prices won't double immediately after the halving and that new ATH prices will only happen a year after.
· Ferrari has begun accepting payment in cryptocurrency.
Do you want to read more about each piece of news?
Check out the News section on our educational platform here 👇🏼
Bitcoin TA Analysis
· Crypto Fear and Greed Index update
· Bitcoin Weekly Time Frame
On Friday SEC decided not to appeal the Grayscale lawsuit which didn’t spark the rally therefore people most likely started to pile into shorts but more about that later.
On a weekly time frame Bitcoin looks good but it has to hold the bottom of Monday’s range as support in order to continue its way up. We can also see that right now it’s fighting the weekly 100EMA resistance which was first a support back in April and then a resistance in May - this is a key level to watch!
RSI didn’t change much so we didn’t include it. It went above the RSI-based MA but it doesn’t mean much. It could easily be a fake out since RSI-based MA is still in a downtrend.
· Bitcoin Daily Time Frame
On a daily time frame it’s even more clear that Bitcoin got rejected from the top of previous week’s Monday range.
Ok but where is the support? There is a confluence of 100EMA and bottom of the Monday’s range so this is a strong support. It may sweep below it just like it swept the lows out of the grey area and then reversed - this is a common PA and can be used as an indicator to long/short.
Bitcoin is still in an uptrend so there is a higher likelihood of it continuing its move up than reversing but it’s not guaranteed. Even the RSI (purple) came above the RSI-based MA (yellow) which is another indicator of continuation higher.
· Bitcoin 1h Time Frame
1h time frame is the most volatile of the analyzed three TFs. We can see Bitcoin found a support above 200EMA before the short squeeze happened. According to Coinglass in the last 24h there were over $27M of liquidated shorts (and over $3M longs).
We can also see how over extended Bitcoin is at the moment so there will be a pullback before another leg higher.
Don’t go all in on longs now, wait for the dip and then open the trade in which ever direction you think BTC will go next.
SEC vs Grayscale: Crypto "Logan vs Dillon" Fight
The SEC had to make a decision about Grayscale. Everyone was waiting to see what the SEC would do. It's like waiting for the next episode of your favorite show!
Grayscale wanted to change its Bitcoin Trust into an ETF but the SEC didn’t even look at their application so they sued them. The judge decided SEC has too look at the application and Gary and the company didn’t try to appeal the ruling.
This doesn’t mean the ETF will be approved but it’s the first step. SEC might try to do the same as it did with futures Bitcoin ETFs - approve them all at once.
What's Next for Bitcoin? 🚀
Nate Geraci, a smart person who knows a lot about these things, said that SEC not appealing the ruling means it’s just a matter of time before first spot ETFs get approved. That's a BIG deal!
Some other companies also want to make Bitcoin ETFs, and they're making amendments to get a "yes" from the SEC. They're adding more details, like where they keep the Bitcoin and how much energy they use.
Jake Chervinsky also said that things look good for Bitcoin ETFs. We're all waiting to see what happens next.
So, dear readers, that's the big news for today. We'll keep watching and telling you all about it as it happens so stay tuned.
Funniest Meme of the Week
Exactly what happened yesterday!