Weekly Crypto recap with Newscrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCypto newsletter.
In todays edition we are going to analyze Bitcoin on weekly and daily timeframe and also give you a blueprint on how to find the best performing altcoins!
We are also going to talk about Blast. What is it and why is it trending.
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. What is Blast and Why Is It Trending?
4. Funniest Meme of the Week
· Former NYSE President Tom Farley expects money to “flood” into the crypto industry when the U.S. SEC approves spot bitcoin ETFs.
· The BRICS alliance is looking to launch a new currency to challenge the US dollar and the Euro.
· Richard Teng has stepped in as the new chief executive officer of Binance.
· DOJ has seized $9 million in tether (USDT) allegedly linked to “pig butchering” crypto scams.
· Kyber Network said on Nov. 22 that Kyberswap Elastic “experienced a security incident” resulting in more than $45 million stolen funds.
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Crypto Fear and Greed Index
Bitcoin TA Analysis
· Bitcoin Weekly Time Frame
We got another bullish weekly Bitcoin close. Right now $BTC is printing a red candle but until it closes below the $36k we remain bullish. But even if it dropped down to $32k the chart would still look good.
We can see in the last two weeks there was a lot of indecisiveness in the market since there are wicks to the upside as well as downside. It’s bullish that every drop was bought up despite multiple brief break outs below the $36k support.
· Bitcoin Daily Time Frame
On the daily time frame we can see that every break out below $36k was followed by a very bullish green candle while also printing higher low after higher low - bullish.
In the meanwhile RSI is cooling down signalling we should prepare for another move to the upside but when will it happen remains a mystery. We expect at least another week of sideways action. This doesn’t mean altcoins will go sideways as well. People won’t be able to get massive returns on $BTC therefore they will ape into smaller caps → pump.
· Bitcoin & Altcoin Dominance
Right now BTC.D is holding support and bouncing off a bullish breaker but since we expect sideways action on Bitcoin and altcoins to do good we think BTC.D is going to drop. We expect dominance to drop to around 52% and to bounce of the bottom of the breaker.
Now let’s take a look at what this would mean for altcoins.
Total3 market cap excludes $BTC and $ETH
There has been around two weeks of sideways action with wicks to the upside as well as downside. If altcoins actually outperform $BTC in the following weeks market cap of these could go up to $450 billion - an increase of $50 billion - or even a bit above the resistance for a potential fake out.
How to find altcoins that will outperform? Look at the altcoin/btc chart (example: SOL/BTC). If the coin of your choice has been outperforming BTC for the past weeks or even months there is a great chance it will again. Vice versa is true for altcoins that has been in a downtrend against Bitcoin.
What is Blast and Why Is It Trending?
In a move that's left many of us scratching their heads (and others nodding in awe), Blast's deposit contract on Ethereum has skyrocketed to $390 million TVL. This impressive figure has been amassed in just a few days, making Blast the new kid on the block(chain) everyone's talking about.
The Mystery Behind the Multisig
At the heart of Blast's operation is a 3-of-5 multisig contract, which, despite its impressive TVL, is still a bit of a mystery. With no product yet in sight, this contract has managed to attract about $340 million in ether and $50 million in stablecoins. The catch? It's controlled by a Safe 5-key multisig, where three keys are required to execute transactions. But who holds these keys? That's the million-dollar question (or, in this case, the $390 million question).
The Packman Behind the Project
The brains behind Blast is none other than Tieshun Roquerre, also known as "Pacman," the co-founder of Blur. This former Thiel Fellow and MIT dropout is no stranger to the crypto scene, and his involvement has certainly added a layer of intrigue to the project.
While Blast's security model is said to mirror that of other Layer 2 solutions like Optimism, Polygon, and Arbitrum, there's a twist. Unlike these networks, which have additional security components beyond a multisig, Blast's reliance on a multisig alone has raised some eyebrows.
Crypto Twitter Weighs In
As expected, the "collective brain of Crypto Twitter" has had a field day with Blast's rapid growth. From calling it an "onchain hedge fund" to debating the odds of an exploit, the CT is both fascinated and cautious.
Pre-Bull Energy or Security Concern?
Investors and crypto enthusiasts are torn between hailing Blast's success as a sign of "pre-bull energy" and expressing concerns over the security of funds. It's a classic crypto conundrum: high risk, high reward, and a whole lot of speculation.
Funniest Meme of the Week