Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
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What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. Long kept secret was just revealed!
4. Funniest Meme of the Week
· Elon Musk will no longer be Twitter’s CEO, Linda Yaccarino will replace him in 6 weeks
· US’s regulation by enforcement is driving crypto businesses out to Bermuda and UAE
· MiCA will likely become law in EU which caused an influx of VC funding for crypto startups
· Binance pulls out of Canada just weeks after series of new guidelines for cryptocurrency exchanges were issued
· According to FRED people withdrew $910 billion from banks since May of 2022, $13 billion just in the last week
· Texas legislators added digital currencies to the State’s Bill of Rights, allowing individuals to possess, retain and utilize digital currencies
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Bitcoin TA Analysis
· Crypto Fear and Greed Index Update
· Bitcoin Daily Time Frame
Let's take a look at Bitcoin's recent journey, and boy, it's been a ride!
Remember the symmetrical triangle from our last TA analysis? Well, Bitcoin decided to be a bit of a rebel and follow the red line - yes, that means it broke out to the downside. Not exactly what we were hoping for, but hey, that's crypto!
After the selloff, $BTC huddled for warmth at the 100 EMA. It must have been comfy because Bitcoin managed to claw back about 60% of its losses and even punched through the $27k resistance.
What about the altcoins, you ask? They got a bit of a cold from the selloff, but Ethereum stood strong, holding its ground at around $1800.
As for the upcoming week, will the crypto seas be stormy due to macro reports? Not likely! The only big fish in the pond is the jobless claims report, coming out on May 18th. If it's as expected, Bitcoin should keep cruising up. But if the report shows more jobless claims, we could see a little more selloff.
Long kept secret was just revealed! Tether's Balance Sheet.
Two questions that are bothering crypto enthusiasts everyday are how can I retrieve the Bitcoins I lost and what does Tether's balance sheet look like. We just recently got an answer to one of these questions.
Independent auditor just conducted an audit of Tether’s Q1 financials and it’s quite promising to say the least.
Here is what you need to know:
· Reserves hitting new highs? A whopping $2.44B!
· Net profit? A solid $1.5B, outperforming even Blackrock's Q1 earnings.
· 85% of the reserves? Rooted in cash/cash equivalents, including gold.
· How about BTC? A hefty $1.5B (1.8% of reserves), a first-time reveal from Tether.
· Major chunk of reserves are held in the U.S. Treasury Bills ($53B).
Tether's taking the lead in the stablecoin race as Circle's USDC depegged from the U.S. dollar, and Paxos puts a pause on Binance's BUSD.
Don’t get too excited since that’s not a comprehensive audit and don’t believe everything that you find on the internet.
Funniest Meme of the Week