Weekly Crypto Recap with NewsCrypto
Welcome back, NewsCrypto enthusiasts! It's time for another edition of the NewsCrypto newsletter.
Today you should grab a box of popcorn and put on a safety harness because today we're diving deep!
Not only will we talk about the epic crypto saga of OnlyFans and Robinhood's Bitcoin spending binge, but
we're also going to put on our detective hats and dissect the ever-mysterious world of Bitcoin analysis.
If you've ever wondered how many plot twists the crypto universe can have, you're about to find out! 🍿
What's on the menu today?
1. Breaking Crypto News
2. BTC TA Analysis
3. OnlyFans Dips Its Toes in Crypto Waters
4. Funniest Meme of the Week
· Solana Pay is now plugged into e-commerce giant Shopify, allowing users to pay in $USDC.
· The founders of the crypto mixing service Tornado Cash were charged with allegedly helping to launder more than $1 billion in crypto.
· $16 million was withdrawn from the $PEPE project's multisig wallet, sparking rumors of rug-pulling.
· The U.S. DOJ and Sam Bankman-Fried filed competing sets of jury instructions for the October trial.
· The Central Bank of Brazil has issued a press release revealing details about "drex," the Brazilian CBDC, expected to be launched next year.
· Mastercard and Binance are ending their partnership for crypto cards.
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
Bitcoin on a weekly time frame shows indecision. Although bears were stronger by a tiny bit we can comfortably say bulls and bears were in equilibrium.
BTC is still above the weekly 200EMA which will remain a crucial support and if we lose it the momentum needed to go back above it will probably be unobtainable unless spot ETFs get approved.
RSI is still in a downtrend and until it bottoms out at ≈30 level we won’t get a significant move to the upside. It’s possible that FVG (Fair Value Gap) gets filled or at least 50% of it which would give as a target of ≈$27.5k.
· Bitcoin Daily Time Frame
The indecision can be spotted on a daily time frame as well.
Here we can also see that BTC was rejected from the FVG which is a sign of weakness but doesn’t mean weakness will persist.
Let’s take a look at the RSI.
BTC is in a oversold zone but the indicator is trending up. While a bullish divergence means the price is trending down while RSI is trending up this could play out as one since the RSI is trending up and the price is staying the same.
To catch the big moves we have to look for conflunce outside of crypto as well. DXY seems to be topping out and may soon reverse which could result in a price surge of Bitcoin.
(Green arrow is for educational purposes only and shouldn’t be taken as a FA)
If we take into account that the FED may not raise interest rates at the next meeting we can soon see why this could result in a selling pressure on DXY and consequently a buying pressure on BTC.
OnlyFans Dips Its Toes in Ethereum Waters
The parent company of OnlyFans, Fenix International, has recently unveiled its crypto holdings, revealing an investment of nearly $20 million in Ethereum ($ETH) in 2022.
Now, before you jump to conclusions, no, they didn't spend it all on digital cat memes or any other pixelated NFTs. According to a financial filing to the UK corporate registry, Fenix International reported this hefty purchase of ETH between 2021 and 2022 and is still holding onto it.
Due to the overall decline in crypto asset prices over the course of last year, the value of their Ether stash decreased by a whopping $8.5 million by the end of November 2022. Ouch!
It's not all gloom and doom. The platform saw solid growth, with a revenue increase of 16.6%, $4.8 billion → $5.6 billion, from 2021 to 2022 and a significant surge in both creators and subscribers so $8.5 million are just pennies. It will be interesting to watch their next moves.
Don’t spend all of your money on worthless subscriptions rather invest it wisely into crypto! By the end of 2025, your profits will most likely pay your subs for the rest of your life.
But Wait, There's More!
It's not just OnlyFans making waves in the crypto sea. Robinhood, the trading platform that's as synonymous with millennials as avocado toast, has been on a crypto shopping spree.
At first, it was unknown who is the owner of the third largest Bitcoin wallet that had just recently accumulated 118k $BTC, worth over $3 billion, but on-chain analysis reveals it’s most likely RobinHood. Their recent 10-Q filling supports that and reveals RobinHood actually holds $4.24 billion worth of $BTC or 139k Bitcoins.
First row represents - BTC holdings
Second - ETH holdings
Third - DOGE holdings
Fourth - Other
Fifth - Total user cryptocurrencies safeguarding obligation and corresponding asset
This move by Robinhood underscores a broader trend: Robinhood's potential Bitcoin accumulation shows that the crypto world doesn't need big investment institutions like Tesla or Block to thrive. Many believed crypto space needed them but Robinhood's user base, which is primarily regular folks, is proving that notion wrong.
In conclusion, as the lines between traditional finance and the crypto realm continue to blur, one thing remains clear: the world of digital currencies is here to stay, and it's making waves (and occasional splashes💦) that are impossible to ignore.
Keep reading our newsletter for more insights, and remember to HODL!
Funniest Meme of the week