Eight straight weeks of downward bitcoin price action. It’s never happened before. It doesn’t mean it can’t go further down but you have to begin to assume a bottom is nearing.
Bitcoin (BTC) continues to range on its last stand before no man’s land. A nice support floor is being built at $US28,650 on the 4-hour charts but very little price action has occurred since Friday.
Source: Trading View
The ETH/BTC chart is one I’m keeping a close eye on with the Ethereum Merge rumored to occur in August according it’s one of its developers. The statement holds little weight, but does highlight the progress occurring behind the scenes. The pair chart broke to the downside of an uptrend line that’s been valid since June 2021. What the price does from this point will be very dependent on macro. If markets begin to turn-around, I’d expect ETH to begin another upwards run vs. bitcoin.
Source: Trading View
There are some excellent sights on the charts. The Dollar Index (DXY) broke its vertical trend signaling a slight move away from being in the dollar. Many of those funds found their way into bonds. Looking at the weekly 10-year Bond chart, we see a nice break of the downtrend. The bond charts tend to foreshadow significant shifts in sentiment.
Sources: Trading View
|Protocol (Coin)||Price ($)||Gain (%)|
|Frax Share (FXS)||7.87||+23|
Apple’s AR/VR. Get ready for another metaverse pump. Last week, Apple showed off its new AR/VR headset to board members, including CEO Time Cook. The headset that provides a combination of virtual and augmented reality will be the company’s most significant release since Apple iWatches. Additionally, the company ramped up the development of rOS or reality operating system- the software that runs the unit. The headset is set to launch sometime in late 2022 or early 2023.
Trade stocks with USDC. Sam Bankman-Fried headed crypto exchange FTX US announces its expansion into stock trading. After the upgrade, traders will have the capability to trade USDC for stocks in the all-encompassing platform that already offers crypto and NFTs. The move marks the first instance of a registered US exchange allowing stock trading with crypto. By the way, it’ll be zero commission too.
New 4pool proposal with FEI. Stablecoin protocol Fei (FEI) proposes to unite with FRAX to further adoption and replace UST in the Curve (CRV) 4pool and to become a base on Balance alongside FRAX and DAI.
Moonbird Oddities. NFT project Moonbirds airdropped Oddities collection to nested members. Moonbird Oddities are currently selling for a floor of 3.39 ETH on Opensea.
|Project||Type||Mint price||Date of mint||Timee|
|Mr. Bean NFTs||Collectible||0.12 ETH||25 May||3:00 PM EST|
|Anime Metaverse||PFP||0.25 ETH||25 May||9:30 AM EST|
In the Dune novels, intergalactic ships are fueled using spice. It makes spice highly sought after and valuable in the galaxy. Unfortunately, the commodity is scarce and only found in the hostile desert world of Arrakis, that’s also home to gigantic ship-eating worms and hostile natives. It’s a high-risk/high-reward operation, but the splendor is worth it for those who survive.
Crypto markets are a lot like Arrakis. One moment you’re in the arid desert of bear markets (nasty worms included), and the next, you realize you’re standing on a goldmine. Sometimes you get the splendor, but other times you run into enormous obstacles where the only goal becomes survival. (awesome bear market survival guide)