Crypto Weekly Market Performance

Ethereum Classic (ETC) Rallies for Mind-blowing 30% Ahead of Merge Update on Ethereum

Ethereum's hard fork Ethereum Classic, launched back in July 2016, gains an insane momentum on the cryptocurrency market ahead of one of the biggest updates in the history of the "main" Ethereum network.
We shall also see a "great migration" of cryptocurrency miners from Ethereum to alternative networks or Bitcoin as the current hashrate of Ethereum stays at 892 TH/s. Ethereum Classic's hashrate is seeing a large spike in the last 24 hours as mining power reaches 21 TH/s from 19 TH/s.

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Gary Gensler Outlines What to Expect From SEC on US Crypto Regulation

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has outlined what to expect from the securities watchdog on crypto regulation. “We do have robust authorities from Congress also to use our exemptive authorities that we can tailor investor protection,” he explained.
“So, we at the SEC, are working in each of those three fields — exchanges, lending, and the broker-dealers — and talking to industry participants about how to come into compliance, or modify some of that compliance.”
“We are also looking at the tokens, the stablecoins, and the non-stablecoins. Separately, we do have discussions with the bank regulators and with our friends and colleagues at the CFTC.”

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BTC WEEKLY MA200: A Closer Look

🔸 MA200 is resting near Bitcoin’s price here. This could be the strongest dynamic resistance that BTC needs to reclaim.
🔸 Take note that the more it sits at the higher time frame, the more it becomes reliable and valid.

ETH/BTC Pair Update

🔸 ETH/BTC pair made a glorious pump and broke this symmetrical triangle.
🔸 This signifies ETH is currently overperforming and is gaining strength against BTC.
🔸 It is now on its trendline key resistance level and a short pull back is expected.

BTC Largest Spike from Whales

🔸The amount of Bitcoin transactions valued at over $1m spiked to its highest value in over a month

🔸Whale moves are busy today, and spikes such as this one can often be a precursor to price direction shifts

Bitcoin's correlation with Stablecoin supply

🔸 When large amounts of stablecoins are on the sideline relative to crypto's mkt cap, market participants have to chase the rally higher

🔸 When there's a lot of stables deployed but no one left to buy, market runs out of new buyers.

A good reminder to keep track of stablecoin supplies which is inversely correlated to BTC

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🔸A $1.7B $ETH long futures contracts was bought recently. This is the largest order in 7 months

🔸BTC broke out from the extreme fear sentiment this week. The first time in 73 days

SP500 Update

🔸 SP500 in the Daily using line chart has broken out of this falling wedge after being squeezed all year long
🔸 This also adds a positive sentiment to crypto space due to its correlation

NASDAQ100

🔸 Same as the S&P500, after NASDAQ made a successful breakout of this big falling wedge since January, it’s currently on the verge on its breaking out of the horizontal Resistance.
🔸 If the price continuous to make higher highs, this could add a positive sentiment to Crypto.

🔸Altcoins particularly DeFi projects have been seen all recovering this week from market downtrend

🔸DeFi can be seen as one of the earliest categories in Crypto to receive adoption by retail pre speculation

Bitcoin Balance Distribution

🔸 1. Number of addresses from 1k-10k - decreased their amount of $BTC
🔸 2. Number of addresses 10k+ increased their $BTC stack

Looks like there's a transfer of BTC from weak hands to strong hands

🔸 Retails are accumulating continuously represented by entities with 0.1-1 BTC

🔸 Pink line shows the 90-day change. This can be seen as extraordinary volume based on history

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🔸 As expected, once the NASDAQ crossed the 200MA the buying algorithm took over.
🔸 Remember that Crypto is correlated with the Nasdaq hence the pump would give strength to Bitcoin as well.