Overview
- Market Bottom Indicator.
- Bitcoin: resting after a rally.
- Did Tesla sell their Bitcoin?!
- Polygon’s important update.
Good morning Banter Fam,
Could the bear market be over?
Take it with a grain of salt, but one analyst recently discovered an indicator that represents a big fat YES! Of course, all indicators are just a record of the past, but it permits the slightest hopium.
The recent Tweet by Jason Goepfert notes that the S&P500’s volume action indicates the market MAY have reached a bottom. Although he notes “This doesn’t preclude short-term losses. I can’t predict the future.”
Interesting indeed. Is the indicator telling the truth?? Fingers crossed.
Market update 🌍
BTC/USD
Bitcoin and the broader crypto markets appear to be resting after nearly a week of bullish price action. BTC hit a high of 24,280 before creating an inverted hammer candlestick pattern on the daily chart, representing a rejection of price. BTC will likely return to the $21.7k area to test it as support in the coming days. The support line matches up nicely with the downtrend line (Red). A rejection of that area will help reaffirm the continuation of the current uptrend.
High-resolution chart
| US markets close | Gain |
| S&P 500 | +0.59% |
| Nasdaq | +6.10% |
| Dow | -0.19% |
| VIX | +2.55% |
Notable Gainers (24h):
| Protocol (Coin) | Price ($) | Gain (%) |
| Chain (XCN) | 0.09 | +6.5 |
| Everdome (DOME) | 0.009 | +6.2 |
| Xido Finance (XIDO) | 8.62 | +2.3 |
| Barn Bridge (BOND) | 12.30 | +56 |
| Numeraire (NMR) | 17.72 | +17 |
| Bitcoin Fear and Greed Index | 34 Fear |
| “Crypto” Google Trends 90d | 19 |
| “Bitcoin” Google Trends 90d | 38 |
Newswatch 📰
Tesla sold 75% of its Bitcoin. During Tesla’s recent earnings call, CEO Elon Musk stated the company sold 75% of its BTC to “maximize our cash position, given the uncertainty of COVID lockdowns in China.” In addition, Musk noted that the firm is open to increasing its Bitcoin position in the future. Although he stressed Tesla sold none of their DogeCoin.
Binance’s US affiliate program. The US arm of crypto exchange giant Binance has stated it plans to begin an affiliate marketing program in the US in reaction to Coinbase’s recent pause in its program. The program rewards affiliates with $10 for every person that completes $100 in transactions on the exchange. Your move Coinbase!
Bitcoin whale dumps! The world’s largest non-exchange wallet whale has dumped 46,000 BTC, valued at $1 billion.
News tidbits:
- Gemini receives a virtual asset service provider license in Ireland.
- FTX looks to raise funding.
- Opinion: Solana’s Mobile Phone “Saga” may be the most exciting thing to happen to crypto.
- Overview of the most active blockchain investors in Q2, 2022.
At the protocol level ⛓
Polygon introduces zkEVM. The upgrade inherits the security of Ethereum and increases throughput and reduces fees. Feels like some investors were front-running the major news update in the past couple of weeks. Be prepared for potential fishy price action.
zkSync 2.0. Matter Labs, the firm behind zkSync, announces the mainnet release in 100 days, launching the first EVM-compatible zkRollup. Wait, false statement! It looks like Polygon beat them to the punch!
sUSD bridge is now live. Synthetix introduces an Ethereum to Optimism bridge for the most widely used stablecoin on Optimism, sUSD.
Protocol level tidbits:
- Introducing the first on-chain atomic matching engine, Econia.
- The current state of Arbitrum.
NFT & metaverse update 🐵
- Final Fantasy NFTs: Square Enix, the firm behind the Final Fantasy franchise, has teamed up with Enjin Alliance to release NFT collectibles on Polkadot for the famous role-playing game. The NFTs will be linked to physical action figures and trading cards.
- Binance NFT launches “Mystery by Franck Muller” Mystery Box Collection.
Banter’s take
ONE indicator won’t forecast the future, but it’s alright to hope a little; just don’t put your house up for sale just yet. The crypto ship continues to rock in the hurricane level five macroeconomic headwinds, and one whale has even sold 46,000 BTC in the past few days. Heck, even Tesla sold their share of BTC.
Although, watching indicators flip bullish is the type of activity we love to see! And it could be a promising start to a turnaround.
Gabri
Follow me on Twitter for daily updates!
Disclaimer
Good Morning crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
