DOW JONES

Dow Jones Industrial Average ended the week  rather poorly, slipping below the 35,00 level. The daily chart continues to trade within the megaphone pattern. The next resistance is expected at 35,600 and immediate support is expected at 33,000.

GOLD

Gold gained 2% over the week to close on a high above $1,840. The weekly trend for Gold Futures indicates a movement within the  triangle pattern. Immediate support is expected at $1760 level and next resistance is expected at $1880

BITCOIN

Bitcoin surged past $45,000 levels with a strong buying momentum over the past week. On the daily timeframe, BTC has broken out from the descending channel pattern. Immediate support is expected at $39,500.

ETHEREUM

Ethereum against Bitcoin weakened over the past week. The daily trend pattern continues to trade within the ascending channel pattern. Immediate support is expected at 0.0658.

In conclusion…

The overall stock markets lost momentum over the past week with the Dow Jones Industrial Average closing 1.43% lower and S&P 500 Index falling by 2.78%. Gold strengthened over the week gaining 2% amidst mounting inflation. The overall crypto markets had a bullish week with the Total market cap edging over the $2 trillion level. Bitcoin surged above $45,000 midweek, closing at around $42,500 level. Ethereum and the other Altcoins had an overall positive week.

With the culmination of the Indian Budget 2022, the Indian crypto community almost breathed a sigh of relief for the fact that Digital assets were recognised and addressed by the Government, however the tax rate of 30% has not gone down too well with the community. Meanwhile, Russia has upended its early stance of banning cryptocurrency in the country and has now planned to adopt Crypto as a legal currency. With more countries approaching and understanding the concept and value of Digital assets, it is only a matter of time that we see a worldwide recognition and acceptance of the same.

Following are the highlights of the week:-

• Crypto start-up Alchemy tops $10 billion valuation amid blockchain funding frenzy.
• Russia is set to recognize crypto as a form of currency.
• McDonalds has filed for new trademark applications indicating that it plans to offer a “virtual restaurant featuring actual and virtual goods”.
• YouTube floats ideas of verifying NFTs, watching games in the metaverse.
• Intel will contribute to the development of blockchain technologies.
• The gold-backed token market has increased by 360% since the beginning of 2021. 

UMA, MATIC and CHZ appear strong against Bitcoin and may outperform it in the weeks to come.

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DOW JONES

Dow Jones Industrial Average surged above the 35,000 point over the last week. The daily chart continues to trade within the megaphone pattern. The next resistance is expected at 35,600 and immediate support is expected at 33,000.

GOLD

Gold gained marginally in the past week to edge above the $1,800 level. The daily trend indicates Gold Futures traversing within the  triangle pattern. Immediate support is expected at $1760 level and next resistance is expected at $1880

BITCOIN

Bitcoin rallied to edge close to $42,000 levels after consolidating between the $36K-38K levels for sometime. On the daily timeframe, BTC has broken from the descending channel pattern. Immediate resistance is expected at the $44,500 level and support is expected at $32,900.

ETHEREUM

Ethereum against Bitcoin strengthened considerably throughout the week. The daily trend pattern continues to trade within the ascending channel pattern. Immediate support is expected at 0.0658.

In conclusion…

The overall stock markets gained some momentum with the Dow Jones Industrial Average edging over 35,000 and S&P 500 Index closing 0.52% higher. Gold strengthened over the week crossing the $1,800 mark with growing inflation levels. The overall crypto markets bounced back with vigour and edged above $1.9 trillion in terms of Total Market Cap. Bitcoin surged above $41,900 amidst a pullback. Ethereum, too, grew stronger against Bitcoin. Altcoins followed Bitcoin to start a possible recovery cycle. 

The Indian Budget of 2022 had mixed reactions within the Crypto community with a positive reaction towards India’s acceptance in dealing with Digital assets however a high tax cut(30%) did not seem to go down well with many others. We believe that this is a landmark step towards a more accommodative environment where ambiguity on crypto transactions has been done away with the taxation rules on cryptocurrency being introduced. Although the Indian government has taken the right decision to tax crypto income, a lower rate would certainly benefit the entire ecosystem and also encourage more investors to look at crypto as a serious investment.

Following are the highlights of the week:-

• Solana Labs launches Solana Pay, a payments protocol for digital commerce.
• FTX is acquiring Japanese crypto exchange Liquid.
• Blockchain bridge Wormhole suffers possible exploit worth over $326M.
• Bored Ape Yacht Club creators in funding talks with Andreessen Horowitz.
• Japanese trading house Mitsui & Co. plans to issue cryptocurrency linked to gold prices.
• Treasury Department report warns that NFTs could be used in money laundering. 

ENJ, MANA and NEAR appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, SAND gained 11.7% in the last week as compared to BTC gaining 8.5% in the same time period.

Get deeper insights into the crypto market’s weekly trends discussed on our Spotify podcast.

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