Weekly Crypto Market Report :

Dow Jones Industrial Average slipped below 32,500 before clawing back above 34,000 at close on Friday. The daily chart had broken down from the megaphone pattern with Russia invading Ukraine. The next resistance is expected at 35,600 and next support is expected at 32,300.

GOLD

Gold surged to $1,975 level for the first time since June 2021. The daily trend for Gold Futures had broken from the triangle pattern and edged past the previous resistance of $1915. Immediate resistance is expected at $1,976.

BITCOIN

Bitcoin gained back momentum almost immediately after dropping to nearly $34,000. On the daily timeframe, BTC is treading along the triangle pattern. Immediate support is expected at $34,200 level.

ETHEREUM

Ethereum against Bitcoin strengthened over the past couple of days. 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 back some ground over the past week with the Dow Jones Industrial Average edging over 34,000 and S&P 500 Index climbing by 2.24% at close on Friday. Gold surged to a new high in almost 1.5 years as a hedge against inflation. The overall crypto markets made a positive turn around with the Total crypto market cap crossing the $1.8 trillion level. Bitcoin climbed back over to sub $39,000 level. Ethereum and the other Altcoins had a positive week, overall.

The Russian invasion of Ukraine momentarily impacted the overall markets with the Dow Jones Industrial average losing over 800 points within the last 48 hours. The crypto markets also plummeted with the Total Market cap dropping to nearly $1.5 Trillion and Bitcoin falling below $35,000. Meanwhile, Gold Futures surged by 2% and Oil prices exploded soon after the news of the attack came in with Crude oil hitting the $100 mark for the first time in seven years.The overall markets may continue to remain choppy amidst the ongoing geopolitical situation. It is recommended to hold on to one’s investment in such a situation and/or look to deploy fresh capital as an investment opportunity.

Following are the highlights of the week:-

• Japanese e-commerce retailer Rakuten launches an NFT marketplace.
• Bitmex founders Hayes and Delo plead guilty in US prosecution.
• China tightens law to jail those found raising funds through crypto sales.
• Luna Foundation Guard raises $1 billion to form Bitcoin reserve for UST stablecoin.
• FTX is launching its own gaming unit.
• Korea’s largest bank to launch the country’s first crypto investment fund. 

AAVE, SXP and ONE appear strong against Bitcoin and may outperform it in the weeks to come.

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

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DOW JONES

Dow Jones Industrial Average slipped below 34,000 over the week. The daily chart broke down from the megaphone pattern. The next resistance is expected at 35,600 and immediate support is expected at 33,150.

GOLD

Gold crossed the $1,900 level for the first time since June 2021. The daily trend for Gold Futures has broken from the triangle pattern. The next resistance is expected at $1,915 and immediate support is expected at $1,850.

BITCOIN

Bitcoin, along with the crypto market took a hit over the week. Bitcoin dropped below $38,000. On the daily timeframe, BTC has broken down below the triangle pattern. Immediate support is expected at $33,050.

ETHEREUM

Ethereum against Bitcoin weakened over the past couple of days. 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 huge ground over the past week with the Dow Jones Industrial Average closing 0.68% lower, a one month low, and S&P 500 Index falling by 0.72% at close. Gold surged to a new high in the last 9 months breaking the $,1900 mark amidst rising inflation. The overall crypto markets plunged over the week with the Total market cap falling below the $1.6 trillion level. Bitcoin plummeted to sub $38,000 level and Ethereum with the other Altcoins had a subdued week, overall.

Bitcoin corrected heavily to end the week close to $38,000 level after consolidating between $42K and $44K for close to 2 weeks. Ethereum dropped to $2,600 with the overall cryptocurrency markets falling sharply. The earlier surge in the crypto markets seemed to be a temporary cycle and it is likely that the ongoing geopolitical tensions surrounding Ukraine and Russia may be one of the factors behind the recent slide. However, both the countries have taken a favourable step with regards to adoption of Cryptocurrencies. The overall correction poses yet another opportunity to deploy additional capital.

Following are the highlights of the week:-

• Red Bull’s F1 team signs $150M sponsorship deal with crypto exchange Bybit
• Twitter adds Ethereum wallet to send and receive tips  .
• Canada sanctions 34 crypto wallets tied to trucker ‘Freedom Convoy.
• The Russian finance minister hopes for cryptocurrency regulation by end-2022.
• Super Bowl ads boosted crypto app downloads by 279%, led by Coinbase.
• Italy formally lays out crypto firms’ new AML requirements. 

MBOX, REP and CTSI appear strong against Bitcoin and may outperform it in the weeks to come.

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

Start your Crypto Investments with XMINT Bots today