BD

WEEKLY CRYPTO MARKET REPORT – WEEK 72

Crypto Markets

 

 

 

Crypto Sentiment

This week the sentiment towards the cryptocurrency markets has slightly improved
but it is still grim. There is fear and blood in the markets. The fear and greed index has
moved up from “9” to “13”.

 

 

May ‘21 to Aug ’21 was also a time of extreme fear and BTC was bought off exchanges
(Chart mentioned below). And by the start of September, the prices eventually reacted
to the accumulation.

 

 

One can say that we are going through the same phase of extreme fear and
accumulation.

Another data to evaluate the sentiment of the general public would be to look at Spent
Output Profit Ratio (SOPR). What is SOPR? In laymen terms, it indicates if people have
sold at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit
booking dominated loss booking and below 1 indicates that loss booking dominated
profit booking. A value of 1 indicates that the coins were sold at their purchase price.

 

SOPR value had broken below 1 last week and it has been plummeting. This indicates
that Bitcoins are being sold at a loss. This is a classic panic seller behavior and it is
being quietly sold to the accumulators. Eventually, the panic sellers will run out of BTC
to sell or will calm down.

 

Demand for Cryptocurrency

As mentioned in the prior report, we had assumed that the balance on exchanges had
increased because of the Luna crisis and we were proved right when LUNA came out
and announced the same. As the dust has cleared the decline in balance on
exchanges has begun and it is likely that we continue this pattern of buying.

The overall buying behavior also seems to be strong, as the number of addresses with
at least 1 BTC is still on the uptrend and has hit an all-time high record.

When it comes to new users coming into the crypto space, we will look into the google
trends. The interest is gauged based on the range of 1 to 100

Going by the above chart, it seems like we have a spike in interest in the
cryptocurrency space. This could be attributed to the overall adoption within the
cryptocurrency space. In the prior runups, price was the factor that pulled in new
investors but this time it could be the rise of adoption that would bring in new people.

 

 

Is the Smart money buying?

 

We will consider wallet addresses with more than 1000 Bitcoin as institutional
investors who are closely monitoring the asset class.

We can connect the dots with the prior chart on Bitcoins leaving exchanges with the
above data point and can assume that the Luna’s BTC reserves are responsible for the
downtrend on this number. As the number of BTC addresses with at least 1 BTC has
been climbing higher and higher.

 

 

Overall Market Performance

 

 

DOW JONES

Dow Jones Industrial Average dropped nearly 3% in the last week. The daily chart for
Dow Jones has broken below the descending channel pattern. The next support is
expected at 29,800.

 

 

GOLD FUTURES

Gold Futures gained marginally over the past week to edge above $1,800. The weekly
trend bounced off from the triangle pattern bottom. The next support for Gold
Futures is expected at $1,675.

 

 

BITCOIN

Bitcoin continued to consolidate around the $30K levels. The weekly trend for BTC has
broken below the channel pattern. The next resistance for BTC is expected at $40,000
and an immediate support is expected at $24,000. The monthly RSI for Bitcoin is at
46.9, the lowest in over 2 years with a support at 43.

 

 

ETHEREUM

Ethereum against BTC fell by 2.1% over the week. The weekly trend for ETH against
BTC is moving within a channel pattern. The next resistance is expected at 0.077 and
next support is expected at 0.064

 

 

What could play out?

The MVRV ratio is equal to the market capital divided by realized capital of Bitcoin.
Realized capital unlike market capital does not use the current market price, but rather
uses the prices of each Bitcoin when they last moved.

 

So, for example, if the price of most of the Bitcoin when they last moved was $10,000
and the current price is $60,000. Then the MVRV ratio would stand at 6. This means
that the market is extremely heated and profit booking is likely. On the other hand, if
the of most of the Bitcoin when they last moved were near the market price, then the
CMP can be considered as the bottom.

The current MVRV ratio stands at 1.22 and is trending towards to the downside. We
are now too close to the April 2020 low which marked as a starting point to the 2020
run.

 

 

Highlights of the week

 

South Korea calls Do Kwon to the National Embassy by
Yun Chang-Hyun, a representative from the ruling
party. He apparently expressed concerns about the
behavior of exchanges during the crash.

 

China is the 2nd largest Bitcoin hash rate provider even
though the Chinese govt had banned all crypto
operations in China in mid of 2021. Some of the miners
are still operational which means that the operations
have gone underground

 

The Schools and Bitcoin Project in Argentina seeks to
educate high school students on the importance of
Bitcoin starting with 4,000 students across 40 odd
schools

 

Our Pick of the Week

Kava(KAVA)

We expect a gain of 10% from the Buy Price of 2.77 USDT and
outperform BTC in the coming week.

 

 

 

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

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BD

WEEKLY CRYPTO MARKET REPORT – WEEK 71

Crypto Markets

 

 

 

Crypto Sentiment

This week the sentiment towards the cryptocurrency markets were extremely grim on
account of the Terra Luna fiasco and record inflation numbers. The Fear & Greed index
has reached a new low of “9″
Evaluating the below fear and greed chart, it seems like the “Buy the fear” and “Sell the
greed” have worked in the past. We are now currently sitting at the extreme bottom of
the sentiment.

 

Another data to evaluate the sentiment of the general public would be to look at Spent
Output Profit Ratio (SOPR). What is SOPR? In laymen terms, it indicates if people have
sold at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit
booking dominated loss booking and below 1 indicates that loss booking dominated
profit booking. A value of 1 indicates that the coins were sold at their purchase price.
The SOPR this week as shown below has finally broken below the value of 1. This
indicates that Bitcoins are being sold at a loss. This is a classic panic seller behavior
and the people sitting in profit are waiting for the buying to begin to sell at a higher
profit.

 

Demand for Cryptocurrency

As mentioned in the prior report, the small and concerning uptick has turned out to
cause a major market correction. It is our assumption, that this was the doings of the
Luna foundation accompanied by the panic sellers. Things however the LUNA event
has stabilized and it is likely that a BTC leaving exchanges is likely to resume. The
numbers have also started to reverse.

 

The overall buying behavior seems to be strong, as the number of addresses with
atleast 1 BTC is still on the uptrend.

 

 

Is the Smart money buying?

We will consider wallet addresses with more than 1000 Bitcoin as institutional
investors who are closely monitoring the asset class.

 

 

We can connect the dots with the prior chart on Bitcoins leaving exchanges with the
above data point and can assume that the Luna’s BTC reserves are responsible for the
downtrend on this number. As the number of BTC addresses with at least 1 BTC has
been climbing higher and higher.

 

 

Overall Market Performance

 

DOW JONES

Dow Jones Industrial Average continued to falter for the 7th week in a row dropping
over 2% in the last week. The daily chart for Dow Jones is traversing within a
descending channel pattern. The next support is expected at 31,000.

 

 

GOLD FUTURES

Gold Futures fell by 4% over the past week to drop below $1,800. The weekly trend is
on the verge of breaking below the triangle pattern. The next support for Gold
Futures is expected at $1,675.

 

 

BITCOIN

Bitcoin plunged by nearly 9% during the last week to drop below $27K amidst
weakening market sentiment. The daily trend for BTC has broken below the triangle
pattern. The next resistance for BTC is expected at $40,000 and immediate support
is expected at $24,000.

 

 

ETHEREUM

Ethereum against Bitcoin dropped by 8% over the week. The daily trend for ETH
against BTC has formed a channel pattern. The next resistance is expected at 0.077
and next support is expected at 0.064

 

 

 

Highlights of the week

 

  1. BTC holders that bought over the last couple of years have resolutely kept their
    positions, with only 34% of total BTC supply moving in the last year (66% held for at least 1 year)
  2. Nubank, Brazil’s largest digital bank, launches Bitcoin and Ether trading.
  3. Billions of Luna minted as supply grows 20-fold in four days.
  4. UAE’s Emirates Airline set to use ‘bitcoin as a payment service

 

 

Our Pick of the Week

Biconomy(BICO)

We expect a gain of 10% from the Buy Price of 0.73 USDT and
outperform BTC in the coming week.

 

 

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

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BD

WEEKLY CRYPTO MARKET REPORT – WEEK 70

Crypto Markets

The Top-3 Gainers and Losers on the Binance exchange

 

 

 

Crypto Sentiment

 

Since the beginning of 2022, the crypto markets have been in a state of extreme fear or Neutral at best. There has been no significant change in public sentiment towards Bitcoin and the overall crypto markets, we are back to extreme fear due to macroeconomic conditions.
Buy the fear and sell the greed is an ancient investment strategy and seems like it has paid off most of the time over the past 4 years. We have been sitting on this position for a couple of months,

 

Another data to evaluate the sentiment of the general public would be to look at SpentOutput Profit Ratio (SOPR). What is SOPR? In laymen’s terms, it indicates if people have sold at a profit or if they sold at a loss. An SOPR value above 1 indicates that profit booking dominated loss booking and below 1 indicates that loss booking dominated profit booking. A value of 1 indicates that the coins were sold at their purchase price.
The SOPR is currently stagnant at the value of “1”. This indicates that Bitcoins that are currently in profit are not being sold and are being hodled. Bitcoins that are at their breakeven are being sold in the market.

 

 

Is there a demand for Cryptocurrency?

 

 

In the 1st week of May, the amount Bitcoins leaving crypto exchanges plummeted to a multi-year low. It is assumed that these Bitcoin will be taken off exchanges and will be kept in cold storage wallets with no intention to sell any time soon. Over the past 2days, the balance has started to reverse. Although relatively it is just a blip on the radar,it might become a concerning figure.
This data is also reflected in the number of addresses that own at least 1Bitcoin.

 

Is the Smart money buying?
The SOPR is currently stagnant at the value of “1”. This indicates that Bitcoins that are currently in profit are not being sold and are being hodled. Bitcoins that are at their breakeven are being sold in the market.

We can connect the dots with the prior chart on Bitcoins leaving exchanges with the above data point. There has been a massive surge in the number of addresses that hold more than 1000 BTC since the start of the year. It has, however, declined marginally in the past week.
With the above data points, we can make an educated guess that institutional investors are scooping Bitcoin from the Markets. However, we may need to keep a close eye on this data point as there has been a recent decline in this number.

 

 

Overall Market Performance

DOW JONES

The Dow Jones Industrial Average has now been correcting for six straight weeks. The daily trend for Dow Jones is moving within a descending channel pattern. Immediate support is expected at 31,000.

 

GOLD FUTURES

Gold Futures slid down by 1.5% over the past week to close below $1,900. The 4-hourly trend has formed a channel pattern.
Immediate support is expected at $1,850.

 

BITCOIN

Bitcoin plummeted by 10% during the last week to fall below $34K as the Dollar Indexstrengthened further. The daily trend for BTC has broken under the triangle pattern. The next resistance for BTC is expected at $48,400 and immediate support is expected at $33,000.

 

ETHEREUM

Ethereum gained almost 1% against Bitcoin over the week. The daily trend for ETHagainst BTC continues to move within a megaphone pattern. The next resistance is expected at 0.078 and the next support is expected at 0.0653.

 

 

What could play out

MVRV ratio is equal to the market capital divided by realized capital of Bitcoin. Realized capital, unlike market capital, does not use the current market price but rather uses the prices each Bitcoin when they last moved.
So for example if the price of most of the Bitcoin, when they last moved, was $10,000and the current price is $60,000. Then the MVRV ratio would stand at 6. This means that the market is extremely heated and profit booking is likely. On the other hand if the price of most of the Bitcoin, when they last moved, was near the market price, then the current market price can be considered as the bottom.

The current MVRV ratio stands at 1.5 and is trending towards to the downside.

 

Highlights of the week

  1. Argentina’s Central Bank bars banks from offering crypto services
  2. Binance commits $500M for Elon Musk’s takeover of Twitter
  3. Starbucks to launch NFTs this year offering access to ‘unique experiences and benefits.
  4. Yuga Labs “Otherside” NFT mint caused the largest gas spike in Ethereum’s history, over $150M was spent on gas fees.
  5. Dubai’s crypto regulator to launch metaverse headquarters in The Sandbox
  6. Swiss National Bank opposed to holding bitcoin as a reserve currency

 

Our Pick of the Week

Thorchain(RUNE)

We expect a gain of 10% from the CMP of 5.9 USDT and outperform BTC in the coming week.

 

 

 

Target Achieved

Tron(TRX)

TRX has achieved our target of 10% from the BUY Price of0.0669 USDT and has outperformed Bitcoin.

 

 

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

Start your Crypto Investments with XMINT Bots today

BD

WEEKLY CRYPTO MARKET REPORT – WEEK 69

DOW JONES

The Dow Jones Industrial Average dropped considerably on Friday closing below 33,000. The daily chart for Dow Jones has broken the support of the triangle pattern and it could see corrections of 5-10%. The immediate resistance is expected at 34,000 and the next support is expected at 31,000.


GOLD

Gold recovered and closed above $1900 in the past week. Next resistance for Gold futures is expected at $2,000 and next support is expected at $1,900


BITCOIN

Bitcoin continued to consolidate around the $38K-40K levels. On the weekly timeframe, the BTC trend continues to traverse within an ascending triangle pattern making higher lows. The next resistance for BTC is expected at $48,400 and immediate support is expected at $33,000.


ETHEREUM

Ethereum corrected marginally against Bitcoin over the week. The weekly trend for ETH against BTC has formed a channel pattern. The next resistance is expected at 0.078 and next support is expected at 0.0653.


In conclusion…

The overall stock markets remained passive in the past week with the Dow Jones Industrial Average falling considerably and closing 2.82% lower on Friday. Gold Futures slipped by 1.17% over the last week with the US Federal reserve indicating a hike in the interest rates. The overall crypto markets corrected over the week by around 5% with the Total crypto market cap sliding down towards the $1.68 trillion level. Bitcoin, Ethereum and other major Altcoins corrected between 3-10% in the past week

The accumulation of Bitcoin by Institutes and whales continues to reach new peak levels along with its Hashrate, which hit a new all time high recently. On the other hand, BTC reserves on exchanges has been hitting new lows. The supply on these exchanges is definitely getting scarce. A supply shock is extremely likely, given the past analysis of on-chain data and trend patterns. 


Following are the highlights of the week:-

  • Goldman Sachs offers its first Bitcoin-backed loan
  • Three Arrows capital to move headquarters to Dubai
  • Panama legislature passes bill regulating Crypto
  • Dubai real estate developer to accept crypto payments
  • Bitcoin hash rate hits an all time high


EOS, TRX and NEAR 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



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You can write to us at info@mintingm.com in case of any queries

BD

WEEKLY CRYPTO MARKET REPORT – WEEK 68

DOW JONES

The Dow Jones Industrial Average dropped considerably for the last two days closing below 34,000. The 4-hourly chart for Dow Jones is trading at the support of the triangle pattern and it could bounce back from that level. The next resistance is expected at 35,600 and the next support is expected at 32,300.


GOLD

Gold dropped by over 2% in the past week after remaining in the positive for 2 weeks in succession. The weekly trend for Gold Futures has formed a distinctive parabolic curve. Next resistance for Gold futures is expected at $2,078 and next support is expected at $1,780


BITCOIN

Bitcoin continued to consolidate around the $40K levels. On the daily timeframe, the BTC trend continues to traverse within an ascending channel pattern, making higher lows. The next resistance for BTC is expected at $48,600 and immediate support is expected at $37,600.


ETHEREUM

Ethereum corrected marginally against Bitcoin over the week. The daily trend for ETH against BTC has formed a megaphone pattern. The next resistance is expected at 0.078 and next support is expected at 0.0653.


In conclusion…

The overall stock markets looked grim in the past week with the Dow Jones Industrial Average falling considerably and closing 2.82% lower on Friday while S&P 500 Index losing 2.77% at close. Gold Futures slipped by 2% over the last week with the US Federal reserve indicating a hike in the interest rates. The overall crypto markets remained fairly flat over the week with the Total crypto market cap moving sideways around the $1.8 trillion level. Bitcoin and the other major Altcoins also remained neutral along the week without any significant movement.

The accumulation of Bitcoin by Institutes and whales continues to reach new peak levels. BTC reserve on exchanges has also been hitting new lows. The supply on these exchanges is definitely getting scarce. An upward trend movement is extremely likely, given the past analysis of onchain data and trend patterns.  Meanwhile, the adoption of Bitcoin across the globe continues to rise at a rapid pace with countries in Europe, South America and Australia being the front runners.


Following are the highlights of the week:-

  • Indian crypto exchange CoinDCX tops $2.1 billion valuation in new $135 million funding.
  • Coinbase NFT marketplace goes live in beta for select customers.
  • Australian authorities lay out guidelines and roadmaps for crypto industry regulation.
  • Justin Sun to launch algorithmic stablecoin USDD on Tron, will use $10 billion of crypto as collateral.
  • Bahamas to allow citizens to pay taxes with digital assets
  • Binance agreed to share data with Russian government agency. 


EOS, FTT and GRT appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, GRT has gained 1.7% in a week compared to BTC losing by 0.4% in the same time period.



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