DOW JONES

The Dow Jones Industrial Average continued to consolidate around the 33,000 levels throughout the week. The weekly chart indicates a retesting of the support level. The next resistance is expected at 35,600 and the next support is expected at 32,300.

GOLD

Gold rallied above the $2,000 mark reaching just short of its all time high of $2,089. The weekly trend for Gold Futures has broken out from the triangle pattern. Immediate resistance is expected at $2,078.

BITCOIN

Bitcoin had surged above $42,000 mid-week before sliding back to $39K levels. On the daily timeframe, BTC is traversing within a triangle and continues to make higher lows. Immediate support is expected at $34,200 level.

ETHEREUM

Ethereum remained neutral against Bitcoin over the past week. The weekly trend pattern, however, can be seen making a distinctive flag pattern. Immediate support for ETH-BTC is expected at 0.0653.

In conclusion…

The overall stock markets ended the week lower at close. The Dow Jones Industrial Average slid by 0.69% and S&P 500 Index declined by 1.30% at close. Gold surged above $2,000 amidst the ongoing Russia-Ukraine crisis and as the shorts exit the gold futures market. The overall crypto markets ended the week marginally stronger and edged over the $1.7 trillion level. Bitcoin appears to be consolidating between the 39K-42K levels making higher lows. Ethereum and the other major Altcoins continued to make a fairly sideways movement.

Over the week, the crypto markets witnessed a minor pullback with Bitcoin rallying over $42K as the Biden government was set on the executive order for Digital assets. The order mentioned that the federal government would be involved in analyzing six different sections with some of them being financial stability, investor protection and responsible innovation. This again is a step forward towards a wider recognition and acceptance of the virtual assets 

Following are the highlights of the week:-

• Ukraine has received close to $100 million in crypto donations.
• Goldman Sachs explores offering new options for cryptocurrencies.
• Bitcoin cashpoints in Britain have been forced to shut down after being declared illegal.
• El Salvador says it could launch a Bitcoin sovereign bond between March 15-20.
• Kevin O’Leary says he’s put 20% of his portfolio in crypto, including tokens and blockchain firms.
• Princeton alumni in crypto space fund a $20 million research project. 

CHZ, MBOX and AUDIO appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, SNX gained 14% in the last week as compared to BTC gaining 1.1% in the same time period.

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DOW JONES

Dow Jones Industrial Average remained fairly neutral throughout the week without any major change. The weekly chart is retesting the support after breaking out of the megaphone pattern. The next resistance is expected at 35,600 and next support is expected at 32,300.

GOLD

Gold climbed above the $1,960 mark. The weekly trend for Gold Futures has broken out from the triangle pattern. Immediate resistance is expected at $1,976.

BITCOIN

Bitcoin slid down from $45K level over the week to settle at around $39K. On the daily timeframe, BTC is still on the uptrend making higher lows at $33K level. Immediate support is expected at $34,200 level.

ETHEREUM

Ethereum remained fairly flat against Bitcoin 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 remained fairly neutral over the past week with the Dow Jones Industrial Average losing 0.53% at close and S&P 500 Index falling by 0.79% at close on Friday. Gold surged to a weekly high and closed at $1,966 as it continued to be a more safe haven demand. The overall crypto markets slid marginally over the week with the Total crypto market cap losing 2.4%. Bitcoin appears to be consolidating between 33K-45K levels making sideways movement. Ethereum and the other Altcoins remained passive, overall.

Cryptocurrency is now proving to be a great alternative when it comes to receiving monetary aid in times of such geopolitical tensions. It is also a tool to circumvent the monetary sanctions imposed on the Russian government. Either way, cryptocurrency is politically neutral and is currently in the spotlight. People have started stacking on Bitcoin as the number of addresses with more than 1000 Bitcoins have surged. The Bitcoin to Ruble transaction volumes have also made record highs, what this means is that more and more people are selling the Russian fiat and converting it into Bitcoin and other cryptocurrencies.

Following are the highlights of the week:-

• Visa and Mastercard block Russian banks from their networks after sanctions.
• Cambridge University launches a crypto research project with IMF, BIS.
• EU parliament scraps Proof-of-Work ban following backlash.
• Bitcoin, Tether & the City’s LVGA token will become de facto legal tender in Lugano .
• Crypto community has donated over $50m to Ukraine.
• Burger chain Shake Shack tests Bitcoin rewards to lure younger consumers. 

SNX, BURGER and ONE appear strong against Bitcoin and may outperform it in the weeks to come. As specified in the previous report, SXP gained 7% in the last week as compared to BTC gaining 3.5% in the same time period.

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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.

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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.

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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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