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 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 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 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.
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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