$41k Conquered – Chung’s Weekly Digest (3/20)

Q2 of 2022 appears promising for the wider crypto market after a tumultuous start in 2022.

America Can’t Ignore Crypto

Bitcoin ($BTC) did not chart a massive green candle to breach the crucial $41k mark, it inched slowly. It is a sign that buyers are not rushing in because they are consumed with the Fear of Missing Out (FOMO). It is more of a cautious and calculated move, which is what the market needs.   https://cdn.embedly.com/widgets/media.html?type=text%2Fhtml&key=96f1f04c5f4143bcb0f2e68c87d65feb&schema=twitter&url=https%3A//twitter.com/saylor/status/1505218778484944903&image=https%3A//abs.twimg.com/errors/logo46x38.png

Bitcoin is fast becoming illiquid. In the past, miners will supply exchanges with newly minted Bitcoins. This creates a supply-demand dynamic that could sometimes lead to some manipulation by miners. Whilst some observers may think that miners will not be able to dictate the pace of Bitcoin’s price because most of the coins in circulation are already mined. 

Source: 76.23% of Bitcoins are now illiquid, Bitcoin’s supply will be largely dependent on miners 

There are a few factors that will drive $BTC past its previous all-time high. 

Bitcoin supply shock 

Over leveraged short positions

Strong adoption fundamentals

Bitcoin has moved past the $38k – $39k band, which is a band where most purchases are made. This is an indicator that purchasers are treating $38k as a bottom or support. According to Plan C, $38k – $39k is the new $3k – $4k. 

The world now awaits America to make the big move. A proper and structured framework to regulate cryptos. This is likely the final piece of the puzzle that will spark massive institutional investments. Can America ignore Bitcoin? The answer is yes, but she will have to pay a heavy price if she decides to do so. 


When Bitcoin broke past $41k, it can be interpreted as a signal that the accumulation phase is complete. 

Weekly Recap

PancakeSwap launches perpetual trading

BAYC creators acquire Crypto Punks and Meebits. 

Premier League pressured to drop Socios after investigation. 

Binance moves to obtain virtual asset trading licenses in the Middle East. 

Gate.io ceases operation in several countries. 

BNB Chain invests in Treehouse, an analytics platform. 

Binance’s license in the Kingdom of Bahrain is confirmed. 

Magic Eden raises $27 million in Series A funding round. 

Binance solidifies its position in the Middle East after securing a license to operate in Dubai

EU Parliament refuses to ban Proof of Work (PoW).

Crypto.com exchange is now live in the US. 

MetaMask’s valuation is now $7 billion with its $450 million fundraise.

Cronos’s TVL is close to surpassing Tron’s TVL.  

Joseph Lubin questions Solana’s sustainability

PancakeSwap confirms its partnership with Binance through Binance Mini-Program. 

Pi Network implements mass KYC for its ecosystem.  

BAYC launches ApeCoin ($APE) 

Mars Protocol launches on the Terra Network. 

Positive regulatory news for Binance with new licenses from several jurisdictions.

DeRace’s V2 aims to utilize layer-2 solutions for scaling. 

Ontario, Canada remains off-limits to Binance. 

Market Sentiment


Optimism is slowly returning to Bitcoin. 

The accumulation phase appears to be coming to an end. 

Market participants remain cautiously optimistic. 

The conflict between Ukraine-Russia did not escalate, giving some breather for the market to recover.  

Source: It is becoming increasing difficult not to be bullish on Bitcoin 

Coins to Watch

Terra ($LUNA) – Terraform Labs has outlined its plans to accumulate $10 billion of Bitcoin for its stablecoin’s reserves.


This means two things. First, Bitcoin’s price will face even more upward pressure. Secondly, $UST’s risk of de-pegging during massing dips is significantly reduced. 

$UST has just successfully become the most attractive and transparent stablecoin to own without any fear of a crypto market crash. 

$UST is not an investable asset, but $LUNA is. $LUNA is burned to mint $UST. 

$LUNA is an attractive investment proposition because this asset has potential upswings in both the bear and the bull market. 

Binance Token ($BNB) – Binance continues to cement its position as the top crypto exchange in the world as it is starting to make headways with regulators. 


$BNB has its utility as an exchange token. Hodlers are incentivized to store $BNB for trading fee discounts. 

$BNB is the native token that powers transactions on the BNB Chain. 

Projects are launching on BNB Chain because of efforts taken to improve the chain’s speed, fees, scalability.

PancakeSwap ($CAKE) is the top Decentralized Exchange (DEX) on BNB Chain. 

PancakeSwap is increasing the range of its suite of products and services to its users. 

Apart from being an exchange, the platform also offers perpetual trading, yield-farming, liquidity pools, lottery, and an NFT marketplace.  

Source : bsc.news

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