Biden’s Executive Order – Chung’s Weekly Digest (7/18)

Nation-states are prioritizing rolling out a comprehensive regulatory framework after the recent crypto meltdown but the U.S. is still dragging its feet.

Resistance to Change

The world needs a crypto regulatory framework after details of excessive risk-taking and total disregard for users’ assets are revealed in official documents through trusted platforms. Biden’s Executive Order (EO) on the surface seems to be a positive move that serves to guide responsible innovation in the crypto space. 

However, since March 9 little has been done to ensure that market integrity and consumer protection are protected. Crypto-based institutions such as Celsius and Voyager Digital are clear examples of platform operators relegating customers’ interest in their pursuit of profit. 

Source: The sell-off pressure will soon abate paving the way for a healthy market recovery, but right now capitulation is still taking place 

Bitcoin ($BTC) is staging a relief bounce but caution must be exercised because a weekend rally is often the result of an illiquid market. There are still several factors that will affect $BTC such as Mt. Gox’s rehabilitation plan, global inflation, geopolitical tension, and miners liquidating their $BTC stash.

Source: In a report by Arcane Research, miners are being forced to sell their Bitcoins as profitability deteriorates.

Distribution is still taking place as Bitcoin is trying to consolidate above $20k. A clear break above $22.8k would push Bitcoin into bullish territory. The best way forward is to adopt the dollar-cost averaging (DCA) strategy. 

Source: Typically when the MVRV Z score dips into the green zone in a bear market, it tends to move sideways for a few months.

Weekly Recap

Fed’s Vice Chair calls for accelerating crypto regulatory framework. 

STEPN launches Realm 3 on the Ether Network. 

Cube Network grows as total transactions hit $2.7 million. 

Grayscale considers investing in $CRO, $APE, and $KNC.

CZ rules out Uniswap’s phishing attack as a hack. 

FEG token releases a new roadmap

U.S. Treasury to hold a referendum on Biden’s crypto Executive Order. 

Axie Infinity announces summer’s breeding event

2 million $BNB taken out from circulation in Binance’s 20th Quarterly Burn Event.

BNB Chain launches Dapp aggregator. 

Thetan Arena launches QuestToEarn. 

Binance Labs opens applications for Season 5 of its incubation program. 

Market Sentiment


Bitcoin remains one of the best assets to hedge against any state-issued currencies. The narratives that drive crypto assets are constantly changing but crypto’s main value proposition lies in the fact that it is a better store of value than any other known asset class. Digital scarcity is the guarantee that its value will not be diluted. 

Bitcoin’s ethos as self-sovereign money has a major role to play as inflation soars. Other crypto assets such as Ethereum ($ETH) and $BNB have a different fit. They provide networks that allow for automation in a trustless and decentralized ecosystem. 

Bitcoin now sits precariously at its resistance level and if it fails to break past the resistance, it will form a triple top pattern. If this happens, Bitcoin’s price might tumble to the region of $19.5K as its first level of support. If this support is breached, Bitcoin will likely be testing the $18K low.

Source: Breaking past the 21K to 22K resistance band will bring some bullishness into the market.

Potential gains in lower capped altcoins are more promising but there is also the risk of these altcoins losing more ground if the market turns south. Unless a clear positive catalyst is in sight, the market remains in limbo. 

Coins to Watch

Polygon ($MATIC) – Polygon is a scaling solution for the Ethereum network. Unless Ethereum can solve its high gas fees and congestion, Polygon will have a major role to play.

$MATIC has surged by more than 100% in the last 30-days after sweeping the lows at $0.32. 

$MATIC was oversold and the price action is a natural result once the selling pressure abates.

Polygon has also recently been selected to be part of Disney’s Accelerator Program

  • Polygon will be one of the major players in Web3 and any metaverse initiatives.  

Solana ($SOL) – One of the main smart contract platforms that are both scalable and cheap has consistently been stepping up efforts to attract developers to its ecosystem.

$SOL is faced with one major problem, its outages which will likely be resolved as the platform has proposed new upgrades to its protocol.

$SOL has also rallied after taking a massive hit bringing its price below the $30 mark.

Source: Solana’s Hacker House is attracting developers to bring their projects and ideas to the network and expanding on its community of developers.

Cronus ($CRO) – $CRO is the native for the Cronus chain. Just like $ETH, $BNB, and $ADA, $CRO will have a major role to play in Decentralized Finance (DeFi) and Non-Fungible Token (NFT) protocols.

Source: Cronus chain is one of the leading smart contract platforms that is actively used for DeFi activities.

$CRO reached an all-time high of close to $1 and has a lot of potential if it can attract innovative projects to launch on its chain.

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