Bitcoin’s Rally in Doubt? – Chung’s Weekly Digest (4/17)

Economic uncertainties continue to weigh down the crypto market, but Bitcoin metrics are telling a different story.

Crypto Market Future

Bitcoin ($BTC) appears to be weighed down by the bleak global economic outlook as it struggles to stay above $45k. The general investors’ sentiment toward the equities market took a dip, and crypto-assets are no exception. 

Source: The Ukraine-Russian crisis threatens to reduce the global growth by up to 0.35 percentage point  

The $40k region has been an area of activity recently and will serve as a significant level of support. Bitcoin is still trading below the critical 21-day Moving Average (MA).   

Source: Bitcoin is now trading at the bottom of an ascending channel and will likely retest the $45k resistance 

If Bitcoin manages to break the ascending channel, the entire crypto market will flip bullish. Bitcoin on exchanges continues to be snapped up, and thin liquidity will likely give Bitcoin the push it needs. 

Source: Long term investors are not selling, and the liquid supply of Bitcoin is drying up at an accelerated pace

The Entity-Adjusted Dormancy Flow is now in the zone of ‘heavy opportunity.’ 

Source: The dormancy flow is used to gauge the market’s spending pattern and is often a very accurate metric used to predict the cyclical bottom

Weekly Recap

Grape Protocol offers users a seamless governance participation overview. 

Beefy Finance introduces wrapped $JOE

Anchor Protocol with be implemented on Cronos to attract more users. 

Binance Labs invests in Community Gaming. 

Cryptobank aims to bring cryptocurrency mainstream with P2P system

YooShi updates its website and prepares for DAO

Cameroon, Congo, and DRC move a step closer toward crypto adoption

Propy is bringing real estate properties to the NFT Marketplace. 

Binance increases its presence in the Middle East

Eth moves closer to PoS after successfully executing the first mainnet shadow fork

CZ speaks at the Paris Blockchain Week amidst rumors of a global Binance headquarters in France. 

Sony and Lego invest in Epic Games. 

SafeMoon tries to clear the air after two events that painted the project in a negative light. 

Duncan DeVille takes up two lead compliance positions with

Genies earned a $1 billion valuation for building avatars on Web3. 

Chainalysis partners Cronos

Cronos Name Service launches testnet beta

CyborgSwap introduces CyborgSwap Bank

Magic Eden hits an 8-figure milestone in $SOL volume. Capital invests in Elumia

FBI says Ronin heist linked to North Korea. 

Market Sentiment


Investors remain fearful as they are unable to shake off the fear of a looming threat of war in Ukraine. 

Investors are also fearful that the inflation crisis will cause the US Federal Reserve (Fed) to take more drastic measures. 

Source: TechDev points out that historically each time the HODL wave reaches an all-time high, Bitcoin has not seen new lows in price

However, the bullish outlook for the crypto market must be balanced with the possibility of a looming recession.

Many traders and investors are starting to treat crypto assets as tech stocks, regarded as risk-on assets. 

Coins to Watch

Polkadot ($DOT) – Polkadot is revolutionary because it enables a common set of validators to secure multiple blockchains and deliver scalability. 

It ranks fourth in terms of developers’ activities, ahead of other chains such as Elrond ($EGLD), Polygon ($MATIC), and Avalanche ($AVAX). 

Source: Polkadot continues to see activities on its network despite the price of $DOT taking a hit 

$DOT has fallen more than 66% from its all-time high and the success of this platform is largely dependent on the ability of its parachains to drive adoption. 

BNB  – $BNB is more than just an exchange token. It powers the BNB Chain

In order to improve on its tokenomics, BEP-95 was introduced to decrease the total $BNB supply. 

$BNB will likely see better days ahead as regulatory clout is expected to clear as governments worldwide are starting to warm up to crypto assets. 

$BNB’s utility on the larget crypto exchange cannot be underrated. There will be strong demand for $BNB because it can be used to pay for transactions on the Binance crypto exchange platform.  

Terra ($LUNA) – $LUNA is the collateral used to mint $UST. The biggest decentralized stablecoin in the crypto ecosystem.  

$UST’s market cap has continued to climb steadily, which means, $LUNA is burned for every $UST stablecoin that was minted. 

$UST now has a market cap of $17.3 billion. 

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