The G Code triple double is our weekly snap newsletter covering everything bitcoin, crypto, trading and G code community related. Each week we aim to cover 3 critical market insights and 2 coins we are keeping tabs on as well as share some trades our community have executed during the week. Please be very aware that anything written is not financial advice and simply provided for informational purposes.
This week we take a look at BTC price action and a few potential market movers with regard to the SEC and ETH beef, and news circulating around Visa and Mastercard.
Market insights this week:
As per the daily chart, the $25K resistance level for BTC has been a significant hurdle, and the 50-day moving average is currently providing support at $23K. If the bullish momentum continues, the price could test the $25K level again, and a break above it would be more probable. However, if the 50-day moving average is breached, the 200-day moving average at $20K could be the next zone we are looking at. The RSI indicator is also showing bullish momentum, indicating that the positive scenario may be more likely. The $22,500 support level successfully held the market after a rejection from $25K, and a drop below it could lead to a deeper pull back. For daily alpha and analysis be sure to follow the boss Don Pablo on Twitter.
If you have been scanning the news as of late you will be across the US Securities and Exchange Commission (SEC) beef with Ethereum, claiming that it may be a security following its recent conversion to Proof-of-Stake. Coinbase CEO Brian Armstrong warned that the regulator may seek to ban crypto protocols that support staking of Ethereum tokens for retail customers, potentially stifling innovation in the US. Armstrong's comments have caused concern among Ethereum holders, as a lawsuit against Ripple on similar grounds has dragged on for two years with no resolution. As covered by many so far Attorney John Deaton and other XRP proponents expect the SEC to settle its case against Ripple and that the judge would rule that the token is not a security. But we are still in unchartered waters here so be aware and stay across this news though our discord community.
Elsewhere, payment giants Visa and Mastercard have reportedly delayed plans to partner with crypto firms after a string of high-profile collapses in the industry rattled investors and increased regulatory scrutiny on the sector. Sources familiar with the matter said that both companies have decided to postpone the launch of certain products and services related to crypto until market conditions and the regulatory environment improve. However, both companies remain focused on the underlying blockchain technology and its potential to build more efficient systems. The delays are due to the uncertain regulatory environment for crypto and a decline in demand/interest for crypto services in the near term, according to investment firm Great Hill Capital.
Two DeFi projects we are keeping tabs on this week:
NEAR: Near Protocol has unveiled a product-focused operating system that will serve as a common platform for browsing and discovering Web 3 products such as NFT galleries, social networks and crypto exchanges, according to Illia Polosukhin, Near's co-founder. The framework is designed to work with any blockchain and offers developers decentralized and composable front-ends that can work with any back-end or wallet. Polosukhin said the platform hopes to tackle some of the user experience issues in the Web3 space by creating a single point of entry for users to access the products. Near Protocol is the 35th largest blockchain in terms of market capitalization, according to data from Messari. Definitely one to watch.
Pendle Finance: Pendle Finance has expanded its yield management services to the Arbitrum network, offering a cheaper way for users to access its services. The protocol, which splits yield-bearing assets into their two components, has partnered with decentralized exchange GMX to add support for its native asset. Pendle CEO TN Lee said the protocol helps to "unlock more utility for other ecosystems" by enabling yield tokenisation. Pendle previously offered its services on Ethereum and Avalanche, but the expansion to Arbitrum will offer users lower fees.
Up or down the peeps in our trading community on discord have been slaying this week!
Disred with a nice little scalp..
JG rolling a nice trade here..
Beardown held this nicely for a couple of days..