Pioneers in Asia: Bitcoin and Ethereum have a quiet weekend

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Good morning. This is what happened this morning:

Market trend: Bitcoin and Ethereum traded stable during the weekend, while luna soared to near historical highs.

Views of technical staff: Given the negative momentum on the weekly chart, short-term BTC purchases may be restricted.

Watch the latest episodes of CoinDesk TV Insightful interviews and analysis of leaders in the encryption industry.

price

Bitcoin (Bitcoin): USD 46,888-0.1%

Ether (Ethereum): $3,938 -0.7%

market

S&P 500 Index: US$4,620-1%

Dow Jones Industrial Average: 35,365 USD-1.4%

Nasdaq: 15,169 USD-0.07%

Gold: 1,798 USD-0.03%

Market trend

After the uncertainty earlier this week, the crypto market was basically calm over the weekend, including the U.S. Central Bank’s final decision to withdraw its pandemic stimulus measures and concerns about the omicron variant of the coronavirus. .

BitcoinAt the time of publication, the trading price of the #1 cryptocurrency by market capitalization was approximately US$47,000. Bitcoin trading volume on major centralized exchanges was very low over the weekend.

Although the prices of Bitcoin and Ether were roughly the same over the weekend, some alternative cryptocurrencies (altcoins) showed major positive and negative moves. The price of Avalanche (AVAX) has fallen by 7% in the past 24 hours, while terra (Luna) It hit a high of $77.2 on Sunday-it just fell back from the all-time high in early December.

With the opening of the traditional market on Monday, investors, including cryptocurrency investors, will continue to pay attention to how Europe and the United States light up might affect Global economic activity.

Technician take

As momentum slows, Bitcoin’s resistance is between $50,000 and $55,000

Despite signs of short-term support on the chart, Bitcoin (BTC) sellers are still active.

The cryptocurrency is trading near its 200-day moving average and is currently at $46,000, which has been roughly flat over the past week. Given the strong resistance between US$50,000 and US$55,000, upside seems limited.

On the daily chart, Bitcoin has shown a downward depletion signal, which indicates that the price may rebound in the short term. Relative Strength Index (Relative Strength Index) Is also oversold, which usually precedes price increases, similar to what happened in late September.

Nevertheless, the loss of upward momentum on the weekly chart is still worrying. The failure of multiple attempts at close to the historical high of $69,000 indicates that the broader upward trend is weakening. Assuming that buyers cannot maintain the current level of support, BTC is at a critical moment and is still vulnerable to another 20% price drop.

Important event

12:01 am HGT/SGT (8:01 am UTC): UK right-shift house price index (December year-on-year/monthly)

9:30 am HGT/SGT (1:30 am UTC): The People’s Bank of China interest rate decision

9:30 pm HGT/SGT (1:30 pm UTC): Australia’s mid-year economic and fiscal outlook

CoinDesk TV

If you missed it, here is the latest episode “The first one to move” exist CoinDesk TV:

Crypto market downturn, Silicon Valley playbook and the arrival of Web 3

The “Forerunner” host talked with Bloomberg reporter and author of “Contrarian Investor” Max Chafkin about the evolution of Silicon Valley and the arrival of Web 3. Fred Pye, CEO of 3IQ, shared market insights because today’s Bitcoin transactions are lower. In addition, Metaverse Real Estate sees more growth on blockchains other than Ethereum? Irina Karagyaur, Head of Metaverse Growth at Unique Network, shared her views.

The latest headlines

Due to the difficulty of finding data, the Bank of England will strengthen negotiations on cryptocurrency rules: report: International cooperation is needed to gather the information needed to assess the encryption risks of the global financial system.

Polkadot Parachain is online, completing several years of technical construction for ambitious blockchain projects: The first five parachains are Acala, Moonbeam, Parallel Finance, Astar and Clover.

Justin Sun retires from Tron-but not encryption: The founder of Tron is becoming the ambassador of the Grenada government to the World Trade Organization.

The co-founder of Reddit used Polygon to create a $200 million plan for Web 3 and social media: Polygon will provide the infrastructure for the projects supported by the program.

Saylor of MicroStrategy proposed a way for companies to generate revenue from their large Bitcoin holdings: The CEO discussed several ways in which software companies can generate revenue from the 122,478 bitcoins on the balance sheet.

The financial stability organization warned of the risks of stablecoins and DeFi in its annual report: The top financial system regulator in the United States highlighted the growing risks of cryptocurrency in its annual stability report.

Longer reading:

Encryption is the biggest factor that has changed culture since hip-hop: A child in the 90s reflects on how a rapper who broke tradition changed the world. And what is the energy in Web 3 now.

Today’s encryption interpreter: What makes the price of Bitcoin rise… or fall?

Other voices: Thanks Bitcoin! How does it work? (New Yorker)

Speak and hear

“I never thought this would happen in my lifetime,” Davis said of NFT technology and its huge benefits to generative art. “I think the next generation may find a way to discover the value of digital art. I never thought that digital art would be regarded as something that can specify provenance, collectibility, and scarcity.” (David Z. Morris of CoinDesk cites Joshua Davis)…In this emerging field, constant evangelism has become the standard of the curriculum—the utopian promise of a more democratic Internet—may be annoying to laymen. Such a cute Mark Zuckerberg is now closely related to the idea of ​​”meta universe” or the dominant aesthetics surrounding irreplaceable tokens, which is of no avail (think: the cartoon grotesque of the Boring Ape Yacht Club and its derivatives) has become a cryptocurrency A joke outside. (Will Gottsegen / CoinDesk)…”The government is usually a few steps behind criminals in terms of innovation and technology. This will not appear in your basic training.” But he predicts that in three to five years, “the manual will be edited and updated, This is how you do encrypted tracking, and this is how you handle encrypted seizures.” (CNBC quoted former federal cybercrime prosecutor Jud Welle as saying)

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