Monday Market Report | Oct 2 - 10, 2022
🦃 Happy Thanksgiving!
On this Thanksgiving, we want to share our genuine appreciation for our clients and our community, without whom none of this would have been possible. Wishing you all a happy and healthy Thanksgiving.
📢 Market Updates
➡️ Welcome to Uptober–Historically One of Bitcoin’s Best Months
➡️ Strong Jobs Data Will Test FED… And BTC Bulls’ Resolve
➡️ The European Union Agrees on Wording for Crypto Legislation MiCA
➡️ The SEC Settles with Kim Kardashian for EthereumMax Promotion
📻 Crypto News
➡️ Bitcoin Miner Argo Blockchain Raises $27M to Ease Liquidity Pressures - CoinDesk
➡️ Restaurant Industry Veteran Ben Leventhal Raises $11M for Web3 Startup - CoinDesk
➡️ Over 12,000 Brazil companies declare crypto holdings in record high - Cointelegraph
➡️ Bitcoin Hash Difficulty Rate to Increase Next Week – The Block
➡️ Mastercard launches new crypto fraud protection tool - Cointelegraph
➡️ California Moves Forward to Allow Vital Records to be Issued on Blockchain - Coindesk
➡️ SWIFT Partners With Crypto Data Provider Chainlink on Cross-Chain Protocol in TradFi Play - Coindesk
➡️ Financial Services Oversight Council (FSOC) Calls on Congress to Designate a Spot Crypto Regulator - CoinDesk
➡️ EU Council Approves MiCA text, Moves to Parliament for Vote– CoinTelegraph
➡️ CFTC’s Regulation by Enforcement Needs to Change, Commissioner Says - CoinDesk
➡️ What’s up? Polygon (MATIC)--10.6% w/w.
➡️ BTC: A new local (3-week) high to kick off the month, up 2.7% w/w.
➡️ ETH eeks out a modest 1.4% w/w gains. (We’ll take it, ty.)
➡️ XRP ends the week up 6.5%.
📊 Cryptocurrency Market Overview
Despite a very challenging 3rd quarter for most asset classes, Bitcoin eeked out 3.1% return. And while we wouldn’t go so far as to say that Bitcoin is at long last living up to its oft-touted inflation-hedge or store of value narrative–Yet!–it’s certainly moving in the right direction.
📈 Bitcoin Technical Analysis
➡️ Bitcoin continued its stair-stepping back up to $27,000 CAD levels–printing a new 3-week high on Oct 5th.
➡️ BTC’s most recent swing low on Sept 21st was $24,500. There is strong support at this level.
➡️ Over the last 17 days, higher highs and higher lows have emerged as a new range forming in a tight channel between immediate support at $26,000 and resistance at $29,500.
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🔐 Highest security
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📰 What We’re Reading
➡️ The Network State, A new book by Balaji Srinivasan - TheNetworkState.com
➡️ 3Q22 Review and Look Ahead - NYDIG
🎙️ What We’re Streaming
Disclaimer: This article is not intended to provide investment, legal, accounting, tax or any other advice and should not be relied on in that or any other regard. The information contained herein is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of cryptocurrencies or otherwise.