Crypto Market Daily Highlights – MATIC and XRP Fall on Genesis News

Key Insights:

  • It was a bearish Wednesday session for the crypto top ten, with polygon (MATIC) leading the way.
  • News of Genesis Trading freezing redemptions reignited contagion fear, with a bearish NASDAQ Index session adding to the negative mood.
  • The crypto market cap fell by $12.5 billion to end the day at $790.3 billion.

It was a bearish Wednesday session for the crypto top ten. Polygon (MATIC) led the way down. BTC fell for the eighth session in eleven. Notably, BTC ended the day at sub-$17,000 for the sixth time since 2020.

News of Genesis Trading suspending redemptions and new loan originations reignited contagion fear. Genesis follows BlockFi and Liquid, who froze withdrawals due to the collapse of FTX.

However, the market reaction to the news was relatively muted when considering the increased risk of more platforms to follow. On Wednesday, Binance CEO CZ looked to calm market jitters by providing an update on the recovery fund. The Binance CEO said,

“There are players that have strong financials and we should band together; we’ve got significant interest so far.”

However, details remained scarce, with the Binance CEO holding back details of interested parties.

Looking beyond the crypto market, the NASDAQ Composite Index fell by 1.54%, adding further pressure on the crypto market. US retail sales figures failed to provide support, despite an unexpected 1.3% jump in spending.

Micron Tech (MU) weighed on the NASDAQ on chip supply and capital spending updates. Target Corp (TGT) added to the bearish sentiment, forecasting weak sales for the holiday quarter.

NASDAQ correlation.
Total Market Cap – NASDAQ – 171122 5 Minute Chart

Crypto Market Slides on Genesis News and NASDAQ Pullback

It was a bearish Wednesday session. The crypto market rose to an early high of $813.2 billion before sliding to a low of $775.1 billion.

Contagion fear resurfaced to reverse gains from the previous two sessions.

While recovering from sub-$780 billion, the market cap fell by $12.5 billion to end the day at $790.3 billion. The Wednesday slide left the market cap down $179 billion in November.

Crypto market falls back to sub-$800 billion.
Total Market Cap 171122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Wednesday session for the crypto top ten.

MATIC led the way down, sliding by 4.20%, with ETH (-2.92%) and XRP (-3.35%) struggling.

ADA (-1.48%), BNB (-1.81%), BTC (-1.37%), and DOGE (-1.72%) also saw red.

From the CoinMarketCap top 100, it was a mixed session.

Trust wallet token (TWT) led the way, rallying by 11.90%. Aptos (APT) and chiliz (CHZ) were also among the front runners, rising by 3.69% and 6.06%, respectively.

However, maker (MKR) led the way down, falling by 6.46%, with kava (KAVA) and cronos (CRO) seeing losses of 4.51% and 4.34%, respectively.

24-Hour Liquidations Hold Steady Despite Bearish Session

Over 24 hours, total liquidations held at below-usual levels despite contagion fear resurfacing. At the time of writing, 24-hour liquidations stood at $62.13 million versus $69.38 million on Wednesday morning.

Liquidated traders over the last 24 hours also held steady. At the time of writing, liquidated traders stood at 28,735 versus 27,924 on Wednesday morning. Liquidations were down over 12 hours while up over four hours and one hour.

Crypto liquidations hold steady.
Total Crypto Liquidations 171122

According to Coinglass, 12-hour liquidations fell from $41.79 million to $38.35 million. However, four-hour liquidations rose from $2.78 million to $5.59 million, with one-hour liquidations up from $0.444 million to $3.02 million.

The chart below shows market conditions throughout the session.

Crypto market finds late support.
Total Market Cap 171122 Hourly Chart

Crypto Market Daily Highlights – XRP Leads Binance-Fueled Rebound

Key Insights:

  • It was a bullish Monday session for the crypto top ten, with XRP leading the way.
  • Contagion fear subsided following news of Binance’s plans to launch a crypto recovery fund to aid projects impacted by the FTX collapse.
  • The crypto market cap rose by $10.5 billion to end the day at $793.0 billion.

It was a bullish Monday session for the crypto top ten. XRP led the way, with BTC rising for the second session in nine. Notably, BTC ended the day at sub-$17,000 for the fourth time since 2020.

Market angst over the demise of FTX continued to weigh on investor sentiment early in the day. However, news of Binance launching a crypto recovery fund supported a sharp market rebound. The recovery fund eased contagion fear. With the crypto market at sub-$800 billion, buying demand was strong.

However, the markets will likely need more details to support a sustained recovery of last week’s losses. The crypto market continued to decouple from the NASDAQ Composite Index, which ended the day with a 1.12% loss.

Mixed policy signals from the Fed left the NASDAQ on the back foot ahead of today’s wholesale inflation figures. This morning, the NASDAQ Mini was up 36 points.

NASDAQ decoupling.
Total Market Cap – NASDAQ – 151122 Daily Chart

Crypto Market Jumps on News of the Binance Recovery Fund

It was a bullish Monday session. The crypto market fell to an early low of $753 billion before finding support. On the news of Binance announcing the launch of a crypto recovery fund, the market cap surged to a high of $817.7 billion before easing back.

On Monday, the market cap increased by $10.5 billion to $793.0 billion. However, the market was down $180 billion in November.

Crypto market cap at sub-$800 billion.
Total Market Cap 151122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bullish Monday session for the crypto top ten.

XRP led the way, rallying by 10.8%, with MATIC ending the day up by 3.1%.

ADA (+0.9%), BNB (+0.9%), BTC (+1.7%), DOGE (+1.2%), and ETH (+1.8%) saw relatively modest gains.

From the CoinMarketCap top 100, it was a mixed session.

Trust wallet token (TWT) and synthetix (SNX) led the way, rallying by 17.6% and 15.2%, respectively. Cronos (CRO) was also a front-runner, gaining 10.3%.

However, convex finance (CVX) led the way down, sliding by 7.1%. EthereumPoW (ETHW) and casper (CSPR) fell by 2.8% and 4.0%, respectively.

24-Hour Liquidations Rise on Unexpected Crypto Market Rebound

Over 24 hours, total liquidations increased in response to the unexpected news of Binance launching a recovery fund. At the time of writing, 24-hour liquidations stood at $167.33 million, up from $121.58 million on Monday morning.

Liquidated traders over the last 24 hours slipped, however. At the time of writing, liquidated traders stood at 66,235 versus 68,578 on Monday morning. Liquidations were down over 12 and four hours while up over one hour.

Crypto liquidations rise on unexpected market rebound.
Total Crypto Liquidations 151122

According to Coinglass, 12-hour liquidations fell from $74.59 million to $63.02 million, with four-hour liquidations down from $43.56 million to $13.20 million. One-hour liquidations increased from $3.43 million to $4.13 million, reflecting a bullish end to the day.

The chart below shows market conditions throughout the session.

crypto market finds late support.
Total Market Cap 151122 Hourly Chart

Crypto Market Daily Highlights – MATIC and XRP Slide in FTX Woes

Key Insights:

  • It was a bearish Sunday session for the crypto top ten, with MATIC and XRP leading the way down.
  • Contagion fear stemming from the collapse of FTX continued to weigh on investor sentiment.
  • The crypto market cap fell by $20.6 billion to end the day at $782.5 billion.

It was a bearish Sunday session for the crypto top ten. MATIC and XRP led the way down, with BTC falling for the seventh session in eight. Notably, BTC ended the day at sub-$17,000 for the third time since 2020.

FTX updates continued to impact investor sentiment, with news of an FTX hack adding further downward price pressure.

For a market looking to restore confidence, reports of Crypto.com sending 320,000 ETH to the wrong wallet address added to the bearish mood.

Crypto.com CEO Kris Marszalek addressed the issue on Twitter, saying,

“The ETH transfers that generated so much FUD & speculation on Twitter today were made over three weeks ago, on October 21st to Crypto.com’s whitelisted corporate account at Gate.io.”

Kris went on to say,

“In this particular case, the whitelisted address belonged to one of our corporate accounts in a third-party exchange instead of our cold wallet. We have since strengthened our process and systems to better manage these internal transfers.”

The Crypto.com CEO added,

“That’s all there is to it. All our systems are operating normally.”

This morning, the crypto market was back in negative territory as contagion fear continued to grip the market. Contagion fear will likely lead to a further decoupling from the NASDAQ Composite Index.

NASDAQ decoupling likely to continue.
Total Market Cap – NASDAQ – 141122 Daily Chart

Crypto Market Slides to Sub-$800 billion Over FTX Turmoil

It was a bearish Sunday session. The crypto market rose to an early high of $816.5 billion before sliding to a low of $773.7 billion. However, finding late support, the crypto market revisited $786 billion before easing back.

On Sunday, the market cap fell by $20.6 billion to $782.5 billion for the session. For the week, the market tumbled by $199.5 billion.

Crypto market slides back to sub-$800 billion.
Total Market Cap 141122 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a bearish Sunday session for the crypto top ten.

MATIC and XRP led the way down, with losses of 5.4% and 6.1%, respectively.

ADA (-3.0%), BNB (-2.2%), BTC (-2.8%), DOGE (-3.5%), and ETH (-2.9%) also struggled.

From the CoinMarketCap top 100, it is a bearish session.

Trust wallet token (TWT) led the way, rallying by 33.2%, with Axie Infinity (AXS) and GMX (GMX) seeing gains of 8.0% and 4.2%, respectively.

However, FTX token (FTT) led the way down, sliding by 29.4%. Cronos (CRO) and chiliz (CHZ) were among the worst performers, falling by 15.3% and 7.0%, respectively.

24-Hour Liquidations Jumped in Response to Market Cap Fall to Sub-$800bn

Over 24 hours, total liquidations jumped as investors responded to the latest FTX news. At the time of writing, 24-hour liquidations stood at $121.58 million, up from $56.08 million on Sunday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 68,578 versus 31,145 on Sunday morning. Liquidations were up over 12 and four hours and over one hour.

Crypto liquidations rise.
Total Crypto Liquidations 141122

According to Coinglass, 12-hour liquidations rose from $11.96 million to $74.59 million, with four-hour liquidations up from $2.65 million to $43.56 million. One-hour liquidations increased from $0.334 million to $3.43 million, reflecting a bearish turn of the day.

The chart below shows market conditions throughout the session.

Bearish sentiment continues into Monday.
Total Market Cap 141122 Hourly Chart

Crypto Market Daily Highlights – DOGE Leads Bullish Top Ten Session

Key Insights:

  • It was a mixed Friday session for the crypto top ten, with DOGE leading XRP and SOL.
  • The crypto market decoupled from the NASDAQ 100 for a second consecutive session, despite fears of a global recession.
  • The total crypto market cap rose by $1.16 billion to $905.6 billion.

It was a mixed Friday session for the crypto top ten. DOGE led the way, with XRP and SOL close behind. However, BTC bucked the top ten trend to join the NASDAQ in the red. Significantly, BTC fell short of $20,000 for a fifth consecutive session.

The breakout session for DOGE came on news of a jump in DOGE addresses holding between 100 million and 1 billion over 7-days. Investors also responded favorably to Ethereum co-founder Vitalik Buterin saying that Dogecoin should move to the Proof-of-Stake (PoS) protocol.

For the broader crypto market, better-than-expected US private sector PMI numbers initially sent the market into the red before a post-stat rebound.

In September, the Manufacturing PMI rose from 51.5 to 51.8, with the Services PMI up from 43.7 to 49.2. Significantly, the numbers showed the US economy diverging from the Eurozone and the UK economies. The US composite PMI rose from 43.7 to 49.2. By contrast, the Eurozone composite fell from 48.9 to 48.4 and the UK composite from 49.6 to 48.4.

Weakening currencies amidst a gloomy economic backdrop may have fueled demand for cryptos as the Dollar’s dominance strengthens.

However, despite the better-than-expected US PMIs, the NASDAQ 100 fell by 1.80%. PMIs from the Eurozone and the UK raised fears of a global recession. The weak numbers and central banks committed to bringing inflation to target remain the bearish theme, which could thaw the crypto market out of the Crypto Winter.

NASDAQ decoupling.
Total Market Cap – NASDAQ – 240922 5 Minute Chart

Crypto Market Decouples from the NASDAQ for a Second Session

On Friday, the crypto market cap rose to a pre-Eurozone and member state PMI high of $921.21 billion. The PMIs from Europe and the US sent the crypto market cap to a low of $870.6 billion before a late rebound.

Market reaction to PMIs.
Total Market Cap 240922 Hourly Chart

On Friday, the crypto market cap increased by $1.16 billion to $905.64 billion. However, the crypto market was down $48 billion for September.

Crypto market cap rises for a second session.
Total Market Cap 240922 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It was a mixed Friday session for the crypto top ten.

DOGE led the way, rallying by 6.31%, with XRP and SOL seeing gains of 4.66% and 5.76%, respectively.

ADA (+0.87%), BNB (+0.47%), and ETH (+0.03%) also ended the day in positive territory, while BTC bucked the trend, falling by 0.59%.

From the CoinMarketCap top 100, it is a bullish session.

Reserve Rights (RSR), Cronos (CRO), and Helium (HNT) led the way. RSR rallied by 14.37% to join the top 100, with CRO and HNT seeing gains of 13.68% and 8.89%, respectively.

However, UNUS SED LEO (LEO) led the way down, sliding by 14.07%, with Toncoin (TON) and Terra Classic (LUNC) falling by 8.08% and 10.32%, respectively.

24-HourCrypto Liquidations Rise on Recession Fears

Over 24 hours, total liquidations increased despite the crypto market decoupling from the NASDAQ 100 for a second session.

At the time of writing, 24-hour liquidations stood at $147.92 million, up from $110.35 million on Friday morning.

Liquidated traders over the last 24 hours also increased. At the time of writing, liquidated traders stood at 63,896, up from 38,827 on Friday morning.

Liquidations over four and twelve hours were up, while one-hour liquidations decreased.

Crypto liquidations rise.
Total Crypto Liquidations 240922

According to Coinglass, 12-hour liquidations stood at $81.53 million, up from $65.30 million on Friday morning, with four-hour liquidations rising from $24.70 million to $32.29 million. However, one-hour liquidations decreased from $6.44 million to $4.52 million, reflecting late support. The chart below shows market conditions throughout the session.

Crypto market steadies in the final hour.
Total Market Cap 240922 Hourly Chart

Crypto.com Calls South Korea an “Important Market,” Gets Regulatory Nod

Key Insights:

  • Crypto.com has secured digital assets service provider license from South Korea.
  • The crypto platform announced acquisitions of PnLink Co. and OK-BIT Co.
  • South Korea is one of the most crypto-active countries, with users of around 5.58 million or 10% of the population.

Crypto.com has announced the completion of two key registrations in South Korea, a move it believes could recover the crypto market’s nosedive.

The cryptocurrency platform has secured the country’s Electronic Financial Transaction Act and Virtual Asset Service Provider (VASP) registration in what it calls an “important market.”

The Electronic Financial Transaction Act aims to ensure the safety and reliability of all e-financial transactions. It sets a high regulatory bar, and the approval reflects the nation’s stringent anti-money laundering rules.

Additionally, in December 2021, the Korea Financial Intelligence Unit (KFIU) made it mandatory for all VASPs to register their business to provide crypto services targeting Koreans.

Two Significant Acquisitions

The registration comes after Crypto.com, with the native token Cronos (CRO), announced securing two Korean-based firms – payment service provider ‘PnLink Co. Ltd.’ and virtual asset service provider ‘OK-BIT Co. Ltd.

The company noted the acquisition as “another key regulatory milestone,” following its recent in-principle approval from the Monetary Authority of Singapore and virtual asset license (provisional approval) from the Dubai Virtual Assets Regulatory Authority (VARA).

Announced during the Korea Blockchain Week 2022, which kickstarted Sunday in the capital city of Seoul, Eric Anziani, the COO of Crypto.com, discussed the company’s plans for South Korea after securing payment and crypto registrations.

According to Kris Marszalek, co-founder, and CEO of Crypto.com, this is a critical move in an “important market” like South Korea, one of the most crypto-active countries in Asia.

“We are committed to working with regulators to continue to bring our products and services to market, particularly in countries like South Korea where consumers have shown strong interest and adoption of digital currencies.”

The company is also eyeing to further its Web3 ecosystem and advance blockchain technology, Patrick Yoon, general manager for the South Korean arm of Crypto.com, noted.

Furthermore, Anziani told Bloomberg that the company is working with partners in South Korea who are at the forefront of gaming and entertainment.

South Korea Recovers After Terra’s Blow

The algorithmic stablecoin Terra (LUNA) ecosystem’s rise and fall has taken a toll on the entire crypto space globally, particularly in South Korea, the birthplace of its creator – Do Kwon.

Kwon faced legal troubles in South Korea, following which the country’s ruling party announced the launch of a new Digital Asset Committee to oversee the crypto industry in the country.

The nation has thus joined jurisdictions worldwide in pushing for more crypto oversight following TerraUSD (UST) collapse.

Since then, South Korea has made efforts to ensure that investors in cryptos and stablecoins are better protected.

According to a study in March by the Financial Service Commission, South Korea’s crypto assets market has grown multifold – to 55.2 trillion won ($45.9 billion) as of end-2021, and the number of Korean users amounting to nearly 5.58 million or 10% of the population.

This is why crypto firms and service providers flock to South Korea, which has high crypto-friendly rules. Additionally, the country has postponed its plans to tax crypto earnings to 2025, making the environment more conducive to crypto players.

Top 3 Trending Coins: BNB Surges Above $300, CRO Reverses Abruptly Lower From $0.16 Resistance

Key Points

  • BNB is the best top 50 crypto performer, having surged convincingly above $300 on Thursday.
  • Bitcoin is trading flat just under $23,000 ahead of key US data though one indicator is pointing to a bottom.
  • Cronos is the worst performing top 50 crypto, having reversed sharply lower from key $0.16 resistance.

Binance Coin (BNB) Breaks Convincingly Above $300, Eyes Push Towards $340

BNB, the native token that powers the Binance Smart Chain blockchain, broke convincingly above the $300 per token level on Thursday and was last changing hands just under $305. According to CoinMarketCap, the cryptocurrency was last up around 3.5% in the last 24 hours, making it one of the best performing cryptocurrencies in the top 50 by market capitalization.

BNB has rallied over 7.0% in the past two sessions and has now left its 100-Day Moving Average at $280 in the dust. The cryptocurrency is now about 66% higher versus its mid-June lows under $200 per token. The cryptocurrency maintains excellent bullish momentum and the BNB bulls are likely looking for a near-term test of resistance in the form of late-May highs and its 200DMA in the $340 area in the near future.

BNB/USD
BNB/USD rallies above $300. Source: FX Empire

Binance CEO Changpeng Zhao Acknowledges New BNB/BTC All-time High

BNB, the token that powers the Binance Smart Chain, hit a new record high against Bitcoin hit a fresh record high above 0.013 BTC on Wednesday and has since surged above 0.01325 BTC. The crypto cross is over 60% up versus its May lows near 0.008 BTC and has now risen over 1150% since its early 2020 lows just above 0.001 BTC.

Binance CEO Changpeng Zhao acknowledged the new all-time high versus Bitcoin in a tweet showing a screenshot of the BNB/BTC cross that he was sent in a chat. Implying that he is not prone to regularly checking the BNB price, he said in the tweet that “This is how I find out. In chats… from a person I have never met in person, no less.”

Bitcoin (BTC) Flatlines Just Under $23K Ahead of US Jobs Data

Bitcoin, the world’s largest cryptocurrency by market cap, was last trading nearly bang on flat on Thursday slightly below the $23,000 level, but still above its 21DMA near $22,600. Though the cryptocurrency posted a sixth successive negative close on Wednesday, it has only pulled back around 7.0% from last week’s highs in the mid-$24,000s.

Meanwhile, Bitcoin continues to trade over 10% higher versus last week’s sub-$21,000 lows. The cryptocurrency still looks to be in a gradual uptrend that has supported the price action since mid-June’s lows under $18,000. Bulls will thus be eyeing a retest of recent highs in the mid-$24,000s at some point. But some technicians have warned that Bitcoin has formed a bearish flag, a break below which could trigger another drop back under $20,000.

BTC/USD
BTC/USD forming a bearish flag? Source: FX Empire

Bitcoin Mining Difficulty Ribbon Compresses, Indicating Miner Capitulation and Acting as Buy Signal

The Bitcoin mining difficulty ribbon, which tracks moving averages of short to long-term mining difficulty, has compressed/inverted for the first time in a year. According to crypto data analytics firm Glassnode, this has previously been a signal that a bear market is ending.

Compression of the Bitcoin mining difficulty ribbon indicates that there has been significant miner capitulation, which occurs when miners reduce output and are forced to sell coins in order to fund their operational costs.

According to Markus Thielen, chief investment officer at IDEG Asset Management, “The bitcoin ribbon data set has historically proven to be an optimal entry point indicator and I believe this time it will show its predictive power again”. “We are also entering the 18-month pre-bitcoin-halving period – a time window where bitcoin prices tended to boom out,” he added.

Cronos (CRO) Reverses Sharply Lower From $0.16 Resistance

According to CoinMarketCap, Cronos is the worst performing cryptocurrency of the last 24 hours in the top 50 by market cap, having shed a little over 3.5% in value. CRO was last trading in the low-$0.14s per token, having reversed abruptly lower from a test of the key $0.16 resistance area earlier this week.

CRO/USD
CRO/USD reverses back sharply from $0.16 resistance. Source: FX Empire

Crypto.com Partners with South Korea’s Fantagio in KPop Move

Key Insights:

  • Crypto.com native token Cronos (CRO) slid by 4.63% on Wednesday, with the downside coming despite CRO hitting $0.16.
  • The Wednesday sell-off started earlier than the broader market, with investors locking in profits from the Tuesday session.
  • Technical indicators are bullish, with CRO sitting above the 50-day EMA.

On Wednesday, Crypto.com native token Cronos (CRO) slid by 4.63%. Partially reversing a 9.32% rally from Tuesday, CRO ended the day at $0.1443.

A bullish start to the day saw CRO surge to a day high of $0.1601 before hitting reverse. Coming up against the First Major Resistance Level (R1) at $0.1602, CRO slid to a low of $0.1435.

Despite the extended sell-off, CRO steered clear of the major support levels to end the day at $0.1443.

CRO was unresponsive to upbeat macroeconomic data from the US, positive corporate earnings, or the NASDAQ 100, which ended the day up 2.59%.

Network news updates delivered a first visit to $0.16 since June 11. On Monday, Crypto.com announced a Cronos Chain mainnet upgrade, which has contributed to the breakout from an August 1 low of $0.1354.

Leading Crypto Exchange Crypto.com Signs MOU with KPop’s Fantagio

On Wednesday, news hit the wires of Crypto.com signing a Memorandum of Understanding (MOU) with KPop entertainment company Fantagio.

Fantagio reportedly said,

“We have signed a business agreement with Crypto.com for NFT collaboration. We will step into the NFT market as soon as possible through collaboration with Crypto.com.”

The latest news quashes recent rumors of Crypto.com succumbing to the crypto winter. In early July, the crypto rumor mill was flooded with talk of Crypto.com being the next crypto giant to topple.

At the time, Crypto.com CEO Kris Marszalek turned to social media to address rumors of a possible change to withdrawal policy.

Addressing Crypto.com users on Twitter, Kris tweeted,

“Our withdrawal policy is the same as it always was, we didn’t implement any new restrictions.”

The Crypto.com CEO went on to say,

“People are free to FUD all they want, but this doesn’t change the facts: Crypto.com will be a top 5, maybe even top3 crypto platform globally by revenue this year. Only two other players have a higher user count than us.”

In May, Cronos (CRO) tumbled as investors responded to Crypto.com updates on staking rewards. Shortly after the announcement, the exchange u-turned on the decision. The damage was done, however, with CRO well below levels seen after the announcement.

While Crypto.com has faced adversity, the exchange is active in building brand awareness. Crypto.com has strong ties with the National Basketball Association (NBA), Formula 1, the National Football League (NFL), and soccer globally.

CRO Price Action

At the time of writing, CRO was up 0.62% to $0.1452.

A mixed start to the day saw CRO fall to an early low of $0.1439 before rising to a high of $0.1469.

CRO finds early support
CROUSD 040822 Daily Chart

Technical Indicators

CRO will need to move through the $0.1493 pivot to target the First Major Resistance Level at $0.1551.

Broader market sentiment would need to improve to support a return to $0.15.

In the event of an extended rally, CRO should test the Second Major Resistance Level at $0.1659 and resistance at $0.17. The Third Major Resistance Level sits at $0.1825.

Failure to move through the pivot would leave the First Major Support Level at $0.1385 in play. Barring another extended sell-off throughout the day, CRO should avoid sub-$0.13. The Second Major Support Level at $0.1327 should limit the downside.

The Third Major Support Level sits at $0.1161.

CRO pivot level key
CROUSD 040822 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) send a bullish signal.

At the time of writing, CRO sat above the 50-day EMA, currently at $0.1452.

This morning, the 50-day EMA pulled away from the 100-day EMA. The 100-day EMA also broke away from the 200-day EMA, both were CRO price positives.

A hold above the 50-day EMA would support a return to $0.15 levels to target the Major Resistance Levels.

However, a slide through the 50-day EMA would bring S1 and the 100-day EMA, currently at $0.1350, into play.

EMAs bullish
CROUSD 040822 4-Hourly Chart

Crypto Market Daily Highlights – SOL Falls While Optimism (OP) Surges

Key Insights:

  • It is a mixed Wednesday session for the crypto top ten, with Solana (SOL) in the red to buck the top ten trend.
  • Geopolitics took a back seat as investors responded to upbeat US economic indicators and corporate earnings.
  • The Wednesday bullish session sees the total crypto market cap ending a four-day losing streak, with the market cap rising by $14 billion.

It is a mixed Wednesday session for the crypto top ten. Bitcoin (BTC) fails to revisit the $24,000 handle for the third consecutive session, while SOL suffers at the hands of a Solana wallet heist.

A busier day on the economic calendar provided the crypto market with direction. While geopolitics remained a focal point following Nancy Pelosi’s Taiwan visit, US economic indicators eased fears of a US recession.

In July, the ISM Non-Manufacturing PMI unexpectedly rose from 55.3 to 56.7. Economists forecast a PMI of 53.5. With services accounting for more than 70% of the US economy, the numbers delivered the FOMC hawks a reason to skew towards a 75% basis point rate hike in September.

US corporate earnings also delivered market support and a NASDAQ 100 breakout session. PayPal (PYPL) jumped by 9.25% on a rosy earnings forecast, supporting the NASDAQ 100’s 2.59% rally.

US corporate earnings have influenced the crypto market this earnings season. Crypto investors showed sensitivity to earnings results and outlooks from Amazon.com (AMZN), Apple Inc. (AAPL), Microsoft (MSFT), and Walmart (WMT).

NASDAQ influences
Total Market Cap – NASDAQ – 040822 5 Min Chart

The Total Crypto Market Cap Aims to End Four Day Losing Steak

On Wednesday, the total crypto market cap slid to a day low of $1,023 billion before rising to a high of $1,074 billion.

However, another bearish end to the session sees the market cap back down to $1,054 billion. The total crypto market cap is up $14 billion, reducing the August deficit to $5.7 billion.

Crypto market ends 4-day losing streak
Total Market Cap 040822 Daily Chart

A shift in market focus away from the US-China tensions to US economic indicators and corporate earnings delivered the boost. Cybercriminal activity failed the dampen the mood, despite the news of several attacks hitting the crypto wires.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Wednesday session for the crypto top ten.

BNB is up 6.41% to lead the way, with ADA (+2.62%) a distant second.

BTC (+1.07%), DOGE (+1.31%), ETH (+0.24%), and XRP (+0.81%) also find support.

SOL bucks the trend, falling by 0.73%.

From the CoinMarketCap top 100, it is a mixed session.

Optimism (OP), Lido DAO (LDO), and Stacks (STX) are among the front runners.

OP is up 35.77%, with LDO and STX gaining 16.29% and 8.16%, respectively.

At the other end of the table, Cronos (CRO), Oasis Labs (ROSE), and yearn.finance (YFI) are among the biggest losers. CRO is down 5.38%, with ROSE and YFI falling by 3.17% and 3.03%, respectively.

Total Crypto Liquidations Ease Back in Positive Crypto Session

24-hour liquidations are declining ahead of the Thursday session, reflecting improving crypto market conditions. A pullback in 24-hour liquidations coincides with the crypto market ending the four-day losing streak that saw BTC fall back to the $22,600 handle before finding support.

At the time of writing, 24-hour liquidations stand at $120 million, down from $208 million on Wednesday morning.

Liquidated traders declined over the last 24 hours. At the time of writing, liquidated traders stand at 43,241 versus 78,905 on Wednesday morning.

While four-hour liquidations also signal steadying market conditions, one-hour liquidations reflect the late crypto pullback.

Crypto liquidations ease
Total Crypto Liquidations 040822

According to Coinglass, four-hour liquidations stand at $13.04 million versus $37.01 million on Wednesday morning. One-hour liquidations are down from $5.39 million to $3.88 million, while up from Tuesday’s $1.28 million (see hourly crypto market cap chart below).

Market caps slips
Total Market Cap 040822 Hourly Chart

Daily News Highlights

  • Solana (SOL) became the victim of a “multimillion dollar heist.”
  • New York regulator slapped Robinhood (HOOD) with a $30 million fine.
  • Nomad Bridge hackers returned $9 million in USDT and USDC after a $190 million exploit.

Crypto Market Daily Highlights – Bearish Session Sinks SOL and ADA

Key Insights:

  • It was a mixed session for the crypto top ten, with Solana (SOL) leading the way down.
  • A quiet day on the economic calendar left geopolitical risk to weigh on risk sentiment, leaving the NASDAQ 100 down by 0.16%.
  • The Tuesday mixed session saw the total crypto market cap fall for a fourth consecutive day, with $11.6 billion coming off the table.

It was a mixed Tuesday session for the crypto top ten. Bitcoin (BTC) failed to revisit the $24,000 handle for the second consecutive session. The bearish start to August saw ADA and SOL lead the way down.

There were no cues for the crypto market, leaving investors to continue considering weak US economic indicators. Following a string of weak economic indicators, US job openings disappointed on Wednesday. The numbers came ahead of the all-important nonfarm payroll figures on Friday.

Adding to the market angst on Tuesday was the speaker of the House Nancy Pelosi’s Taiwan visit, which could strain relations between the US and China.

The NASDAQ 100 slipped by 0.16%, while the S&P500 and the Dow saw heavier losses of 0.67% and 1.23%, respectively.

NASDAQ correlation
Total Market Cap – NASDAQ – 030822 5 Min Chart

The Total Crypto Market Cap Falls for a Fourth Day in a Row

On Tuesday, the total crypto market cap slid to a day low of $1,023 billion before rising to an afternoon high of $1,068 billion.

However, a bearish send to the session led to a slide back to sub-$1,039 billion before steadying.

Crypto market cap
Total Market Cap 030822 Daily Chart

The crypto news wires were on the quieter side, leaving geopolitics and investor sentiment towards the US economic outlook to test buyer demand.

Speaker of the House Nancy Pelosi visited Taiwan, drawing condemnation from China. The threat of renewed tensions between the US and China weighed on riskier assets.

The Crypto Market Movers and Shakers from the Top Ten and Beyond

It is a mixed Tuesday session for the crypto top ten.

BNB and ETH bucked the top tend trend, with modest gains of 0.18% and 0.03%, respectively.

For the rest of the top ten, ADA and SOL led the way down, sliding by 3.12% and by 4.44%, respectively.

BTC (-1.16%), DOGE (-2.82%), and XRP (-2.17%) also struggled.

From the CoinMarketCap top 100, it is a mixed session.

Cronos (CRO), Lido DAO (LDO), and Ethereum Classic (ETC) were among the front runners. CRO rose by 13.17%, with LDO and ETC gaining 10.06% and 4.37%, respectively.

Theta network (THETA), Waves (WAVES), and Chiliz (CHZ) were amongst the biggest losers. CHZ slid by 8.94%, with WAVES and THETA falling by 6.05% and 7.58%, respectively.

Total Crypto Liquidations Continue to Signal Red

Early in the Wednesday session, 24-hour liquidations rose, reflecting the current crypto reversal that kicked off on July 29.

At the time of writing, 24-hour liquidations stood at $208 million, up from $163 million on Tuesday morning.

Liquidated traders increased over the last 24 hours. At the time of writing, liquidated traders stood at 78,905 versus 72,497 on Tuesday morning.

The one and four-hour liquidations also signaled a pickup in liquidations at the turn of the day.

Crypto liquidations rise
Total Crypto Liquidations 030822

According to Coinglass, four-hour liquidations stood at $37.01 million versus $12.96 million on Tuesday morning. One-hour liquidations were up from $1.28 million to $5.39 million (see hourly crypto market cap chart below).

Crypto bearish session
Total Market Cap 030822 Hourly Chart

Daily News Highlights

  • Coinbase-backed Nomad Bridge saw $190 million drained in a security exploit.
  • FCA finalized tighter rules for ads promoting high-risk assets.
  • The courts gave crypto lender Vauld three months of protection from 147,000 creditors.

Crypto Price Analysis August 2: NEXO, CRO, AR, GRT, COMP

Key Insights:

  • Cronos acted as the best performing altcoin today with an 11% rise.
  • Arweave countered this bullishness with a 9.55% drop in the same duration.
  • Bitcoin and Ethereum could be seen trading at $23k and $1.6k.

While most of the altcoins decided not to move at all, there were many still who countered the crypto market’s bullishness with their bearishness and vice versa, resulting in an unchanged market cap.

Naturally, the king coin and the altcoin king did not move either and ended up trading at $23k and $1.6k, respectively.

Nexo (NEXO)

NEXO rose by 4.66% in the last 24 hours, but prices remained consolidated just as they had been since July 21.

The Awesome Oscillator is still displaying a green bar which is a good sign for the recovery of June’s 50.8% crash.

Cronos (CRO)

The Crypto.com exchange’s native token ended performing exceptionally, rising by 11.15% in the span of 24 hours.

CRO continued its rally with the recent rise adding to the 43.65% rise noted over the month as the Bollinger Bands exhibited positive signals as well.

Arweave (AR)

The altcoin was among the ones to fall today, dropping by almost 10% from yesterday’s opening price.

The uptrend visible by the Parabolic SAR has also been helpful to AR in recovering from the 42.8% crash of June.

The Graph Token (GRT)

Slightly different than AR, GRT also noted a 9% decline although over the last 48 hours. This will be a hindrance for the altcoin when it comes to recovering the almost 41% crash from June.

Although MACD continues to signal an active bullish crossover which might counter the present bearishness of the asset.

Compound (COMP)

Compound remained unchanged today. Regardless of the broader market trend, COMP has not broken its consolidation for the third week now.

Keeping its 100.66% rally intact, the altcoin has already recovered the 51.86% losses of June, which is why investors have not been pulling their money out of COMP, as visible by the Chaikin Money Flow’s straight line.

Bitcoin and ETH Price Prediction: Bulls Lose Control, Why XRP Might Surge Over $0.4

Key Insights:

  • Bitcoin started a fresh decline below the $23,500 support.
  • Ether (ETH) declined over 5% and traded below $1,600.
  • XRP is facing a key barrier near $0.400 on the daily chart.

Bitcoin

After clearing the $24,000 support, bitcoin price started a steady decline. The price traded below the $23,500 and $23,200 support levels. The price even settled below the $23,000 level and the 21 simple moving average (H1).

It tested the $22,700 zone and remains at a risk of more losses. The next major support is near the $21,800 level, below which there is a risk of a drop towards the $21,200 level.

Bitcoin BTC Hourly Chart
BTC Hourly Chart by FXEmpire

On the upside, there is a major resistance forming at $23,150 and a bearish trend line on the hourly chart. A close above the trend line and the 21 simple moving average (H1) might push the price to $24,000.

Ethereum (ETH)

ETH also followed a similar path after it failed to clear the $1,750 resistance. There was a bearish reaction below the $1,650 support and the 21 simple moving average (H1).

The price declined over 5% and traded below the $1,600 support zone. It is now showing a few bearish signs near the $1,575 level. An immediate support is near the $1,555 level. The next major support is near the $1,500 level.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

Any more losses might send ether price towards the $1,420 level. On the upside, the bears might remain active near the $1,600 and a connecting bearish trend line on the hourly chart.

XRP

XRP found support near the $0.300 zone after a strong decline. A base was formed near $0.300 and the price started a minor upside correction.

There was a recovery wave above the $0.332 and $0.350 resistance levels. There was also a break above a crucial bearish trend line with resistance near $0.365 on the daily chart. However, the price faced a strong resistance near the $0.400 zone.

XRP Daily Chart
XRP Price Daily Chart by FXEmpire

XRP is slowly moving lower and approaching the broken trend line support at $0.362. If there is a downside break below the $0.365 support and $0.350, the price could nosedive to $0.312 or even $0.30.

On the upside, the price could face a strong resistance near the $0.40 level. The main resistance sits near the $0.411 zone, above which the price could rally 15%-20%.

ADA, BNB, and DOT price

Cardano (ADA) is struggling below the $0.50 support zone. The next major support is near $0.475, where the bulls might take a stand.

Binance Coin (BNB) is trading below the $285 level. If the bulls fail to protect the $275 support, the price could decline towards the $260 level.

Polkadot (DOT) is down over 8% and trading below the $8.0 level. The next major support is near the $7.62 level, below which there is a risk of a move towards the $7.45 level.

A few trending coins are CRO, BTT, and NEXO. Out of these, NEXO is gaining pace above the $0.745 resistance zone.

Top 3 Trending Coins: CRO Bucks Broad Crypto Weakness, Bulls Eye Rally to $0.16 as FIL, DOT Slide

Key Points

  • After its massive weekend surge in response to the Harvard partnership news, Filecoin is falling back down to earth.
  • Polkadot, meanwhile, is also under pressure and eyeing a retest of its 21 & 50DMAs.
  • Cronos is bucking the trend of mostly weaker crypto prices and eyeing a rally to resistance at $0.16.

Filecoin (FIL) Eyes Return to $6.30 Support

FileCoin, the native token that powers the Filecoin decentralized data storage blockchain protocol, has continued to pull back sharply from the multi-month peaks its hit on Monday above $11 per token. The cryptocurrency was most recently changing hands around $8.0, down nearly 9.0% on Tuesday, down roughly 20% in the last 24 hours and down closer to 30% versus Monday’s highs. These stats make it the worst performing top 50 cryptocurrencies by market capitalization on Tuesday.

The cryptocurrency was sent surging last Saturday by the news that Filecoin had partnered with prestigious US university Harvard to work together on preserving digital information via decentralized technology. FIL rallied over 90% from last Friday’s levels around $6.0 to Monday’s highs above $11, but the cryptocurrency has now succumbed to profit-taking amid a broader downturn in markets on Tuesday. If things continue to get worse for the broader crypto market, FIL could well fall back to test the $6.30 support area.

FIL/USD
FIL/USD eyes return to $6.30 support. Source: FX Empire

Polkadot (DOT) Eyes Retest of 21 & 50DMAs

DOT, the native token that powers Polkadot’s multi-chain ecosystem, was down sharply on Tuesday, with the cryptocurrency falling below support in the $8.0 area. In the last 24 hours, the cryptocurrency has shed more than 10% of its value, according to CoinMarketCap, making it the worst-performing top 20 cryptocurrency. DOT is now around 15% lower versus its weekend peaks above $9.0 per token.

DOT bears are now eyeing a retest of its 21 and 50-Day Moving Averages, both of which sit just under $7.50. Bulls will be hoping that the cryptocurrency can find support in this area, which would be a sign that the recent uptrend has further legs to run.

DOT/USD
DOT/USD eyes test of 21 & 50DMAs. Source: FX Empire

Polkadot Parachains Continue “Building, Deploying and Growing”

On Monday, Polkadot’s official Twitter account released an update of some recent updates/developments relating to the network and its projects. According to Polkadot, the network’s “parachains have continued building, deploying and growing”.

In terms of the highlights, @Unique_NFTchain launched its #Punk4ThePeople campaign, with users now able to get their own share of a “fractionalized” CryptoPunk Non-fungible Token (NFT). Elsewhere, Trust, a popular crypto wallet, has integrated Polkadot staking.

In separate news on Monday, Polkadot has now reached the milestone of 400 projects o its ecosystem having received a grant from the Web3 Foundation. The foundation recently disclosed that out of 1,054 applications from prospective Polkadot projects for grant money since its launch back in 2018, it has awarded cash to 415 projects.

Cronos (CRO) Bucks Broad Crypto Weakness

Cronos is bucking the trend of mostly weaker cryptocurrency prices on Tuesday. CRO, the native token that powers the Cronos blockchain, recently broke out to fresh multi-week highs above $0.145. CRO was last up around 5.5% on Tuesday and just shy of 4.0% in the last 24 hours, according to CoinMarketCap, making it the best performing top 50 cryptocurrency by market cap.

The cryptocurrency looks to have broken to the upside of an upwards trend channel that CRO has been locked within since mid-June. That suggests the door is open to a quick rally to the next area of resistance around $0.16. But the downbeat tone to broader cryptocurrency trade is likely going to need to improve if CRO is going to muster an additional 10%ish rally.

CRO/USD
CRO/USD breaks above upwards trend channel. Source: FX Empire

Crypto.com Names Top 5 Cronoc Blockchain Projects

Crypto.com shared an update on Monday of the top five projects being built on its blockchain via Twitter. According to the blog post that was first published on 26 July, VVS Finance (a decentralized exchange or DEX), Tectonic (a crypto lending platform), Ferro (a stablecoin-focused DEX), Mad Meerkat Finance (another DEX) and Beefy Finance (a Decentralized Finance “Yield Aggregator”) are the top five projects.

Seperately, in a positive sign for CRO, the cryptocurrency recently rose to amongst the top 10 by trading volume by Ethereum whales in the last 24 hours. A tokenized version of CRO can be traded on the Ethereum blockchain.

Crypto Market Daily Highlights – BTC Set to Extend Losing Streak to Four

Key Insights:

  • It is a mixed session for the crypto top ten, with Cardano (ADA) making a move while others struggled.
  • Updates from developers on the Vasil hard fork delivered ADA support, while the broader market looked ahead to the Fed monetary policy decision on Wednesday.
  • With an hour to go, the total coin market cap was down $1.88 billion to end the day at $1,007 billion.

It is a mixed Saturday session for the crypto top ten. Bitcoin (BTC) revisited sub-$22,000, while Cardano (ADA) recovered from the Friday pullback.

Input Output-HK provided a weekly update on progress towards the end of the month Vasil hard fork, which delivered the ADA upside.

Following disappointing US economic indicators from Friday, the Fed monetary policy decision on Wednesday brings plenty of uncertainty.

Talks of a 75-basis point rate hike ahead of the Fed blackout period provided some cushion while concerns over the US economy linger.

Beyond the Vasil hard fork update, however, there were no crypto news stories to support a bullish start to the weekend.

The Total Crypto Market Cap Falls as the Focus Shifts to the Fed

A bullish start to the Saturday session saw the total crypto market cap rise to a high of $1,031 billion.

However, through the second half of the day, the crypto market cap slid to a low of $981 before support kicked in.

The reversal left the market cap down $1.88 billion for the day. Significantly, the market cap fell back to sub-$1,000 billion before the late recovery. While down for the day, the crypto market looks set to extend the weekly winning streak to three. The total market cap is currently up $76 billion for the week.

Crypto market cap
Total Market Cap 240722 Daily Chart

The Crypto Market Movers and Shakers from the Top Ten and Beyond

At the time of press, ADA was up by 6.83%, with DOGE gaining 1.16%. ETH (+0.56%) and XRP (0.43%) found late support to end the day in positive territory.

However, BNB and SOL led the way down, with losses of 1.07% and 1.10%, respectively. BTC was down by a modest 0.89%.

From the CoinMarketCap top 100, some fared better than others.

With one hour to go, Axie Infinity (AXS) was up 11.8% to lead the broader market. ApeCoin (APE), NEM (XEM), and Decentraland (LAND) also found strong support.

However, NEO (NEO) led the way down, sliding by 6.57%, with Cosmos (ATOM) and Cronos (CRO) close behind.

Total Crypto Liquidations Slide as Cryptos Begin the Recovery

On Sunday, 24-hour liquidations fell, with liquidation levels returning to normal after a mid-week spike.

Crypto liquidations
Total Crypto Liquidations 240722

This morning, 24-hour liquidations stood at $127 million, down from $207 million on Saturday. On Tuesday morning, liquidations had spiked at $691 million.

Liquidated traders fell modestly over the last 24 hours. At the time of writing, liquidated traders stood at 61,924 versus 62,274 on Saturday morning.

One-hour liquidations saw a sharp decline, coinciding with the crypto market recovery from Saturday’s lows.

According to Coinglass, one-hour liquidations stood at $0.526 million, down from $3.74 million on Saturday. Four-hour liquidations stood at $9.33 million, down from $51.48 million on Saturday. (See hourly crypto market cap chart below).

Crypto recovery
Total Market Cap 240722 Hourly Chart

Daily News Highlights

  • Caduceus announced a partnership with cricketing legend Lord Ian Botham to take cricket to the metaverse.
  • Spanish footballing giant, Barcelona FC, launched an NFT live auction at New York Sotheby’s that ends on July 29.
  • Bloomberg reported FTX entering into talks to acquire Bithumb, a South Korean crypto exchange.
  • Activity in the ongoing SEC v Ripple case peaked ahead of the weekend, with William Hinman still the area of focus.

Cronos Price Prediction: How High Can CRO go?

 

Key Insights:

  • The Cronos token currently has a market capitalisation of $3.3 billion. 
  • CRO rallied 35% between June 18 and June 26.
  • The daily simple and exponential moving averages are giving mostly buy signals.

CRO rose 10% last weekend and is currently up 2.04%, ranking 23rd in the list of cryptocurrencies worldwide by market capitalisation at $3.3 billion.

On July 18, the Cronos token successfully breached and retested the 8 and 21-day simple moving averages (SMA), showing the potential for further upside.

CRO is the ERC-20-compatible token that powers Crypto.com Pay, a service that allow users to pay for goods and services with cryptocurrency while receiving cashback rewards. The token, which gives users access to special rewards and discounts, underwent a rebrand in February this year to its current Cronos name.

Price Action

CRO started its journey on December 16, 2018 at $0.0153. Its price quickly rose to $0.03729 and in the following months, the token was trading in the $0.012-$0.024 range. CRO did not start gaining traction until March 2019 when it reached the $0.1 mark, but this momentum did not last as the token closed the year at $0.03358.

By the second half of 2020, the Crypto.com coin reached the $0.2 level but dropped to a low of $0.06 by the end of the year. 2021 proved to be a better year for CRO as it achieved its all-time high (ATH) price of $0.9698 on November 24 following listings on Coinbase Pro and Bitrue.

Despite opening this year at $0.5575, CRO is currently 86% below its all-time high price.

CRO weekly price chart
CRO 190722 Weekly Price Chart

CRO’s price recently ascended in a wedge-like formation which means it could move in a different direction and break the support line. If a strong recovery takes place, an attempt at the $0.1320 price zone could result in an additional 20% gain for CRO, targeting $0.1575. However, this possibility would be invalidated if the bottom end of the trend line breaches at $0.12.

On July 10, CRO struggled to move past the $0.122 barrier but prior to this, between June 18 and June 26, the coin had rallied 35% before plummeting to $0.11 by the end of the month. Its price then consolidated, reaching $0.1258 on July 8.

However, this rally was short-lived and CRO retreated to $0.1086 on July 13. From this point on, the Cronos token has stayed within the $0.11-$0.12 range until today when it climbed to $0.131258.

CRO daily price chart
CRO 190722 Daily Price Chart

Technical Indicators

Technical analysis shows that short-term sentiment on CRO is neutral, with 14 indicators displaying bullish signals compared to 14 bearish signals at the time of writing.

The daily simple and exponential moving averages (EMA) are giving mostly buy signals, while the relative strength index (RSI) stands at 57.2.

An RSI reading of 30 or below indicates an oversold or undervalued condition, while a reading above 70 would suggest the asset is becoming overvalued or overbought.

In terms of a Cronos price prediction, CRO could see its price reaching $0.0860 by August 2022, falling to $0.00644 in January 2024 and dropping to $0.01019 by January 2025.

Bitcoin, ETH and AAVE Price Prediction: Strengthening Bullish Case

Key Insights:

  • Bitcoin extended gains and traded above the $22,000 level.
  • Ether (ETH) spiked and tested the $1,280 resistance.
  • AAVE is gaining pace and could rally if there is a close above $75.

Bitcoin

After a steady move above $20,500, bitcoin price extended gains. The price was able to surpass the $21,250 and $21,500 resistance levels.

It even spiked above the $22,000 level and settled above the 21 simple moving average (H1). It tested the $22,350 zone and is now correcting gains. There was a break below the $22,000 pivot level. An immediate support is near a key bullish trend line at $21,150 on the hourly chart.

Bitcoin BTC Hourly Chart
Bitcoin BTC Hourly Chart by FXEmpire

The next major support is near the $20,600 level. Any more losses might increase selling pressure and the price could decline to $19,500.

Ethereum (ETH)

ETH gained pace above the $1,200 resistance level and the 21 simple moving average (H1). It even spiked above the $1,250 level, but faced sellers near $1,280.

The price is now correcting gains and trading below the $1,200 level. There was a break below a key bullish trend line with support near $1,210 on the hourly chart. The next major support sits near $1,195. A downside break and close $1,195 could spark a sharp decline to $1,110.

Ether ETH Hourly Chart
ETH Hourly Chart by FXEmpire

On the upside, the price could face resistance near $1,225. A clear move above the $1,225 resistance zone could open the doors for another increase. In the stated case, the price could even rally above $1,280.

AAVE

AAVE started a downside correction from the $125 resistance zone. The price corrected lower and traded below the $100 support zone.

There was a clear move below the $750 support zone and the 21-day simple moving average. However, the bulls were active near the $45-50 zone. A low was formed near $45 and the price started a fresh increase.

AAVE Daily Chart
AAVE Daily Chart

There was a move above the 23.6% Fib retracement level of the key decline from the $125 swing high to $45 low. It even cleared a major bearish trend line at $58 on the daily chart.

The bulls are now facing resistance near the $75 level. A clear move above the $75 resistance zone could set the pace for a move towards the next barrier at $100 in the coming days.

ADA, BNB, and DOT price

Cardano (ADA) attempted a move towards the $0.50 resistance but failed. The price is now consolidating near the $0.465 level.

BNB is consolidating near the $240 level. The next key resistance is near the $250 level, above which the price could start a strong rally to $265.

Polkadot (DOT) is consolidating near the $7.0 level. If the bulls remain in action, there are chances of a move towards the $7.32 level.

A few trending coins are MATIC, XRP, and CRO. Out of these, XRP seems to be aiming a strong move towards the $0.40 level.

Crypto Exchange Giant Binance Launches Zero-Fee Bitcoin (BTC) Trading

Key Insights:

  • Leading crypto exchange Binance launches zero-fee bitcoin (BTC) trading to celebrate its fifth anniversary.
  • The crypto winter is taking its toll on crypto exchanges. Binance has turned the screw by removing fees at a time when exchanges are struggling to stay afloat.
  • Technical indicators are bearish, with BNB sitting below the 50-day.

The crypto winter has shown no signs of thawing. Recently, the crypto market has endured news of defaults, bankruptcies, and crypto exchanges freezing withdrawals to tackle an ever-growing liquidity crisis.

To add to the crypto market stress is the crypto rumor mill that has targeted exchanges.

This week, Crypto.com came under fire, with CEO Kris Marszalek calming market fears of a possible collapse.

Some exchanges have stepped forward to support struggling platforms and the broader crypto market. Both Binance and FTX have been actively exploring opportunities.

Kris Marszalek talked of the current environment, saying,

“The industry will be better off after subscale companies with broken business models are out. There will be some short-term pain, and we’ve seen some of it play out already, but the whole space will emerge stronger because of this much-needed cleanup.”

Last month, Binance CEO CZ said the company is looking at between 50 to 100 deals.

Today, Binance was back in the crypto news.

Binance Turns up the Heat as the Crypto Winter Freezes Over the Market

Today, Binance announced the launch of zero-fee bitcoin (BTC) trading, saying,

“To celebrate Binance’s fifth anniversary, Binance will introduce zero-fee trading for BTC spot trading pairs at 2022-07-07 14:00 (UTC).”

13 BTC pairings will qualify for zero-fee BTC trading, including BTC/AUD, BTC/BIDR, BTC/BRL, BTC/BUSD, BTC/EUR, BTC/GBP, BTC/RUB, BTC/TRY, BTC/TUSD, BTC/UAH, BTC/USDC, BTCUSDP, AND BTC/USDT.

With the validity period extending from 2022-07-08 14:00 (UTC) until further notice, the announcement went on to say,

“All users will enjoy zero maker and taker fees for all 13 spot trading pairs. The 13 BTC spot trading pairs will be excluded from BNB fee discounts, fee rebates, or any other form of fee adjustments or fee promotions.”

The Binance exchange native coin Binance Coin (BNB) responded favorably to the new, with a current day high of $238.92 before easing back.

Binance Coin (BNB) Price Action

At the time of writing, BNB was up 2.99% to $237.46.

A mixed start to the day saw BNB fall to an early low of $228.79 before striking a high of $238.92.

BNB broke through the First Major Resistance Level at $237.

BNB eyes $240
BNBUSD 060722 Daily Chart

Technical Indicators

BNB will need to avoid a fall through the First Major Resistance Level at $237 and the $230 pivot to retarget the Second Major Resistance Level at $244.

BNB would need broader crypto market support to breakout from the morning high of $238.92.

A fall through the First Major Resistance Level and the pivot would bring the First Major Support Level at $223 into play.

Barring an extended sell-off, BNB should avoid sub-$220 and the Second Major Support Level at $216. The Third Major Support Level sits at $203.

BNB resistance levels in play
BNBUSD 060722 Hourly Chart

Looking at the EMAs and the 4-hourly candlestick chart (above), it is a bullish signal.

BNB sat above the 100-day EMA, currently at $229. Today, the 50-day EMA closed in on the 100-day EMA. The 100-day EMA narrowed to the 200-day EMA; BNB price positive.

A bullish cross of the 50-day EMA through the 100-day EMA would support a run at R2 and the 200-day EMA, currently at $245.

However, external factors will influence today, including the FOMC meeting minutes that are due later today.

EMAs turning bullish
BNBUSD 060722 4-Hourly Chart

Crypto.com and Cronos (CRO) Are Next to Get Hit with Rumors

Key Insights:

  • The crypto rumor mill hit Crypto.com native token Cronos (CRO) this morning.
  • However, investor sentiment and CRO reaction were masked, as recession fears gripped the broader crypto market.
  • Technical indicators are bearish, with CRO sitting below the 50-day EMA.

It has been a tough time for crypto exchanges, as the effects of the lengthy crypto winter take their toll on small and large crypto-linked entities.

For crypto investors and traders who park their money on exchanges, the threat is no longer just the loss of funds through a market sell-off.

Investors now risk losing access to assets as exchanges announce withdrawal freezes. In recent weeks, we have seen how damaging the rumor mill can be to the liquidity profiles of crypto exchanges.

This is because several exchanges denied rumors of plans to freeze withdrawals, only to freeze the withdrawal of assets.

Today, one of the largest crypto exchanges addressed rumors of liquidity issues.

Leading Crypto Exchange Crypto.com Falls Victim of the Rumor Mill

Crypto.com CEO Kris Marszalek turned to social media today to address rumors of a change to withdrawal policy.

Addressing Crypto.com users on Twitter, Kris tweeted,

“Our withdrawal policy is the same as it always was, we didn’t implement any new restrictions.”

Kris added,

“We run no special deposit promotions (and we make sure all regular ones that we do run are profitable).”

The Crypto.com CEO went on to say,

“People are free to FUD all they want, but this doesn’t change the facts: Crypto.com will be a top5, maybe even top3 crypto platform globally by revenue this year. Only two other players have higher user count than us.”

In a series of tweets, Kris concluded by saying,

“The industry will be better off after sub scale companies with broken business models are out. There will be some short term pain, and we’ve seen some of it play out already, but the whole space will emerge stronger because of this much needed cleanup.”

In May, Cronos (CRO) tumbled as investors responded to Crypto.com updates on staking rewards. Shortly after the announcement, the exchange u-turned on the decision. The damage was done, however, with CRO well below levels seen after the announcement.

CRO Price Action

At the time of writing, CRO was down 3.89% to $0.1184.

A bullish start to the day saw CRO rise to a high of $0.1192. Falling short of the First Major Resistance Level at $0.1213, CRO slid to a low of $0.1137.

CRO left the Major Support Levels untested this morning.

CRO under pressure
CROUSD 050722 Daily Chart

Technical Indicators

CRO will need to move through the $0.1159 pivot to target the First Major Resistance Level at $0.1213.

Broader market sentiment would need to improve to support a move through the morning high of $0.1192.

In the event of an extended rally, CRO should test the Second Major Resistance Level at $0.1241 and resistance at $0.1250. The Third Major Resistance Level sits at $0.1323.

Failure to move through the pivot would leave the First Major Support Level at $0.1131 in play.

Barring another extended sell-off throughout the day, CRO should avoid sub-$0.11 and the Second Major Support Level at $0.1077.

The Third Major Support Level sits at $0.0995.

CRO support levels in play
CROUSD 050722 Hourly Chart

The EMAs and the 4-hourly candlestick chart (below) send a bearish signal.

At the time of writing, CRO sat below the 50-day EMA, currently at $0.1160.

This morning, the 50-day EMA pulled back from the 100-day EMA. The 100-day EMA also fell back from the 200-day EMA, CRO negative.

A move back through the 50-day EMA would support a return to $0.12 levels to target the Major Resistance Levels.

However, the morning slide through the 50-day EMA will likely leave the Major Support Levels in play.

EMAs flash red.
CROUSD 050722 4-Hourly

Football Legend Cristiano Ronaldo Set To Launch Binance Exclusive NFTs

Key Insights:

  • Cristiano Ronaldo NFTs are to be launched later this year.
  • This is the first of a multi-year NFT partnership with Binance.
  • Sports and Crypto have found a lot of partnerships in the form of NFTs and Metaverse.

With more and more sports-affiliated celebrities and companies recognizing the potential of the crypto space, the market is observing tremendous growth in this aspect.

Now with one of the biggest sportspeople on the planet set to enter this field, such partnerships will reach a new height.

Binance X Ronaldo NFTs

In an announcement today, the biggest cryptocurrency exchange Binance revealed its multi-year NFT partnership with the biggest football star Cristiano Ronaldo.

As stated in the statement, through this partnership, Binance will launch a global promotion aiming to give Ronaldo’s fans an introduction to Web3 with a compelling entry point into the world of NFTs.

Since the deal is set for more than a year, Binance and Ronaldo will be creating a series of NFT collections extending over the course of the agreement.

These NFTs collections will be available for sale exclusively on the Binance NFT platform. 

The first of these collections will be released later this and will feature multiple designs that are set to be created in collaboration with Ronaldo himself.

Crypto and Sports

As is known well and wide, sports partnerships with crypto blockchains and crypto-associated platforms have been the talk of the town for the better half of the first two quarters.

The growth has been such that even the FIFA World Cup 2022, which is going to be held in Qatar, announced partnerships with crypto platforms.

As reported by FXEmpire back in March this year, cryptocurrency exchange Crypto.com was added as the exclusive cryptocurrency trading platform of Qatar 2022.

Along with this, blockchain Algorand also became FIFA’s official partner earlier last month.

Besides this, Premier League Football Club Manchester United also closed a multi-year deal with blockchain company Tezos back in February, valued at $27 million per year (£20 million).

This is proof that going forward, such partnerships are only going to grow further.

Qatar Central Bank’s Development of CBDC in “Foundation Stage”

Key Insights:

  • Qatar Central Bank is currently evaluating the pros and cons of a CBDC.
  • The country has been at the center of the media’s focus ahead of the FIFA World Cup 2022.
  • On the other hand, the Crypto market is still recovering from the recent loss.

As Central Bank Digital Currencies (CBDC) have become the next major step in the financial and technological innovation, every country is finding a way to bring these digital currencies into play. Qatar, too is now looking to participate in the same.

Qatar Preparing for CBDC

Speaking at the Qatar Economic Forum, Qatar Central Bank (QCB) Governor H E Sheikh Bandar bin Mohammed bin Saoud Al Thani stated that the bank is currently in the process of evaluating the possibility of a CBDC.

In order to facilitate the same, the right technology and platform are being found. 

The motivation to do so came from the announcement of the development of CBDCs in other countries. Apart from this discussing cryptocurrency and the prospect of its use in Qatar, the QCB governor was noted saying,

“Currently, crypto are a technology innovation. It might take us to new era of fast, cheap, and more accessible financial services. However, those crypto assets which are not underlined by monetary authority might be less credible.”

Qatar is currently the focus of international media as the country will be hosting the FIFA World Cup this year, which too has been linked with crypto for months now. 

Back in March, cryptocurrency exchange Crypto.com was announced as an Official Sponsor of the FIFA World Cup. The platform was set to be the exclusive cryptocurrency trading platform of the event. 

Additionally, last month, blockchain Algorand was also announced as an official partner of the World Cup.

Crypto Market Takes a Minute

While partnerships may make it sound like the crypto space is thriving, it is only doing so in terms of development, as from an investor’s point of view, things are a bit bleak.

After weeks of bearishness, the overall market seems to be taking a break as the valuation of all cryptocurrencies combined fell to $882 billion at the time of writing.

Although the slump is expected to reduce by the beginning of the third quarter next month, clearer indications concerning the same are yet to be visible.

Crypto.com Obtains Regulatory Approval for Payment Services in Singapore

Key Insights:

  • Crypto.com achieved the regulatory go-ahead in Singapore.
  • The exchange will also bring its Digital  Payment Token (DPT) services to customers in Singapore.
  • Crypto.com’s Cronos has been consolidated for more than a week now.

Expanding to every major part of the world, Crypto.com has achieved approval from the Monetary Authority of Singapore (MAS) as well today.

Thus once the crypto exchange company gets a hold of its Major Payment Institution License, it will be bringing its services to the country.

Singapore To Get a Dose of Crypto.com

Through this license, Crypto.com will be able to offer a range of payment services within the Payment Services Act including Digital  Payment Token (DPT) services to customers in Singapore.

Commenting on the approval, the Co-Founder and CEO  of Crypto.com, Kris Marszalek, said,

“The Monetary Authority of Singapore sets a high regulatory bar that cultivates innovation while  protecting consumers, and their in-principle approval of our application reflects the trusted and  secure platform we have worked diligently to build. We look forward to continuing to collaborate with the MAS and deepening our  roots in Singapore – a flourishing market for fintech innovation, renowned for its well-regulated  business environment.” 

This will be the second major country Crypto.com will be gaining access to after it recently received provisional approval of its Virtual Asset MVP License from the Dubai Virtual Assets Regulatory Authority (VARA).

With more than 50 million customers around the world, Crypto.com has one of the fastest-growing networks in the world, and by adding more countries to its network, Crypto.com is making it stronger further.

But the Growth Is Limited

The growth, while limited, is limited only to Crypto.com’s native token, Cronos (CRO). Facing the bearishness of the market along with the rest of the altcoin, CRO declined by almost 42% this month alone. Currently trading at $0.1143, CRO hasn’t been showing signs of recovery as a sign as it did of a downfall. 

Although at the time of writing, there is slight bullishness visible on the MACD indicator thanks to the appearance of green bars, it is doubtful whether that would be enough to counter the broader market bearish cues.

Thus while Crypto.com heads on to plant posts in another country, CRO will remain consolidated until enough external factors trigger a rise.