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- Crypto Saving Expert Newsletter - Issue 108
Crypto Saving Expert Newsletter - Issue 108
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Good morning! After falling below $60,000 to $58,000 earlier in the week, bitcoin is now striving to stabilise the market and avoid any further declines. Let's dive in for a closer look at what is going on behind the scenes with bitcoin and the overall Web3 market. 👇
This week's issue will feature technical analysis of bitcoin, Total3, Ton, as well as important dates and key news stories:
Table of Contents
Sponsored by:
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Bitcoin Looks to Steady the Ship
After dropping to $58,000 earlier in the week, bitcoin is attempting to provide calmer waters for the overall market, preventing further drops.
Bitcoin Outlook
Bitcoin is stuck trading within a smaller range, where strong support and resistance have been found.
This saw the relief rally thwarted on Thursday as the price dropped towards support again.
From here, the route for bitcoin up or down is fairly straightforward and relies upon the price breaking critical levels to open up the runway for the next move.
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Bitcoin’s CME Gaps
Bitcoin has consistently closed CME gaps this year.
Some have been much wider than others. However, they typically close eventually.
Recently, this has proven true, with all gaps being closed across July and August despite large rallies and drops creating sizeable gaps.
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TOTAL3
TOTAL3 is the market cap of altcoins excluding Ethereum.
The chart is a good indication of altcoin strength and weakness. Currently, the chart is within a downward channel but has also tested a key level, which has provided bounces.
From here, a break to the upside would result in bounces for altcoins across the board, and some of the harsh losses would be erased.
Above that, altcoins begin to gain strong momentum and show strength in the market, which has been lacking for most of this year.
Finally, a run towards $1.65tn (1.618 Fibonacci level) would likely result from the market entering a full alt season.
TON
TON has been volatile over the last week due to the arrest and charges brought against Telegram’s CEO.
This leaves TON sensitive to any news regarding the charges and the CEO. In the event of further negative news releases for Telegram and its CEO, TON could witness another spike to the downside. Still, it has yet to garner the upside momentum to reverse the downside move, which would see it run into supply.
Fear & Greed Index
The Fear and Greed Index slipped back into the Fear section following bitcoin’s sharp fall earlier this week as it scores 34.
Investors have been spooked by the inability of bitcoin to maintain its upside momentum, which is reflected in the index.
However, bitcoin remains just 24% from its all-time high and a small move away from safer ground above $62,000.
Gainers
Sign up to Kraken and browse this week’s top performers here.
Losers
Sign up to Kraken and browse this week’s weaker performers here.
Bitcoin Holdings of Publicly Listed Companies Surges to $20bn
Publically listed companies have increased their bitcoin holdings over the past twelve months.
The bitcoin holdings of publicly listed companies have surged almost 200% over the past year, growing from $7.2bn to $20bn.
Data from Bitbo shows that 42 publicly listed companies now hold a combined 335,249 bitcoins, which are currently valued at around $20bn.
Investment manager Nickel Digital Asset Management reports that this represents a 177.7% increase in the value of bitcoin holdings by public firms compared to a year ago when their Bitcoin holdings were worth $7.2bn.
The Trendsetter
Business intelligence firm, chaired by bitcoin bull Michael Saylor, set the precedent. Their first purchase of over 21,000 BTC in August 2020 established bitcoin as the firm's primary treasury reserve asset, aligning the company with Saylor's personal views in the process.
The firm has continued buying bitcoin in the years that have followed, and as it stands the company has increased its holdings to 226,500 BTC.
Their success has prompted other companies to join in with the adoption of bitcoin.
Following this increase in corporate bitcoin holding, Nickel Digital commissioned a survey to gauge institutional sentiment toward the asset.
The survey targeted 200 institutional investors and wealth managers across the United States, the United Kingdom, Germany, Singapore, Switzerland, Brazil, and the United Arab Emirates.
The results revealed that 75% of organisations already invested in crypto believe that publicly listed companies should hold Bitcoin. Additionally, 26% of participants strongly supported Bitcoin's role as a reserve asset.
Nickel Digital noted that the survey respondents, who collectively manage $1.7tn in assets, anticipate further growth in the number of Bitcoin held by publicly traded companies.
Specifically, 58% of those surveyed believe that within the next five years, 10% or more of listed companies will hold BTC on their balance sheets, while 8% predict that 25% or more of public firms will do so.
Currently, the 335,249 BTC held by public companies represent only 1.6% of Bitcoin’s total supply, which is capped at 21m.
SEC Issues Wells Notice to OpenSea Over “NFT Securities”
OpenSea CEO said that the SEC notified the company of a pending lawsuit on the sale of NFTs, which the regulator considers securities.
Popular NFT (non-fungible token) marketplace OpenSea is the latest crypto and web3 company to be scrutinised by the US Securities and Exchange Commission (SEC).
Through a post on X, OpenSea CEO Devin Finzer notified the crypto and NFT community that the regulator had issued the platform with a Wells Notice.
“OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities,” Finzer wrote.
He added, “We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.”
Finzer pointed out that the crypto industry has “been in the crosshairs of the SEC”, which has continued with its “single-track approach of regulation by enforcement.”
He gave examples of Coinbase, Uniswap, Robinhood, Kraken, and Consensys, all of which have received Wells Notices from the regulator.
NFTs are Creative Goods, Not Securities - Finzer
OpenSea’s CEO further challenged the SEC’s classification that NFTs bought and sold on the platform are securities.
“NFTs are fundamentally creative goods: art, collectables, video game items, domain names, event tickets, and more. We should not regulate digital art in the same way we regulate collateralised debt obligations,” he explained.
He added that NFTs were a lifeline for student artists who have found careers selling digital art. NFTs on OpenSea also allowed game developers to trade in-game items and “passionate collectors” to join new communities.
OpenSea Pledges $5m to Cover Legal Fees for NFT Creators and Developers
OpenSea has, therefore, pledged $5m to assist with the legal fees for NFT creators or developers who might be directly targeted by the SEC’s Wells Notice.
“I hope the SEC will come to its senses sooner rather than later, and that they'll listen with an open mind. Until then, we'll stand up and fight for our industry,” said Finzer.
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