5/27 Weekly Digest
The FAL Weekly Digest is a source for this week’s biggest cryptocurrency-related news and updates. This newsletter features excerpts and links to this past week’s biggest news articles written by members of FAL Consulting’s writing team or gathered from other listed sources.
Market News
The overall cryptocurrency market is currently around $1.214 trillion which seems to be an area with fairly strong historical support. The 24-hour volume is approximately $102 billion. This is a slight increase in volume from earlier in the week. BTC Dominance shot up to a whopping 45.9% after altcoin ratios dumped into bitcoin.
Bitcoin and Ethereum
While BTC was able to break lower resistance earlier in the week, it still has yet to break resistance at $30,500.
BTC dominance: 45.8%
ETH dominance: 18%
BTC - The MFI has been on a downtrend since testing overbought territory earlier this week. It’s very likely that it could continue this downtrend into oversold territory. the MACD seems to be swinging downwards on both its EMA lines as well as its momentum waves. It’s very likely that this could continue downwards as well.
ETH - The MFI is just crossing into oversold territory. It’s likely this could continue its downtrend a bit more if BTC continues its short-term volatility. The MACD has swung downwards firmly and its momentum waves look like they’re making a slight attempt to swing upward as the EMA lines continue downward. It’s possible we could see this continue downward, especially if volume does not settle a bit into this downtrend.
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Crypto Gaming Coins Drop Significantly
Most crypto gaming coins saw significant gains in November 2021, but have since fallen upwards of 90%.
AXS, the token behind the popular play-to-earn game, Axie Infinity, is down around 87% from all-time-highs (ATH) of $165.37 in November 2021.
SAND, the coin of celebrity-endorsed metaverse platform SandBox, is down around 84% from ATH of $8.44.
GALA is the coin behind the Gala NFT gaming ecosystem and is down 90% from its ATH of $0.8367.
MANA is an Ethereum token that powers the Decentraland virtual reality (VR) platform. Even as one of the original crypto/NFT-related tokens, MANA is now trading at prices similar to what it was before the November 2021 spike.
Stablecoins
Terra
The Korea Times reported Tuesday that following the Terra crash, South Korean financial authorities are arranging to increase oversight of local crypto exchanges and introduce new laws to protect the industry.
Tether Launched a Stablecoin (MXNT) Pegged to the Mexican Peso
Tether (USDT) is the largest used stablecoin and is the 3rd ranked cryptocurrency by market cap, followed by USDC (USD Coin). This new stablecoin is pegged to the Mexican Peso and will be the fourth stablecoin from Tether, tied to a fiat currency.
Prior to the UST crash, Tether balanced between $0.999 and $1.001. The lowest we’ve seen was a drop to $0.97 on May 12, but it recovered within ten hours back up to over $0.99 and has been fluctuating between $0.98 and $0.992 since.
Tether announces integration of USDT on the Polygon Network
USDT has been available on the following blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, Tron, Solana, and Bitcoin Cash’s Standard Ledger Protocol. Thanks to Polygon’s recent successes, USDT is now being made available on the Polygon network.
Ripple to Explore IPO Upon Conclusion of SEC Lawsuit
The SEC case against Ripple alleges that Ripple, along with executives of the company, engaged in an illegal securities offering through sales of XRP. The company is arguing that the digital token should not be traded as a security. This lawsuit has been ongoing for about 15 months now (Started in December 2020).
Ripple CEO Brad Galinghouse believes that the case will be resolved by the end of this year.
This lawsuit has been of major interest to the crypto community, as the results will likely set the precedent for the immediate future of the cryptocurrency industry in the US.
NFTs
eBay launched a sports illustrated NFT collection. Partnered with NFT platform OneOf, the collection features animated, 3D depictions of athletes from past Sports Illustrated covers.
None of our posts or newsletters are meant to be taken as financial advice.
