Automatic DCS and cold storage with Trezor,
crypto-friendly bill passes in the UK House of Commons,
and Swiss bank SEBA offers custody for those blue chip NFTs.
My name is Frankie Candles.
And this is your nightly crypto news wrap-up.
Let's get it!
Turn on the crock pot and start up the robotic vacuum
because Trezor has a set-it-and-forget-it solution for buying Bitcoin.
Just announced is automatic dollar-cost-average buys through Trezor
that are automatically held in cold storage,
an innovation that is meant for anyone who likes to get good things done automatically.
Working with Invity,
a crypto infrastructure provider,
Swan Bitcoin for US customers
and BTC Direct customers in some European countries,
Trezor believes this is a new way to DCA.
According to Trezor co-founder Pavol Rusnák,
the goal of this feature is to welcome people who are currently intimidated by cryptocurrencies.
He says that people stay away from crypto for two reasons.
One is they don't know when to enter the market.
And two, they don't know how to keep their assets safe.
The company believes that the automatic DCA features solve both problems.
For anyone who doesn't know the benefits of dollar-cost averaging, or DCA,
the idea is simply buying an asset in smaller increments over time
to reduce the effect price volatility has on your average entry price.
With DCA, you might not perfectly time the bottom,
but who does?
And the benefit is also you won't buy it all at the top.
After all, Coinbase doesn't give refunds.
Interested?
Click the link in the description down below
for a BitSquad exclusive deal on a Trezor cold storage device.
Now, let's throw it over to Frankie Candles for a market watch.
Thanks, Frank!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $20,783.
Up about 3.3% on the day
We have Ethereum coming in at $1,567.
Up about 7% on the day
The green continues to enter the market.
Very, very good change of pace here.
Now, I do want to bring you over to the Bitcoin chart
because we do have some interesting stuff developing.
As you can see, we are getting hung up on this level.
Now, the reason we are getting caught up here is probably because
we do have a little spike in volume here.
It's very small though.
If we crack this level that we are currently hung up on,
you can see that we generally just have a decent volume gap right here.
Really nothing but air in this level.
So if we do break this little spike in volume that we're at right now,
could rip right through that low volume gap,
and we could see a pretty quick move up to our Macro Value Area High
at about $21,391.
Now, the way volume profiles work,
this is very, very easy to predict.
You come down to the Value Area Low.
You hop on top of that POC.
Once you hop up on that POC and grab support,
it is likely that you work your way up to that Value Area High.
Now, obviously, we did have levels in between that we stopped off at,
but this is where I'm getting this level from,
and it is likely that this will be our next stop to the upside
if we continue up.
And then if we want to get mega bullish,
we would likely pull back before we get to this next level.
But if we do get a move up,
that next heavy, heavy level of resistance would be this NPOC/local golden pocket
between about $22,257 and $22,748.
If you guys want to follow me and learn more about trading and technical analysis,
you can subscribe to my YouTube channel at Frankie Candles
or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frank!
After Liz Truss stepped down from the shortest stint
as Prime Minister The United Kingdom has ever seen,
some wondered what would happen to the crypto-friendly
Financial Services and Markets Bill.
With Rishi Sunak taking the reigns,
uncertainty surrounding who would serve as prime minister in the UK subsided,
and, at the same time, the new bill was passed in the House of Commons.
Created to fix the UK economy following Brexit,
the draft bill includes measures to regulate payment-focused stablecoins
and provisions on treating crypto like any other form of financial asset.
This will allow the country's Treasury to make decisions
on how to respond to crypto developments as they come up,
regulating them in a more agile way.
So you mean made-for-purpose crypto regulation is possible?
All I've seen is arbitrary lawsuits from breaking unwritten rules.
The bill is still only a draft
and will need to pass through the House of Lords
before getting the final approval from King Charles III.
It is England after all.
Fancy a cup of tea?
Crypto-friendly Swiss bank SEBA is taking another step
toward institutional adoption of crypto
by allowing bank grade custody of blue chip Ethereum NFTs.
In a statement,
the bank said they're the first regulated bank to allow customers to store NFTs,
which they believe will be increasingly accepted even by traditional finance operators.
SEBA wants to custody blue chip NFTs,
or ones that have been able to maintain their value
despite the crypto winter.
Yes, trading volume on NFTs have collapsed by 97%,
but the floor price of Bored Ape Yacht Club is still 73 ETH.
Sure, this is a massive drop from the all-time high price
of more than $400,000,
but the price didn't go to zero.
SEBA believes that in the coming years,
digital assets will become increasingly accepted.
The theme of adoption is already written into this leg of the bear market,
and you can't argue with progress.
That's all I got.
Frankie Candles out.