Mastercard is extending a helping hand to push forward the mass adoption of crypto.
Popular altcoin Chiliz is growing in more ways than one.
And is Bitcoin about to enter price discovery?
Or will Kanye West save the day?
My name is Bryan.
This is your nightly crypto news wrap-up.
Let's get it!
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It's no secret that the bears defeated the bulls in 2022.
But just because they won the battle doesn't mean they'll win the war.
And believe it or not,
the bulls have a secret weapon to help them win the long game.
And that weapon is mass adoption.
To be completely honest,
the fact we're in a crypto winter means very little,
and, in a way, this is the most bullish bear market we've ever seen.
In past bear markets,
we didn't have massive investment banks like JPMorgan and Goldman Sachs
with dedicated crypto teams.
We didn't even have celebrities and popular brands filing for metaverse trademarks.
We didn't have crypto logos on jerseys of professional sports teams
or the mat of UFC fights.
Sure, the bears won this year for price action,
but the bulls are winning a long game by making crypto more popular
and more accessible than ever before.
Speaking of accessibility,
the big news today is that Mastercard is teaming up with the crypto platform Paxos
to bring masses into crypto by making it easier for banks
to offer crypto to their clients.
Now, in the financial world,
there's not many names that are more popular than Mastercard,
and Paxos is the same company PayPal uses for their crypto offerings.
Banks have avoided the crypto asset class because of regulatory compliance and security.
And that's exactly what Mastercard and Paxos are bringing to the table.
I know some people that have been in crypto for a while will hate the fact
that banks are getting involved at this level,
but understand that this is the next logical step
to get every person who has been sitting on the fence into the game.
Just like how Jorn Lambert told CNBC,
"It's a little scary to some people still."
And I totally understand that notion.
From the outside looking in,
people hear about the hacks.
They know people that got scammed.
They know that regulation lives in the gray area.
But with banks jumping in,
it's going to give them that peace of mind.
And, really, it legitimizes the space for everyone.
This extra spark in mass adoption will only help the bulls win the battle of price action
when it matters the most.
Speaking of price action,
let's pass it over to our guy Frankie Candles for a market watch.
Thanks, Bryan!
Alright, guys. Let's jump in and do a little market watch here.
We've got Bitcoin coming in at $19,537.
Up about 1.4% on the day
Ethereum coming in at $1,332
Up about 2% on the day
Now, guys, I want to bring you over to the Bitcoin chart
because we do have the higher timeframes still giving somewhat of a bullish bias.
And one of those things that I am watching is the 2-day money flow crossover into the green.
You can see that happening right here.
Now, I just want to bring you back in time.
Now, although this does not mean that we will absolutely 100% see the same thing happen,
I do just want to go back and show you guys
the last time that we had a 2-day money flow crossover was right here.
And although we did come down at first, it did wind up resulting in about a 72% pump.
And then the time before that was basically during the March 2020 dump.
Shortly after there, we had that 2-day money flow crossover,
and we came up about 919%.
Now, obviously, I'm not saying that we're going to go off into another bull run,
but I do just want to show you how rare these 2-day money flow crossovers are.
And as long as we don't just come up and roll right back into the red immediately,
we could see a decent move to the upside for Bitcoin.
Now, you do want to remember that we have a yellow X printing still here on the 5-day.
And that would be more of a bearish outlook.
But as long as this does not play out catastrophically, the higher timeframes,
especially with that 2-day money flow crossover,
they are looking like they could still have some upside in the near future.
If you guys want to follow me,
it's Frankie Candles on YouTube or @Frankie_Candles on all socials.
Back to the news.
Thanks, Frankie!
We all know how hard this bear market has been on a number of companies in the space.
On one side, there's companies that collapsed altogether.
And on the other side,
there's companies that had to fire an alarming number of employees
just to stay above water.
A recent article from coinculture.com points out that Coinbase had to fire 1,100 staff members,
which was 18% of their staff,
Gemini fired 10% of their workers,
BlockFi cut 20%,
and even Robinhood fired 23% of their workforce.
The list goes on and on.
And with all this in mind,
you have to keep in mind that the bear market should really be an opportunity to build.
And the companies taking advantage of that are going to win big next time we shoot to the moon.
Popular altcoin Chiliz, who powers the fan token platform on Socios.com,
has grown their staff by 70% this year.
And the fact that their fan token sales have been putting up big numbers
despite the crypto winter says a lot how they've been able to grow their team.
Be sure to keep an eye on Chiliz as we close out this bear market.
In the past, the price action liked to hover around 50¢,
with an all-time high of 89¢.
Right now, it's little over 18¢.
I expect big things from Chiliz,
especially with the launch of Chiliz Chain 2.0 coming out at the end of this year.
When looking at Bitcoin as a whole, there's a lot to be bullish on right now.
It's held the June floor this whole time,
it keeps fighting above the $19K,
and now even Yeezy himself is turning into a crypto bull.
Some people are convinced that the bear market will be over in a matter of months
and the worst is behind us,
and others think that $11K is the bottom, so time will tell who's right or wrong.
But take a second to look at this chart from Arcane Research.
From the close of 2013 and 2017,
it took 407 days and 364 days to bottom out after falling nearly 85%.
Right now, we've only come down about 70% in 222 days.
If this bear market is anything like the last two drawdowns,
we have at least 140 days to fall 15% further down the hill.
Also, yesterday TA analysis,
Matthew Hyland shows us the similarities between the relative strength index in 2018 and now.
And if we get rejected by the 50 line like we did before,
the sharp selling pressure could easily break us down out of that triangle
and take a big toll on Bitcoin's price.
My advice is to keep a close eye on the situation.
If you're day trading,
be hyper vigilant with risk management and set tight stop losses.
And if you're HODLing, well, hold on for dear life.
That's all I got.
Bryan out.