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Market Meditations | March 4, 2022
Crypto moves fast. It’s exceptionally easily to lose sight of the big picture. That’s why we are here to remind you of it.
- BTC Technical Analysis
- Sandbox Alpha Season 2
- New Free Money Opportunity
- The Crackdown on Crypto
⏰ Top Headlines
- Revolut bans transfers in Russia and Belarus
- Switzerland aims to become the next crypto utopia as Lugano makes Bitcoin and USDT legal tender
- Brazil’s central bank selects nine CBDC projects to move forward in innovation challenge
- US Jobs Up 678K in February, More Than Expected, Adding to Price Pressures
? Did You Zoom Out?
Key Resistance: As predicted, the price rose and went straight into $45k resistance. Many people were prematurely bullish. Likely over excited by the one big green candle.
Key Support: Key support at the $40k psychological level. Very bearish below this level. At the moment, as we are above $40k, we find ourselves in a brief bearish-neutral period. The neutral component also captures the recent green candle and the fact that the very short term trend is bullish.
Looking Forward: In times like this, it’s extremely important to zoom out and look at the total market structure. One big candle is not enough in isolation to invalidate an entire macro structure. Particularly, weeks or months of a downtrend. Coupled with the 100 Day Moving Average, the $45k is a fierce resistance level we ought to be cautious about.
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⛱️ A Different Kind of Alpha
Boasting more than 2 million users, The Sandbox, a division of Animoca brands, opened Alpha season 2 yesterday.
- The Sandbox is a virtual world where players can build, own, and monetize their gaming experiences in the Ethereum blockchain.
- Alpha Season 2 is a play-to-earn event following the successful conion of Alpha Season 1, which launched in November of last year.
- The event will run throughout the Month of March following its grand opening at 3PM UTC March 3rd. With over 35 experiences to engage, the second iteration of The Sandbox’s Alpha event includes 18 upgraded experiences from season 1.
With events like Dracula’s Castle, Snoop Dogg showing off his NFT collection in the metaverse, and Blond:ish performing, The Sandbox offers plenty of experiences to attract new users and intrigue veterans.
There are three ways you can get S2 Alpha Pass NFT:
- Playing Alpha Season 2 using your account to become eligible to win a S2 Alpha pass via the Raffle.
- Participating in Social Contests for a chance to win each week.
- Purchasing one on secondary markets.
Alpha Season 2’s experiences are available to everyone with a The Sandbox Account – Sign up for free here.
⚖️ The Crackdown on Crypto
According to IRS Official, Carolyn Schenk, crypto exchanges should expect more ‘John Doe’ records requests. The IRS is looking for everyone, from those who may have misrepresented their crypto-related tax obligations, to those who may be referred for criminal prosecution.
- In the US, 3 people were sentenced to prison due to their involvement in an unlicensed crypto exchange. Not only did associates of ‘The Geek Group’ trade bitcoin and launder money, but the owner, Christopher Alan Boden of Michigan, is alleged to have solicited an undercover agent to collect an unpaid $500,000 bitcoin debt by using violence if necessary.
- The Finance Conduct Authority, which is the top financial watchdog in the UK, announced that 50 UK crypto firms are being actively investigated. More than 300 cases related to unregistered crypto asset firms were opened, but many may turn out to be scams.
- (Not to be left out) the SEC announced they were investigating both NFT creators & crypto exchanges for possible violations of the securities law. Fractionalized NFTs have not evaded the watchful eye of the SEC either.
With so many regulatory bodies focusing their efforts on crypto, more regulations are bound to be around the corner. Luckily the last year has proven that there are a growing number of crypto enthusiasts in Washington as well.
- Watch our How to Get Rich Trading Crypto Course if you struggled with today’s technical section.
- Read the following Technical Analysis guides for more insight:
- Shake Shack Will Offer 15% Back in #Bitcoin for All Purchases Made Using Cash App – Market Meditations
- The massive rise in food and energy prices have caused an enormous tightening of financial conditions, along with the liquidity issues of de-platforming Russia. The 2/10’s swaps curve is at 15bps and will hit zero soon, showing how tight conditions really are. 1/ (Thread) – Raoul Pal
- Manchester City Football Club has signed a global sponsorship with Bitcoin and crypto exchange OKX – Bitcoin Archive
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
Disclosure. Some of the links we’ve included are affiliate, they give you rewards and discounts and earn us a commission. Additionally, the Market Meditator writers hold crypto assets. See our investment disclosures here.