Welcome to a fresh week in the crypto markets. These markets are full of opportunity. And so, we dedicate today’s letter to opportunity:
🏬 Walmart seems to have identified the opportunity in crypto and is making moves
📈 We take a look at $BTC, $ETH and $SOL charts
🐶 Who let the $DOGE back? We uncover what’s behind the pump
📆 Scan the Week. We draw your attention to the most exciting events and giveaways in the space
For more breaking news and crypto insights, make sure you’re on our free email list 👇
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🏬 This Week’s Shopping List: Apples, Noodles and BTC
Back in March, rumours were flying around about Walmart adding $1 billion of Bitcoin to their balance sheet. Though it was not publicly denied, neither was it substantiated, resulting in the “news” falling by the wayside. However, Walmart has thrown their hat in the hiring ring. A posting on LinkedIn appeared around midday local time for the position of “Digital Currency and Cryptocurrency Product Lead”.
Walmart is the largest retailer in the world. In 2021 Walmart’s revenues exceeded Amazon’s (ranked 2nd amongst retailers) by almost $240 billion.
Walmart’s grass-roots connection with the average person encompasses an overwhelming portion of the population. Nearly every American spent money at Walmart in 2016.
Amazon currently has a posting up on LinkedIn seeking Digital Currency and Blockchain Product Lead applicants as well.
Even with its ever-growing popularity, cryptocurrencies are still far more obscure than traditional forms of payment like debit and credit cards. By finding integration in comfortable places, the average person will begin considering crypto as a valid form of currency. Sure, you came in for a pomegranate, but you couldn’t pass up the carton of use-case staring you in the face at checkout.
Though it is too early to draw conclusions about the role crypto will play in some of the biggest companies in the world, the attention being devoted to the nascent cryptocurrency movement proves it can no longer be ignored… by anyone. The United States Senate saw crypto tax issues pushed to the forefront of the infrastructure bill last week. Retailers around the world are hiring industry experts. Companies continue adding Bitcoin to balance sheets. Even the IRS may extend a helping hand to entities over the notorious definition of “Broker”.
The next time you’re in Walmart and see a sale on sunglasses, grab two pairs – the future is looking very bright. If you’re new to crypto and looking for somewhere to start, give our Beginner’s Guide to Owning Crypto a read.
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
🐂 Bull Market 2.0?
Market Sentiment: Bullish. BTC looks set to continue towards the 0.618 level.
That being said, we will face a key resistance level, psychological in nature, at $50k.
Significant opportunity for a breakout play if we close above $50k.
Thereafter, we could be set for further upside toward the next resistance: around $59k and well, above that… new All Time Highs and Bull Market 2.0.
Paying close attention to the $3.16k level. There were big sells and daily price struggled for a while to get above here.
We’ve had a retest that has held but we’ve hit the top around $3.3k. We therefore find ourselves in a sensitive position. We could consider a breakout play above this level or we could look to a retracement play 👇
We’ve flagged a few support levels on the way down and to the $2.9k level. In fact, the 100 day moving average is confluent with this level. For a retracement play (assuming overall market conditions remain bullish) we might consider this as an entry.
To be clear, currently, we have no interest in shorting these market conditions.
Aggressive breakout. First ATH for a major asset since May.
Breakout and reversal plays have passed. That leaves retracement plays. Consider 2 charts:
Can look for a macro retracement on the one day chart at 0.236 or 0.382 here 👇
Alternatively, you can take the bottom of the breakout on the 4 hour chart. Again, can look for a retracement at 0.236 and 0.382 levels 👇
If you’re not comfortable with Fibonacci Retracements, consider using our beginner’s guide here.
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🐶 Who Let The Doge Back?
Everything crypto is heating back up. To name a few: XRP, ethereum, cardano, and solana have seen a big price increase as of late. Another coin that is making its way back into the limelight is our old friend, DOGE. In the last 7 days, it has seen a 42% price increase! Are the meme coins back out in full force? Let’s take a look at why dogecoin saw a recent pump.
On Thursday the Maverick’s owner, Mark Cuban, announced that there would be a special summer sale exclusive to those who paid with DOGE! Cuban wasn’t done there. On Friday, he spoke with CNBC and said DOGE is “a medium that can be used for the acquisition of goods and services”...“The community for DOGE is the strongest when it comes to using it as a medium of exchange.”
So was Cuban the sole person responsible for the pump? On Saturday, Elon Musk tweeted that he agreed with Cuban. After Musk tweeted his reply, DOGE increased in price roughly 30% going from ~26 cents to ~34 cents.
What does this mean? Other than Cuban and Musk being powerful enough to influence the market, it shows us that with DOGE and other meme coins, simple endorsements will go a long way for the coin’s price.
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 16th August
👾 Crypto.com x Axie Infinity
Trade-to-Earn your favorite Axie. Crypto.com is giving away 4 Axies worth up to USD 12,000 of ETH in a special lucky draw. More info here. Trade at least USD 100 of AXS or SLP every week during the campaign period to participate in the lucky draw. Campaign period: 07:00 11 August - 00:00 8 September 2021 UTC.
Tuesday, 17th August
🤝 Nexo Referral Program
For every friend who joins and tops up $100 or more in assets, Nexo will reward both of you with $10 in BTC.
Wednesday, 18th August
🤔 Qtum AMA
Qtum will be holding an AMA on Discord on August 18, 2021 at 12 noon GMT to allow the community to ask all sorts of questions about the new server channels and incentives that will be introduced
🌐 Alpha Finance Beta Phase 1 Launch
Alpha Launchpad's first incubated project, Beta Finance, which is a permissionless money market protocol for lending, borrowing, and shorting crypto assets, will launch phase 1 of their project.
Thursday, 19th August
☀️ Crypto.com Exchange Summer Championship
Crypto.com is giving away USD 25,000 worth of CRO and 21 exclusive Aston Martin Cognizant Formula One™ branded gifts to both new and existing Spot traders. Campaign Period: 07:00 4 August - 00:00 19 August 2021 UTC. Create an account on the Crypto.com Exchange to participate. (Not available for citizens and resident of the United States, China, or Hong Kong)
🚗 Tesla’s AI Day
Tesla is holding an invite-only event on Thursday where CEO Elon Musk is due to speak about how people will start thinking of Tesla as an “AI robotics” company instead of just an electric car company.
Friday, 20th August
📆 Q2 2021 Exodus Earnings Call
Use this link to tune in to the earnings call. The Exodus wallet is free and can be downloaded on your computer or phone. Use our link to download Exodus and start earning today!
🌎🧘♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
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.
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