BTC continues to rally. A combination of bid pressure for risk-on assets (as can be seen by the S&P 500 price jump) and Luna Foundation Guard’s continued Bitcoin purchases.
And of course, today’s title pays tribute to the Oscar highlight: Will Smith slapping Chris Rock on stage. If you’re yet to watch it, check it out in the section below.
BTC Technical Analysis
UK Regulation Turns it Head to Crypto
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Macro Structure: Since Feb 22nd, we’ve been in the $36k - $45k range.
Key Resistance: Recently we reclaimed the 100 Day Moving Average and broke a key structural level at $45k.
Looking Forward: The macro downtrend is broken at just above the $50k psychological level. Looking for a good close above the $50k level. Not much resistance between $50k and $60k. At the least, a test of the $50k level seems likely. It is possible thereafter to see sideways price action or a new range between $36k - $50k. Ideally, we hold above the 100 Day Moving Average and we hold the $45k level.
For a more detailed over, watch Koroush AK’s recent video.
❗ The U.K.’s Approach to Crypto Regulation
The United Kingdom has plans for regulation in the cryptocurrency sector. With a focus on stablecoins in particular, the U.K.’s treasury will soon disclose what it has in store for digital assets.
Finance Minister Rishi Sunak is anticipated to announce a fresh regulatory approach regarding cryptocurrency in the weeks ahead.
The focus of the announcement centres on stablecoins, presumably due to their goal of stable pegged prices, which make them most closely resemble the behaviour and utility of fiat currencies.
Sources close to the developing plans told CNBC the details are likely to be considered favourable for the industry, potentially providing clarity; the same issue being hotly debated in the United States.
Anonymous sources have claimed Treasury officials are willing to understand the complex cryptocurrency sector and stablecoins in particular. The U.K. Treasury Department has reached out to several firms and trade groups including crypto exchange Gemini to achieve a better comprehension of digital assets.
Some have speculated that the timing of Britain’s focus on regulation has been influenced by American President Joe Biden’s executive order, drawing upon a coordinated effort spanning multiple U.S. federal agencies on crypto regulation.
There is perhaps no greater entity than the government when it comes to how drastically it can affect cryptocurrencies. Stay up to speed with the U.K.’s progression here.
⛏ Exxon Mining Bitcoin with Wasted Energy
ExxonMobil is the top oil and gas producer in the U.S. According to people with knowledge of the matter, they have been running a pilot program to mine bitcoin in North Dakota since late January 2021.
Exxon is “diverting natural gas that would otherwise be burned off into generators, which convert the gas into electricity used to power shipping containers full of thousands of bitcoin miners.”
To put it simply, the energy from flames one may see rising from oil fields is being redirected to mine bitcoin. (click here to learn more).
This bitcoin project is not about making money as much as its pledge to reduce emissions to meet higher environmental demands.
ConocoPhillips is also running a similar mining scheme in North Dakota.
While this may not be the renewable energy environmental activists were searching for, it is a way to solve two problems at once by finding a use for the otherwise wasted energy.
This news is sure to boost bitcoin and the gas producer by turning a negative into a potential net positive.
Monday, 28 March
An integrated conference experience featuring in-person elements fused with immersive Metaverse integrations. Speakers and events focus on the adoption of web3 in sports, music, art and entertainment.
There are three days of world-class programming at the Arena in the Dubai World Trade Centre.
Tuesday, 29 March
The ETHDubai conference featuring speakers from Ethereum developers, SushiSwap advisors and project founders will kick off its 3-day run today.
Huobi Global scheduled to list DOG (The Dog NFT). The dogecoin mascot NFT broke records as fraciontlization of its ownership generated record numbers for NFT value.
Wednesday, 30 March
Launch day for Blockchain Brawlers. Using WAX blockchain technology, the play-to-earn game featuring wrestlers is the first experience built by WAX Game Studios.
Telos CEO Justin Giudici will be at EOS Detroit to discuss Telos and project-funding programs available to those interested in building.
Voting ends on proposal #68 to add $ATOM, $OSMO, $LUNA, $UST and $AKT pairs with $USDX into Kava Swap and activate Surge Rewards.
Thursday, 31 March
Roadmap expectation for Cosmos SDK v0.45 along with other improvements to IBC 3.0.0, Gravity DEX and Gaia at the end of Q1 2022.
Friday, 1 April
The Employment Situation for March is scheduled to be released by the U.S. Bureau of Labor Statistics. The report will offer insight into the current employment climate in the United States.
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🌎🧘♂️✍️ 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 Ellen B.
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