OTC Weekly Trading Insights (05/27/2022): BTC prepares for its next move
- ANC has been one of the best performing coins the past week, up nearly 200%, this can be attributed to the anticipation of the New Terra blockchain set to launch on the 27th of May. More can be found here.
- ZIL announces future plans for its gaming ecosystem and how it will shape the way going forward. More information on their Twitter page.
- Binance completes the Ellipsis token migration and EPS starts trading under EPX.
- ASTR volume rallied after they announced AstridDAO will be partnering with Microsoft.
Trade our top 5 weekly coins of interest here!
Convert Portal Volume Breakdown
- To no surprise with the current interest in stablecoins, the highest % of transactions on the Convert Portal this week was stablecoin swaps at 24.99%.
- Secondly was Crypto to Stablecoins at 24%. With the current uncertainty surrounding the space, the majority of investors are looking to sit on the sidelines until the market finds a certain bottom.
- We will be evaluating these figures weekly as each market event unfolds.
Overall market technicals
BTC: Gearing up for its next big move
- Continuing on from last week the overall narrative still suggests that the bears are in control.
- BTC has not made a significant high since the start of the month as we continue to trade in this downward trend.
- The previous support of around $28,500 is still holding, but on the 4 hour chart a descending triangle looks to be forming, with the neckline being the horizontal support.
- One form of confluence is the lack of volume as we approach the apex, indicating that BTC is preparing for its next big move.
- Currently BTC is trading at $28,900 and on the smaller time frames is seeing extremely choppy price action as day traders anticipate the next big move.
- The BTC fear & greed index still remains at ‘Extreme fear’ as FUD continues to haunt the space.
- ANC is a coin of interest this week, as it has unexpectedly saw rapid volume expansion of over 400% since last Friday
- As a result price rallied over 650% at the start of this week, which was short-lived as it soon returned towards the downside.
- We saw an initial bounce at the golden pocket fib level, but once again this didn't last too long as we are now trading just above 0.786 level.
- As always the future price of altcoins will be determined by BTC, we will need to see its current support level hold otherwise there is further room to the downside with potential new all time lows being printed.
05/31/22 - RUNE Mainnet Release
06/19/22 - Ethereum Community Conference
06/30/22 - ADA Vasil Hardfork
News events of note
Whales untether - Following the ongoing interest around stablecoins, onchain data has shown that USDC has now become the stablecoin of choice on the ETH blockchain. Since the failure of UST, USDT has seen over $10b worth of redemptions as investors flock towards USDC.
Times ticking - Luxury Swiss watchmaker, Tag Heuer, announced this week that they will be accepting crypto payments on its US website with plans to expand this across the globe.
Crypto’s safe haven - Portugal’s Minister of Finance recently announced that cryptocurrencies within the country will soon be liable for capital gains tax, however Assembleia da Republica, has rejected two bills that would have imposed a tax on crypto.
Enter the Metaverse - VC firm A16z is launching a new fund that will be exclusively focusing on gaming and Metaverse industries. The fund will consist of $600m pool of cash and a new internal structure designed to locate acquisitions inside the gaming vertical.
Binance Execution Solutions
Whilst Binance Convert Portal and RFQ Block Trading is a great, simple way to execute trades across a wide range of Crypto pairs, sometimes this is not the most efficient method especially for the more illiquid pairs. Binance has developed a way round this by using agency execution algos that provides an intelligent solution to optimize execution.
Our execution algos facilitate the execution of large crypto trades while reducing average cost of execution and market signaling. Algorithmic execution is already widely used in traditional financial markets, with a majority of large-volume trades in the market executed via algo orders.
Binance’s execution algos have been fully optimized for the cryptocurrency markets, executing your orders into smaller blocks with logic-based strategies. Order types include time-based (TWAP) and volume-based strategies. More information on our algos can be found here!
View full text