Your Crypto Focus: 12th-18th March
At this point, we have a flat end to a choppy week. Markets continue to deal with the ongoing conflict in Ukraine that’s been chopping up risk markets.
The top 10 and 25 started the week with a solid move lower before buyers flooded back into coins on Tuesday. Feverish buying continued on Wednesday, and it came as a real surprise as markets were flat till lunchtime Australian time. Gains reminded us of past times as many of the top ten jumped to 8% plus gains, and some coins hit 10-15% gains. The reason was unclear at the time, but news soon hit that Biden’s executive order was leaked. Traders have been nervously awaiting the details of this order as it was set to show how the US government was going to treat and regulate crypto assets.
Cameron Winklevoss, president of crypto exchange Gemini Trust, wrote Wednesday that Biden’s executive order is a “watershed moment” for the industry.
“It paves the way for thoughtful national crypto regulation that will allow builders to build onshore and ensure that the US remains a leader in crypto,” he wrote.
“It is important for various agencies (federal and state) and Congress to work closely together,” Winklevoss added. “The WH recognizes the importance of overarching public policy and national interest rising above narrow jurisdictional battles to best develop a coherent and cohesive framework.”
The crypto world saw the bill as a win, and that was definitely reflected in prices in Wednesday’s session. This was short-lived as sellers came back with a vengeance on Thursday, and most of Wednesday’s solid gains were all or close to being erased. Buy the rumour, sell the fact, combined with failed proposed talks between Russia and Ukraine, could be some of the influences that sent prices lower. Traders made late recoveries on Friday as futures, and other risk assets gained traction during the London session. The top 10 and 25 turned positive last in the session.
Waves was a real standout during the week, and it paid little attention to a lot of the external influences we saw during the week. Price started the week at 16.88 and hit a high of 30.88. A gain of 45%. 29.40 is presented as resistance on the weekly chart, but we will be watching to see if price can respond to a new pullback and retest resistance, suggesting the current rally has further to go.
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