The Bitbuy Brief: Dogecoin, Twitter's Crypto?

Issue #179 : Dogecoin, Twitter’s Crypto?

April 7th, 2022

Weekly Market Recap

Everything is down, except for Doge!

Bitcoin -4.28%

In the last 7 days, we’ve seen the price hit $59,500 CAD. Late yesterday, the price touched $53,775 CAD. The downtrend started on Tuesday morning. Hitting its recent swing low around 8 PM EST yesterday. The most likely catalyst is the release of the FOMC minutes.

Ethereum -3.44%

Ethereum price is highly correlated with Bitcoin. So, its chart has a very similar candle pattern. But it doesn’t always have the same market structure. On April 3rd, Ethereum hit a recent high (of $4500 CAD) after hitting lower highs and lower lows. Breaking out of its downtrend.

In recent weeks, we’ve shared a Discounted Cash Flow (or DCF) analysis done on ETH. In a Benzinga article, Bloomberg analysts modeled ETH’s cash flows (post PoS merge) with an Apple-like valuation. Check out the Benzinga article here.

Solana -6.66%

OpenSea went live this past week with support for Solana NFTs. Not even that announcement could stop its 10% slide on the back of the FOMC minutes release.

Doge +4.77% – The Outlier

Doge was enjoying a decent week. Then news about Elon taking a 9.2% stake in Twitter broke. Doge shot up 21%. The next day, the FOMC minutes get released and Doge gives back its gains and some.

In light of Elon buying shares in Twitter and taking a board seat. Could we see the people’s crypto become Twitter’s crypto too?

EOS -14.57%

EOS daily chart looks a bit different than the other coins. It could be due to the one EOS founder turning his shares into EOS tokens? Or the founders setting up a new fund for EOS expansion? We’ll have to see what the coming weeks bring for EOS.

All Other Coins

Everything else was down. The Catalyst seems to be the FOMC minutes release, as all coins had red candles yesterday.

Thank you for reading.

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