The Bitbuy Brief: Everything is Up!

Issue #178 : Lots of Green this Week 🤑

March 31st, 2022

Weekly Market Recap

Everything is up!

Bitcoin +6.64%

Terra’s aim to back their stable coin $UST with $10B USD worth of Bitcoin could be one of the catalysts behind the price move. Bitcoin is encountering resistance around the $60K CAD level as no daily or 4-hr candle has closed above it.

Ethereum +8.83%

In the past few days, ETH has closed a few candles above its 200 EMA. It’s now encountering some resistance around the $4200 CAD level. Is the market pricing in the Proof of Stake transition? Or is the price correlated to Bitcoin’s price increase?

AAVE +34.65% – the biggest gainer

On March 29th, it had a massive green candle – where price increased +33.26%. The launch of AAVE V3 on March 16th is most likely the continued catalyst. Since the V3 launch, AAVE broke market structure on the daily chart and is making higher highs on the 4-hr chart. Yesterday, AAVE tested a recent resistance level of $245 USD but was unable to breakthrough. AAVE’s founder appeared on the Bankless podcast to discuss AAVE V3. If you’re interested give it a listen on Apple or Spotify.

EOS +16.13% co-founder tweeted he traded all his shares for EOS tokens. Driving EOS’s price up +26% on the day of and after the tweet. Even before his tweet, EOS appeared to be in an uptrend.

Solana +18%

It’s been trending up since March 14th. And has been making higher highs on the 4-hr charts. OpenSea announced it will be supporting Solana NFTs in April. Grayscale chose Solana for its new Grayscale smart-contract fund. Difficult to confirm those were the announcements with the most significant impact on Solana’s price, but they didn’t hurt it.

Sushi +18.51%

It has yet to break out of its current downtrend on the daily chart. On a 4-hr chart, it has broken out of the downtrend and is making higher highs. There seems to be some resistance right around the $5 USD price.

Thank you for reading.

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In Case You Missed It…

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Crypto Wallet Security 101 [Cold Storage Guide]

Crypto Wallet Security 101

Self-custody (or cold storing your crypto) provides complete control of your crypto via a personal private key.

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Bitbuy’s Canadian Cryptocurrency Tax Guide For 2022

I hear two things are certain in our lives – Death and Taxes. Bitbuy can’t solve either.

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