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- Dgenz Crypto Weekly 017
Dgenz Crypto Weekly 017
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
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Weekly Snapshot
Market & Economy Overview
This past week saw major developments shaking the market. Argentinian President Javier Milei faces impeachment calls after endorsing the now-collapsed $LIBRA project, which saw an insider sell-off of $107 million, triggering a 94% price drop in just 11 hours. One of the accused insiders, Ben Chow, co-founder of Meteora has since resigned following allegations. Meanwhile, FTX has begun repaying creditors with claims under $50,000, including 9% annual interest accrued since November 2022. Blockchain data from Arkham Intelligence confirms wallet outflows tied to these payments, with around $1.2 billion distributed so far. Creditors with larger claims will receive their payouts in Q2, with a total of $16 billion expected. On the Solana front, over 15 million SOL (~$7 billion) will enter circulation over the next three months. Companies like Galaxy, Pantera, and Figure stand to gain $3 billion, $1 billion, and $150 million, respectively from SOL unlocks, with many likely to sell amid worsening market sentiment, fueled further by the recent $LIBRA collapse.
Crypto Insights: Weekly Charts
Bitcoin Dominance
Today saw $BTC.D breakout of it's downtrend as well as flipping that 61.12% resistance level into a support on the 4HR. A daily close above this level with Bitcoin continuing down is going to cause more blood to spill across the alt market so as far as risk to reward goes at the moment I would be looking at shorts over longs.
The BTC.D chart shows Bitcoin’s market dominance, revealing its share of the total crypto market cap and helping investors understand capital flow trends and overall confidence in Bitcoin versus altcoins.
Bitcoin
As for $BTC we can see that it's just lost that key $95k support level and looks to be going to retest support lower at around $92k. It also rejected again from the 1D 12 EMA which is going to be a tough level for $BTC to reclaim. With $BTC.D on the rise and $BTC falling its going to be a bloodbath for alts.
USDT Dominance
Another sign that we are still in for more downside can be found when we look at the $USDT.D chart. We have not long just broken through our daily resistance as well as successfully retesting the 1D 12 EMA. Again, for now I would be focusing on shorts until we reach our next point of resistance at about 4.9%.
The USDT.D chart shows the market dominance of Tether (USDT), indicating the proportion of crypto market value held in Tether and reflecting investor sentiment towards risk, as higher dominance often signals a move towards stability.
Others Dominance
$OTHERS.D has continued to fail to break out of the daily resistance, and we now have a 3rd rejection at the 1D 12 EMA, not to mention also losing our up trend too. The only positive thing to see on this chart is that on the 4HR timeframe we have just retested support but breaking above the broken trendline and EMA are not going to be an easy feat.
The OTHERS.D chart highlights the market share of altcoins outside the top 10 by market cap, giving investors insight into capital flow and interest in the broader crypto market.
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Spotlight: Token of the Week
$BTC
It's a been a Bitcoin market for a while and right now it's your safest bet. Set bids within the support zone, and don't go all in at once, DCA within the box. Look to take profits on the way up at your mid range and again if we make it back to range highs.
This is not financial advice. Please conduct your own research and trade responsibly.
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