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- Dgenz Crypto Weekly 023
Dgenz Crypto Weekly 023
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
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Weekly Snapshot
Market Pulse
Crypto markets saw a boost on Tuesday as investors speculated that Trump’s "Liberation Day" tariffs might be less severe than feared. However, analysts remain cautious, warning that a potential trade war could strengthen the dollar or slow global growth, both of which could negatively impact risk assets like crypto. Meanwhile, Bybit is shutting down its NFT marketplace on April 8, joining a growing list of platforms exiting the struggling NFT sector. X2Y2, which processed $5.6 billion in trading volume, recently announced its own shutdown, while Kraken and Nike-owned RTFKT have also pulled the plug on their NFT ventures with LG to follow suit in June. The NFT downturn is evident in floor prices, with CryptoPunks down nearly 66% from their all-time high, Bored Apes plunging 90% from their 2022 peak and DeGods taking the biggest L currently sitting at just 9 $SOL after their highs of over 2000 $SOL in 2023. In other major news, Circle, the issuer of $USDC, has filed for an IPO and plans to list on the NYSE under the ticker CRCL, with JP Morgan leading the offering. Tether, the largest stablecoin issuer, has also made waves by adding 8,888 $BTC ($735M) to its reserves, bringing its total Bitcoin holdings to $7.8 billion. The company reported a record $4.5 billion in Q1 profits, with $1 billion coming from its substantial U.S. Treasury holdings.
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Crypto Insights: Weekly Charts
USDT Dominance
We saw a nice rejection off the resistance zone yesterday which led to a little rally across the market. However, it is likely to be short lived as we are returning back down to find support. We also have both a daily and a 4HR fair value gap (FVG) lining up perfectly with our support zone so it would be expected for a bounce off this level before it heads back up again causing more downturn pressure on risk assets.
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
On Monday, $OTHERS.D daily candle closed below support and yesterday we went back for a bearish retest flipping this level into resistance. We are clearly in a Bitcoin dominated market and wouldn't be surprised if we don't recover this time and instead just continue down towards about 7.7% where we have a weak daily low as well as a weekly FVG from back at the start of 2021 lying just underneath it.
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 Dominance
$BTC.D has steadily been on the rise for the last week and yesterday's daily candle has now flipped what was a key level of resistance into an area of support. With no resistance until about 64.2% there is nothing holding it back from continuing this uptrend it started back in December of 2022.
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.
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Spotlight: Token of the Week
$SAFE
With Trumps “Liberation Day” speech happening shortly I’m anticipating a sell news the event so I am not looking to take any longs or open any new spot positions. Instead, I just entered a short position on $SAFE here after we moved back in to this bearish FVG. Make sure to set a stop loss just above the FVG as this will be a clear invalidation of the play.
This is not financial advice. Please conduct your own research and trade responsibly.
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