30th July 2023: Weekly Crypto Trends
Bitcoin and Ethereum close modestly lower on the week; Ethereum maintains short term support at 1850.
Secondary coins were generally lower on the week, the worst performers being Polygon, down 7.8%, Ripple, down 7.7% and Thorchain down 6.5%. Secondary coins are split between those in short term uptrends, namely Ripple, Monero, Solana, Chainlink and Stellar, and the rest all in short and medium term downtrends. Only Ripple is is a medium term uptrend. Fantom and Cosmos attempt bases at recent lows.
Crypto related equities have generally not changed much on the week except for a further 6% slide in Coinbase. Hive, Microstrategy, Marathon ad Riot have consolidated to short term uptrends.
Headlines
News was thin last week.
Federal prosecutors asked that FTX former CEO Sam Bankman-Fried be detained on Wednesday. They maintain that Bankman-Fried tried to discredit a witness by leaking documents to the New York Times.
The SEC warns accounting firms to be wary of “accounting lite” statements about Crypto companies, such as commentary on “proof of reserves”. Paul Munter, the SEC’s principal advisor on accounting, says that crypto companies have marketed their relationship with accounting firms as auditors, despite their work not strictly fitting this definition. He said “as accounting firms increasingly engage in this sort of non-audit work, their clients’ marketing and terminology risks misleadingly suggesting that these alternative, non-audit arrangements are at parity with, or even more “precise” than, a financial statement audit.”
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 29,350.73 | 0.3% | -562.35 | -1.9% | 47 | 42 | 0 | 10 |
| Ethereum | 1,875.58 | 0.7% | -20.06 | -1.1% | 49 | 8 | 0 | 2 |
Bitcoin and Ethereum close modestly lower on the week; Ethereum maintains short term support at 1850.
Ratio Chart
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| DogeCoin (Memecoin) | 0.08 | 5.5% | 62 | -33 | -88 | -74 |
| Stellar (Privacy Coin) | 0.16 | 1.7% | 68 | 75 | -88 | -48 |
| BNB Chain Native Token (Smart Contract Coin) | 242.11 | -0.7% | 47 | -75 | -47 | -54 |
| Monero (Privacy Coin) | 163.02 | 0.6% | 63 | 42 | -88 | -56 |
| Cardano (Smart Contract Coin) | 0.31 | -1% | 54 | -75 | -88 | -85 |
| Solana (Smart Contract Coin) | 24.87 | -2.6% | 67 | 42 | -88 | -56 |
| Theta Token (Gaming Coin) | 0.80 | -2.2% | 56 | -75 | -88 | -85 |
| Decentraland (Gaming Coin) | 0.39 | -3.1% | 53 | -75 | -88 | -85 |
| The Sandbox (Gaming Coin) | 0.43 | -3.3% | 51 | -75 | -88 | -85 |
| Cosmos (Smart Contract Coin) | 9.03 | -4.3% | 49 | -75 | -88 | -85 |
| Fantom (Smart Contract Coin) | 0.25 | -4% | 40 | -83 | -88 | -87 |
| ChainLink (Cross Chain Coin) | 7.80 | -4.3% | 65 | 42 | -88 | -56 |
| Avalanche (Smart Contract Coin) | 13.25 | -5.4% | 52 | -75 | -88 | -85 |
| Polkadot (Cross Chain Coin) | 5.22 | -5.1% | 56 | -75 | -92 | -88 |
| Near (Smart Contract Coin) | 1.39 | -6.1% | 52 | -75 | -88 | -85 |
| THORChain (Smart Contract Coin) | 0.94 | -6.5% | 49 | -75 | -88 | -85 |
| Polygon (Smart Contract Coin) | 0.71 | -7.8% | 53 | -75 | -47 | -54 |
| XRP (Smart Contract Coin) | 0.71 | -7.7% | 63 | 75 | 0 | 18 |
Secondary coins were generally lower on the week, the worst performers being Polygon, down 7.8%, Ripple, down 7.7% and Thorchain down 6.5%. Secondary coins are split between those in short term uptrends, namely Ripple, Monero, Solana, Chainlink and Stellar, and the rest all in short and medium term downtrends. Only Ripple is is a medium term uptrend. Fantom and Cosmos attempt bases at recent lows.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 49.44 | 5.5% | 3.2% | 60 | 75 | -88 | -48 |
| Block Inc | 78.36 | 3.4% | 2.9% | 63 | 42 | -88 | -56 |
| Coinbase Global Inc Cl A | 94.76 | 2.2% | -6% | 70 | 75 | -92 | -51 |
| Hive Blockchain Technologies Ltd | 5.30 | 5.2% | -0.6% | 65 | 75 | 88 | 85 |
| Marathon Digital Hldgs Inc | 16.70 | 4.6% | -1.1% | 63 | 75 | 0 | 18 |
| Microstrategy Cl A | 434.61 | 2% | -0.5% | 71 | 83 | 41 | 51 |
| Riot Blockchain Inc | 18.38 | 4.4% | 0% | 69 | 75 | 0 | 18 |
| Robinhood Markets Inc Cl A | 12.73 | 4.1% | -0.2% | 69 | 75 | -88 | -48 |
| Tesla Inc | 266.44 | 4.2% | 2.5% | 48 | 75 | -92 | -51 |
Crypto related equities have generally not changed much on the week except for a further 6% slide in Coinbase. Hive, Microstrategy, Marathon and Riot have consolidated to short term uptrends.