TradeDog Newsletter

In Today’s Newsletter

• Judge rules in favor of Ripple against SEC in Hinman document case
• The UAE Ministry of Economy announced new headquarters in Metaverse
• Korean authorities order freeze of $67Mn of BTC tied to Do Kwon?
• Microsoft, Avalanche, and Polygon join $20Mn funding of web3 automation startup
• FTX President Brett Harrison steps down?

Industry Outlook

Quick Bites

Jude rules in favor of Ripple against SEC in Hinman document case

The victory weightage for Ripple Labs in its ongoing legal battle with the United States Securities and Exchange Commission had new additions as the U.S. District Court Judge Analisa Torres ruled to release the documents written by former SEC Corporation Finance Division Director William Hinman.?

The documents relate to a speech given by Hinman at the Yahoo Finance All Markets Summit in June 2018 in which he stated that Ethereum was not a security. The SEC filed a lawsuit against Ripple Labs in December 2020 alleging that the company has used its native cryptocurrency, XRP, as a means to raise funds in 2019.??

The UAE Ministry of Economy announced new headquarters in Metaverse?

The UAE Ministry of Economy has announced a “third address” in the virtual world as part of its ongoing push into the metaverse. The headquarters will be a multi-story structure, with each floor serving a unique objective. Visitors will be able to purchase a ticket, which will cause a "customer happiness centre employee" to enter the Metaverse and interact with them.

The new headquarters will supplement the ministry's two existing offices in Abu Dhabi and Dubai, allowing it to make digital services a larger part of its operations in response to UAE leadership directives.

Korean authorities order freeze of $67Mn of BTC tied to Do Kwon

South Korean authorities have requested crypto exchange Kucoin and OKX to freeze 3,313 BTC reportedly tied to Do Kwon. According to Cryptoquant, a crypto analytics group, a new BTC wallet was created under the name of Luna Foundation Guard (LFG), and a total of 3,313 BTC was then transferred to KuCoin and OKX.?

Microsoft, Avalanche, and Polygon join $20 million funding of web3 automation startup

Space and Time is a web3 data firm and claims to be the first decentralized data warehouse powering low-latency queries and tamperproof web3 analytics. In its strategic funding round, it has raised $20 million from investors like Microsoft’s M12 fund, Avalanche, and Polygon. Other investors also included Framework Ventures, HashKey, Foresight Ventures, SevenX Ventures, Hash CIB, CoinDCX, and other web3 communities and angel investors.?

FTX President Brett Harrison steps down?

Brett Harrison, former president of FTX US, has stepped down from his role but will be associated in an advisory capacity at the exchange. This decision came after a month of his now-deleted tweets which caught the attention of the Federal Deposit Insurance Corporation (FDIC). The US regulator mentioned that the tweet contained misleading claims that funds held and stock purchased through FTX were FDIC insured.???

Bitcoin Market Analysis

• The past week for Bitcoin started off with a positive note as the price level tested the crucial resistance mark of $20K. However, as the level was trading above $20K, a strong profit booking momentum was observed which brought the strong support of $18K into play.?
• The support level did again provide the much-required bounceback and the current level is trading between 0.786 FIB level to 0.618 FIB level based on the Fibonacci retracement. Above the 0.618 FIB level, there’s a strong resistance zone for the world’s largest cryptocurrency which it needs to break above and maintain price sustainability simultaneously.?
• One of the possible hints for an upcoming bullish trend on the short-term could be the positive crossover of MA-10 against MA-20. However, the crossover was just witnessed on the chart and has the possibility of forming a divergence too.
• The MACD level remains below the histogram which indicates that the buying volume might not be humongous considering the height of green bars formed. However, the RSI level has broken above the temporary resistance formed on the chart. It’s currently residing at 59.44.
• Overall, BTC might be heading to retest the resistance level present at $20K and $21K thereafter. In case of a turn of events, the crypto king can have support placed at $19K and $18K.

Sprint Updates

1. What is the economic impact of cryptocurrencies??
2. APY vs APR: What’s the difference??
3. Selling physical items as NFTs, explained
4. Can the metaverse exist without blockchain??
5. State of Bitcoin Q3 2022