Welcome back, everybody. It’s been another exciting week in crypto, and we’re pleased to bring you the next edition of Moralis Research. Today, we will be interested in getting your feedback on the content of these reports. Please take a few minutes to give us your feedback here.
This week, First Republic Bank’s stock plummeted nearly 50% as the banking crisis continued to affect the financial system. The regional lender experienced a massive loss of $102 billion in deposits in the first quarter of 2023 following the collapse of Silicon Valley Bank last month. First Republic Bank’s profit and revenue have also dropped significantly, with the bank’s CEO, Michael Roffler, acknowledging the challenges and uncertainties ahead. The banking panic led depositors to withdraw their funds from smaller banks and move them to larger ones. Although the US government took rapid steps to protect the financial system, many bank stocks, including First Republic Bank, plummeted in March.
In other news, Binance US decided to walk away from its deal to acquire Voyager Digital’s assets, citing regulatory uncertainty as the main reason. Voyager described the termination of the approximately $1.3 billion restructuring deal as “disappointing” and plans to return value to customers through direct distributions. Regulators, including the SEC, the Federal Trade Commission, the Texas State Securities Board, and the Texas Department of Banking, had objected to the deal, raising concerns about the acquisition.
Lastly, the BRICS countries (Brazil, Russia, India, China, and South Africa) received membership requests from 19 nations ahead of their annual summit, set to take place in South Africa this summer. The BRICS nations have surpassed the G7 in GDP (PPP) and are open to new members, potentially signaling a shift in the global power balance. The expansion of BRICS and the modalities of the process will be a central topic of discussion at the June event, with the potential to affect the group’s influence on international trade and the US dollar.
We’ll always provide you with our research to help with your education. We’ll keep close track of the main developments and evolution of the niches in blockchain so that you get the best of the new knowledge. When you’ve finished reading your report, please remember to fill out the feedback form, your feedback is valued, and we’re always open to suggestions.
Thursday 27th of April, 2023 12:00 UTC
For those new to my analysis, I do trend trading over long timeframes.
Global tech only has two outcomes: Giant success or catastrophic failure. Tech either does a 100x or goes to zero, with little in-between. Before reaching either end point, the asset price will trend for extended periods.
My process aims to give exposure during those periods of established trends. That way I can enter with more capital for any given risk, compared to a hold only approach. I don’t try to catch tops or bottoms. I don’t worry about intraday movements. My style of analysis is not suitable for day traders or range traders. When it comes to tech, the big gains come from catching big moves over long periods of time.
This is an analysis at one moment in time. Market structure can change in an instant. When presented with new information, I will adjust my opinion accordingly. Technical analysis of historical data is not a prediction of the future. It is a tool that can aid in finding setups for favorable risk-reward and points of invalidation.
FOR GENERAL INFORMATION PURPOSES ONLY, NOT FINANCIAL ADVICE.
All information presented in this report references an opinion of the author and is for general information purposes only. You must not construe any information presented as legal, tax, investment, financial, or other advice. Nothing presented constitutes a solicitation, recommendation, endorsement, or offer to buy or sell financial instruments. I am not a licensed financial advisor or registered investment advisor. For financial or investment advice, seek a duly licensed professional in your jurisdiction, who can take your specific situation into account. Past performance does not indicate future results. You are always at risk of losing all invested funds. I don’t give advice to buy or sell specific assets. The education and software tools are timeless and generic for any asset. Rather than relying on subjective market opinions, I apply the principles of technical analysis formulated in 1930s on historical charts. Anyone can apply the same process and get the same result. Technical Analysis does not predict the future. It is a tool to find setups for controlled risk/reward. Larsson Line does not predict the future. It is a mathematical formula for trend expression. My objective with this report is to help you reflect on your own analysis, not to replace it.
Disclosure: I hold Bitcoin and Ethereum exposure through company ownership and in my personal capacity, as ETP price tracker certificates through my bank.
Despite price action drama yesterday, when taking a step back, the situation remains the same as last week, and it’s pretty simple:
We will see how the next few weeks/months play out, probably in connection to the macro events which also affect stocks, gold, DXY, US02Y, etc.
My guess would have been a bounce off the main 25k support, but for now we bounced already at 27k.
If that holds, definitely as sign of strength if we don’t even get a retracement to main support.
In this overview we are using Metamask, the most popular Web3 wallet and ID system. Alternative methods do exist but are not explained in this overview. For a more detailed tutorial navigate to Moralis Blog.
The first step to getting started with Metamask is to install either the browser extension wallet or the mobile version for iOS or Android.
(in the upcoming steps we will cover the browser extension version, but the steps are similar if using a mobile option)
Once downloaded and installed, we are presented the option to [Get Started].
After selecting the [Get Started] button we are asked if we would like to import and existing wallet, or create a new one. We select the [Create a Wallet] option here.
On the next page, selecting the [No Thanks] button will opt us out of usage data collection (optional, either choice is fine here):
Next we must specify a password for our wallet, this password will be used when signing transactions (we specify a password and agree to terms in order to continue). This is not a private key.
Next, the wallet displays an instructional video on seed key security. The video is highly recommended for new users, or anyone generating a seed for the first time.
Now that we have a good understanding of the purpose and security practices surrounding seed phrases. Selecting the [Next] button, prompts the generation of a new seed phrase, a related warning is displayed:
After revealing our seed phrase and storing it securely, the [Next] button becomes selectable. Proceeding from here, we are asked to confirm the phrase as a final security check, to make sure that you have stored the seed phrase accurately. By simply selecting the words in the correct order, our seed phrase is verified, and the [Confirm] button becomes selectable.
Once selected, the final confirmation page indicates that our wallet setup is now complete. Here we select [All Done] and our wallet is ready.
When looking to receive funds (cryptocurrency or NFTs), the public address can easily be copied from the top of the browser extension wallet.