Morning Coinheads!

While BTC has vacillated between US$28k and US$31k over the last week, the focus remains the fallout from terraUSD’s unhinging from its fiat equivalent, eToro’s market analyst and crypto expert Simon Peters says.

But, it’s the first time Bitcoin has copped eight straight weekly falls.

It’s full bear, the technicians reckon, but there’s debate that’s a bad thing.

It’s Tuesday in cryptoland, let’s begin.


Bitcoin tech analysis #1: Eight weeks in the red, sellers win is speculating on what the record breaking price slide means for Bitcoin fans, saying for the past two months it’s been a consecutive nightmare.

“Now, it can be safely assumed that the crypto market has successfully made its way into the bear market. This has been the reason for the low and negative momentum among investors over the last couple of months. But with Bitcoin closing so many weeks in the red, it is expected to get worse,” says Newsbtc’s Owie Best.

“Even though there are those who see this as a time to accumulate, the massive sell-offs triggered by these red closes have simply won out in the end. These types of consecutive negative weekly closes have become known as an unavoidable part of being in a bear market.”


Bitcoin tech analysis #2: Contrarian bulls to trigger rally to US$33.7k

FX Street’s Tony M reckons BTC’s price sentiment is “in extreme fear, which is contrarian bullish”. So prep for a breakout.

The Bitcoin price Fear and Greed index has been “residing in extreme fear levels for over two weeks”.

“This Index can be used as a contrarian bullish signal since more investors are unwilling to invest in the current BTC price leaves more room for smart money to accumulate large orders.”

Talking of contrarian, he goes on to say BTC is forming a B wave triangle, so er, the sideways price action is now becoming more clear. But all that bullish talk is out the window if there’s a “breach below the swing low at $26,500”.


El Salvador’s BTC whack now equal to next bond payment

Bitcoin’s troubles are now El Salvador’s; its losses the equivalent of the next due payment to bondholders.

Since becoming the world’s first government to make Bitcoin legal tender last September, President Nayib Bukele has snapped up around US$105m of BTC.

That’s now worth circa US$66 million.

The loss exceeds the next payment on its foreign debt, with US$38.25 million due in June.


Grayscale’s Future of Finance ETF lands in Europe

eToro’s Simon Peters says European investors can now get exposure to crypto companies via Grayscale’s Future of Finance ETF, which is now available on the London Stock Exchange, Borsa Italiana, and Deutsche Börse Xetra.

A week after Aussie ETFs arrived on local markets, the fund is based on the Bloomberg Grayscale Future of Finance Index, previously only available to US investors and tracks fin services firms “projected to be leaders of the emerging digital economy”.