Dollar continues to pump crypto back into the green!

18.05.2023

Dear traders,

DXY is pushing higher at 103 and breaking bullish, which could further bring the market down.

Jake
TOP Trader

BTC hit $27,500 and pushed back due to the strength of the dollar. It needs to hold above $27,100 before liquidity grabs at 28k.

ETH is hitting the $1,850 resistance line and pushing back to $1,800. It still shows no strength for pushing up.

XRP is showing a bullish structure and holding above $0.46, with a possibility of a bigger bullish break-up.

LINK is currently trading in the mid-$6 range, with $6.45 acting as support. It still lacks strength for a significant upward push. Buy all dips under $7 in spot mode, as it will pay off in the future with LINK.

SOL tried to push above $21 but broke and pushed back to $20.5 with no visible strength. A drop is still possible to the $18 support.

EOS is holding above $0.89 and showing a bullish structure if it manages to hold the blue line. It is still in a big sell-off mode, and a bigger push is needed to break bullish.

LTC hit resistance at $94 and pushed back. It needs a bigger push to break the resistance line. In 80 days, there will be a halving event in LTC, indicating a larger price increase after the mining supply is reduced. This presents a BIG opportunity to invest and hold!

DXY It is breaking bullish as predicted and is now breaking the 103 range.

Crypto/stock daily news:

PEOPLE ARE PISSED AT LEDGER

Every week, crypto has a new villain. One week it’s Gary Gensler raining on the crypto parade with new regulations. The next, it’s a corrupt CEO up to no good.

This week? It’s Ledger – the leader of the hard wallet market.

Why? The Ledger team released a new feature called Ledger Recover. And it’s quickly turned “The Safest Hardware Wallet” → “The Trust me Bro? Wallet”

Here’s everything you need to know:

It’s a new opt-in tool that lets users recover their private key if it gets lost.

The tool encrypts the private key into 3 shards and sends it to 3 different companies. The companies are Ledger, Coincover, & EscrowTech.

Users that opt-in will need to ID themselves via Know-Your-Customer (KYC.)

The 3 companies will use that KYC data (i.e. passport/ID) to verify it’s you when you try to use the recovery tool. Once verified, the entities will reconstruct the private key.

It’s subscription-based and will cost $9/mo

The service isn’t supported on Ledger’s older Nano S wallets yet. OG holders are gonna be like those anti-iOS stans refusing to upgrade from their iPhone 7 models…

So what’s the big deal? Ledger is doing the one thing it said it would never do: access customers’ private keys, albeit encrypted parts of them.

Plus it’s also making opted-in users KYC themselves. And everyone still has trust issues from when Ledger had its customer’s names/addresses leaked in 2020…

The new feature kinda defeats the whole purpose of having a cold wallet. Which is why customers were PISSED yesterday.

Here’s how Crypto Twitter reacted:

Even though you need to physically opt-in to the new Ledger Recover tool in order to share shards of your private key and KYC data, it shows that what we thought was once impossible, is possible.

It’s like when you’d tell your sibling your deep darkest secret, but then they ended up telling your mom anyway.

Fool me once, shame on me. Fool me twice — not happening today, Ledger.

FAST NEWS:

BlockFi creditors claim they used $30M of customer funds to buy insurance. Taking a page from FTX’s playbook.

Over 25% of family offices are now invested in crypto. According to a new survey from Goldman Sachs. This figure is up from 16% in 2021.

SEC denies Coinbase’s request for clarity on crypto regulation. The SEC said the rulemaking could take years and they are in no rush. After 3AC, Celsius and FTX, what else could go wrong?

OKX is gonna start offering Ordinals trading. They are also adding support for Bitcoin’s Lightning network.