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21st April 2023 > > TA, Regulation, and ENS.


From Technical Analysis, to regulation, to making cryptos and Web3 human friendly, today’s CCC just doesn’t know where to stop.

Market Snap (at time of writing)

Market Wrap

Weak hands who bought (or rebought?) after $30k was breached to the upside find themselves panicking. Until they are flushed out, we can expect some ongoing minor weakness. I will never understand the buy high, sell low philosophy that underpins a weak hand, but hey, it’s their money, and we are all consenting adults.

Occasional Series – TA (Technical Analysis)

There is nothing like a BTC sell-off to get the techies out in force.

I have the misfortune to be subjected to TA daily for reasons I won’t go into here, but all regular readers know it is snake-oil, and no more than that.

I saw a discussion yesterday debating whether BTC can hold support at $28.5k. Ignoring the fact that support and resistance levels are simply figments of imagination, this comment summed up TA for me:

“Why? I see a nice doji candle atm. Support at 28.5k.”

The doji candle was graphically expressed thus:

Doji candle? Yeah right, mate. Make it up as you go along, why don’t you.

Curious Cryptos’ Commentary – MiCA (Markets in Capital Assets)

One of the easiest predictions of the year was made yesterday by the CCC when we reported that “… (Mica is) guaranteed to pass” muster in the European Parliament.

Better than that, MEPs approved with 529 votes in favour to 29 against and 14 abstentions:

I must say those 14 abstentions caught my eye.

Cryptos and the blockchain tech that powers cryptos combine to form the most revolutionary invention in humankind’s history. MiCA has been endlessly debated for over two years now.

And 14 MEPs do not yet have an opinion? Geez, I wish I could have a cushty job like that.

Curious Cryptos’ Commentary – Ethereum Name Service

Those of you who pay close attention to the daily CCC missive might recall that on 5th and 6th May 2022 we looked at Ethereum Name Service and its native coin ENS.

To recap, the concept is to create human readable public addresses (e.g. marktimmis.eth) to which one can attach a range of non-readable public keys e.g. 0x23Ff936E2a76d7117097EaD4C522c24713eb7186.

I think it is immediately apparent which one of those two options is the more user friendly.

Since May last year, BTC is down around 20% whilst ENS is down around 10%. Given the dramatic underperformance of alts vs BTC during the latter half of 2022 and into 2023 that price action suggests to me that there are no doubts about the utility of ENS.

And now it’s going to be easier than ever to purchase your own, personalised, .eth address.

Ethereum Name Service has partnered with MoonPay, a Web3 payments firm, to allow for fiat denominated purchases of a .eth domain name.

Nick Johnson, founder, and lead developer, explains the benefits of this development:

“The goal of the integration is to offer a solution that eliminates this barrier by allowing users to use payment options that they are used to such as Apple Pay and Google Pay. By making it as user friendly as possible, this partnership will not only boost mainstream adoption of decentralized financial apps but also Web3 as a whole.”

It is possible in the future that I will be able to use marktimmis.eth as my identity for all my crypto and Web3 interactions, legacy Web2 applications such as email, and social media, my banking apps, access to government services such as passports, and tax, and every other single way that I interact with the digital world.

I have no commercial relationship with Ethereum Name Service (though note that the CCC Treasury does have an investment in ENS), so I can say very loudly and with a clear conscience - you would be mad not to pay the minimal fees due to buy your personalised .eth address today.

For more information, you could do a lot worse than revisit our original articles:

If you have any problems – crypto or otherwise – the CCC research team is here to help in any way that we can.

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