Daily News | Crypto Thrives Amidst Mixed Earnings Reports from Tech Giants, Economic Uncertainties, and Failed Acquisition Deals

2023-04-26, 01:04

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## Crypto Daily Digest: Crypto Holds Strong Amidst Economic Uncertainties and Failed Acquisition Deals

<a href="/uk/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> rose over $28,000, up 2.8% in the past 24 hours, following encouraging earnings reports from tech giants Alphabet and Microsoft and the liquidation of some BTC short positions. Ether also rose 1.8% to around $1,870.

In contrast, major equity indexes closed in the red, and the yield on the two-year Treasury note fell 19 basis points to 3.94%, while the 10-year Treasury yield dropped roughly 11 basis points to 3.40%. The ongoing macroeconomic uncertainties, including the ongoing debate about monetary policy, have highlighted crypto's potential, according to Stefan Rust, CEO of data aggregator Truflation.

In other news, Binance.US has backed out of a deal to purchase Voyager Digital Holdings, following months of regulatory pushback, including objections from the Texas State Securities Board, the US Securities and Exchange Commission, and the US Federal Trade Commission. Voyager Digital Holdings has been attempting to exit bankruptcy and repay customers since filing for Chapter 11 protection in 2020, with this failed deal being the second attempt. Voyager said it may pursue a reverse termination fee owed by Binance.US in court.

## Ether (ETH) $1868 (+1.45%) - Neutral Outlook

![](https://gimg2.gateimg.com/image/article/1682471027Untitled0426 1.png)

![](https://gimg2.gateimg.com/image/article/1682471044Untitled0426 2.png)

Yesterday, we used Wyckoff logic on BTC's weekly timeframe and now we can do the same for ETH to determine where smart money is positioned. Smart money seems to be holding their positions between 1370 - 1222 while selling between 2140 - 1800 based on the weekly timeframe. However, there is a chance for a sudden dip to the JAC (Jump-Across-Creek) area between 1741 - 1680 followed by a quick recovery. Looking at the daily timeframe, the big red candle on April 21st was followed by a slightly longer retracing green candle, which suggests that more bulls are long ETH rather than BTC. But the size of the retracement doesn't indicate an immediate trend reversal. Moving forward, there's a possibility that ETH will continue to rise from its current price levels. However, if it breaks above the weekly golden zone (61.8%; 1860), this could be a bull trap for smart money to lower prices and buy more cheaply.

**Overview:**

- ***Closest daily support zone: 1800 - 1777***
- ***Closest daily resistance zone: 1918 - 1935***
- ***Key Level: 1918 (Monthly Close of Mar. 2021)***

<br> **Daily Resistance zones**

1. 1918 - 1935
2. 1968 - 2005
3. 2030 - 2075

<br> **Daily Support zones**

1. 1800 - 1777
2. 1741 - 1680
3. 1636 - 1611

## Macro: Better-than-expected earnings from tech giants fail to lift market sentiment; Caution prevails as analysts warn of possible recession

Global stock markets are expected to decline, particularly in Asia, following a drop in the US market due to concerns over a banking crisis. The S&P 500 fell 1.6% and the Nasdaq 100 slipped 1.9% after disappointing earnings from First Republic Bank, which led to the bank exploring an asset sale of up to $100 billion of long-dated mortgages and securities as part of a rescue plan.

The decline in the US market was somewhat offset by better-than-expected earnings from Microsoft Corp. and Alphabet Inc., which resulted in a rally in their shares in after-hours trading. As a result, US futures advanced after markets closed in New York.

The decline in the US market also led to a rally in Treasury bonds, with the two-year Treasury yield falling to 3.94%. The dollar index gained as investors bought the US currency as a haven.

Elsewhere, earnings were mixed, with UBS Group AG shares falling short of expectations and McDonald's Corp. beating sales estimates. Spotify Technology SA rose 5% after subscriber numbers surged, while Danaher Corp. dropped 8.8% after lowering full-year guidance.

Despite the positive earnings from Microsoft Corp. and Alphabet Inc., Asian stocks are still expected to decline due to concerns over a banking crisis. Contracts for equity indexes in Japan, Australia, and Hong Kong have already fallen.

The overall sentiment seems to be one of caution, with some analysts warning that a recession may be on the horizon. "A soft landing in the economy this year is a pipe dream," wrote Matt Maley, chief market strategist at Miller Tabak + Co. "When was the last time a material contraction in credit did not result in a recession? The answer: Never."

In Australia, the dollar edged higher ahead of inflation data due Wednesday, while Sweden's central bank was expected to announce a policy decision.

<div class="blog-details-info">
<div>Author:** Peter L. **, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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