This week saw Tether's $1 billion USDT mint explained for seamless chain swaps on Ethereum, meanwhile, Novatti revolutionizes the Australian market with stablecoin introduction. In the east, Hong Kong plans to introduce a stablecoin regulatory framework by 2024 just as Bank of China issues $28M in digital structured notes on Ethereum blockchain. Finally, BTC miners send significant coin amounts to exchanges; DEX trading volume doubles.
Tether's CTO sets the record straight on that eye-popping $1 billion USDT mint, revealing it was intended for seamless chain swaps on Ethereum. Curve Finance's founder adds a twist to the tale, safeguarding a whopping $65 million stablecoin loan by depositing $24 million CRV into Aave. Meanwhile, a bright young mind enters the stage with Ark, a promising second-layer protocol for anonymous off-chain payments proposed by a brilliant 24-year-old Bitcoin engineer and researcher. And last but not least, Gensyn, a trailblazing blockchain-based marketplace for compute power, secures an impressive $43 million in funding.
Novatti introduces stablecoins to the Australian market, revolutionizing the way we transact. Meanwhile, Xapo Bank has expanded its integrated offering by launching euro payment rails, bridging the gap between crypto and traditional banking. Exciting news for Ethereum enthusiasts as P2P.org's staking application becomes accessible on popular wallet provider Safe, empowering users to participate in Ethereum's growth. Chorus One, a leading blockchain staking provider, takes a leap into the peer-to-peer network Urbit, expanding their innovative services. And don't miss EigenLayer's groundbreaking restaking protocol on Ethereum Mainnet, bringing decentralized finance (DeFi) to new heights.
Hong Kong is stepping up its game by announcing plans to introduce a regulatory framework specifically designed for stablecoins by 2024. This move aims to bring stability and transparency to the ever-expanding world of digital currencies. Meanwhile, over in the United States, Senator Cynthia Lummis is taking bold action to revamp crypto regulations, especially in light of recent SEC lawsuits. With her forward-thinking approach, she's working tirelessly to ensure fair and balanced regulations that foster innovation and protect investors.
Bank of China makes a splash with a groundbreaking move, issuing a whopping $28M in digital structured notes on the Ethereum blockchain. The art world is buzzing too, as blockchain platforms offer artists a promising future with resale royalties and provable authenticity for physical artworks. Speaking of breakthroughs, Strike takes cross-border payments to new heights by expanding its lightning-fast service to Mexico. And guess who's stepping into the NFT arena? It's none other than the legendary Snoop Dogg, dropping mind-blowing NFTs that evolve alongside his electrifying tour. But wait, there's more! Puma joins the party with Black Station, an immersive 3D metaverse experience where lucky Puma Pass NFT holders unlock access to exclusive products.
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With a 3,000 BTC shortage across exchanges, we can expect prices to rise as bids increase to fulfill orders quickly. Notably, BTC miners have sent a significant amount of coins to exchanges, with the largest inflow valued at $70.8M - the third-largest on record. Meanwhile, decentralized exchange (DEX) trading volume has nearly doubled in the past month, driven by regulatory issues in centralized exchanges (CEX) and a drop in BTC fees to pre-ordinals levels. It's fascinating to see how addresses holding less than 10 BTC have increased their relative share of the circulating supply from 13.7% to 17.4%, accumulating an impressive +790,000 BTC.
tl/dr:
The LTFs give us a better resolution of the sell-off that took place this week, showing us where price found support around the $25k price level. Since then, we have seen price make its way back above the intraday 1H 50 EMA and find support; if this continues, we would anticipate price to push back up to reclaim the premium of the daily sell range around the $26.2k price point.
Alternatively, a break lower to target the $24.8 price low would be where we next look for price support.
tl/dr:
BTC/USD is currently finding support and holding above the daily 200 EMA. Breaking below the 200 EMA would likely signal further bearish prices down to discount of the wider monthly range bull run that started in December 2022.
Alternatively, if support is found, we would look for price to push higher to raid daily buy-side liquidity and get back into the premium of the sell-off that has been taking place over the past 3 months. Given BTC's accumulative-type price action, a push higher into the $33k level could play out.
Exciting news for crypto enthusiasts! Ethereum (ETH) fees have dropped to pre-memecoin-mania levels, making transactions more affordable and accessible for everyone. Plus, with the total Ethereum staked ready to flip ETH on crypto exchanges soon, we can expect even more excitement in the market. But hold on tight! The volatility continues as both shorts and longs positions experienced over $5 million in liquidations within a span of just 24 hours earlier this week.
tl/dr:
ETH/USD is looking more bearish than BTC this week, having failed to find support at the daily 200 EMA. However, similarly to in March of this year, when the same thing took place, we could see an aggressive turnaround as such a sell-off induces short sellers only to be found to be offside, and a bullish rally ensues.
Alternatively, a further selloff down into the sub $1500's is where we would next look for support to take place as price gets deep into the discount of the bull run of the last 6 months and finds support at bullish order blocks in deep discount.
With a 3,000 BTC shortage across exchanges, we can expect prices to rise as bids increase to fulfill orders quickly. Notably, BTC miners have sent a significant amount of coins to exchanges, with the largest inflow valued at $70.8M - the third-largest on record. Meanwhile, decentralized exchange (DEX) trading volume has nearly doubled in the past month, driven by regulatory issues in centralized exchanges (CEX) and a drop in BTC fees to pre-ordinals levels. It's fascinating to see how addresses holding less than 10 BTC have increased their relative share of the circulating supply from 13.7% to 17.4%, accumulating an impressive +790,000 BTC.
tl/dr:
The LTFs give us a better resolution of the sell-off that took place this week, showing us where price found support around the $25k price level. Since then, we have seen price make its way back above the intraday 1H 50 EMA and find support; if this continues, we would anticipate price to push back up to reclaim the premium of the daily sell range around the $26.2k price point.
Alternatively, a break lower to target the $24.8 price low would be where we next look for price support.
tl/dr:
BTC/USD is currently finding support and holding above the daily 200 EMA. Breaking below the 200 EMA would likely signal further bearish prices down to discount of the wider monthly range bull run that started in December 2022.
Alternatively, if support is found, we would look for price to push higher to raid daily buy-side liquidity and get back into the premium of the sell-off that has been taking place over the past 3 months. Given BTC's accumulative-type price action, a push higher into the $33k level could play out.
Exciting news for crypto enthusiasts! Ethereum (ETH) fees have dropped to pre-memecoin-mania levels, making transactions more affordable and accessible for everyone. Plus, with the total Ethereum staked ready to flip ETH on crypto exchanges soon, we can expect even more excitement in the market. But hold on tight! The volatility continues as both shorts and longs positions experienced over $5 million in liquidations within a span of just 24 hours earlier this week.
tl/dr:
ETH/USD is looking more bearish than BTC this week, having failed to find support at the daily 200 EMA. However, similarly to in March of this year, when the same thing took place, we could see an aggressive turnaround as such a sell-off induces short sellers only to be found to be offside, and a bullish rally ensues.
Alternatively, a further selloff down into the sub $1500's is where we would next look for support to take place as price gets deep into the discount of the bull run of the last 6 months and finds support at bullish order blocks in deep discount.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.
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