Crypto Push

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​​WAVES makes a big splash, but here’s why volumes could be key WAVES saw some ripples in its price action over the weekend after re-testing support near the $4.20-price level. Those ripples eventually turned into a strong bullish wave, one propelling the altcoin into the list of top gainers for this week. WAVES hovered just above its current structural support around $4.20 during the weekend after last week’s bearish performance. This is the same level where the price found support towards the end of May. While WAVES noted some upside over the weekend, the bulls demonstrated their strength on Tuesday. WAVES soared as high as $7.20 on Tuesday after a 43% rally. It peaked at $7.28 on Wednesday morning, before seeing a slight pullback to its press time price of $6.58. Its weekly performance was still up by 49%, despite the slight decline. The uptick was fueled by strong demand highlighted by the MFI. The slight pullback near its latest highs took place after the price encountered some friction near its 50% RSI level. However, there is more to WAVES’ latest performance than demand near the support line. NFT volumes may have been behind WAVES’ rally WAVES’ uptick happened at around the same time that its network registered a strong increase in NFT trade volumes. Total NFT trade volume increased from $663k on 17 June to peaking at $8.07 million on 19 June. Now, while it fell to $1.46 million by 21 June, this NFT activity preceded the alt’s latest rally. In fact, this may have been the catalyst that triggered the strong price uptick. The supply held by whales does not reflect the crypto’s price action, however. It did, on the contrary, signify some accumulation courtesy of its uptick on 17 June. It has since registered outflows though. On-chain volume increased significantly on 21 June, coinciding with its strong rally on the same day. Conclusion The supply held by whales metric also underscores the lack of strong buying pressure this week. WAVES might thus fail to maintain its latest rally due to these reasons, coupled with the unfavourable market sentiment. However, its bullish performance this week is a sign that it is starting to see healthy volumes. Especially after a lackluster performance in the second half of May.

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​​‘Expect pockets of forced BTC, ETH selling as market figures who’s swimming naked’ The crypto-market is finally at the end of much-needed relief after an intense sell-out period, or rather months. In the last 24 hours, Ethereum ETH rose by 14%, Bitcoin BTC rose by 11%, and the liquidation amount did fall to around $315 million. This uptick comes after a significant loss period, as is the case here… Rising from the ashes? The Purpose Bitcoin ETF, launched in February 2021, has seen consistent inflows over the years. However, given the market bloodshed, the ETF shed more than 50% of its holdings in a single day. Canada’s Purpose Bitcoin (BTC) ETF sold a staggering 24,500 BTC by Friday’s close i.e. they sold 50% of their holdings in a single day. That is a lot of BTC to sell in a single day. This dent is visible in the graph attached herein, although it did manage to rise again given the Bitcoin market’s ‘recovery.’ The inflows seem to align with a broader short-term tendency of institutional buyers to invest in crypto again. While it may shed light on an “improving scenario,” Arthur Hayes, had a different narrative to share with the community. Bitcoin’s price dropped to a low of close to $17,600 over the last 72 hours. “Down almost 20% from Friday on good volume. Smells like a forced seller triggered a run on stops,” he added. Ergo, despite the small hike in price, this could raise red flags across the crypto-market. Furthermore, Hayes expects several more episodes of forced selling, given the crypto-lending market fiasco within the crypto-market. He opined, “After the sellers dumped their bags, the mrkt quickly rallied on low volume. Given the poor state of risk mgmt by cryptocurrency lenders and over generous lending terms, expect more pockets of forced selling of BTC and ETH as the mrkt figures out who is swimming naked.” Absolute horrors in the market Result? This is a MASSIVE crypto-crash amounting to billions of dollars. The past week did witness havoc within the market. Celsius Network – one of the cryptocurrency industry’s biggest lenders – announced that it has halted withdrawals, swaps, and transfers. Later during the week, Three Arrows Capital – one of the industry’s largest hedge funds – showed distress. Analysts revealed that some of their multi-million dollar positions were very close to getting liquidated, raising further red flags for the community. To make things worse, consider this – FTX, Deribit, and BitMEX liquidated Three Arrows Capital’s positions over the past week after the crypto-hedge fund known as 3AC failed to meet margin calls. Now, Singapore-based 3AC owes about $6 million to BitMEX.

​​Uniswap investors should know that UNI might be about to experience… Imagine buying Uniswap’s native crypto UNI in December 2020, just before it embarked on a strong rally up until May 2021. Such a chance has presented itself once again courtesy of the latest crypto market crash. UNI recently dropped as low as $3.35 on 14 June pushing into price levels that it previously tested in December 2020. This is the same price level at which UNI traded before it embarked on a robust rally in the first half of 2021. Uniswap leveraged robust growth during this period and became one of the top decentralized exchanges. Can UNI pull off another strong run? Uniswap experienced significant growth since 2020 in terms of utility and trading volumes. It had a total of $3.28 billion in total value locked and $2.77 billion in daily trading volume at press time. This kind of growth means UNI has strong fundamentals on which one can rely in the long term. UNI’s current price action is a reflection of the overall crypto market conditions rather than Uniswap’s performance. The current price drop is, therefore, an opportunity for investors to make entries at discounted prices. UNI traded at $3.90 at press time after a roughly 8% uptick from its latest low. UNI’s slight uptick was fueled by significant accumulation as indicated by MFI after falling into the oversold zone. Its DMI’s -DI indicator registered a slight drop in the last two days, signifying decreased selling pressure. UNI’s oversold nature suggests that the price might be about to experience some more upside. Its on-chain metrics highlight similar observations. For example, its market capitalization metric bottomed out at around $2.5 billion on 13 June. The number of UNI’s daily active addresses has also grown as prices dropped lower, indicating healthy accumulation. Its daily active addresses metric grew from 462 addresses on 8 June to 993 daily active addresses by 15 June. UNI’s network growth metric bottomed out at 145 on 5 June and it grew to 340 by 15 June. Uniswap maintains strong growth despite UNI’s extended downside. The price drop presents an opportunity for investors to average in at a healthy discount. However, there is still a probability that the price may experience more downside in the future.

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​Here is the text: NOTHING IS MORE EXPENSIVE THAN A MISSED OPPORTUNITY Only a limited number of NDB Tokens are remaining. The Nano Diamond Battery (NDB), the self-charging battery is about to be listed for $1.00 on exchanges. Buy NDB for $0.01 on https://nyyu.io. NDB is an energy technology and currency that can shape the future. Tech Web: https://ndb.technology Chain Web: https://ndb.money Whitepaper: https://docs.ndb.money For more info: https://t.me/ndbtechnology https://discord.gg/SrHUVpCe https://twitter.com/ndbtechnology

​​Shiba Inu [SHIB] sees a 40% uptick, but not in price as… Shiba Inu SHIB, one of the most popular meme coins around, has grabbed significant attention of late. Be it 2021 or 2022, the meme coin has seen decent developments within this crypto-sea full of competitors. However, regardless of this, why isn’t SHIB able to paint the same picture for its price? Pet-friendly accommodation? Shiba Inu is a dog breed-themed altcoin, one that inspired people around the world to invest, albeit in a more speculative manner. It is one of the few meme coins that rose to prominence over the last two years. Now, the crypto did encounter a lot of headwinds that reduced SHIB’s dominance across the market. Alas, a majority of the holders of the memecoin, a.k.a the whales, have supported this alt through thick and thin. According to WhaleStats, a web app that tracks the activities of large crypto-holders, SHIB holders, at press time, stood at 1,178,209. This is a significant jump from the previous week’s numbers. Even the previous month, for that matter. Indeed, this is a surprising observation to make as a majority of SHIB holders (~78%) witnessed massive losses. Nevertheless, HODLers maintain faith in the network. For SHIB, adding addresses to the network has been an area of concern. Daily active addresses have been somewhat consolidated. A significant hike hasn’t been noticed for over three months now. However, this time, a small uptick is visible as it onboards 2,400 new holders on average daily, despite a volatile market. And, that’s not all either. Shiba Inu is ranked within the top 10 in the most used smart contracts category among 2,000 tokens on the Ethereum Network. Simply put, Shiba Inu’s utility has spiked among whales as SHIB ranks among the most-used smart contracts. Helping the cause According to SHIBQueenie, the official SHIB Discord moderator and member of the Growth Breed, more than 2,000 Welly NFTs have been minted so far. The goal is to reward DOGE members or Welly NFT holders every quarter and have decisions made via the SHIB BONE (DOGGY) DAO on monthly proposals or as needed. Well, whatever the case may be, SHIB’s price still suffers. At the time of writing, SHIB had seen an 18% correction as it slid down to the $0.000008-mark. Here on, SHIB needs two things – BTC/ETH market to rise and maybe, Elon Musk to pay some attention to this struggling pup.

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The quantum computer can hack bitcoin much earlier than 2030. And the hard/soft fork is not an option. And the question is not even that it’s possible or not. The question is WHEN quantum computing (QC) is capable of breaking ECDSA P-256 (what Bitcoin, Ethereum and most blockchain projects use). Bitcoin's developers best plan will not be enough to avoid severe challenges. A discussion from early 2018 laid out a soft-fork proposal, but this would still leave millions of bitcoin in vulnerable addresses with lost private keys[^SOFT] - Recently, longer signatures (nominally harder to crack) were proposed in a dev discussion. This is a stopgap at best. Any soft-fork solution requires all users to actively participate in moving their funds to new qc-proof addresses. Those who do not put not only their own funds but the security of the entire network at risk. Soft/Hard fork A soft fork would leave the old signature scheme valid, and quantum resistant (QR) signatures optional. People could keep using their old addresses if they want (reusing of addresses is not advised now either, but it happens a lot anyway). The old signatures, in this scenario, would need to be rejected by miners. The idea would be to force everyone to use QR signatures in an attempt to make the largest possible percentage of the circulating supply quantum resistant. Due to lost addresses (estimated to represent 20% of BTC), this percentage will never be 100%. Having quantum resistance as an option is no option at all, because it would do little to protect the value of BTC. If there were quantum-resistant BTC mixed with non-quantum-resistant BTC, a hack of non-quantum-resistant coins would devalue the QR BTC, because they would all be part of the same circulating supply, on the same network. The only true option is a hard fork, and the only function of "legacy" BTC would be for owners to prove they own BTC, so that they can claim the quantum-resistant version of their BTC. Again, this would only work if 100% of BTC got claimed / transitioned, and if there was an arbitrary deadline for users to transition their old BTC (which would result in many people missing the deadline and essentially having their money deleted. This group would likely include Satoshi). If not, then a leftover percentage of BTC would remain vulnerable to a quantum hack indefinitely. All these problems are pushing developers to create cryptocurrencies with post-quantum encryption. One of the earliest cryptocurrencies with post-quantum encryption is QRL (a.k.a. Quantum Resistant Ledger). Blockchain project with post-quantum encryption, which Forbes, Medium, Blockchain News, CNET, CoinDesk and many others authoritative media have already written about. More info about QRL project is here https://bit.ly/3tqvBQ4

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​​Solana bids $100M On DeFi, GameFi in South Korea Solana is in the news today after it unveiled a new $100 million fund for South Korean web3 entrepreneurs. The funds were raised equally by Solana Ventures and the Solana Foundation, a Swiss organization that promotes the network’s growth. They’ll be used to fund and support a variety of South Korean crypto-companies, with a particular focus on gaming, non-fungible tokens (NFTs), and DeFi. The fund will assist in keeping some Terra-based projects viable following the collapse of that ecosystem last month, in addition to supporting projects built on Solana (SOL). South Korea- A place of Web3 innovations According to a statement by Solana Foundation’s Johnny B. Lee, “We have been working with Korean developers and actively investing in the ecosystem for some time now, which helped us build a deeper understanding of the Korean market. Korea is at the forefront of web3 game design and development and we are focused on helping even more builders in Korea bring their ideas to reality.” The new fund contributes to Solana’s goal of becoming the best blockchain for gaming. Last November, Solana Ventures partnered with FTX and Lightspeed Ventures to form a $100 million gaming fund. It also has a $150 million fund alongside Forte and Griffin Gaming Partners, two game-focused firms. With the government promising $187 million to construct its metaverse ecosystem, South Korea is anticipated to become a hub of NFT and Metaverse development this decade. The Korean metaverse will be primarily concerned with the development of digital content and digital businesses within the country. Many critics have previously claimed that play-to-earn games such as Axie Infinity exist solely for the goal of making money, rather than for the fun of the game. However, over the last six months, several gaming companies have focused on improving gameplay to appeal to a wider audience than crypto-native gamers. Lee expects more “high-quality and engaging games” to be produced on the Solana blockchain in the second half of 2022. These games, he believes, have the potential to overturn the popular perception that play-to-earn games aren’t fun. South Korea pulling up its game on DeFi Several South Korean platforms such as Klaytn and Upbit are already giving NFTs or access to DeFi. A sign that the race to establish the finest platforms is on. According to DeFi Llama, the largest DeFi platform on Klaytn is KlaySwap, which has $274 million in total value locked (TVL). Upbit, the largest exchange in the country, offers its own NFT marketplace. In recent months, Solana has seen an increase in NFT trading and DeFi activities. According to Dapp tracker DappRadar, Solana’s top NFT marketplace Magic Eden is the world’s second-largest, behind OpenSea, with 35,526 daily traders and $7.31 million in daily volume.

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​​Why the ongoing bear market may be far better than you realize… Cryptocurrencies have suffered from a brutal sell-off the past few months considering the Terra fiasco. But the last fortnight has been especially bad for investors as they lost a significant chunk of their savings. However, a bearish run is a part and parcel of this niche yet emerging asset class. Thus given instances of the past, how severe is the ongoing bear market? The grass is greener than you think The ongoing correction period saw the crypto market drop by more than 60%, from a high of $3.07 trillion to $1.23 trillion at press time. The prices of Bitcoin BTC and Ethereum ETH are down by approximately 60% from their highs and many smaller assets have also dropped over 80%. On-chain activity for most assets has witnessed the same fate, leaving many investors in a state of concern. That said, certain on-chain indicators suggest the crypto market’s current downtrend may not end up being as brutal as past bear markets. Lucas Outumuro, head of research at analytics firm IntoTheBlock, asserted this viewpoint in a blog post on 4 June. He also stated that looking at key indicators from a long-term perspective, this time may be different from other bear markets. So what’s different, this time? The crypto market has experienced severe downfalls since its inception where it had even deeper bear markets and emerged stronger a few years later. “Crashes of 80%+ are a staple in crypto bear markets, but there are arguments to be made for less sharp losses in the future,” the blog added. Consider a few fundamental indicators. Transaction fees for instance, here (2021-2022) it dropped less than in previous bear markets (2017-2018). The blog stated: “As a high portion of demand comes from speculation, it is normal for transaction fees to plummet severely as trading sentiment dwindles through bear markets.” Bitcoin has been averaging above $500,000 in daily transaction fees in May 2022, as compared to $130,000 in May 2018. Ethereum and other crypto assets also mirror this same pattern. In fact, these assets had less pronounced drops in their on-chain activity upon comparing them to the previous bear markets. Moving on to another indicator, Bitcoin and Ethereum both show consistent progress in their development activity regardless of the ongoing price action. Commits to the Bitcoin network grew by over 50% in the past two years as shown in the graph below. The indicator showcases a positive sign of growth in the crypto market, that is it relied on developers globally contributing to sustained improvement of these networks. Doubling down Both BTC and ETH HODLers have played a vital part to help grow the respective ecosystem. Investors with long-term horizons grew their holdings during bear markets. Consider the graph below that highlights BTC’s UTXO age. As observed here, the percentage of Bitcoin owned by addresses holding one year or longer (green to blue colors) has expanded in previous bear markets. Even for the largest altcoin, holders showcased strength by holding the coin rather than sending it to different exchanges with the intention to sell.

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​​Back in the top 10, should DOGE holders still hold their horses “It is a coin eat coin world out there.” Recent data from CoinMarketCap revealed that over the last 24 hours, with a market capitalization of $11,369,136,359, Dogecoin regained its position as the 10th largest cryptocurrency. In doing so, DOGE replaced Polkadot on the rankings charts. Do DOGE comrades have cause to celebrate just yet though? Well, come along as we take a look at the meme coin’s performance over the last 24 hours. Doges! Hold on to that thought The market capitalization’s hike in the last 24 hours did not fuel any significant spikes in the crypto’s price. Instead, DOGE fell by 0.66%. At press time, the Relative Strength Index (RSI) was moving north, having maintained an index of 45.24. In doing so, it seemed well on its way to the neutral 50-zone. Furthermore, a look at the Money Flow Index (MFI) revealed that it was also positioned just below 50, with the same pointing north. Finally, the MACD hinted at a bullish bias, with the MACD having intersected with the trendline since 23 May. In light of the waning strength of the bulls, a bearish correction might be imminent on the charts for Dogecoin. Not so bad after all On-chain analysis further revealed that Dogecoin put on a stellar performance yesterday. On the social front, significant traction was seen. Registering an increment of 27%, the Social Dominance for the meme coin was pegged at 5.75% at press time. Similarly, the Social Volume shot up by 37% in just two days. Dogecoin’s growth on the social front can be attributable to the news of growth in the token’s market cap. This must have driven and fueled conversations within various social spaces. Furthermore, transaction volume on the network also rallied by 47% as it moved from 952.26 million on 30 May to 1.82 billion on 31 May. Additionally, the meme coin recorded a significant spike in whale transactions counts on 31 May, following the declaration of Dogecoin as the 10th largest cryptocurrency. For transactions above $100k, a total of 138 transactions were recorded – A 31% hike in two days. Similarly, for transactions above $1 million, a high of 28 transactions was seen. This pointed to an 89% increase in a matter of just two days. The hike spotted in whale transaction counts could be accumulation by whales in expectation of a coming bull run after Dogecoin’s displacement of DOT.

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​​Terra [LUNA]: Nansen’s report reveals new information on UST’s depegging fiasco Latest report stated that the Terra crash earlier in May was not caused by a single hostile party. Rather a total of seven wallets were flagged by Nansen researchers as they studied on-chain data from Terra to Ethereum. The report also concluded that the UST de-pegging was not carried out by hackers or attackers. The Nansen report titled “Demystifying TerraUSD De-Peg” is an attempt at investigating the Terra crash. The report said that the attack was carried out by a group of seven well-funded wallets within the Terra ecosystem. The Namsen researchers studied on-chain data between 7 -11 May and traced the beginning to the Anchor protocol on Terra. The seven wallets initially started withdrawing UST liquidity from Anchor. Then, they started to move the liquidity to Ethereum via Wormhole bridge and were later swapped for other stablecoins on Curve’s liquidity pools. Finally, arbitrage opportunities were created due to inefficiencies between Curve and several exchanges which led to the de-pegging of TerraUSD. No hack, No attack The report also concluded that a small number of “players” were able to figure out vulnerabilities leading to the crash: “This on-chain study refutes the narrative of one “attacker” or “hacker” working to destabilize UST. Instead, we found that a small number of players identified and arbitraged vulnerabilities – specifically in relation to the shallow liquidity of the Curve pools securing the UST’s peg to the other stablecoins.” This report should help security protocols on blockchains to prevent such loot from happening again. The vulnerabilities mentioned must be corrected in case of such attempts in the future.