Crypto Magazine

📊Digital asset investment products saw outflows for the fourth consecutive week totalling $251m. This week marked the first week to see any measurable outflows from the newly issued ETFs in the US. Spot ETFs in Hong Kong saw $307m inflows in the first week of trading

💰 Bitcoin-Backed Synthetic Dollar Promises High Yields for DeFi Users Jakob Schillinger, founder and CEO of Hermetica, believes USDh will be a game-changer for Bitcoin DeFi. It will allow users to earn interest on their dollar holdings without leaving the Bitcoin network or relying on traditional financial institutions. This functionality caters specifically to Bitcoin enthusiasts who may be hesitant to venture outside the Bitcoin ecosystem. Hermetica is a DeFi protocol built on the Stacks blockchain, a layer-one solution designed to bring smart contract functionality to Bitcoin.

#BTC shows growth, it's time to update the extreme review! Earlier globally I was bearish and expected growth only within the local picture: I think local growth... we can still see, but I doubt that the price will manage to go above the resistance zone at 64000-62432$. In general, so far everything is happening exactly as I expected, the price was raised to the resistance zone at 64000-62432$, after which there was a reaction and a small local correction, but there was no sharp plum, instead the active phase of accumulation began. This is what made me reconsider the global picture, where the obvious buyer's strength and growing volumes for buying make it clear that it is quite possible to count on the continuation of growth. The global high at 73777$ seems to be a real event in the current situation, I think the exit from the current accumulation will be sharp and will be able to break the key resistance level at 67534$, separating the price from the high. Indicators are also pointing to a quick rise, there is no congestion on RSI. Under the current circumstances, we can safely count on continued growth, but I don't see much sense in opening bitcoin trades. More than 10-20% of net movement will be extremely difficult to take away, so I advise you to look at the market of altcoins and Defi assets, the growth of which can be many times more! To be wise means to see not only what is under your feet, but also to foresee the future.

📁 Equity options volume in 🇮🇳 India has nearly hit $40 billion, absolutely destroying the United States and the rest of the world

Good afternoon, continuing the topic of the potential of altcoins, we cannot help but touch on the #ETH/BTC pair. Not long ago I shared with you my thoughts about the imminent overflow of liquidity into the altcoin market, after which I conducted a thorough analysis of the leader of this segment #ETH, as a result of which it became clear that it’s time to start buying 🛒 Today, in order to make sure that I’m right for the last time my conclusions, consider the strength of Ethereum, which it is finally beginning to show in relation to BTC - the growth of this pair will undoubtedly have a positive effect on the quotes of absolutely all other assets. So let’s move on to the technical part: on the daily chart we see that the movement has been taking place in a descending parallel channel for several months and already at this stage of the analysis the strength of the buyer is clearly visible 💰 Most of the time the price was trading at the upper border of the channel while it was testing the lower one a couple of times, and even then with sharp codes with an almost immediate payoff. Not long ago there was a fairly deep correction, which was stopped by a key support zone ($0.04900-$0.04790), after which a local upward movement began. I expect to soon see a breakdown of the 1st resistance level at $0.05100, then the price will most likely enter the consolidation zone, after which a sideways movement will begin, during which accumulation will begin and the asset will have the strength to continue its impulse growth with a subsequent breakdown of the 2nd level resistance at $0.05567. The key target in this regard is the local maximum located at $0.06257. I continue to actively search for promising assets, so turn on notifications so you don’t miss anything!

🪙 Uniswap CEO weighs In on ethical token distribution Hayden Adams, Uniswap’s founder and CEO, has outlined his take on ethical considerations for effective token distribution. This comes a few days after the crypto community raised concerns about the transparency and fairness of token distribution on EigenLayer. In an X post, Adams emphasized that he was discussing tokens, not points. He then criticized the practice of teasing and creating ambiguity during token distribution to inflate engagement metrics.

🇺🇸 CFTC Commissioner Highlights Concerns Over AI Risks In DeFi Concerning the use of AI in the financial markets, particularly decentralized finance, Kristin Johnson of the Commodity Futures Trading Commission (CFTC) has suggested measures including increased fines. Johnson expressed her worries on artificial intelligence and its implications for deregulation of financial markets in a speech she gave at the Fintech and Blockchain Symposium co-hosted by Sidley Austin and Rutgers Law School.

#ETH In the last review I assumed that the decline would continue down to the lower boundary of the descending channel ~2700$, but the price reversed almost immediately after the breakdown of the key support zone at 2985-2868$. I suggest to remember the last review in which I told you: I will start to buy back the asset only after I see a clear reversal and break of the current market structure. The local break of the structure has been obtained it is time to start buying. It is better to gain a position by limit orders in the zone of 3092-3016$ - it is the most logical and safe option. The recent growth took place on the increased volumes and was quite sharp, as a rule, after such a growth a not deep local correction starts. With its help the market unloads from longists with high shoulders, simply liquidating them and giving fuel for continuation of the main trend. In our particular case, at the value of 3204$ there is a strong resistance level, which also puts pressure on the price. The main targets after buying are the 1st local high at 3730$ and the 2nd one at 4093$. After reaching these price levels, it is most likely to see a rebound and the beginning of correction. The most important thing is that the price has enough strength to overcome the resistance at 3204 and 3419$.

🔵 Coinbase's Base could make it the NVIDIA of DeFi Coinbase’s first-quarter earnings report — released May 2 — indicated the company has been thriving thanks to a vibrant market for Bitcoin and Ethereum over the last several months. However, the numbers indicated Base platform has shown even greater potential — and could make Coinbase the NVIDIA of decentralized finance (DeFi). Launched in August 2023, Base is a secure, low-cost Ethereum layer-2 solution built to scale Coinbase’s user base on-chain to make transactions faster.

Let's look at one of the most interesting assets from a fundamental point of view #FIL The FIL cryptocurrency is associated with the Filecoin project, which is a decentralized storage network. FIL is used on the Filecoin network to pay for data storage and transfer. Users can rent their free disk storage or rent disk space to store their data and also get rewarded in FIL for providing this service. Since the beginning of the year, the asset has been moving between the global support level around $5 and the global resistance level around $9. Also, during the reversal, we tested the global resistance level around $11.7, from which we received a reversal formation and subsequently corrected down to $5. Throughout the growth, the price forms ascending channels from which it shows a constant reaction. In the near future I expect a retest of the lower boundary of the ascending channel. In the short term I expect an increase to 6.76. These values ​​have formed a maximum, which is located at the upper border of the trading channel. In the medium-term, I expect a breakout of the upper border of the trading channel and subsequent impulse growth to 10.36. But on the way to this goal there is a global resistance level that will not be so easy to break through. But breaking through this level will become a catalyst for further markup of the asset. Globally, the asset has every chance of reaching the global resistance level in the area of ​​$25, where our main goal is located. From current values ​​this is slightly less than 5X

Congratulations on profits on the rapid growth of #OP Since the last review, the token has grown ~25% of net movement, another confirmation that you should listen to the Wise Man and do not yawn at times when you need to buy back. The first buy signals were given at the price of 1.861$, those who have been following my notes for a long time and listened to them immediately - already have a profit of more than 50% 💰 on the spot, without risk! Long urged you to buy this asset. Coming to the analysis of the current situation, I would like to note at once that there is not much left to the main resistance zone at 3.414-3.118$ and my verdict that the next couple of days we will see growth in this area, the reaction from which will predetermine the further fate of the coin. In case the price manages to break through it with fixing above - we can safely count on the continuation of growth with the purpose of updating the global maximum at 4.865$📊. The option with the beginning of correction is also worth considering: in case of a break of the local uptrend, I will fully fix my futures positions and expect the price to approach the support zone at $2.305-2.136, where we can consider new short-term deals in Long. And yes, it is worth remembering, as I wrote earlier - the price will not go below the area of bullish interest ($1.927-1.611)!

🪙 Total number of Uniswap wallets more than doubles in the past year The total number of wallets on the decentralized exchange (DEX) Uniswap skyrocketed from 3.03 million in May 2023 to 7.26 million in May 2024—an increase of approximately 140%, according to Dune Analytics data. Uniswap's rise in swappers coincides with other records on the platform. On Apr. 5, Uniswap surpassed a historic $2 trillion in cumulative trading volume. The DEX is also the largest by total value locked at $5.31 billion, with PancakeSwap coming second at nearly $2 billion.

Gentlemen, the situation with #BTC is becoming clearer, so it’s time to share my thoughts with you! In the last review, I looked at 2 main scenarios and the price ultimately chose not the most favorable scenario... I think we will soon be able to see Bitcoin at lower levels. Now I'll tell you why. Let's start, as always, with the graph. For a more informative illustration, let's consider the daily time frame. As I assumed earlier, the asset broke through the lower limit of the parallel channel ($59,800), thereby forming a divergence or, in simple terms, oversold according to the RSI. This served as a catalyst for the inclusion of technical investors in the game, who slowed down the fall a little and bought the asset back to $59,000-59,500, but their strength clearly will not last long. At the moment, the price has already made attempts to go long, but it was unable to overcome the previously broken lower level of the channel at $59,800. If we consider the option of continuing the fall, the closest area of ​​interest is the area with increased profile volumes, located at $52,300-$51,200 - this is where I expect to see a reaction. I think we will still be able to see the local growth necessary to unload the indicators and load new hamsters into long positions, but I doubt that the price will be able to go above the resistance zone at $64,000-62,432. In conclusion, I will say that there is definitely no need to worry about the market falling. A decrease in BTC has a positive effect on the further development of the altcoin market; this is due to a decrease in dominance, but we’ll talk about this in the next post!

🔵 DeFi lending giant Aave unveils V4 protocol overhaul Aave Labs, the firm behind the decentralized finance (DeFi) lending protocol Aave has outlined a proposal for an upgrade and evolution of its protocol as part of a five-year roadmap. The proposal also includes “major upgrades and expansions,” to the Aave Network, a cross-chain liquidity layer, non-Ethereum Virtual Machine (EVM) layer-1 deployments, and a “fresh new visual identity,” the team stated.

📉 DeFi’s total value locked falls $10 billion in April The total value locked (TVL) on decentralized applications fell $10 billion in April, according to data aggregator DefiLlama. That’s a 7% drop in 30 days, as the decentralized finance (DeFi) ecosystem closed last month with $138.6 billion, including liquid staked amounts.

🟢 Tether's Q1 2024 report details significant financial growth and increased transparency: ⚫A record Q1 net profit of $4.52bn, mainly from US Treasury holdings and gains in Bitcoin and Gold ⚫For the first time, Tether disclosed a net equity of $11.37bn, showcasing enhanced transparency ⚫90% of Tether-issued tokens are backed by cash and cash equivalents, ensuring robust liquidity ⚫Its strategic investments exceed $5bn in areas like AI and renewable energy

Gentlemen, the market is all red, let's reconsider the view regarding #ETH As I said earlier the movement of the asset has been within the descending channel for a long time, hence the main trend is bearish. At the moment the price broke through the key support zone (2985$-2868$), after which it got a reaction and a small rebound. Volumes are picking up nicely, indicating strong activity from all market participants. It is rather difficult to speculate about where the price will go in the nearest future, but I think the fall will continue at least to the lower boundary of the descending channel, which is the main support zone at the moment. In case if the price cannot be restrained and it goes lower, we can see the continuation of correction up to 2350-2240$, where the zone of increased profile volumes is located, which will prevent further fall. For now I recommend to observe the situation and keep my hand on the pulse. I will start buying back the asset only after I see a clear reversal and a breakdown of the current market structure.

The exact movement of #BTC If you carefully read the posts in my channel, the current correction is not something unexpected for you. In the last review I warned you about it: With the current market situation - we do not consider longs, it can be dangerous... very soon the market may give us new favorable levels to set positions. I also wrote to you about liquidity accumulation at local lows ~59750$, just its price has collected. At the moment I see TWO variants of events development: The first and most favorable is the reversal of the asset from the current marks. In general, there is a potential for this action! Longists have liquidated more than $65mn, we can say that the fuel is filled, all that is left is to start the car. Also, the lower boundary of the “Parallel Channel” is a strong support level, which also contributes to the growth! The second option is the continuation of a deeper correction. This may happen due to lack of buyer's interest. The profile volumes up to 52300-51200$ do not inspire confidence, so if the price manages to break the lower boundary of the channel, the fall may continue with new force. Turning to the history and fractal analysis, we can see that after each halving a strong plum by 20-40% followed by a prolonged sideways.

🪙 Uniswap enables crypto purchases via Robinhood Connect Uniswap users can now use Robinhood Connect to buy cryptocurrencies using funds from Robinhood, a debit card or via bank transfer. Robinhood Connect became available this week to users on the Uniswap mobile app, the decentralized exchange (DEX) said Monday in a statement. The service is one of three providers enabling crypto purchases on Uniswap, joining Coinbase Pay and Moonpay, according to the protocol.

#BNB In the previous post I advised to refrain from opening new positions on this asset. The logic was as follows: If the price will go down to $590, we will either have to get into shorts or wait for more favorable zones for buying. As a result, the coin fell to the level with increased profile volumes (583$), which did not let it go lower. At this point, a local upward movement has already started, which in turn indicates the presence of a strong buyer. The liquidity at the local maximum ($645) is the main price magnet and is also our main target. On the way to it the coin has to overcome the main resistance zone at $644-613, but I am more than sure that there will be no special problems with its breakdown. In case of a deeper dive, there is no need to panic! We still have the support area at 0.5-0.618 Fibo ($560-548), which will serve as a good support for the price and therefore will not let it fall too much. To summarize my thoughts. In general, you can already start to buy back the asset carefully, and in the case of a descent below, you should simply pick up the position.