Ethereum [ETH], the king of altcoins has failed to register any significant improvement in the month of June. It is still stuck with the bears at the $1k level. Notably, this level was previously visited by the coin at a time when the market crash wiped out 46.4% of the ETH’s value. But with Q3 of 2022, circumstances might take a positive turn for ETH holders.
Ethereum needs a boost
Observing the entire Ethereum network, one can simply say that Ethereum needs a boost from its investors. Well, on the fundamental level, the network is making progress in all directions. Evidently, the arrival of ETH 2.0 and anticipation of ‘Merge’ has somewhat failed to accelerate ETH’s growth.
Thus, it’s important that the broader market cues turn positive at once since ETH is currently dependent on it. The bearishness prevalent in the market over the past couple of weeks has blocked Ethereum’s all attempts to rally. Consequently, investors have been forced to sell and prevent further losses.
In the month of June alone, about 1.3 million ETH worth over $1.45 billion was sent back to exchanges, most of which was a part of panic selling that was triggered by the crash of 9 June.
However, most of this selling did not come from Ethereum’s loyalists, the long-term HODLers. Primarily, because the HODL waves made it evident that the one-month to three-month cohort took the charge of selling.
Their control over the supply reduced from 14% to a little over 9%, resulting in an increase in the domination of the HODLers who have held their supply for less than a month.
What is ETH looking for?
What Ethereum needs now is some patience from investors and a quick market-wide recovery. Patience because the investors need to hold off on moving their supply around until the mark price is at level with the buy price.
Doing the opposite of that may result in transactions that would be conducted at a loss, and such transactions combined have caused the spent output profit ratio to fall below 1.0.
Trading at $1,092 at press time, ETH needed to retrace its steps back to pre-June levels at the least to correct this decline, which may take a while considering the alt’s price decline of 5.2% in the last 24 hours.
Axie Infinity holders have reasons to celebrate market drawdown
The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has been a nightmare for many. But not for the Axie Infinity holders.
These GameFi token holders stand to be some of the most thriving individuals when compared to the investors of other cryptocurrencies.
Axie Infinity, no worries
The altcoin marked its all-time high of $160 back in November 2021. However, it has consistently been on a downtrend.
Down by almost 90%, AXS was seen trading at $17.8 on 9 August after rising by about 40% from the lows of the June crash.
Now, in such a case, at least a majority of the investors would be bound to take a hit in some or the other way. But surprisingly, not a lot of investors are suffering losses.
This is because even before Axie Infinity came anywhere close to its all-time high (ATH), the investors were already in profit since they had been accumulating for a very long time.
Consequently, in November, not even 1% of the investors were at a loss. However, as prices began falling, their profitability did too.
Plus, the ones who bought their supply around the time AXS was at its highest point are a part of the cohort which noted losses. Their FOMO purchase is taking a hit as the price has returned to its 15-month lows.
At the moment, after a 40% recovery over the month, Axie Infinity investors are noting a slight improvement, although 22.29% of them are still at a loss, which is still a far lower concentration in comparison to the market.
But even for these 22.29% investors, profits do not lie millions of miles away from the ATH.
As the loss-bearing holders’ concentration would come down to just 6%, AXS would be a profitable investment once again.
USDC, USDT, BUSD caught in the midst of tornado- Here’s how
The invention of Bitcoin [BTC] in 2008 led to the idea of decentralization which became the mantra of the entire crypto ecosystem. However, it was necessary to involve regulators and central authorities because of some illegal activities and their negative effect on unsuspecting investors.
The latest is the money laundering enterprise set up by Tornado Cash, which has somehow pointed to some defects around stablecoins. The mission behind the platform creation was to let users make private transactions using the Ethereum [ETH] network. However, they went beyond their jurisdiction.
According to a New York Times report on 8 August, Tornado Cash has been involved in laundering over $7 billion worth of stolen cryptocurrency.
This led the United States (US) treasury department to blacklist the company. Similarly, Circle, the company behind stablecoin, USDC, froze the accounts of its users linked to the platform.
This action led to conversations around the true nature of crypto decentralization. Crypto investor and Bankless CEO Ryan Adams referred to the action as an “assault on crypto.”
Today the US sanctioned Ethereum addresses associated w/ a privacy service called Tornado cash.
Circle immediately froze the USDC in those accounts. GitHub suspended contributors to Tornado.
If you were waiting for the opening shot of big brother’s assault on crypto this was it
— RYAN SΞAN ADAMS – rsa.eth 🦇🔊 (@RyanSAdams) August 8, 2022
In response to the same decision, a researcher at Proximityfi, a NEAR-based DeFi platform, said that the crypto community needed actual decentralized stablecoins.
According to him, the trio of Circle [USDC], Tether [USDT], and Binance USD [BUSD], were past their relevance.
After recent events, it is time the crypto space develops a new stablecoin that is
– 100% decentralized
– censorship resistant
– truly resilient
In this thread I’ll explain and summarize one interesting idea to issue a BTC/ETH-backed stablecoin using derivatives contracts 🧵👇
— Res ®️ (@resdegen) August 8, 2022
In the thread, he explained that the top three stablecoins in market value do not align with the ideas behind decentralization.
Additionally, he mentioned that there were genuinely decentralized stablecoins that were not as popular, including RAI and LUSD, revealing that Ethereum Founder Vitaik Buterin was a big fan of the former.
He went further by proposing the idea of a stablecoin backed by BTC or ETH to achieve true decentralization.
Interestingly, there have been debates about USDC superseding USDT. So will this latest proposal bring an end to both stablecoins?
At press time, the Tornado cash website had been brought down with its developers booted out of GitHub. However, there was no response from the camps of Circle, Tether, or Binance regarding the proclamation.
In conclusion, the recent actions of Circle may contrast with its earlier claims.
On 18 June, CEO Jeremy Allaire debunked claims that the company could freeze accounts at any point.
With the recent happenings, it may seem that the concerns of EthHub founder Anthony Sassano were valid. The future will tell where USDC, BUSD, and USDT go next or make improvements.
Assessing the odds of Polkadot [DOT] sustaining its growth
Polkadot has been grabbing headlines recently with its performance. The latest updates on the network have added fuel to DOT’s uptrend in the crypto market.
This has made DOT the highest performing crypto asset among CoinMarketCap’s top 10 tokens. DOT, at press time, was trading at $9.01 after gaining a significant bull charge over the week by 16.35%.
The token has, however, lost momentum since 8 August and has taken a hit of 3.34%.
Dotting the map
According to data from Lunar Crush, Polkadot has scaled new heights during this week. In a weekly review update, Polkadot Insider has provided information to support this claim.
Social signals of the network suggest that Acala, Moonbeam, and Astar are the most influential projects on Polkadot right now.
Social mentions of Polkadot have clocked around 211.29k while social dominance has racked up at 0.40% over the period under review.
Impressively, social engagements surrounding Polkadot have crossed more than 700 million during the first week of August.
Furthermore, the Polkadot-based Astar network has announced a partnership with Alchemy Platform to accelerate dApp development.
This news release will certainly be a boost for Polkadot as it will promote user growth on it.
Another Polkadot-based network, Phala, has launched a stake pool description function on its application.
It will allow pool owners to access social channels such as Discord and Twitter directly from the application.
1/ Last week the Polkadot ecosystem continued building, deploying and growing. Check out some of the announcements from the ecosystem and hear the latest news from the parachain teams, infrastructure providers, and wallets in this week’s #PolkadotRoundup.
Read the 🧵below
— Polkadot (@Polkadot) August 8, 2022
Well, Polkadot has certainly shown growth in several on-chain metrics. The market-wide sentiment has provided a timely boost to support Polkadot in its future.
However, a report suggests that DOT could yet see a near-term setback. It followed bears at press time after noting a negative change in the past day.
A sudden setback has shifted the course of network volume which was still 36% up on 9 August.
Monero Faces Pressure In Keeping Upward Pace – Will XMR Overcome Resistance?
Monero has its hands full trying to keep its momentum and rally forward. But, it must first overcome obstacles. As...
TA- Binance Coin Continues To Look Strong Despite Altcoins Shakeout
The price of Binance coin (BNB) continues to look strong as it holds its support against Tether (USDT) after the...
July’s CPI Report Shows US Inflation Cooling — Critics Say ‘US Government’s Formula Understates The Actual Rise In Prices’
After last June’s inflation report published by the U.S. Bureau of Labor Statistics indicated that the Consumer Price Index (CPI)...
TA- Bitcoin Bounced off Key Support After CPI Announcement
The price of Bitcoin (BTC) bounced off its key support against Dollars (USD) after the Consumer Price Index (CPI) announcement...
Defi Attacker Siphons $570,000 From Curve Finance, Crypto Exchange Fixedfloat Freezes 112 Ethereum
Reports indicate that the decentralized finance (defi) protocol Curve was hacked for $570,000 in ethereum after people noticed that Curve’s...
Biggest Movers: AVAX Nears Highest Level Since May, ETC Moves Towards $40
Avalanche rallied on Wednesday, as the token broke out of a key resistance level on its way towards a multi-month...
German Crypto Exchange Nuri Files For Insolvency
Cryptocurrency exchange Nuri has filed for insolvency, reportedly becoming Germany’s first fintech to take the step in a challenging year...
Report: Nearly 13,000 Chinese Social Media Accounts Promoting Virtual Currency Closed
Nearly 13,000 Chinese social media accounts that allegedly promoted virtual currency investments were closed, the Cyberspace Administration of China recently...
Decentralizing The Internet: How Wayru Is Bringing People Together With Blockchain
sponsored In 2011 the UN released a report declaring the internet a Human Right, but over a decade later millions...
Current Mortgage Refinance Rates, August 10, 2022 | Rates Move Higher
Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...
USDT volume on exchanges up 20% in 3 months
USDT volume on exchanges up 20% in 3 months Oluwapelumi Adejumo · 6 mins ago · 2 min read According...
Axie Infinity holders have reasons to celebrate market drawdown
The market crash has affected every cryptocurrency in some or the other way. And, the recovery from the same has...
What’s changed in GameFi in the last month? – July Report
What’s changed in GameFi in the last month? – July Report Footprint Analytics · 2 hours ago · 7 min...
How To Make Money From Ethereum Name Service?
Learn how you can use ENS to become rich We all love to reap the benefits of advanced technologies, but...
Degrain (DGRN) Continues To Thrive In Bear Market, Outshines Litecoin(LTC) And Polkadot(DOT)
In this article, we examine why the coin on the block, Degrain, has been thriving while Litecoin and Polkadot have...
HUMAN Protocol’s Big Announcement On V2 Upgrade With Routing Protocol
The voting model will utilize HUMAN Protocol Reputation Oracles to adjust voting power. Last week, HUMAN Protocol announced the introduction...
Report: Samsung Signs MOU To Build Galaxy NFT Ecosystem
Korean electronic goods producer Samsung Electronics recently signed a memorandum of understanding (MOU) with six companies that will collaborate to...
Shiba Inu Breakout Is On The Way! And Only Whales Can Help In That
Shiba Inu is outperforming in the crypto market and gaining the attention of ETH whales Shiba Inu is the most...
Adam Mosseri6 days ago
Meta Expands Instagram’s NFT Rollout To 100 Countries — Platform Connects With Third Party Web3 Wallets
adoption6 days ago
Istanbul Blockchain Week founder Erhan Korhaliller discusses why Turkey is one of the hottest places for crypto
Antpool6 days ago
Bitcoin’s Mining Difficulty Rises For The First Time In 57 Days, BTC Hashrate Slipped 1.7% Lower In Q2
bonds5 days ago
Meta Reportedly Issuing $10 Billion In Bonds To Invest In Its Metaverse Products And Other Initiatives
consumer price index5 days ago
Latest Turkey Inflation Rate Of 79.6% The Highest In 24 Years — Weakening Lira And Russia-Ukraine War Blamed
cbn5 days ago
Nigerian Currency Recovers Versus US Dollar — Central Bank Says Importers Must Repatriate Forex Earnings
Aladdin6 days ago
Coinbase Partners With World’s Largest Asset Manager Blackrock To Give Aladdin Clients Access To Cryptocurrencies
Africa6 days ago
Speculators And Crypto Traders Blamed For Naira’s Plunge, Kenyan Institutions Told To End Dealings With Nigerian Fintechs, CAR Token Sale Off To Slow Start