Crypto Bulletpoint #10 – May 9th 2022

The Crypto Weekend was bloody as hell!


📉Market Movers 📈

  • Almost US$250 billion has been wiped from the cryptocurrency market since last week, Bitcoin and other crypto are touching lowest levels since the first weeks of the year.
  • BTC Fear and Greed Index is now at 11, Extreme Fear
  • On the early hours of Monday Bitcoin is fighting to keep the $34k line while the whole market is full of uncertainty, if correlation is a thing the only hope is a positive trading day
  • A lot of ADA news during the weekend and a lot of developments revealed to come shortly including a promising DEX and a Stablecoin
  • LINK Dipped below the $10 line for the first time in 18 months
  • For the first time since 2014, Bitcoin (BTC) has formed a sixth consecutive bearish weekly candlestick
  • As the crypto market worsens, the Shiba Inu falls to a seven-month low.
  • BTC touched the $32k region

📰Today’s News📰

  • The Luna Foundation Guard (LFG) said on Monday that it will lend hundreds of millions of dollars in bitcoin and the stablecoin UST to protect the latter’s peg during a period of market turbulence
  • According to Glassnode, the Bitcoin market appears to be reverting its gains since January, as whales may be fleeing and selling on centralized exchanges
  • Binance TR, the Turkish branch of cryptocurrency exchange Binance, has issued a warning to investors in the region about an ongoing scam involving bogus Binance-branded billboards and hoardings.
  • Once again liquidation numbers are a carnage as in the last 24 hours more than $260 million was liquidated to over 69,000 traders
  • On Tuesday cryptocurrency exchange KuCoin revealed that it had raised $150 million in a fundraising round led by Jump Crypto

👍Adoption👍🏾

  • NBC News Reported that Over 100k cubans are now using and investing in Cryptocurrencies
  • In Xiamen and Guangzhou, China, digital yuan can now be used on buses, trains, and public transit cards
  • Japanese used automobile exporting company SBI Motor has announced that XRP and Bitcoin will soon be accepted as payment methods
  • At the upcoming GST Council, Indian officials are anticipated to go heavy on crypto, imposing a 28 percent goods and services tax on cryptocurrencies
  • The Argentinian central bank has announced a prohibition on the use of digital assets in the banking system.
  • In Louisville, Kentucky, a home was acquired for $65,000 in bitcoin, making it the first real estate transaction in the city’s history.

📢Opinions📢

  • Kevin Sekniqi, COO of Avalanche AVAX is skeptical that Bitcoin will be able to maintain its position as the most popular cryptocurrency in the next 12-20 years given its current level of adoption and innovation
  • Charles Hoskinson thinks that we are in bear market and there is nothing to do to make ADA price higher

👩‍💻Blockchain👨🏽‍💻

  • The NEAR Foundation is supporting Sankore, a Kenyan blockchain community that aims to educate and train blockchain engineers and analysts to help local enterprises expand.
  • As more developers join the Cardano blockchain it keeps adding over 70 smart contracts per week

🖼NFTs🖼

  • NFT Market nosedives as well during the past week losing 30% on volume

🗺Metaverse🗺

  • Avalanche has unveiled a $290 million incentive plan to encourage metaverse development.

🎮CryptoGaming🕹

  • Nothing has happened yet… 🤖

⛏Mining⛏

  • The Department of Justice (DOJ) has accused Luiz Capuci Jr., the CEO and co-founder of crypto mining and investment platform Mining Capital Coin (MCC), with “supposedly orchestrating a $62 million global investment fraud conspiracy.”
  • ETH mining has passed BTC mining by $224M in April
  • According to TradingView’s “Bitcoin Production Cost” indicator, Bitcoin has officially become more profitable to buy than mine for cryptocurrency miners as the cryptocurrency market has tumbled

🛠Tools & Links

Nothing has happened yet… 🤖

  • Bitcoin
  • Ethereum
  • Tether
  • Cardano
  • Xrp
  • Polkadot
  • Binance coin
  • Dogecoin
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