Sunday, July 24, 2022

ETH Shows More Signs Of Profit Taking When Compared To BTC

https://preview.redd.it/5rf17bhxhnd91.png?width=730&format=png&auto=webp&s=0809038fba7ba6ec0ae840db589888067fba0953

ETH saw more signs of profit taking when compared to Bitcoin.
ETH whales have been making it a priority to accumulate the token as the Merge creeps closer.
Derivatives traders are rather neutral on ETH.

The crypto market is experiencing a small recovery as it finally crossed back to the $1 trillion mark. Bitcoin (BTC) and Ethereum (ETH) both made the best of this recovery and witnessed a surge in their respective prices.

Although both cryptos had a great rebound in July, ETH saw more signs of profit taking when compared to Bitcoin. The ratio between transactions in profit vs loss is very different for the two cryptos as ETH soared above its rival.

Ethereum’s highly-anticipated upgrade known as The Merge is also around the corner. Although there is no set date for the event to happen, developers hinted at a mid-September Merge.

https://preview.redd.it/ietz27d0ind91.png?width=641&format=png&auto=webp&s=254e3555de9d88aee4ef86c44170f1ffbc60da25

This created some serious excitement in investors and ETH whales have been making it a priority to accumulate the token as the Merge creeps closer. This is one of the factors that pushed the price of ETH over the $1,500 mark.

Many companies like, for example, Galaxy Digital, are also turning their attention to ETH. The Galaxy Institutional Ethereum Fund bought $75.6 million worth of ETH according to the Securities and Exchanges Commission (SEC). This purchase was done on behalf of 12 investors.

Despite all of this, derivatives traders are rather neutral on ETH. These traders might be hesitant considering the massive sell-offs seen in 2022.

Ethereum / TetherUS 1D (Source: CoinMarketCap)

According to CoinMarketCap, ETH is currently trading hands at $1,588.96 after a 6.54% increase in price over the last 24 hours and after reaching a high of $1,595.76 over the same time period.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies

source: https://coinquora.com/eth-shows-more-signs-of-profit-taking-when-compared-to-btc/

Monday, July 25th 2022

The Daily Spin. Coinweb’s round-up of curated news and opinions (likely biased) from the world of Blockchain, keeping you informed of the most trending, in-the-know, and controversial topics…with an improved “On The Radar” section that now includes both on-chain and off-chain events, some world news and a thought leadership section to keep you curious, inspired, and clinically sane…

Ongoings at Coinweb

Post-Event: Innovation is the Only Way to Win (Hosted by Coinweb), July 19 (Bangkok)

https://www.facebook.com/events/449209510015240/

Recorded on Friday | Toby and Alexander go live with Bullperks!

On The Importance of Blockchain Interoperability

https://fb.watch/esmV-29UcD/

First Staking Booster Window is on track for July 31st launch date!

We have spent lots of time making sure that this is something you don’t want to miss… formal announcements to come soon.

On the Radar

SCB10x Post Event: REDeFiNE TOMORROW

https://www.linkedin.com/posts/krissupav_the-scb-10x-defi-virtual-summit-came-to-a-activity-6956647747865231360-waEz?utm_source=linkedin_share&utm_medium=ios_app

FLUX-AVAX Distribution, Jul 25

https://twitter.com/RunOnFlux/status/1545089851774668804?s=20&t=ML3sbjK4P-smIePdjqJZEw

THORChain Planned Obsolescence, July 31

https://twitter.com/THORChain/status/1302509707559460865

Cardano Vasil Hard Fork, July 31 or sooner

https://iohk.io/en/blog/posts/2022/06/20/vasil-upgrade-the-state-of-play/

NFT3 Awards, Aug 5 (Los Angeles)

Korea Blockchain Week, Aug 7 (Seoul)

Blockchain Futurist Conference, Aug 9 (Toronto)

Ethereum Goerli Merge, Aug 11

https://hackmd.io/@benjaminion/BkxQTpqpi9

Coinfest Asia, Aug 25 (Bali)

Crypto-industry News

Voyager rejects Alameda buyout offer as it ‘harms customers’

https://www.huobi.co.tz/en-us/pretender/news-detail-brief?id=225729

Does crypto still care about Elon Musk?

https://finance.yahoo.com/news/does-crypto-still-care-elon-172039222.html

Bitcoin and Twitter are Black Eyes for Tesla

https://finance.yahoo.com/news/bitcoin-twitter-black-eyes-for-tesla-wedbush-dan-ives-172838716.html

Zipmex on discussions with potential investors

https://decrypt.co/105864/zipmex-says-discussions-with-potential-investors-have-progressed-significantly

Yuga Labs threatened with possible class-action lawsuit

https://decrypt.co/105871/yuga-labs-threatened-with-possible-class-action-lawsuit

Competitive Landscape

SolSea envisions YouTube for NFTs - targets OpenSea

https://cryptoslate.com/can-solsea-become-the-youtube-for-nfts-and-take-on-opensea/

Nervos Network x Celer on #Blockjam2022

https://twitter.com/nervosnetwork/status/1551400536838373377?s=21&t=HYmzZB3bW0mh5T2PolChag

Unpacking Uniswap’s Fee Switch

https://decrypt.co/105823/unpacking-uniswaps-fee-switch

World

Japan’s Sakurajima volcano erupts
https://www.cnn.com/2022/07/24/asia/japan-sakurajima-volcano-eruption-intl/index.html

Another shooting injures 7 in Los Angeles
https://www.cnn.com/2022/07/24/us/san-pedro-los-angeles-shooting/index.html

Here are the final two candidates for the UK premiership
https://www.cnn.com/2022/07/24/uk/rwanda-policy-rishi-sunak-liz-truss-intl/index.html

Cheney goes on Fox to defend hearing against Trump
https://www.cnn.com/videos/media/2022/07/24/liz-cheney-fox-sunday-rupert-murdoch-sot-rs-vpx.cnn

China’s Property Crisis Burns Middle Class Stuck With Huge Loans https://www.bloomberg.com/news/articles/2022-07-24/china-s-property-crisis-burns-middle-class-stuck-with-huge-loans

Myanmar junta executes four democracy activists
https://www.reuters.com/world/asia-pacific/myanmar-junta-execute-four-democracy-activists-state-media-2022-07-25/

Ukraine imposes new fiat restrictions in favor of Crypto
https://news.bitcoin.com/ukraines-new-fiat-restrictions-to-boost-popularity-of-crypto-industry-says/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Thought Leadership

Op-Ed: 3 reasons for Liquid Staking
https://cryptoslate.com/op-ed-liquid-staking-benefits-the-crypto-ecosystem-overall-here-are-3-reasons-why/

Interchain Security Thread on Cosmos
https://twitter.com/informalinc/status/1523690357149495296?s=21&t=GF3uNZ9C78rNdPD6SMTjxg

What does it mean for a bridge to be Trustless?
https://twitter.com/0xpolygoninfra/status/1525088478618390529?s=21&t=A8i-80Cnnu7nDMscPiHImg

https://preview.redd.it/pznqvlzpwmd91.jpg?width=1045&format=pjpg&auto=webp&s=cf6e38b05abf46e7c3885646fbda0991041713e5

BITCOIN HOLDERS GET READY FOR A BIG WEEK… (4 MAJOR MACRO EVENTS) | Cryptocurrency News

https://www.blockchained.news/2022/07/bitcoin-holders-get-ready-for-big-week.html

Why 3AC went bankrupt?

I have read the leaked filings from the 3AC BVI(British Virgin Islands) court proceedings.

Let me summarize what went wrong with 3AC.

Luna/Terra Blow up

3AC lost around $600 million when Luna/Terra blew up. However, it was not that problematic for them. However, this blow-up resulted in the following events.

Market Crash - Luna/Terra has around $40 billion market cap, and it went to 0 in 3 days. There were a lot of liquidations and a lot of sell pressure. 3AC wasn't ready for this. (I will explain in a bit)
Credit Crunch - Because the market tanked and many lenders have money locked now with borrowers, and they don't have money to give more loans, or even if they have, they became cautious. This created a credit crunch in the market, and 3AC can.'t borrow any more without collateral because they were locked in Long positions.

Supercycle Thesis

So 3AC has a supercycle thesis in which Bitcoin and other assets are in the mid of the supercycle and not going to face any bear market in the near market. So basically, they are like, "To the moon, baby". So when BTC went $30k, they were sort of OK. However, they were never ready for $20k, and because of Terra/Luna, Bitcoin went from $30k to $20k pretty fast, and a lot of Altcoins lost a lot of valuation too.

Because of this, 3AC was getting called margin called from everywhere because they had long positions, and to save it, they needed to borrow more, but they didn't have any collateral.

So, in summary, they didn't manage risk appropriately and got rekt. There are some juicy details in the BVI court filings, and I created a video on it. Please check the link below.

https://www.youtube.com/watch?v=a1FB4_IYGlA