Alchemint Standards(SDS)

CoinMarketCap has released a report on the global crypto market after H1. The report delves into a general market overview, recent key events, and what it expects H2’s key themes will be. Today, CoinMarketCap, the world’s leading price-tracking website for crypto assets, released its 2023 H1 Crypto Market Analysis Report. Crypto Market Kicks 2023 Off Strong The crypto market started this year with a bang witnessing the bitcoin price doubling, the rise of L2s such as Arbitrum and ZK, and the NFT market showing signs of improvement. By the end of Q2, the global crypto market capitalization reached an impressive $1.17 trillion, marking a 48% YTD increase. Q1 and Q2, however, concluded with similar total market caps, meaning Q2 showed much less growth. Q2 was instead characterized by trends such as the “memecoin” frenzy and the rise of BRC20 tokens, which, despite being noteworthy, did not garner the same excitement as the previous quarter’s developments. Market sentiment improved significantly by the end of Q1, with the CMC Crypto Fear and Greed Index registering at a neutral 52 – a vast improvement over the start of the year, which registered a fearful 30. According to CMC’s report, the Total Spot Trade Volume of the Top 20 Crypto Exchanges peaked in March but declined by around 36% quarter-on-quarter. Top Growing Sectors Despite what can only be called challenging market conditions, certain industry sectors witnessed remarkable growth in market cap year-to-date. VR/AR (704%0 and AI & Big Data (323%) exceeded expectations, while blue-chip decentralized finance (DeFi) projects appear to be making a strong comeback. The “memecoin” frenzy saw the sector add over 260 new coins YTD, with AI & Big Data taking second place, adding 61 coins. DeFi ranked third, adding 47 new listings YTD. Bitcoin and Ethereum Developments The market’s top tokens, Bitcoin (BTC) and Ethereum (ETH) experienced several events, resulting in noteworthy price fluctuations. CMC’s Top Views CoinMarketCap saw a surge in views from the memecoin sector as $PEPE took the industry by storm. PEPE’s explosive rally of over 3700x from April to May sparked particular interest in the sector, and it joined CMC’s “Most Added to Watchlist.” Memes also registered the most engagement in CMC Community. The DeFi sector registered sustained interest throughout the year’s first half to become the second most viewed. Sector interest largely focused on Terra Classic (LUNC) as Binance burned 2.65 billion LUNC tokens, worth approximately $236,000. AI and Big Data have undoubtedly marked 2023 following the launch of OpenAI’s revolutionary ChatGPT, and it is reflected in views. Best Performing Coins Arbitrum ecosystem tokens such as Pendle (PENDLE) and Radiant Capital (RDNT) appeared to be H1’s top gainers, along with Optimist ecosystem tokens such as Velodrome Finance (VELO). Other top gainers include layer-one blockchains, including Dione Protocol (DIONE), Conflux (CFX), and Injective (INJ). AI-related tokens such as SingularityNET (AGIX) and Render (RNDR) also performed well. Key Themes for H2 CoinMarketCap identified the key themes for the second half of 2023. Bitcoin ETFs The crypto news cycle has recently been dominated by talks of Bitcoin ETFs after BlackRock, the world’s largest asset manager, filed for a Bitcoin spot ETF with the SEC. News of BlackRock’s application spurred a host of other firms, such as Valkyrie, Fidelity and 21 Shares, to announce they are also seeking ETF approval. The SEC has yet to approve any of the applications. Should the regulator grant these ETFs, they could unlock substantial investor demand by offering regulated products for asset allocation. Decentralized Public Infrastructure Networks One of H2’s key themes will be Decentralized Physical Infrastructure (DePIN). DePIN is still in its early stages of expansion and aims to provide solutions for access sharing of physical assets or services like warehousing and data networks. Real World Assets (RWAs) The tokenization of assets has become an increasing focus for the crypto asset industry. Projects focused on making RWAs tradeable on-chain largely consist of credit market protocols such as Maple Finance and Goldfinch allow businesses to use DeFi to secure financing and loans. Liquid Staking Derivative (LSDs) Liquid Staking Derivative witnessed a dramatic surge in activity in H1 owing largely to Ethereum’s Shapella upgrade. Market leaders such as Lido and Rocket Pool saw their TVLs rise 138% and 220%, respectively. By the end of June, LSD platforms secured over a third of Ethereum’s Total Value Staked. Restaking The introduction of EigenLayer – a middleware platform which allows staked ETH or liquid staked ETH tokens to be reused on the consensus layer, prompted restaking as an emerging theme in H1. Restaking was in demand after EigenLayer’s Restaking Smart Contracts were deployed and reached their maximum limits within a day of the mainnet launch. zkSync zkSync, a zero-knowledge roll-up solution, emerged as a popular Ethereum-based layer-2 solution and strong competitor against Ethereum optimistic roll-ups, including Optimism and Arbitrum. zkSync utilizes zero-knowledge technology to offload traffic from Ethereum to an efficient second layer, helping to increase Ethereum’s throughput while enabling an array of new applications. Modular Blockchains (Celestia) Most layer-1 blockchains are monolithic chains that result in issues surrounding efficiency, stemming from the blockchain trilemma of decentralization, security and scalability. Modular blockchains like Celestia address these issues by separating blockchains into three layers: execution, settlement, consensus and data availability. In doing so, modular blockchains provide developers with modular data availability and consensus layers which dApps and sidechains can leverage to bootstrap development. FTX Bankruptcy Developments After FTX collapsed, its depositors could not determine how much of the almost $9 billion shortfall could be collected during the liquidation process. In January, it emerged that more than $5 billion in liquid assets were collected, and this number subsequently increased to $7 billion. The firm overseeing FTX’s restructuring recently contacted creditors, giving them a “Customer Bar Date” of September 29, 2023. Debtors are, however, unlikely to receive a payout until at least H2 2024. Bitcoin Remains Most-Viewed Crypto Across All Regions Regional differences in interest in various crypto sectors were insignificant. Bitcoin continues as the most-viewed crypto across all regions in H1 2023, similar to data from Q4 2022. Bitcoin’s dominance over altcoins increased by 25% from 40.09% at the beginning of the year to 50.39% at the end of H1. As expected, the US continues to dominate the distribution of crypto users worldwide. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Welcome to an exciting exploration of crypto passive income ideas! Crypto passive income refers to the ability to earn money from your cryptocurrency investments without actively trading or constantly monitoring the market. It is highly regarded because it provides opportunities for diversification, potentially high returns on investment, and accessibility to individuals of all backgrounds. In this article, we will delve into the world of three high-potential coins: Ethereum (ETH), TENET (TENET), and the trailblazing Caged Beasts (BEASTS). Each of these cryptocurrencies offers unique opportunities for generating passive income and shaking up the crypto landscape. Ethereum - Liquid Staking With The Alt King!Ethereum (ETH), the king of smart contract platforms, needs no introduction. It has revolutionized the crypto space, allowing developers to build decentralized applications (dApps) and launch their own tokens with ease. Compared to other crypto projects, Ethereum boasts unique strengths such as a robust ecosystem, widespread adoption, and the ability to execute complex smart contracts efficiently. But what about liquid staking on Ethereum? Liquid staking combines the benefits of staking and liquidity, allowing users to stake their Ethereum while still having the flexibility to trade or use their staked assets. By utilizing platforms like Lido, users can seamlessly stake and unstake their ETH, earning lucrative yields while enjoying the freedom to access their assets at any time. This innovative approach to staking offers the best of both worlds and is a game-changer for passive income seekers. TENET - The LSD-Driven Blockchain Now, let's dive into the world of TENET (TENET), a more recent crypto gem that has emerged. Layer-1 blockchain Tenet has partnered with omnichain messaging protocol LayerZero to plug into a cross-chain decentralized finance (DeFi) ecosystem. This collaboration grants Tenet access to the wider DeFi landscape across multiple blockchains. TENET's DeFi-focused ecosystem provides liquidity and yield products for liquid staking derivatives (LSDs). Similar to Ethereum's liquid staking pools, such as Lido, TENET's network enables users to stake and unstake assets seamlessly, unlocking the potential for lucrative yields. Moreover, TENET allows users to create projects and tokens, integrating them with LayerZero technology for enhanced interoperability across various smart contract blockchains. By leveraging this ecosystem, TENET empowers PoS native tokens to maximize their earnings potential, showcasing the power of LSDs in the DeFi space. Caged Beasts - Defying Convention with Memetic Brilliance! This article wouldn't be complete without a meme coin, and Caged Beasts (BEASTS) steals the spotlight. The proof-of-stake consensus algorithm is used to govern this decentralized Ethereum-based meme coin, assuring a robust and beneficial investment potential. With Ethereum as its foundation, Caged Beasts aims to revolutionize what a meme coin can truly accomplish. Caged Beasts differentiates itself through its innovative concept called "Caged Liquidity." By championing decentralization, Caged Beasts enhances trust and stability within its ecosystem, offering investors a unique opportunity to be part of a thriving community. Additionally, Caged Beasts boasts a stellar referral program where users can create their own exclusive referral codes. With each successful referral, both the referrer and the investor bag a sweet bonus of 20% extra BEASTS tokens, creating a win-win situation for everyone involved. If you’d like to stay up to date with the latest news in the realm of Caged Beasts and be notified ahead of time for the presale drop, you can register your email here! Final Thoughts The crypto world is a rollercoaster of innovation and opportunity, and these three cryptos - Ethereum, TENET, and Caged Beasts - are leading the charge. Ethereum continues to dominate as the pioneer of smart contract platforms, while liquid staking on Ethereum and platforms like Lido unlock even greater passive income potential.TENET shakes things up by plugging into a cross-chain DeFi ecosystem, providing liquidity and yield products through its LSD-driven blockchain. And last but not least, Caged Beasts adds an element of fun and excitement with its decentralized meme token and captivating referral program.Whether you're seeking passive income, exploring alternative staking options, or simply looking for the next 10x altcoin, these three coins offer enticing opportunities for crypto enthusiasts. So, join the Crypto Carnival and buckle up for an exhilarating ride into the world of decentralized finance and the meme coin revolution! For All Things Caged Beasts (BEASTS): Website: https://cagedbeasts.com Twitter: https://twitter.com/CAGED_BEASTS Telegram: https://t.me/CAGEDBEASTS Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

[PRESS RELEASE – Podgorica, Montenegro, June 9th, 2023] At EDCON 2023 in Montenegro, the Ethereum Reserve Dollar (“ERD”) team introduced their innovative decentralized lending platform and USDE stablecoin to the industry. ERD is a lending platform that allows users to borrow USDE, a USD-pegged stablecoin native to the platform, using liquid staking derivatives (LSDs) and […]

Podgorica, Montenegro, June 9th, 2023, ChainwireAt EDCON 2023 in Montenegro, the Ethereum Reserve Dollar (“ERD”) team introduced their innovative decentralized lending platform and USDE stablecoin to the industry. ERD is a lending platform that allows users to borrow USDE, a USD-pegged stablecoin native to the platform, using liquid staking derivatives (LSDs) and blue-chip DeFi tokens as collateral. The protocol maintains a minimum collateralization ratio of 110%, striking a balance between decentralization, capital efficiency, and price stability.In the fast-paced world of blockchain and cryptocurrencies, the demand for fully decentralized stablecoins is growing. The challenge has been to simultaneously achieve capital efficiency, price stability, and decentralization, a combination that has proven difficult to achieve.Numerous attempts have been made to create stablecoins that are both decentralized and capital efficient. However, these efforts often led to significant price fluctuations, causing depegging and collapse. The industry has thus been left with a choice between capital efficiency and decentralization, with price stability being a crucial requirement for any stablecoin's survival and expansion.Ethereum Reserve Dollar is designed to address these challenges. ERD is fully decentralized, providing a safer solution to the dominant centralized and semi-centralized stablecoins in the market. It employs a fully decentralized lending protocol and a robust liquidation mechanism, enabling users to borrow USDE using LSDs and blue-chip DeFi tokens as collateral. The platform secures loans with a Stability Pool containing USDE, which allows for immediate liquidation and bypasses the need for liquidators to prepare USDE or engage in a complex auction process. Furthermore, the protocol's design allows users to borrow at only a 110% collateralization ratio, achieving an ideal combination of decentralization, capital efficiency, and price stability.Notably, ERD also aims to provide greater value as a governance token and introduce widely distributed decentralized assets on the ETH network, addressing limitations observed in similar protocols, such as those of the Liquity Protocol.“Looking back at the collapses of so many failed stablecoins, and the depegging of USDT in 2022 and USDC in 2023, the industry is still searching for a truly decentralized, capital-efficient, and robust solution," said Steve Hopkins, ERD’s CMO. “ERD is this and so much more; it's a solution designed to become a truly decentralized reserve asset on the Ethereum network. We believe ERD offers a significant step forward in blockchain and DeFi technology. We’re thrilled to share it with the world. ”The ERD team will launch their testnet event on June 12, 2023. This event will offer the opportunity to experience the platform's unique features and benefits firsthand, while also entitling early adopters to share in the upside of the project’s growth.The ERD Protocol is set to redefine the stablecoin landscape. With its unique features and benefits, it offers a promising solution for efficient and decentralized lending. The team encourages everyone to participate in the upcoming testnet event and experience the future of DeFi.For more information about the ERD Protocol and its upcoming testnet event, please visit the official website at https://erd.xyz/ and follow the project on Twitter at @Ethereum_ERD.About ERDERD is a decentralized lending protocol that enables users to borrow in USDE, a stablecoin pegged to the US dollar, using LSDs and blue-chip DeFi tokens as collateral. It aims to address the dominance of centralized stablecoins and offer a truly decentralized, capital-efficient alternative. The protocol offers a minimum collateralization ratio of 110% and secures loans with a stable pool containing USDE and other Ethereum-based assets. The benefits of ERD include low-interest rates, high capital efficiency, direct redemptions, and decentralization. Its goal is to become a truly decentralized reserve asset on the Ethereum network.Long live Ethereum Reserve Dollar. On Ethereum, By Ethereum, For Ethereum.For more information and to stay updated please visit:Official website | Twitter | Discord | Whitepaper | GitHubContactCMOSteve HopkinsEthereum Reserve [email protected]

Mahe, Seychelles, May 16th, 2023, ChainwireTenet, the first layer-1 blockchain to create a DeFi Ecosystem for Liquid Staking Derivatives (LSDs), has joined forces with Ankr, a leading blockchain infrastructure provider, to increase adoption of LSDs across all blockchains, including those where liquid staking derivatives are currently not available yet.As part of the partnership, Tenet will have discounted pricing on Ankr’s LSD integration services, which allows Proof of Stake Blockchain’s to easily set up liquid staking for their assets with Ankr. In addition, Tenet will help cover some of the integration costs for its partners in exchange for the new Blockchain’s committing a certain amount of LSD assets to Tenet’s network.Proof of Stake networks today dominate the blockchain landscape, with the vast majority of alternative layer-one chains and application specific blockchains (“appchains”) each having their own staking token. Staking is key in securing the network to protect from economic attacks, which means that DeFi use cases that generate alternate sources of yield will potentially reduce the security of the network. By adopting liquid staking derivatives, which allow using staked assets in DeFi, the conundrum is effectively solved — increasing the security of the network as it scales.Most LSD liquidity today comes from Lido, which means that smaller blockchains may need to wait some time before they see their chain integrated. Ankr, on the other hand, has created a white-label system that allows any project to quickly set up their own LSD.By working with Tenet, projects will benefit from both the cheaper LSD integration services, as well as the Tenet layer-1 LSD ecosystem, which allows users to earn maximum yield on their assets by supplying them to various DeFi protocols on its network. In exchange, Tenet partners will need to commit a certain amount of LSD total value locked to Tenet Validators, which boosts its security model.Tenet has a unique model called Diversified Proof of Stake (DiPoS), which supports staking with any LSD asset from other chains, such as ETH, BNB, ATOM, SOL and ADA. This allows Tenet to be partially secured by all its supported networks, dramatically improving security compared to standard single-token Proof of Stake."We're on a mission to bring LSDs to all the top Layer-1 blockchains and make Tenet the defacto place for them to safely earn yield and utility," said Greg Gopman, CEO of Tenet and former CMO of Ankr. “During my time at Ankr, I was inspired by all the amazing LSD products the company launched, but disappointed by their ultimate lack of use. With Tenet, we aim to change this.”As part of the deal, Tenet will commit to using Ankr for its RPC services, as well as other integrations that make sense for the network’s infrastructure. The two companies will also put together a Liquid Staking Conference (side event) at EthCC in Paris, in July 2023.Tenet is currently live on testnet and will launch Mainnet and its token generation event on May 25.About TenetTenet is a DeFi-focused Layer-1 ecosystem, providing liquidity and yield opportunities for liquid staking derivatives (LSDs). Co-founded by Greg Gopman, former CMO of Ankr, and Dan Peterson, former head of revenue operations at Blockdaemon, Tenet aims to unlock the potential of the rapidly growing LSD market, which is currently valued at over $17 billion. Tenet takes a unique approach by sharing security through Diversified Proof of Stake, which allows LSDs to stake to its network and earn yield on their liquid staking assets and participate in the platform's governance.About AnkrAnkr is an all-in-one portal built to support the growth of Web3. They provide multi-chain API connections, dApp development tools, and crypto staking solutions with a global node infrastructure powering it all over 30+ blockchains. As the pioneer of liquid staking, Ankr creates next-generation solutions for supporting validation on several proof-of-stake chains with an industry-leading node delegation system and security. With a Total Value Locked of over $500M, Ankr is the 3rd largest Ethereum staker and go-to staking infrastructure provider for ecosystems like the BNB Smart Chain, Polygon, and [email protected]

[PRESS RELEASE – Mahe, Seychelles, May 3rd, 2023] Former executives from Ankr and Blockdaemon have joined their expertise to create Tenet, the first Layer 1 blockchain built to create a hub for Liquid Staking Derivatives (LSDs). Tenet is emerging from stealth mode and unveiling its Testnet today, enabling developers to interact and experiment with the […]

Mahe, Seychelles, May 3rd, 2023, ChainwireFormer executives from Ankr and Blockdaemon have joined their expertise to create Tenet, the first Layer 1 blockchain built to create a hub for Liquid Staking Derivatives (LSDs). Tenet is emerging from stealth mode and unveiling its Testnet today, enabling developers to interact and experiment with the platform.Tenet is an EVM-compatible L1 protocol, designed to bring additional liquidity and yield opportunities to LSDs by allowing users to re-stake their assets on Tenet's network and participate in Tenet's DeFi ecosystem. Unlike other Cosmos chains that rely on their own native token for Proof of Stake security, Tenet validators can make use of a unique mechanism called Diversified Proof of Stake (DiPoS).In a nutshell, DiPoS allows validating the Tenet network by re-staking the LSDs from other L1 ecosystems supported by Tenet, such as ETH, BNB, ATOM, SOL and Matic. This ensures the long-term security of the Tenet chain by leveraging the joint security of each L1 ecosystem it services. The lack of shared security has been long-recognized as an adoption roadblock for many chains in the ecosystem.The LSDs re-staked to the Tenet network will be usable like other LSDs (or, an LLSD) to take advantage of DeFi opportunities on Tenet. In addition to DEXs and lending pools, they will also be able to mint the Universal Stablecoin interest free, allowing them to receive an “advance” on their future LSD yields, which became the largest market vertical in Defi this year, surpassing DEX's with $17.5B in TVL.Tenet also offers the first L1 ecosystem with native gauges, which allow veTenet token holders to direct rewards to the pools they choose. Oftentimes, projects will offer “bribes” to direct rewards to their tokens, increasing the utility of veTenet.The Tenet product vision is aimed at simplifying the staking experience for users. One of the pillars of this vision is the Eva mobile wallet, a retail friendly mobile app that uses an AI chat-bot to educate users about DeFi and automates interactions with the Tenet chain through optimized yield strategies.The project is co-founded by Greg Gopman, previously CMO at major LSD protocol Ankr, and Dan Peterson, formerly the Revenue Operations Specialist at Blockdaemon, the largest independant infrastructure and staking firm in crypto, valued at +$3B. Four more experienced core members round out technical and BD expertise, while advisors from Lido, Ankr and OpenAI will offer invaluable support to expand and grow the protocol.Greg Gopman, co-founder of Tenet, said, "At Ankr, we helped bring Liquid Staking Tokens to eight Blockchains and built out some of the best LSD infrastructure in the industry, but no one used it. Tenet was really a golden opportunity for being first to market in utilizing best in class technology with almost $20B in untapped liquidity."We analyzed what other projects like Berachain and Eigen Layer were doing and realized that there was a better way to position ourselves to best address the market," added Dan Peterson, co-founder of Tenet. “We’ve chosen to take a user-centric path, making the staking and LSD experience simpler and more secure for the average user.”Tenet is inviting DeFi protocols and developers interested in taking advantage of LSD liquidity to sign up for the Testnet and familiarize themselves with the platform. In the coming months, Tenet plans to roll out a grants program and a global DeFi hackathon series to engage developers worldwide, while preparing for the fair community launch of the Tenet blockchain.About TenetTenet is a DeFi-focused Layer-1 ecosystem built on the Cosmos network, providing liquidity and yield opportunities for liquid staking derivatives (LSDs). Co-founded by Greg Gopman, former CMO of Ankr, and Dan Peterson, former Revenue Operations at Blockdaemon, Tenet aims to unlock the potential of the rapidly growing LSD market, which is currently valued at over $17 billion. Tenet takes a unique approach by sharing security through Diversified Proof of Stake, while using L1-native gauges to let users earn yield on their liquid staking assets and participate in the platform's governance. Tenet Website, Tenet [email protected]

George Town, BVI, May 2nd, 2023, ChainwireThe Nolus DeFi Lease provides up to 150% financing on the initial investment with a lowered margin call risk and access to the underlying leveraged assets.Nolus, an interoperable application on Cosmos, has secured $2.5 million in pre-seed and seed funding to tackle inefficiencies in DeFi money markets.The recently concluded $20 million valuation seed funding is backed by Dorahacks, Everstake, Cogitent Ventures, Token Metrics Ventures, and Autonomy Capital, among others, and will allow Nolus to fully complete the technological backbone and further expand the platform both within and outside the Cosmos ecosystem. The Advisory Board members Zaki Manian, Strangelove, and Shane Molidor will ensure Nolus solidify its cross-chain presence.The novel DeFi Lease solution by Nolus unlocks the full potential of crypto money markets by reducing the industry's steep over-collateralization requirements, resulting in significantly improved capital efficiency and much more favorable lending options for users. The Nolus DeFi Lease provides up to 150% financing on the initial investment with a lowered margin call risk and access to the underlying leveraged assets through whitelisted yield-bearing strategies. With the added support of liquid staking derivatives, the Nolus protocol will create a cornerstone use case for LSDs for the Cosmos ecosystem in the form of self-repaying loans.About NolusNolus defines a money market between lenders looking to earn yield on deposited stablecoins and borrowers looking to amplify holdings with more assets than their current equity at lower risk and retained ownership.The Protocol utilizes a semi-permissioned PoS blockchain built using the Cosmos SDK and a WASM smart contract engine that executes in an isolated sandbox model focused on interoperability, security and performance. Interoperability itself is at the core of Nolus' offering as the Protocol utilizes IBC and Interchain Accounts to tap into a diverse set of liquidity hubs without creating fragmentation across chains.After months of testing, Nolus will open its public mainnet in May.Website|Twitter|DiscordContactMarketing and CommunicationsNolus [email protected]

Ethereum (ETH) is finally closing a week in red after months of uptrend, but this may not be as bearish as it looks. In fact, it ETH/USD ends up closing the weekly candle above the 50 week EMA, that would be a very bullish development, one that might pave the way for a rally past $300 in the weeks ahead. Ethereum (ETH) was primed for a major decline but it stalled that decline by cooling off short term to make way for another rally to the upside. The price can keep on consolidating and rising in this manner for a long time which is why the RSI may not be a good indicator of predicting price action. This is because the RSI is derived from the price action and not vice versa which means that price action is the most valuable data we have. Looking at the price action for ETH/USD, we see that it formed a higher high and higher low between April and now. If Ethereum (ETH) begins next week in green, we have every reason to believe that the price could end up rallying towards $300 or higher levels. That being said, we should be very careful going long on ETH/USD at this point because the price could break below this rising wedge any time now. It should not be forgotten that Ethereum (ETH) is still due for another downtrend and that the price of Ethereum (ETH) has yet to find its true bottom. We have seen the market inflict maximum pain on the bears in a way that surprised even most retail bulls. However, they have also become complacent now while the bears have become very cautious. Interestingly, we are at a turning point in this market as the bears are about to see their good days begin again because this bear market is far from over yet. The daily chart for ETHUSDShorts shows that the number of margined shorts declined significantly in the past few months but the time has come for a trend reversal. The bears attempted to force a new downtrend in April but they failed miserably. However, this time ETHUSDShorts has reached the end of the line trading within a large descending wedge. Soon as ETHUSDShorts breaks the trend line resistance and breaks out of the large falling wedge, we will see bearish pressure mount up and the price of Ethereum (ETH) will take a hit. However, before that happens, we can see the number of margined shorts decline further for the next few weeks. The big picture remains intact. Ethereum (ETH) might be bullish short term but it is due for a major move to the downside long term. The market has inflicted maximum pain on the bears but we are unlikely to see another bullish cycle before the market inflicts maximum pain on the bulls. There are still a lot of people waiting for Ethereum (ETH) to rocket to the moon from here. The market will give them reasons to believe that until it crushes their dreams and leaves them dejected and heartbroken. That is when we will see the new bullish cycle begin.

Bitcoin (BTC) is ready to shoot strongly above the $4,000 mark as price faces oversold conditions short term. The 4H chart for BTC/USD shows that the price still has to rally towards the 38.2% Fibonacci retracement level before a potential rejection. If the price does not stop there, we could see it rally all the way towards the 61.8% Fib level to rise above $5,000. The price is also trading in an ascending channel which is part of a major bear flag that will eventually result in BTC/USD falling towards another low in the weeks ahead. As BTC/USD closed last week above $4,000, we witnessed a sentiment shift as the bulls have once again started to step in to assume control. The bears on the other hand are scared as the number of margined shorts has topped out short term and a sharp decline in sell pressure is expected. Current outlook for BTC/USD suggests that this might be a bad time to enter short positions just yet no matter how tempting it may appear. However, previous trading history suggests that retail traders have made this mistake over and over again. There is no reason to believe that it will not happen again if these things have been happening since time immemorial. The majority starts to see that the price has topped out on major time frames so they rush in to open short positions. The whales then push the price just enough to hit their stops. When that happens, a massive short squeeze pushes the price of Bitcoin (BTC) higher giving bulls the false idea that bullish momentum has returned. Just when the bulls enter long position, the whales drag the price down to hit their stops which leads to further panic selling. The 4H chart for BTCUSDShorts shows how risky shorting BTC/USD at current levels could be. The number of margined shorts has run into trend line resistance and already faced a strong rejection. BTCUSDShorts has topped out on major time frames and there is no reason to think that the number of shorts will not decline sharply in the days ahead. When that happens, the steady decline in sell pressure is going to propel the price of Bitcoin (BTC) north of $4,000. We will most likely see some big news act as a catalyst for that rise. At this time, we have abundance of such news and developments. Bitcoin (BTC) has been trading sideways for a long time which led most bears to believe that we might see a strong decline after the consolidation but that has not happened. Instead, we have seen the price close above $4,000 on the weekly time frame. Now, the dilemma facing Bitcoin (BTC) bears is that they have already opened big short positions and are waiting for the price to drop, but if the price shoots up towards the 38.2% Fib retracement level instead of falling as we expect it to, things could get pretty ugly for the bears and we might see a lot of positions get liquidated which could potentially push Bitcoin (BTC) towards $5,000 in the near future.