Crypto Market Update
Written by Van
Table of contents:
- SEC Delays Defining "Digital Assets" in New Rules
- Texas Regulators Issue Emergency Order Against TruthGPT Coin
- Bloomberg, Dow Jones, and Other News Outlets Challenge FTX Redirecting's Policy
- Coinbase Ends Bitcoin Collateral Loan Program Due to Lack of Demand
- FTX Seeks $3.9B from Bankrupt Lender Genesis Global
- Insider Dump of WSB Token Triggers 90% Price Drop
- Bitcoin Below $29,000 After Fed Rate Hike, Could Rally 20% As Per Matrixport
- Ethereum Transaction Fees Soar Amid Memecoin Trading Frenzy
- Curve Finance to Redeploy crvUSD Stablecoin Codefolio After Deployment Error
- Ripple Emerges As Top CBDC Contender With $213B Potential
- Cardano Launches Hydra to Scale Transactions on Mainnet
- SUI Token Launches, Sees 37% Drop in Value
NFTs & Metaverse
- Solana Foundation Launches NFT Showdown Competition
- Alibaba Cloud, Avalanche team up for Metaverse Platform
- Conflux Network Integrates vSwapDex as First DEX Solution
- Aztec Labs Introduces Hybrid Zero-Knowledge Rollup for Private Contracts
- HTF Technical Analysis
- LTF Technical Analysis
SEC Delays Defining "Digital Assets" in New Rules
The US Securities and Exchange Commission (SEC) is delaying the ratification of a definition for "digital assets," even though it initially proposed such a definition nine months ago. While it had originally planned to include digital assets as part of new rules governing the reporting disclosures of private equity hedge funds, the SEC is still considering the term and has opted not to adopt it as part of its rules for the time being.
Texas Regulators Issue Emergency Order Against TruthGPT Coin
Texas state regulators issue an Emergency Cease and Desist Order against cryptocurrency TruthGPT Coin and its affiliated parties, for falsely promoting it using deceptive tactics, claiming the endorsement of Elon Musk, Vitalik Buterin, and CZ. Regulators express doubts about the capabilities of its Elon Musk AI system and have urged investors to remain vigilant.
Bloomberg, Dow Jones, and Other News Outlets Challenge FTX Redirecting's Policy
Bloomberg, Dow Jones, The New York Times, and Financial Times have filed objections against FTX's redaction of non-US customer information, stating that FTX has not adequately demonstrated how releasing this data would make customers vulnerable to scams, identity theft, or personal attacks, and that the public has a presumptive right to access bankruptcy filings.
Coinbase Ends Bitcoin Collateral Loan Program Due to Lack of Demand
Crypto exchange Coinbase is ending its Borrow program, which let people borrow money against Bitcoin as collateral, due to lack of demand. Existing loans will not be affected. The program was launched last November; no new loans will be taken out from May 10.
FTX Seeks $3.9B from Bankrupt Lender Genesis Global
Crypto exchange FTX is seeking to recover around $3.9 billion in cash and cryptocurrency from bankrupt lender Genesis Global and its subsidiary GGC International, alleging they were “instrumental to its fraudulent business model”. FTX is utilising the power of bankruptcy laws, calling out “avoidable transfers” to level the playing field for creditors involved. Genesis was a major contributor to FTX’s growth, but FTX claims it repaid Genesis' loans while other creditors and customers have not seen such repayments.
Insider Dump of WSB Token Triggers 90% Price Drop
WallStreetBets (WSB) token dropped 90% in value after an insider sold a large amount of WSB for 334 ETH ($635,000), leading other holders to dump their holdings en masse. The token had gained popularity after an airdrop to the Crypto Twitter community. @WSBMod warned of legal action against @zjzWSB for the sale. @zjzWSB later alleged that @WSBMod had secretly drained tokens with airdrops he sent to himself.
Bitcoin Below $29,000 After Fed Rate Hike, Could Rally 20% As Per Matrixport
Bitcoin dropped below $29,000 as US equities showed jitters over the resurgent banking crisis. The slide accompanied more mayhem for US regional bank stocks, and reassurances of US authorities over banking system stability appeared at odds with reality. Nevertheless, crypto-services provider Matrixport predicts Bitcoin could rally 20% to around $35,000 - $36,000 due to narrowing wedge about to be breached and stock buybacks restart, potentially leading to another strong rally.
Ethereum Transaction Fees Soar Amid Memecoin Trading Frenzy
The median average transaction fee on Ethereum has risen to its highest level in almost a year, due to increased on-chain activity driven by memecoin trading. Ethereum-based DEXs saw over 72,000 unique traders on one day in April due to demand for memecoin trading. Ethereum Virtual Machine (EVM)-compatible blockchains hit all-time highs last week due to high transaction fees, as users look for alternatives.
Curve Finance to Redeploy crvUSD Stablecoin Codefolio After Deployment Error
Curve Finance will re-release code for its new crypto-backed stablecoin, crvUSD, following a mistake in its deployment script that prevented some token holders from earning rewards. The team identified an issue in the initial deployment and will need to redeploy the stablecoin. The user interface for interacting with the contracts, which were deployed yesterday, remains under development.
Ripple Emerges As Top CBDC Contender With $213B Potential
Ripple has been ranked first out of 15 competitors for central bank digital currencies (CBDCs) in a study by consultancy firm Juniper Research. The study found that transactions via CBDCs could be worth $213 billion globally by 2030. Meanwhile, Coinbase's Chief Legal Officer, Paul Grewal, stated on the “Crypto Daily Briefing” show that Coinbase continuously reconsiders asset listings. However, he clarified that a favorable ruling for XRP would not guarantee its relisting on Coinbase.
Cardano Launches Hydra to Scale Transactions on Mainnet
Cardano has launched its first Hydra head on mainnet, a Layer 2 protocol aiming to scale the blockchain's transactions without an upgrade or hard fork. The move positions Cardano to become a strong smart contract hub in terms of scalability and transaction costs, similar to competitors such as Ethereum and Sui Network.
Optimism's EAS to Enable Trust Assessment on Ethereum
Ethereum-based Optimism's Ethereum Attestation Service (EAS) will enable users to assess the trustworthiness of platform users and verify on-chain content for token distribution and community voting. Founder Steve Dakh said it would allow for supply chain tracking, voter registration, ID platforms and provenance.
SUI Token Launches, Sees 37% Drop in Value
SUI, the native token of layer-1 blockchain Sui, landed in the top 100 largest cryptocurrencies by market cap but slid 37% in trading on its launch day. The fully diluted valuation of the token is $13.7 billion accounting for tokens that aren't yet circulating, despite a total token cap of 10 billion. The platform aims to deliver speedy transactions through a modified version of the language used in Facebook's failed Diem project.
Solana Foundation Launches NFT Showdown Competition
The Solana Foundation has launched the "NFT Showdown" competition, inviting hopeful creators to pitch innovative business plans for NFT collections with real-world utility in fashion, entertainment, gaming and other areas. The competition is aimed at strengthening the quality of NFT projects and is offering direct support for the winners.
Alibaba Cloud, Avalanche team up for Metaverse Platform
Alibaba Cloud's cloud division has built Cloudverse, a launchpad for businesses to deploy metaverses on the Avalanche blockchain, providing an end-to-end platform for companies to customize and maintain their metaverse spaces. Alibaba will provide computing and storage, while Avalanche provides technology for building the metaverse spaces.
Conflux Network Integrates vSwapDex as First DEX Solution
Conflux (CFX) is up by 7% today, reaching $0.330421, as a result of ecosystem advancements, including the onboarding of vSwapDex, the first decentralized exchange solution on the Conflux Network eSpace. The blockchain protocol is aiming to mimic the growth tracks of its competitors, such as Polygon, through the integration of exchanges, dApps, and smart contracts.
Aztec Labs Introduces Hybrid Zero-Knowledge Rollup for Private Contracts
Aztec Labs is developing a hybrid zero-knowledge rollup to create trustless and private smart contracts. The Ethereum-based solution combines public and private execution and utilises a proprietary smart contract programming language called "Noir" to enable private smart contract computation. A local testnet is planned for Q3 2021.
HTF/LTF Technical Analysis
HTF | BTC, ETH, BTCDOM, APT
BTC | Weekly Time frame
As we previously discussed, our analysis aligns well with the current market conditions. Bitcoin is facing resistance from a vital zone that previously acted as a strong support area prior to the breakthrough we saw in 2022. The chart clearly shows that when the price was above this region, it rebounded from it. As of now, we should treat this area as resistance until proven otherwise. As a result, before considering a continued upward trend, the price might need to retest the support zone around $25k. However, if the price manages to break and sustain above this resistance level, we can expect further continuation for Bitcoin.
ETH | Weekly Time frame
Ethereum failed to maintain its position above the range highs and experienced a rejection. Currently, the price is trading between the range quarters and the range highs, an area some might call 'no man's land.' Ethereum's prospects for higher prices will become more compelling if it can hold above the range highs. However, if ETH's price continues to trade below the range highs, the first target will be the range quarter, as depicted on the chart.
APT | Daily Time frame
Aptos is a captivating coin, currently trading around a critical pivot point. This level has previously demonstrated its ability to act as both resistance and support. However, as the price keeps returning to this point, it may not continue to hold. For an upward movement, APT needs to rebound off this support level, which can also be viewed as a range low, as shown on the chart. If the price breaks below the range lows, it will likely experience further downward continuation until it reaches the box depicted on the chart.
BTC Dominance | Daily Time frame
BTC dominance is currently trading around resistance levels. Historically, we've seen a rejection at this point, leading to a downward trend. However, if the price continues to hover and eventually breaks and holds above the resistance level, we might witness further upside. For now, it's essential to view this level as resistance, and BTC dominance could potentially experience some downside.
LTF | BTC & ETH & APT
BTC | H4
In a shorter time frame, Bitcoin has recently been trading within a specific range and has just experienced a rejection from the range highs, which could lead to further downside towards the midrange. However, if it manages to break above the highs, we might see the potential for additional upward movement.
ETH | H1
In a shorter time frame, Ethereum has successfully reclaimed the mid-level and is holding above it for now, which may suggest further upward movement towards the range high. However, if Ethereum loses its grip on the mid-level, it could potentially revisit the range lows once more.
APT | H1
In a shorter time frame, APT has been trading impressively within a range and is currently hovering around the range lows. If the price holds, Aptos might experience a push upward towards the mid-level. However, if the price loses its grip on the range lows, APT can expect further downside, which aligns with the higher timeframe perspective.
Disclaimer: Please note that all information, data, and technical analysis provided in this content are for educational and informational purposes only and should not be construed as investment advice, financial advice or trading advice.
Top Altcoin Gainers and Losers
NFT Market Map
Walts Vault, a new NFT project that has just minted out, enjoyed a 146.60% increase in daily trading volume while many fellows in the top 10 saw a pullback.
Meebits is another winner in terms of trading volume after introducing MB1.2 on its second birthday. Living PFPs have been introduced in MB1.2, which enables customization of your PFP without altering the metadata. In the near future, HTML-enabled marketplaces will display holders’ Mood.
This article has been refined and enhanced by ChatGPT.