Crypto Market Update June 3, 2022
Despite a series of negative and long-lasting macro events, Web3 innovations continue to flow in. MoneyGram and Stellar are shifting the remittance sector into stablecoins, Kanye West has altered his mind about NFTs, and Binance Labs has just invested $500 million in the digital innovation space.
Top Market Trends
- Bitcoin miners are dumping their bitcoin holdings and, in some cases, turning off their mining rigs in response to the market’s prolonged bearishness.
- Kanye West has submitted 17 NFT trademark applications for his YEEZUS brand, reversing his past dismissal of NFTs.
- MoneyGram has collaborated with Stellar to facilitate stablecoin-based cross-border payments and is negotiating a wallet agreement with El Salvador.
- OpenSea senior employee, Nathanial Chastain, was charged with insider trading after purchasing 45 NFTs on the platform before they were released as featured NFTs.
Top 7-day Gainers
- Waves (WAVES): +101.5%
- Envos (ENVOS): +69.0
- Chain (XCN): +34.5%
- Helium (HNT): +16.6%
- Cardano (ADA): +15.5%
Top 7-day Losers
- Luna Terra Classic (LUNC): -36.8%
- Convex Finance (CVX): -13.9%
- Everdome (DOME): -12.3%
- Solana (SOL): -12.0%
- Arweave (AR): -11.7%
Despite major efforts and events working against it, Bitcoin remained uncoupled from equities markets, with the Nasdaq rebounding 7.95% for the week and Bitcoin rising 1.6%.
- Politicians in the United States and around the world have focused on reducing the usage of PoW energy.
- The Securities and Exchange Commission is broadcasting television commercials warning of the perils of crypto speculation.
- A previously unseen confluence of macroeconomic factors has arrived, prompting Wall Street commentators to predict a recession and JPMorgan’s Jaime Dimon to warn of an “economic cyclone.”
Despite this, Bitcoin continues to run the world’s largest and most secure computing network, allowing individuals all over the world to freely interact with money that is managed decentrally by arithmetic rather than centrally by governments. Every day, its presence and attractiveness become greater.
- All of the 2-hour BTC chart indicators are clearly bearish, with Momentum below 0 and MACD going negative in the last few hours. Bitcoin has retested short-term support above $29.6k after crossing below the 10MA earlier today. If a breakdown is verified, BTC might quickly fall to the long-term support of $28.7k.
- The daily BTC chart is less negative than it has been in recent weeks. Even though 9 bearish weekly candles have closed in a row heading to this long-term support level between $28k and $29k, this weekly candle is beginning to form an Inverted hammer, indicating a possible trend reversal. However, a look at the short-term chart implies that a more gloomy scenario is possible.
Altcoins on the Move
Following BTC, altcoins made a comeback this week, but they quickly lost traction. As Friday’s $1B options expiry loomed, Ethereum (ETH) fell below the $1800 support line. With a few exceptions, such as Synthetix (SNX) and Waves (WAVES), most alts were down for 7 days (which posted phenomenal gains).
- As its JustLend lending protocol increased 65% in May, Tron’s TVL surged 43% and is now the third-largest smart contract network.
- The $LUNC pricing oracle in Terra’s Mirror Protocol was hacked, depleting four of Mirror’s synthetic asset pools. To try to re-peg the fledgling stablecoin, $1.1 billion TerraClassicUSD (USTC) tokens have been burned since May 27th (about 10% of its supply).
- After a botched airdrop, Optimism (OP) had a wild week, falling by 70% in just hours. It’s back above $1.30 currently.
- Due to a durable nonce transaction problem on Solana’s (SOL) Beta Mainnet, block creation was delayed for nearly 6 hours, leaving SOL down 12%.
Hope you enjoyed reading this article!