Fresh Juice

Bitcoin broke out with a quick 12% pump and liquidated $883 million worth of short positions. Most of the liquidations happened in the space of 10 minutes when a 1min wick on Binance futures spiked up to $48,000 being particularly deadly.

Lots of theories around how this happened, plausible one is that smart money noticed orderbooks were thin above the range so aggressively pushed the price up via bidding. Most likely this was to force a whale out of their short position aka the short squeeze. So where do we go from here? 

Don’t recommend flipping to Giga bullish sentiment, stay cautious, this pump has left us with some price inefficiencies to downside (too quick to build strong support levels). Meaning I can definitely see a slow bleed back to 32k-33k happening during the next two weeks… which would mean what? Yep you guessed it… we’re still ranging.

Crypto News

  • FTX: Kind of overlooked last week, but I think it’s important to note that FTX bought out Binance’s investment shares. Could simply have been a planned decision, or does SBF know something about Binance’s regulatory problems? 
  • Ethereum: Whales have been steadily accumulating as much Eth as they can, surely this means the EIP1559 upgrade is not priced in? We now have over 200k validators on ETH 2.0 and $14B worth of Ethereum locked up in staking. Supply and demand laws have to kick in soon enough!
  • Ukraine: Looks like they may adopt BTC and other cryptocurrencies as legal tender and plan to have half of the population using crypto by 2024. Nice!
  • Amazon: More and more reports coming out about Amazon adopting BTC payments and potentially launching their token in the future. Some believe it’s the reason Bitcoin pumped, guess we will find out soon enough as will probably appear in their earnings report this week?

DeFi News

  • Andre Cronje: Launched Fixed Forex which leverages Iron Bank, Yearn, Sushi, and Curve to mint decentralized stablecoins. The first available option is ibEUR, which you can mint and provide liquidity to Curve or Sushi for farming opportunities. Note that all of the code is currently unaudited.
  • Uniswap: Started to restrict access to tokens that could potentially have regulatory concerns, namely synthetic stock tokens or pegs to assets such as Gold or Silver. Of course, the assets are not delisted but still, this is a move that seems to not fall in line with the ethos of a DEX?
  • Mercurial Finance: The UST 3Pool hit $12M liquidity in just a day, as the team ramps up their collaboration with Terra Money to make UST a primary stablecoin on Solana. Can currently farm MER in this pool at roughly ~65% APY.
  • CowSwap: A new decentralized interface for Uniswap (no hidden tokens), along with some extra features such as routing the trade through Balancer or Sushiswap if better priced. Additionally, you don’t have to pay gas with ETH! The cost of the trade tx will be deducted from the tokens you trade, so never lose money for a failed TX.
  • Bonfida: Just 3 days until the Unlimited Cope & Bonfida trading competition starts on Solana, trading to be done via the on-chain perpetual futures protocol called Audaces, with over $45k in prizes. Get ready!
  • Bancor: Whitelisted a xSUSHI-BNT pool, meaning liquidity providers can stake single-token exposure (xSUSHI only) with impermanent loss protection to earn. Good pool if you’re bullish on SUSHI.
  • Beefy Finance: With all the exploits going around, namely using contracts approved by your wallet addresses, it’s always good to keep track of your allowances. Beefy Allowance can revoke wallet access from all of your previous authorized spenders, easy and quick.

NFT Spotlight

Be sure to check the listing to view the digital crypto artwork in its full glory, as some art is animated or contains audio.

The Hunter

Mike Deodato’s Bad Girls

The Hunter She hunts demons in the shadows in a fight for her own soul. Colors by Marco Lesko.

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