Goblin Town?

Yesterday we saw BTC crash below $30k for the first time since January 2021, liquidating roughly $800 million in longs across major exchanges. Most Altcoins followed suit with double-digit drops across the board.

Then we saw an impressive recovery from Bitcoin, adding $5,000 in less than a day and is currently trading around $34,000. Despite the strength and return into the range above $30k, it’s not clear yet if that was the bottom. Two potential scenarios:

1. This is the bounce, that we discussed on Monday, a perfect bear trap. A bullish spring, sweeping the yearly open, confirmation of this scenario would be quickly reclaiming the 35-36k level.
2. Consolidation at current levels (the range low) would be a sign of weakness and would indicate another leg down towards 27k.

I believe the big monthly options expiry coming on Friday will result in upside pressure, therefore, leaning towards scenario 1. But as always, make sure you have a plan for both outcomes!

Looking to buy the dip?

Sign up via our referral link for up to 10% disount on your trading fees!

• Bybit - Currently, this is my favourite platform! Great liquidity and bonuses for deposits.
• Delta Exchange - Good for a degen account, no KYC required but low liquidity.
• Binance - Lots and lots of spot altcoin pairs, especially BTC pairs.
• KuCoin - Great for longer small cap holds.

Crypto News

• Bitcoin: Whales are sending their BTC into exchanges and appear to be selling heavily, given that stablecoin reserves are going up at the same time. An indicator that the bear market is confirmed.
• Fireblock: Is being sued by staking platform StakeHound as the custody company appears to have lost the private keys for 38,178 ETH. An employee deleted the wallet files without backing them up first – just a bad day at the office?
• Morgan Stanley: Made their first investment into the crypto space, with $48 million into the blockchain firm Securitize, which provides tokenization services.
• Israel: Appears to be planning to use Ethereum to power a digital version of its currency shekel. Wouldn’t be surprised if it turns out to be a private centralized version of Ethereum.

DeFi News

• Raydium: Announced details of the next IDO on AcceleRaytor for Synthetify, a synthetic asset creation protocol on Solana. Scheduled for June 29th, this time the token sale is happening via lottery tickets. As usual, participants must be staking RAY ahead of time.
• Stable Magnet: Here is a high APR farm, over 13,000%, to take a look at on Binance Smart Chain. Provide SMAG-BNB liquidity on Pancakeswap to earn SMAG tokens in rewards. Of course, beware that the price of SMAG will probably be very volatile.
• Blank Wallet: Announced their first public release date is scheduled for 28th June, Blank is a fully-fledged DeFi Web 3.0 smart wallet along with privacy pools for anonymous deposits and withdrawals.
• Impossible Finance: Hackers were able to steal $500k from the DeFi protocol, using the same exploit as used on BurgerSwap. Developers who fork code need to start following exploits!
• Injective: Looking for users to test their platform and complete the Equinox Staking Epic Task, might earn you some retroactive rewards in the future?
• Bonfida: You can now register .sol domain names via Bonfida’s registry service. With COPE’s first blockchain game reaching release date, this should spice up the leaderboards.
• Deus: Tweeted out a sneak peak of V2, highlights are referral system, trading incentives, fractional reserve Stablecoin, and Huobi/stablecoin pool. Exciting!
• Apeswap: The popular DeFi swap protocol on BSC is now live on Polygon also, there are some lucrative yield farming opportunities such as the BANANA-MATIC pair. Can deposit into Beefy Finance to automatically compound, which is currently giving out over 1% daily.
• Ratio Finance: Upcoming asset management protocol on Solana, aims to increase yields through user-governed smart vaults. Scheduled to go live in Q2 2021, users will be able to deposit stablecoins to earn yield and mint RUSD to remain liquid.
• MonoXFinance: This protocol will launch on Polygon and Solana, should go live in Q3 2021, one to keep your eyes on and research. MonoX aims to create greater capital efficiency by providing liquidity pools with just single side deposits, it does this through the use of virtual pairs.

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.

Nightmareland
When night falls in Nightmareland, the ghouls and goblins come out to play. Created using original photogrammetry. Music by Glitch Black.

• Where to bid? SuperRare or Opensea.
• Artist: Glitch Black.

NFT News

• Yam Finance: Launched uPUNKS, a synthetic asset that tracks the average price of all CryptoPunks NFTs. Additionally, you can earn YAM and UMA rewards for providing liquidity.
• bZx: Announced an NFT collection to commemorate their launch onto Polygon, will be distributed by giveaways and completing tasks so stay tuned! Learn more about bZx Protocol in our review article here.
• Twotwoart: The world’s first Interactive Art Gallery, will exist in the real world and the metaverse together. Project’s IDO for TWOTWO token is scheduled for July 1st via Mantra DAO. Get ready!