Roundabout

roundabout

Well, it hasn’t taken very long for people to start sharing the bullish narrative once again across Twitter, such as latching on to billionaire Ray Dalio owning some BTC. Or that the bull market can’t possibly be over because it’s only 122 weeks in.

Don’t fall prey to the noise! We have important economic data coming out tomorrow such as US GDP and unemployment claim data, which will set the tone for equities & US treasury markets during June. If the reports are seen as bad news, then that fallout will influence Crypto. You should prepare a plan for if we do start to grind higher, or if see a drop to new lows.

And don’t forget Bitcoin and Ethereum monthly option expiry on Friday, which always influences the price. If you’re long BTC right now then note 42k will be a significant resistance level, bears will have shorts open up there! Expecting us to range, so don’t get chopped up.


Crypto News

  • Dogecoin: Elon Musk made the call on Twitter for developers to come help on DOGE, seems the number #1 plan for the moment is changing the fees to be based on the phases of the moon. Innovation?
  • Saylor: Announced he had hosted a meeting between Musk and leading Bitcoin miners to start an initiative of promoting green energy for mining. The CEO of MicroStrategy is fast becoming a cryptocurrency hero figure during this bull run.
  • Bitcoin: Price pushed past $40,000 as the selloff bounce continues, as the price continues higher expect to see sentiment change quickly back to giga bullish. Recommend staying cautious, we did lose the 20MA level on the weekly timeframe which has historically been a bearish indicator for BTC.
  • Ethereum: Whales appear to be prepping heavily for Eth 2.0 staking, with a record amount of 527,459 ETH being withdrawn from Binance in just 10 minutes. Remember if these amounts are put into 2.0 staking today, then the funds will pretty much be locked for a couple of years. Add in the EIP-1559 deflationary upgrade, and the predictions around a bullish ETH supply/liquidity crunch do look legitimate.

DeFi News

  • ALPHA: Little strategy shared in our discord for ALPHA token holders using Kashi Lending from SushiSwap. Lend out your ALPHA token here, and then you can deposit kmALPHA to earn SUSHI yield in the 300-500% APY. Note if borrowers default then you will receive their collateral which for this market is USDC.
  • Gitcoin: Announced the project plans to operate as a DAO moving forward to govern Gitcoin, will launch GTC token for governance. If you ever interacted with the platform in the past then you may have an airdrop waiting to be claimed. token.
  • dYdX: Launched a CRV-USD perpetual market, enabling traders to go long or short on Curve token with up to 10x leverage. For decentralized derivatives, dYdX seems to be ahead of the competition as the team embraced StarkWare Layer2 early on meaning trading is gasless. 
  • zkSync: Announced that swaps and NFTs are live on their testnet release, with plans for this upgrade to release to mainnet during May also. And don’t forget Arbitrum goes live on the 28th, it looks like Layer2 solutions are all going to be here at the same time!
  • Pancakeswap: During the recent April/May recap post which you can read here, the team revealed that real-time analytics will soon be here. The relaunch for the info and analytics site should happen within the next 2 weeks, great news as we will finally be able to follow what’s going on in the BSC ecosystem.
  • Token Terminal: Announced v2 for their dashboards are live, vastly improving the usability and functionality of the website, plus new key metrics to follow when comparing DeFi protocols. And don’t worry there finally is a dark mode!
  • Augur: Forgot about REP token? Yep, so did we. Augur Turbo is here, so it’s time to remember them, the fastest decentralized betting platform with daily markets for sports. Now live on Polygon’s layer2 sidechain.
  • Swipe: Announced that rewards for SXP farming are now over, and the team will move SwipeSwap over to providing SRT-based rewards to liquidity providers. Lower emissions should put less sell pressure on SXP market, learn more about Swipe Wallet here.
  • SushiSwap: A path towards gasless trading on SushiSwap was revealed via Manifold Finance using a transaction refunding technique called YCabal, which has been developed exclusively for the Yearn ecosystem. Looks exciting!
  • SolFarm: Added the ROPE-USDC farm on Raydium to their vaults, can stake your LP token to automatically compound and earn TULIP. 
  • ZetaMarkets: Released their Litepaper which outlines how Zeta will enable a performant and collateral efficient solution for DeFi option trading on Solana. With a hybrid orderbook and AMM model, the protocol will have better pricing and deep liquidity and under-collateralization will allow for improved capital efficiency.
  • Cream Finance: Announced that their money markets on BSC and Fantom are now powered by Band Protocol’s price oracles. Good news for CREAM and BAND token holders, learn more about Band’s oracle solution here.

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