The panic continued over the weekend as a rumor spread that Huobi was closing down, this appears to be false. So is this the bottom? A possibility for sure, but if you’re desperate to trade just remind yourself that we witnessed -70% within 5 days. That being said, the Bollinger Bands creator did tweet about a W-shaped bottom, and it appears to be playing out…
There is no reason to rush into huge longs, even if the worst of the selling is behind us, Bitcoin will probably re-test the $32k region. We should also be ready for more FUD given that China’s digital Yuan appears to be turning into a disaster. Don’t get yourself caught in unmanageable positions, wait for confirmations, and take things slowly!
- Ethereum: If EIP-1559 was already live this year, 2.94M ETH would have been burnt from the supply this year alone. Something to consider if you’re rebalancing your portfolio after the recent drawdowns, the upgrade is scheduled for July.
- Monero: The price of XMR rose quickly by over 30% as Biden continues to outline plans on taxing cryptocurrency holdings and reporting transactions. Monero is thought to be the leader in privacy tech, hiding a user’s identity when transacting.
- Wells Fargo: The fourth-largest bank in the US is warming up to crypto, announcing it will start offering an actively managed cryptocurrency strategy for select clients.
- DBS: Singapore’s biggest bank put out a note to its clients this week titled Demystifying cryptocurrency. Where their chief investment officer Hou Wey Fook said allocating funds to Bitcoin is an opportunity that fiat cannot buy.
- Hopium: Various analysts believe we’re still in a bull market environment and if you zoom out to the monthly timeframes, there have only been four opportunities ever to buy this trend.
- Bogged Finance: Hit by a flash loan attack on the BOG token, which resulted in over 15M tokens being minted. Luckily the team was online, quickly moved liquidity out of PancakeSwap to avoid it being drained completely.
- Lossless: A DeFi hack mitigation tool for token creators, passed its security audit by Hacken. If developers use the Lossless code, then fraudulent transactions can be frozen and reversed. DeFi becoming safer by the day?
- DeFi100: After the website advised they had rugpulled all of their investors and there was nothing to be done, the team is now claiming the website was hacked? Took a long time for them to get the message out! Not good.
- Raydium: Will launch a ROPE-USDC fusion pool tomorrow. ROPE brings the well-known “market volatility index” to the crypto, powered by Solana.
- PancakeSwap: Launched a CAKE-BUSD farm, users can now provide liquidity to CAKE with a stablecoin pairing. Less worrying about impermanent loss! Check out our full review on PancakeSwap which includes a tutorial.
- Beefy Finance: Released a zapper feature for its vaults, no more manually needing to figure out where to deposit liquidity, you can now zap in or out with one click. Game changer for onboarding new users!
- Coinbase: Launched a Chrome extension wallet for DeFi access. User-friendly way to connect to dApps from your desktop. Another plus for adoption!
- SolFarm: Users of the vault on Solana for Raydium LP tokens will now start earning TULIP token rewards. Easy way to stack your yields! SolFarm automatically sells your RAY rewards to increase your LP token position.
- COPE: The first game is close to being released, which if you’re able to beat will give out COPE rewards. Plus holders will be getting a new airdrop soon, this time SAIL token.
- SolPad: An upcoming launchpad for projects building on Solana, powered by PAD token. The whitelist is currently open and the IDO is scheduled for June 2nd.
Be sure to check the listing to view the digital crypto artwork in its full glory, as some art is animated or contains audio.
Stack Sats or Die (Holographic edition)
Stay rad and stack them $ats
- Unique Network: Announced it has raised $4.3M to launch the first NFT chain on Polkadot and Kusama. This seed round was led by Web3 pioneers Outlier Ventures, so expect it to gain traction. One to follow!
- Relite Finance: Still a few days left to enter the team’s NFT contest, a chance to win some Relite branded NFTs. Don’t miss out!
- Bella Protocol: Announced a partnership with ChronicleXNL which will explore connecting DeFi with NFTs to unlock higher amounts of liquidity. Learn more about BEL token in our full review here.