Swaying in the Breeze
3 min read

Swaying in the Breeze

Bitcoin on the edge, a push up to 51k or a drop down to 41k? Traditional stock market selloffs amidst talks of tapering the bearish scenario looks plausible.
Swaying in the Breeze

And we’re back to teetering on the edge, don’t you just love crypto?

This is the trendline to watch for Bitcoin right now. A bullish scenario would be breaking through it, flipping Weekly Open into support, attacking Monday’s High, towards 51k. The bearish case is we reject, the Monday Low doesn’t hold as support and we break down towards the Monthly Open 41-42k.

We also need to keep our eyes on traditional markets, which have been seeing market sell-offs along with rumors that the Feds are preparing tapering of bond purchases in September. Correlation between stock markets and crypto markets does exist, despite what perma-bulls might tell you!

Where to trade?

Here are my favourite crypto exchanges, use the referral link for atleast a 10% discount 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

  • Dogecoin: Foundation is back after being inactive for years, notable names on the new advisory board are Elon Musk (though represented through his associate), and Ethereum co-founder Vitalik Buterin.
  • Coinbase: Seems nobody wants to work for the old firms anymore? London reports associates to keep leaving banks for jobs at cryptocurrency exchanges such as Coinbase.
  • Spain: Issued a warning that numerous exchanges do not hold the correct licenses to operate in their jurisdictions, essentially saying that it’s not just Binance who’s been flaunting the rules. Includes major platforms such as Huobi or Bybit.
  • China: Continued on its yearly anti-crypto mission and shutdown 11 companies working in the trading and financial industry, namely with digital assets. The People’s Bank of China reportedly has a list of 46 companies that it wishes to investigate over illegal financial services.
  • Banks: In perhaps the strongest argument for crypto adoption, we continue to see that the younger generation (GenZ and Millennials) is moving away from traditional banking organizations in favor of fintech companies. Good!

DeFi News

  • Quickswap: Launched limit orders on Polygon powered by Gelato, a new feature that has been audited by Certik. Now users can create DeFi limit orders to trigger at their preferred price.
  • 1inch: Announced the DEX aggregator and AMM is now live on Optimistic Ethereum (Layer2), users will see a huge increase in transaction speed. Also, note the release of Optimistic Gateway which is a bridge to move assets.
  • ATLAS: Released the details of their upcoming IEO, and IDO via Raydium. Believe this project’s token sale is going to see a lot of attention and allocations will be bought up fast! Don’t be late.
  • Beta Finance: Will go live on mainnet today, a permissionless money market for short-selling, lending, borrowing, and more! Will feature many verified markets on launch for popular DeFi assets such as ALPHA, BAL, LINK, and USD stablecoins. The native token BETA will be distributed to ALPHA stakers over a 3 month period, so you can still join.
  • MISO: Nice writeup for how Sushi was saved from being exploited by a bug in the auction code, very cool to see how teams manage/react to a crisis.
  • Serum: SRM is now listed on Huobi, which should mean some fresh legs for the ongoing Solana Summer ecosystem rally. Nice!
  • dYdX: Published an overview of how their liquidity staking pools for USDC work, this is a way for the DEX to attract liquidity and users can earn rewards in DYDX tokens.

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.

Ocean Breeze

NFT News