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Jun 15 • 17 tweets • 20 min read
We have entered very rough waters as $BTC got lower than $20,700. Today in #Coin360 Daily Digest 👇

@Tether_to @CelsiusNetwork @trondaoreserve @trondao @usddio @nftport_xyz @TAGHeuer @filecoingreen @FilFoundation @nansen_ai @chainlink @MoonbeamNetwork @ElrondNetwork Image
1/ $BTC marked an 8%+ drop in the past 24h and dropped to below $20,700 at the time of writing. With the price action, many analysts doubted #BTC's ability to sustain the low $20,000 zone for long.

$BTC number of addresses in loss (7d MA) reached an ATH: Image
2/ $ETH was bleeding to under $1.1k following $BTC's plunge. The percentage of @ethereum addresses in profit has dropped to the lowest level since April 2020, as per @intotheblock:
3/ Three Arrows Capital grabbed the headlines today after a so-called $400M liquidation leading to its potential insolvency. @zhusu also confirmed that the company was struggling.

cointelegraph.com/news/su-zhu-s-…
4/ As it denied the claims of Asian commercial paper backing & exposure to 3AC, @Tether_to was said to expect to reduce $USDT commercial paper backing to $8.4B, then completely remove it.

u.today/tether-denies-…

@Nexo was the next to reject 3AC exposure:
5/ Meanwhile, @CelsiusNetwork was trying to find solutions by hiring restructuring lawyers: en.ethereumworldnews.com/celsius-networ…

Following its freeze, US policymakers were on high alert for #crypto systemic contagion: theblock.co/post/152262/fo…
6/ @trondaoreserve pulled 2.5B $TRX from @binance as $USDD has been losing its peg for three days in a row.

cryptoslate.com/usdd-depeg-con…
7/ @nftport_xyz raised $26M in a Series A round co-led by Taavet+Sten and @atomico to build its #NFT infrastructure platform for developers.

8/ The Swiss luxury watchmaker @TAGHeuer continued its #web3 journey by rolling out a smartwatch feature for users to show #NFTs.

finbold.com/tag-heuer-laun…
9/ @filecoingreen & @FilFoundation have recently joined hands to launch a $1M grants program to support climate positive #ReFi initiatives.

filecoin.io/blog/posts/fil…
10/ The analytics platform @nansen_ai has introduced a new messaging app for #NFT projects and others.

11/ As @chainlink Price Feeds are live on @MoonbeamNetwork, developers can leverage its oracle network for #DeFi app building.

moonbeam.network/announcements/…
12/ @ElrondNetwork was chosen as the #blockchain to build ICI Bucharest's #NFT marketplace and #DNS. $EGLD has been listed on @krakenfx.

cointelegraph.com/news/ici-bucha…
13/ Other news:
SEC Opens Investigation Into Insider Trading on Crypto Exchanges: decrypt.co/102969/sec-ope…

@saylor Clarifies Concerns Over @MicroStrategy Bitcoin Loan Margin Call: beincrypto.com/michael-saylor…

Bill Gates criticizes the intangible value of NFTs: cointelegraph.com/news/a-fool-s-…
14/ @binance, @krakenfx & @0xPolygon Accelerate Hiring in Response to Industry-Wide Job Cuts: coindesk.com/business/2022/…

@MetaMask, @phantom and Other Browser Wallets Patch Security Vulnerability: coindesk.com/tech/2022/06/1…
15/ Liking our daily digests? Like, retweet and join us on Twitter & Telegram!

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@Tether_to @CelsiusNetwork @trondaoreserve @trondao @usddio @nftport_xyz @TAGHeuer @filecoingreen @FilFoundation @nansen_ai @chainlink @MoonbeamNetwork @ElrondNetwork Updated: $BTC has crossed $21,500 and $ETH reached $1,175. Head over to our website for more: coin360.com Image

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More from @COIN360com

COIN360 Profile picture
Jun 17
After a short rebound, the crypto market came back down on fears of a potential implosion as 3AC was facing serious insolvency risks. In #Coin360 Daily Digest👇

@Immutable @DecentralGames @decentraland @sknupsgg @dolcegabbana @LidoFinance @FTX_Official @BitvoCrypto @PolyNetwork2 Image
1/ $BTC was wandering around the $20k support level with the RSI falling to the deeply oversold stages.

This suggested a short-term relief rally, but if #BTC breaks support, a new round of liquidations will occur. Traders should beware of the sell-off as:
2/ $ETH faced a similar situation as it was entering the oversold level, but traders were afraid of a drop to $1k which could push the price lower.

Follow the market with our heatmap: coin360.com Image
Read 16 tweets
COIN360 Profile picture
Jun 17
Despite the clarification made, @Tether_to didn't seem to be able to retain its users as the No.1 #stablecoin market cap has fallen under $70B, reaching its lowest point since October 2021.

$USDT $USDC $BUSD $DAI $FRAX $TUSD Image
Data from @santimentfeed also suggested that big investors were staying away from $USDT since the addresses with $100k to $10M in $USDT had plunged by -50.5% of their coins, showing signs of holding less percentage of supply.

Meanwhile, @MakerDAO appeared to try to protect their slight recovery in $DAI by temporarily disabling the DAI Direct Deposit Module (D3M) for @AaveAave, which is believed to help them avoid the risk of not being able to retrieve all the $DAI that @CelsiusNetwork borrowed.
Read 7 tweets
COIN360 Profile picture
Jun 16
We had been seeing green for most of the day as more assets recorded a relief rally. In #Coin360 Daily Digest 👇

@TrueGlobalVCs @circlepay @animocabrands @TinyTapit @HuobiGlobal @HuobiTH @InverseFinance @ankr @optimismPBC @AcalaNetwork @pendulum_chain @amplitude_chain Image
1/ $BTC failed to cross $23k overnight and went back to its $21k level. As the rate hike seemed to be priced into the market, the market leader didn't make big moves.

@intotheblock data suggested a potential bottom as it spotted the largest #BTC inflow since Feb.
2/ $ETH spiked by 4%+ today, but traders warned of a possible bull trap amid @CelsiusNetwork and 3AC's risks.

$TRX was among the top gainers as @trondaoreserve announced to withdraw 3B #TRX to protect $USDD peg. Other winners were $EGLD $THETA $HNT $SOL with double-digit gains. Image
Read 16 tweets
COIN360 Profile picture
Jun 16
The second financial quarter of 2022 witnessed the first-ever drop in #stablecoin supply from the beginning of cryptoverse, according to @coinmetrics Head of R&D @LucasNuzzi.

This was caused by multiple factors, as... Image
Data from @cryptoquant_com pointed out that the total supply of stablecoin had a freefall on May 14, which might have been a result of whales' effort to exit the market following $USDT's depegging.

According to on-chain analytics platforms, 7B $USDT were wiped out. ImageImage
$DAI was hit hard by the collapse of @terra_money $UST and recorded a massive liquidation, marking its supply down by 34% from 9.2B at the beginning of Q2 to approximately 6B today. Image
Read 7 tweets
COIN360 Profile picture
Jun 15
0/ June 8 - 14 was severe for crypto and the broader financial markets as the U.S. CPI resulted in a strong reaction.

$BTC recorded red candles every day from June 7, which meant there was not enough buying power. The intensified sell-off on June 13 caused a $4,100 loss for it. Image
1/ In this period:
$BTC briefly touched $20.8k, falling by 29% in a week
$ETH traded below $1.2k, down ~75% from ATH
The total crypto market cap dropped below $1T
The Crypto Fear & Greed index touched 8 points
Over 240,000 traders suffered from losses in $1.3B crypto liquidations Image
2/ $ETH lost its share of the total market cap due to several reasons. The troubles with its #DeFi space, or $stETH "depegging" & @CelsiusNetwork insolvency crisis, plus the delayed difficulty bomb caused the mess.

ETHBTC ratio slid from the high of 0.076 on May 11 to 0.0509. Image
Read 11 tweets

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