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Jun 17 • 16 tweets • 16 min read
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
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
3/ 3AC got liquidated by @FTX_Official @DeribitExchange @BitMEX, as well as @BlockFi @GenesisTrading (though they didn't directly state it).

The firm is reportedly considering asset sales & a bailout while @DeFianceCapital @avalancheavax @dYdX distanced themselves from the mess.
4/ @Immutable has launched a $500M development fund to support #blockchain-based games and projects.

cryptobriefing.com/immutable-laun…
5/ @decentraland DAO approved a proposal to award @DecentralGames a $1M grant to bolster its liquidity pool.

nftplazas.com/decentral-game…
6/ The digital #fashion collectibles company @sknupsgg raised $3.5M in its pre-seed round and announced a deal with @dolcegabbana.

venturebeat.com/2022/06/16/skn…
7/ @LidoFinance DAO proposed a governance switch-up to "reduce the existing scope of governance" for $LDO holders: blockworks.co/lido-dao-propo…

This came when the biggest $stETH pool on @CurveFinance was almost drained by large institutional investors: coindesk.com/markets/2022/0…
8/ @FTX_Official was said to acquire the Canadian exchange @BitvoCrypto as part of its regional expansion.

markets.businessinsider.com/news/currencie…
9/ @zCloakNetwork closed its pre-Series A round with $5.8M from @coinbase Ventures, @BixinVentures, @KuCoinVentures, @HashGlobal, @jumpcapital, and more.

theblock.co/post/152423/ze…
10/ To back #web3 developers and startups, @AlchemyPlatform is launching a $25M grant program.

coindesk.com/business/2022/…
11/ @zerion_io's non-custodial smart wallet has been available for @0xPolygon users with a full suite of advanced portfolio management features.

blog.polygon.technology/zerion-brings-…
12/ @PolyNetwork2 #crosschain bridge has added @Cube0x, an EVM and @cosmos compatible L1 #blockchain.

13/ Other news:
@Finblox imposes withdrawal limit amid 3AC’s uncertainty: blockworks.co/finblox-impose…

@BabelFinance suspends withdrawals, citing 'unusual liquidity pressures': theblock.co/post/152677/ba…

@elonmusk hints at crypto plans in first @Twitter meeting: cryptobriefing.com/elon-musk-hint…
14/ 14 U.S. Congress members appeal to EPA, citing benefits of Bitcoin mining: finbold.com/14-u-s-congres…

$GBTC premium hits -34% all-time low as crypto funds ‘puke out’ tokens: cointelegraph.com/news/gbtc-prem…
15/ Liking our daily digests? Like, retweet and join us on Twitter & Telegram!

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More from @COIN360com

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
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...
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.
$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.
Read 7 tweets
COIN360 Profile picture
Jun 15
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:
Read 17 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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