Daily Bullets 💊: Crypto Limbo, Wen Action?

💊 M6 Daily Bullets 💊 Thursday, August 18th

Aug 18, 2022

Market is sorta just grinding sideways. No definitive moves yet. Wen action? Bitcoin currently chilling in the low $23k and ETH mid $1800. Just waiting for resolution or a direction. Couple interesting developments from exchanges: 2 crypto Canadian exchanges impose $30K annual limit on altcoin buys, South Korea cracking down on 16 crypto exchanges, allegations that 25% of Coinbase listings in the last 4 years have had insider trading. Lots of small developments today.

U.S. Federal Reserve governors anticipate more interest rate increases in the coming months, but the pace of the hikes is likely to slow if the inflation rate starts to come down, according to the Fed’s meeting minutes

Tether, the world’s largest stablecoin, has appointed accounting firm BDO Italia to vouch for its asset reserves, and would look to increase the frequency of publishing its reserves reports to monthly from quarterly

$HUSD Huobi Dollar depegs

Three finance researchers at the University of Technology in Sydney, Australia, claim that insider trading is “systemic” in the cryptocurrency industry and estimate that such activity has taken place on up to 25% of Coinbase listings in the last four years

Layer 2 Optimism’s token fell 10% before rebounding to its pre-crash price after its team clarified it had not been hacked for $450M. Fund movements were pre-planned Coinbase Custody-related transfers to investor wallets

2 crypto exchanges in Ontario, Canada, BitBuy & Newton, impose $30K annual limit on altcoin buys

Authorities in South Korea are cracking down on 16 crypto exchanges allegedly operating in the country without registration including KuCoin, Poloniex, Phemex and MEXC

Coinbase will shut down staking service if regulators mandate censoring transactions

ETHPOW speculated token price has dropped heavily as interest wanes. Has gone from as high as $140 to $50

Martin Shkreli claims porn virus hack cost $450K in Crypto tokens

Gemini will offer support for clients throughout the U.S. to earn and store staking rewards

eToro to acquire fintech trading Gatsby in US expansion plan

Aave DAO Governance Proposal to commit to selecting the Ethereum Mainnet running under the PoS consensus over any Ethereum fork running an alternative consensus (such as Proof of Work)

Celer Network has confirmed its cBridge is safe for use after shutting it down due to a DNS exploit that claimed $240,000 of user funds

Solana Saga is coming early for builders - DVT-1 is the Saga developer beta

Sky Mavis’ Ronin sidechain expands to 17 validators to boost security. New Ronin validators include Efficient Frontier, Community Gaming and Nansen

The Phantom wallet app has launched a new Burn Token feature, allowing users to remove spam NFTs sent by scammers

Republic, a platform that makes private investment more accessible to all, has facilitated an offering that utilizes a new digital asset: a Film Finance Offering (FFO) built on Avalanche

Perp swaps are now live on Mycelium with multiple markets available

By leveraging Gear’s infrastructure, users will now be able to launch any application that Bounce Finance offers across multiple blockchains

CANTO staking is live

$SAFE airdrop confirmed

EOS Network Foundation members switch support to crypto protocol Antelope after hard fork

Solend Permissionless Pools Launch

Helium Developer Nova Labs Buys FreedomFi to Accelerate Push Into Mobile Service

Symbiosis has announced the upcoming collaboration with Telos, a blockchain platform

PolySwarm launches token rewards to crowdsource cybersecurity with crypto

Open sourcing the Flashbots Relay in response to recent developments around legal requirements for relay providers in their home jurisdictions

Guardarian, the regulated and EU-licensed fiat gateway, has added native EGLD support into its services

Starfish Finance Integrates Celer Network’s cBridge and Inter-chain Message (IM) Framework into its DeFi and NFT-Fi Product Suite

Passage Mainnet is live

Announcing StaFiHub Mainnet Beta Genesis

Introducing Mainstream: a modular & end-to-end platform for governance participation

📊 Data:

Nansen Smart Money Holdings Token Inflow and Outflows: Tracking what the whales are up to...

- Inflow: WETH ($33.3M), cETH ($5.5M), USDT ($5.2M), USDI ($1.7M), BONE ($1.5M)

- Outflow: USDC ($24.6M), WBTC ($7.6M), MATIC ($4.8M), aWETH_v2 ($2M), DAI ($816k)

Nansen NFT Hot Contracts:

BAYC: 768 ETH
Moonbirds: 455 ETH
Genuine Undead: 447 ETH
ENS: 365 ETH
Otherdeed: 316 ETH

🎓 Research:

Bankless - Is the Merge Priced In? - source

Insider Trading in Cryptocurrency Markets - source

Jarvis Labs - Bubbling Madness - Market Update: Eyes on where this market softness reverses - source

ETH Reflexivity - ETH will experience a 0-to-1 change in buy/sell pressure post a successful Merge - source

A16z - Status Traps: Learning from Web2 Social Networks - source

You Only Depeg Once - Misunderstanding Currency Pegs and a Guide to Maker Whales - source

Designing Governance Tokens - Why bought vs. earned influence matters - source

NFT minting UI tools - source

The great royalties debate and licensing Punks - Monarchies shouldn't exist in 2022, but royalties should exist in perpetuity - source

NFT: Real or Fake? - source

🖼 NFTs/Metaverse News:

Yuga intends to only recognize NFTs on the post-Merge PoS ETH chain as subject to the relevant NFT license and eligible for Yuga-offered utility

Meta’s ‘Horizon Worlds’ mocked after CEO Mark Zuckerberg unveils first images

StepN x Atletico Madrid x WhaleFin to launch Genesis NFT Colletion

Cross The Ages and Immutable X collaborate to launch P2E collectible card game

ENS address registrations double in 4 months to 2 million

Dapper Labs Opens NFL Version of NBA Top Shot to the Public

The Sandbox Alpha Season 3 begins on August 24

Consumer watchdog Truth in Advertising called out 19 celebrities, including Justin Bieber, Paris Hilton and Tom Brady, over NFT promotion on their social media platforms

Anthony Hopkins is launching an NFT Collection to celebrate his career

The Australian Football League (AFL)’s first limited edition drop of NFTs sold out in just under 12 hours. Packs came at a retail price of 34.39 USDC each, raising over $130,000

🌍 Crypto Twitterverse:

Jacob Robinson @JacobRobinsonJD

1/24 As a Canadian 🇨🇦, crypto-focused lawyer, I wanted to clarify the recent update regarding purchase limits and how they impact clients of certain crypto exchanges.

Loopify 🧙‍♂️ @Loopifyyy

1/ On building and upholding a good reputation and the benefits of doing so. Contributing something valuable to others at scale has benefits. Those benefits are attractive to many people. Whether pseudonymous or doxxed, how do you do it?

Cirrus @CirrusNFT

There are currently 32,267 ETH ($59,048,610) worth of NFTs being used as collateral for loans on BendDAO alone For the first time ever, a lot of these are at serious peril of liquidation A thread on the single biggest risk to the NFT market that nobody is talking about

razor @razoreth

After aping almost every @sudoswap pool for the past few days I've decided to write a thread about what I've learned, because even mentioning Sudoswap right now means tons of engagement on my tweets, which gives me more people to shill @definedfi to on a daily basis.

McKenna @Crypto_McKenna

I know I said the bottom is in but if the FED continue to raise rates and SPX nukes then BTC could see $13-15k. I do think bottom is in for ETH however and could see 1200 again. Strong opinions held loosely.

Mark Moss @1MarkMoss

In June 2022, inflation hit a 40-year high at 9.1%, and many were pleasantly surprised to see the July data come in at 8.5%. Everybody is rejoicing that inflation has had its first meaningful decline since 2020 Has inflation peaked, or is the worst yet to come? THREAD🧵👇 1/

📈 Fundraises:

Web3 venture studio SuperLayer has announced a new $25M fund led by anchor investor and strategic partner Polygon

FOMO Pay Raises $13M led by Jump Crypto

Digital entertainment company Rusk Media Raises $9.5M to shape the next-gen of digital

Primitive raises $9M to build AMM discovery platform led by Bain Capital

Node Capital and Digital Currency Group co-led a $5M pre-seed funding round for dWallet Labs, a blockchain security firm developing projects for the Odsy Network

NFT-backed loan start up Unlockd raises $4.4M seed round

GitPOAP raises $4M to bring Github contributions on-chain

Dimension X Raises $600K

MetaBeat, a global, K-POP music content IP platform with a focus on an F2E (Fan-to-Earn) ecosystem, completes a strategic investment round

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