Things are looking a little less gloomy this week.
Bitcoin has managed to recover some recent losses. Though historically, BTC takes a long time to bottom out. Typically, 250-400 days.
We're only around 180 days since the November peak.
As we mentioned last week. There is still plenty of downside potential if Bitcoin fails to hold the current levels of support. Keep reading for the latest news and content.
Contents
- Stack Insights Launched
- Weekly Projects to Watch
- Top News This Week
- Fresh Content from the Team
Stack Insights Launched
If you log into Stack, you'll now see the latest Insights on your dashboard:
Insights are AI generated trade ideas.
Each day, Stack analyzes millions of data points, across thousands of assets, to detect significant indicators that have historically led to bullish or bearish price action.
Insights will be free for all users for the rest of this week, after that only Premium and Pro accounts will be able to view them.
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Weekly Projects to Watch
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Top risers overall
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- Harmony ($ONE) ⬆️ 0%
- The Graph ($GRT) ⬆️ 0%
- Ravencoin ($RVN) ⬆️ -0%
- Stacks ($STX) ⬆️ 19%
Top risers by Dev Rank
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- XRP ($XRP) ⬆️ 6%
- Radix ($XRD) ⬆️ 4%
- e-Radix ($EXRD) ⬆️ 4%
- Zilliqa ($ZIL) ⬆️ 3%
Top small cap risers by overall rank
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- Stacker Ventures ($STACK) ⬆️ 48%
- FoundryDAO Logistics ($FRY) ⬆️ 47%
- Benchmark Protocol ($MARK) ⬆️ 46%
- Sync Network ($SYNC) ⬆️ 35%
Top News This Week
Tether Paid Out $10 Billion in Withdrawals, Beeple's Twitter Got Hacked
Tether, which is a multibillion-dollar "stablecoin" that fills the role of being the largest bank within the crypto economy, has, so far, paid out $10 billion in withdrawals since the start of the crypto crash in May. The pace of withdrawals means that the company has been dealing with a slow-motion bank run due to the fact that deposits are seeking to move their cash to stablecoins that are heavily regulated.
Hackers managed to take over Beeple's Twitter account, where they stole more than $400,000 in non-fungible tokens (NFTs) and crypto from the followers of the artist on May 22, 2022.
Litecoin Activates Mimblewimble Extension Blocks, Cardano's Sidechain Milkomeda Could Be the Network's ZkRollup, and Uniswap Confirmed the Launch on Gnosis and Moonbeam
Litecoin managed to activate Mimblewimble Extension Blocks (MWEB) more than two years after it was first introduced.
Specifically, on May 2, Litecoin achieved a 75% network consensus threshold, which was a requirement for the activation after months of dialogue with different miners throughout the network. MWEB officially locked in for activation at block height 2257920.
Cardano’s Milkomeda sidechain, which has been working for two months, could one day become the roll-up to the Cardano main chain, according to Cardano Insights.
Milkomeda has processed more than five million transactions since launch, which is almost 100,000 transactions on a daily basis.
Uniswap’s governance community has also decided that Uniswap will go live on two new chains, and these include Gnosis and Moonbeam. Specifically, two votes passed almost unanimously throughout last week, with more than 99.9% of votes in favor of launching on each chain.
Gamestop Gets Its Own Wallet for Crypto and NFTS, While eBay Drops First NFT Collection to Non-crypto Mainstream Buyers
On May 23, 2022, GameStop made an announcement that it has launched its digital asset wallet, which will allow games as well as others to store, send and receive cryptocurrencies as well as non-fungible tokens (NFTs) across decentralized applications (dApps) without needing to leave their web browsers.
Furthermore, the e-commerce giant eBay has also officially launched its first non-fungible token (NFT) drop with a series of tokenized collectibles.
Each of these collectibles features National Hockey League legend Wayne Gretzky.
The NFT collection depicts Wayne Gretzky through an animated version that is inspired by Sports Illustrated magazine covers, and they come in four different tiers of rarity, including green at 299 editions each, gold at 199, platinum at 99, and diamond at 15.
Terra 2.0 and its Performance so Far
On May 25, 2022, the Terra community voted in favor of Do Kwon’s proposal to essentially create a new Terra blockchain, however, this time without an algorithmic stablecoin.
Specifically, Do Kwon's proposal passed, where 65.5% of the voters favored the proposal while only 13.2% opposed it.
On May 26, 2022, the Huobi and Binance cryptocurrency exchanges showcased their support for Terra (LUNA) 2.0. Bybit and Bitrue will also assist in the airdrop of new LUNA tokens, which were slated for May 27.
Then, upon Genesis on May 27, 2022, eligible holders of LUNC, USTC and aUST were airdropped LUNA on the new chain.
Then, the Terra community passed the proposal to burn 1.388 billion UST held in the community pool. Out of them, there were about 1.017 billion UST in the community pool and about 370 million in Ethereum. Furthermore, the burning amount accounted for 11% of the total UST.
Then on May 30, 2022, Terra 2.0’s new LUNA token went down 70% since the restart. Specifically, the new LUNA was trading under $6 after peaking at $18.87 shortly following its launch, according to data from CoinGecko.
Fresh Content From the Team
Thanks for reading,
The Stack Team
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