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Welcome to the 71 smart investors who joined this week. We're now a community of 8061! Please forward this email to other smart people you know, so they can join us.
Bottom yet?
Bear markets are scary, but a reminder, we've been here before:
If history is anything to go by, Bitcoin is likely to bottom out over the next couple of months. Patience is key. Now is the time to research and slowly DCA in with a long term view.
So as the crypto market plods along, searching for a bottom. This week, I take a look at the projects showing a jump in rank, plus a warning sign from Stack Insights.
Contents
- Weekly Projects to Watch
- Top News This Week
Weekly Projects to Watch
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Top risers overall
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- dYdX ($DYDX) ⬆️ 65%
- Constellation ($DAG) ⬆️ 64%
- Celsius Network ($CEL) ⬆️ 51%
- UMA ($UMA) ⬆️ 36%
Top small cap risers by overall rank
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- Governor DAO ($GDAO) ⬆️ 1344%
- Sarcophagus ($SARCO) ⬆️ 1336%
- Sharder protocol ($SS) ⬆️ 976%
- TradeStars ($TSX) ⬆️ 818%
Project warning
Things are looking a bit quiet over on the GitHub repos for Clover Finance ($CLV). Stack's automated Technical Analysis is also flashing bearish.
If you're invested, it would definitely be worth digging in a bit deeper to see if the project still has potential.
Use Stack to uncover more warnings like this.
Top News This Week
dYdX is leaving Ethereum and StarkWare for a native chain on Cosmos
The decentralized futures exchange, dYdX, is moving to a native chain on the Cosmos ecosystem.
dYdX described the move as “rebuilding dYdX as a standalone Cosmos based blockchain featuring a fully decentralized, off-chain, order book and matching engine.” The rebuild will be the fourth version of the DEX using the Tendermint consensus mechanism.
Russia Developed Blockchain System to Replace Swift for Payments
Swift banned Russia, and as a direct response to this, Russia’s Rostec Group, a government organization that includes a number of technology companies, announced the development of a blockchain platform.
This platform is intended to be a digital system for international payments, which is capable of replacing the global Swift system.
Russian banks got excluded from Swift payments last February due to the sanctions imposed by Western countries in response to the Russian-Ukrainian war.
Moscow has since been trying to search for an alternative financial payment system. The platform is called CELLS and was developed by the Novosibirsk Institute of Software Systems (NIPS), which is affiliated with the Rostec Group. It will provide an integrated system based on distributed ledger technology.
Cardano Developers Postponed the Vasil Hard Fork and Are Set to Launch the First Light Wallet
The lead developer behind Cardano, Input Output, made an official confirmation that they are postponing the launch of the Vasil hard fork to late July.
Through a blog post, head of delivery and products Nigel Hemsley said that the much-anticipated upgrade must not be rushed. The team of developers aims to ensure that everything is developed correctly. However, Input Output also created a new light wallet called Lace. This new wallet comes with a host of features that allows users to manage, control, and store their cryptocurrencies from a single location, including support for non-fungible tokens (NFTs).
BlockFi Signs $250M Revolving Credit Agreement With Ftx as Sam Bankman-Fried Steps into Bail the Company Out
The aggressive rate hikes by the U.S. Federal Reserve and recession fears led to turmoil in equities and sparked a sell-off in cryptocurrencies.
BlockFi signed a term sheet with FTX as a means of securing a $250 million revolving credit facility, providing them with access to capital that further bolsters their balance sheet and platform strength.
FTX Founder and CEO Sam Bankman-Fried also said in a Tweet that the credit facility will enable block fi to "navigate the market from a position of strength."
Uniswap Labs Is Buying the Ethereum NFT Aggregator Genie, and Shopify Reveals Range of New Crypto Features
Uniswap Labs, which is the company behind the Ethereum-based decentralized exchange Uniswap, acquired the NFT aggregation platform Genie.
Uniswap founder and CEO Hayden Adams had the following to say in an interview with Bankless, discussing the announcement: “We’re trying to bring everything we brought to the ERC-20 space to the NFT space.” Furthermore, Shopify started allowing customers and brands to connect through their crypto wallets. Taking advantage of the tokenization mechanics, the online store offers merchants the ability to provide exclusive access to products and events to brand new tokens. The company also started providing NFT minting and selling features compatible with Ethereum, Solana, Polygon, and Flow.
Coinbase Shares Fell After Binance US Dropped Spot Bitcoin Trading Fees, and Coinbase to Shut Professional Crypto Trading Platform Coinbase Pro
Binance.US, which is the American affiliate of the largest global crypto exchange, is starting to offer zero-fee trading for Bitcoin. This move will increase pressure to lower the fees for other exchanges as well.
As a result of this, Coinbase shares fell almost 10%. Specifically, Shares of Coinbase were down 9.7%, while Robinhood slipped by less than 1%. Coinbase also made an announcement on their decision to shut down the Coinbase Pro trading platform, which is designed for professional cryptocurrency traders. However, the date has not been decided.
Christiano Ronaldo to Release NFTs and Coinbase Rolls Out First Crypto Derivative Amid Slump
Cristiano Ronaldo signed a multi-year partnership with the cryptocurrency exchange Binance to release non-fungible tokens (NFTs).
Anndy Lian, the Chief Digital Advisor at Mongolian Productivity Organization, said that Ronaldo is a top-class current football legend that has hundreds of millions of followers and that his NFTs would be sold-out within the span of seconds when launched.
Coinbase has also rolled out the first crypto derivatives amid the slump in tokens. Each nano will represent 1/100th of a bitcoin futures contract (BIT) token, and the contracts will be accessible for trading only through a number of third-party retail brokers and clearing firms, which include ABN AMRO and Wedbush.
Thanks for reading,
James
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