The Week in Crypto
$ZIL went parabolic as the bull market picked up speed despite large-scale FUD, bad news on the EU regulation front, and a major hack.
The Crypto Week in Summary
- Self-hosted wallets came under seige in the EU
- $ZIL lead an altcoin surge
- Axie Infinity was hit with a massive hack
- Bitcoin thrived through a week of epic FUD
Top Market Trends:
- EU Parliament voted to force KYC and reporting requirements onto self custodial wallets, in effect outlawing anonymous transactions.
- DeFi coins led a major altcoin surge that dwarfed recent growth in NFT and Metaverse tokens.
- Terra Blockchain revealed it had been amassing Bitcoin for a reserve to back its UST stablecoin. Since January 2022, they’ve bought over $165 million in BTC.
- Crypto gaming giant AXIE Infinity got ripped by a $600 million+ hack, assured users of reimbursements, and proceeded to launch Origin Axies.
You cannot make this up— Eric Golden 🍌🦇🔊 (@ericgoldenx) March 29, 2022
Hacker steals $600MM in ETH from Ronin blockchain the one underlying Axie
Hacker then goes short Ronin & AXS (Axie token) knowing as soon as news breaks that tokens will plummet
But NO ONE notices and they get liquidated on short before news breaks
It was a green wave this week; all of the top 20 cryptocurrencies on Coinmarketcap (except XRP) posted 7-day gains. A spring altseason was in the air with analysts predicting an eventful April.
Bitcoin's short term RSI bottomed out to 20 this week after an early week surge, then had a correction followed by an upward trend to end the week.
In BTC news, Luna Terra's UST stablecoin continued to buy Bitcoin to back its reserves. So far they've bought over over $165 million.
Predictions for an April altseason began to surface this week as NFTs & Metaverse coins were relatively quiet in comparison with ZIL and multiple DeFi mainstays. Ethereum (ETH) saw the same spike that most alts experienced early in the week, followed by a leveling off and a Friday reversal.
- AAVE and COMP both spiked, 44.81% and 28.95% respectively.
- WAVES blew away its ATH surging to $60 and $5 billion in TVL.
- SKALE boasted gains of over 83%.
- RUNE is testing the $12 price level.
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- Ripple Co-founder and Greenpeace teamed up for a $5 million marketing scheme to derail Bitcoin. Since the announcement, XRP plummeted while BTC rose 4%. Read more.
- Former Mt. Gox CEO announced an NFT airdrop to all users as a nod to all the OGs who experienced the infamous Mt. Gox exchange hack in 2014. Read more.
- Visa announced they are launching an NFT creator program for small businesses. Read more.
- Analyst Lyn Alden noted that blockchain dominance in terms of DeFi TVL has changed dramatically since the emergence of “Ethereum Killers” in Q1 2021. Read more.
Focus on: Zillaqa (ZIL)
Zilliqa (ZIL) soared this week after announcing their April 2nd launch of their metaverse-as-a-service platform. The blockchain and dApp platform was founded in Singapore in 2017. Zilliqa’s native token $ZIL posted 300% gains for the last 7 days, reaching its highest point since May of 2021.
- Over 117,000 smart contracts have been deployed on the platform.
- The network posted over 24,000 smart contract transactions in the last 24 hours.
- Current market cap is $2.6 billion.
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Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.