Mainstay crypto platforms led a market surge this week even as more crypto companies buckled under the effects of crypto contagion. The amount of Bitcoin outflows from exchanges continued to break records as Ethereum successfully merged another testnet and Reddit joined forces with Polygon to build an NFT marketplace.
At a glance:
- Liquidation events sent platforms to bankruptcy court
- Turkey’s BTC trading volume spiked as inflation skyrocketed
- GameFi was boosted by a fund and former TikTok gaming head
- Compass Mining cuts staff and lowers executive pay
Top Market Trends:
- Liquidation events continue, with Voyager filing bankruptcy, CoinLoan limiting withdrawals from $500,000 to $5000 per day, and Celsius legal documents pointing to pre-bear fragility and “ponziness”.
- Turkey’s Bitcoin trading volume spiked 40% as 78% inflation grips the country.
- In GameFi, VC firm Konvoy launched a fund for blockchain-based games, while TikTok’s ex-gaming head Jason Fung will launch a blockchain games startup.
- Reddit launched an NFT marketplace for Avatars using Polygon’s Ethereum scaling solution.
Movers and Shakers
Top 7-day Gainers:
Top 7-day Losers:
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We saw bullish pressure begin to build mid-week and Bitcoin gained strength, finally moving into the neutral zone of the Fear and Greed index after months of signaling extreme fear. The amount of BTC leaving crypto exchanges continued to break records as liquidation events force many to maneuver their assets to cover losses.
Short-term BTC TA
Last week, we reported on the 2-hour chart that Bitcoin was caught in a triangle.
Early morning on July 8th, we saw Bitcoin break out of the chart with strong volume. Expect price volatility for the next few days as we figure out where the market currently stands.
Long-term BTC TA
On the BTC 1-Day chart with sentiment shifting in Bitcoin near-overnight.
We must proceed with caution before claiming Bitcoin will moon with long-term resistance that dates back to March 2020.
Altcoins on the Move
Altcoins felt a nice surge this week, with many top 100 coins posting double-digit gains, led by ThorChain (RUNE), Aave (AAVE), and Polygon (MATIC).
- Ethereum (ETH) got one step closer to the official Merge to PoS after a successful Sepolia testnet merge and spiked 14.5% for the week.
- Compound (COMP) price rose as the team published new code for Compound’s multi-chain iteration.
- Shiba Inu was trending this week after they announced the launch of a decentralized stablecoin (SHI) and a reward token (TREAT) slated for late 2022.
On the 2-hour Ethereum chart, we can see that a new level of resistance has been building over the last four weeks.
The price was again denied at around the $1280 mark early morning on July 8th. If the market is doing well and we see overall sentiment improve, we could see a breakthrough in this $1280 resistance. Keep an eye out for this resistance and the overall state of the market.
- In Bitcoin mining news, Compass Mining cut 15% of its staff, miners were liquidating BTC to cover costs, and mining stocks HUT and RIOT jumped with BTC’s price reversal.
- MakerDAO community members will vote on a $30 million loan issuance to the crypto division of France’s 3rd largest bank.
- The Central African Republic launched a Bitcoin-backed cryptocurrency called Sango to modernize the country and build a private investment-backed economy.
Spotlight on: Polygon (MATIC)
Polygon’s Layer-2 platform has been at the forefront of Ethereum scaling solutions since 2017. With a team flush with (Ethereum) engineers and backed by major investors and advisors like Mark Cuban, Polygon has been able to build out a secure solution for lightning speed transactions, with an internal testnet achieving 7000 tps.
Read our full Polygon Coin Profile as we dig into the project's fundamentals, tokenomics, traction, and much more.
Pro tip: Track the next Bitcoin trend with DMAC
With all that’s going on in today’s crypto market, it can be a challenge to try and forecast when the next trend will arrive. Use Quadency’s Dual Moving Average Crossover strategy (DMAC) to optimize moving averages and automate trades based on a crossover strategy.
Catch the next trend with Quadency's DMAC Bot
We Looked Into: SoulBound Tokens
NFTs are already crazy with their non-fungible functionalities, but imagine if they are also unmoveable?— Quadency (@quadency) July 6, 2022
That is precisely what Soulbound tokens are; they are designed never to leave the user's wallets.
There are pros and cons, so let's get into the debate! 🧵 pic.twitter.com/Soc1xQCQzN
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Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.
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.