Venture capitalists and investors are backing early stage Metaverse and Web3 projects as they flight from inflation-fatigued stocks and capitalize on better-priced investments.
Meanwhile, Bitcoin continued its volatile ways and hype around the Ethereum merge began to pick up speed. Mainstay DeFi tokens like AAVE, UNI, COMP, and SUSHI surged this week after surviving two solid months of “thinning” since the Terra ecosystem fell in early May and sparked a liquidation domino effect.
At a glance...
- Funds are flowing into Metaverse and Web3 startups
- DeFi tokens that survived the crypto shakeup took off
- Polygon (MATIC) selected for Disney’s Accelerator program
- Upbit backer wants to create 10,000 Web3 jobs
Top Market Trends:
- Aave liquidity protocol announced it will launch $GHO, a native, decentralized, collateral-backed stablecoin that is pegged to USD.
- Disney selected Polygon and 4 other startups for its Accelerator program focusing on NFTs, AR, and AI development.
- Upbit backer Dunamu is investing $380 million in Web3 startups and creating 10,000 jobs in the sector.
- VC Multicoin raised $430 million for investing in early stage Web3 infrastructure, DAOs, and creator monetization. Some of their earlier investments have included Ethereum, FTX, and Solana.
Raise your hand if you remember your first Disney experience like it was yesterday 🙋🏻♀️ #disneyfeels— Polygon - MATIC 💚 (@0xPolygon) July 13, 2022
We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X
Movers and Shakers
Top 7-day Gainers:
- QNT +65.8%
- LDO +59.1%
- AAVE +28.3%
- MATIC +23.1%
- UNI +20.6%
Top 7-day Losers:
- 10SET -19.7%
- EVMOS -18.0%
- BAT -12.7%
- USTC -11.8%
- DOGE -10.6%
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Bitcoin (BTC) settled into a volatile version of sideways action just as the number of total Bitcoin addresses hit 1 billion this week. The market cap for BTC fell below its realized cap (minted coins x current BTC price). The last two times this occurred was during market bottoms in December 2018 and March 2020.
- The Lightning Network’s Bitcoin Layer-2 protocol hit a milestone this week, with capacity reaching an ATH.
- Bitcoin “Shrimps” are buying more BTC than ever at a current rate of 60,460 Bitcoin per month.
- The New York Yankees will leverage NYDIG to offer players the option to get partially paid in Bitcoin.
Short-term BTC TA
Bitcoin's 20MA crossed over the 200MA, which could be bullish on the short term as BTC is trading in an ascending channel.
The next target could be the $21,600 resistance line while this could be invalitaded if BTC fails to break through $21k.
Long-term BTC TA
On the Bitcoin macro, we are far from a Golden Cross (when the 50 EMA crosses over the 200 EMA).
Currently, we are deep into a bear market territory. It'll either take serious upward price movement or time before we are out of it.
Altcoins on the Move
Overall altcoin markets were trending down until a minor Thursday evening spike. DeFi protocols that survived the 2022 shakeout dominated the gainers over 7 days with AAVE, UNI, COMP, CURVE DAO, and SUSHI out front.
- STEPN announced it raked in $122.5 million in profits from Q2 platform fees.
- Dogecoin (DOGE) payments are now accepted by AMC, the biggest movie theater chain in the US.
- Ethereum’s merge to a PoS blockchain is beginning to feel real, as developers continue to successfully test the EVM’s transition.
👀👀 On the Ethereum CL call today: Goerli aimed for 11th August, and if that goes well, mid-late Sept becomes a very realistic date for the mainnet merge— klondike (@GrennHouseGas) July 14, 2022
That's only 60-75 more days of forced PoW distribution and before the structural flows for ETH do a 180 turn pic.twitter.com/sPbmRB7faS
Altcoin Technical Analysis - Ethereum
Ethereum was up 12% over the last 24 hours as it seems to be heading towards a month-long resistance level around $1,300.
Looking at the Fibonacci Speed Retracement Fan, we can see that ETH is trying to break through the 0.618 line, which coincides with the horizontal support.
- Bitcoin core welcomed Gloria Zhao, its first (known) female Bitcoin protocol engineer. She is the 6th developer to have commit access to Bitcoin Core.
- In NFTs, Gamestop’s NFT marketplace brought in under $2 million in sales on its opening day, Snapchat is adding NFTs as AR filters, and OpenSea laid off 20% of its staff.
- Uniswap liquidity providers became the victims of a phishing airdrop scheme, losing a total of $8 million in Ethereum.
Spotlight on: Shiba Inu (SHIB)
We took a deep dive into the Shiba Inu (SHIB) decentralized meme coin, discovering the interesting way it came to be, how Elon Musk and Vitalik Buterin may have affected its rise, and how the experimental project has evolved.
Read the complete Shiba Inu Coin Profile
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We Looked Into: Understanding Tokenomics
No one:— Quadency (@quadency) July 13, 2022
All the crypto bros: "What's the Tokenomics look like?"
A thread on Tokenomics 🧵 pic.twitter.com/XBYnLaIUgg
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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.