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Soaring Moonbirds, UST Surpasses BUSD, and the Revival of TON

The Week in Crypto

Moonbirds crushed OpenSea volume records, a Russian Bitcoin mining bill clashed with new US sanctions, and privacy coins surged this week in crypto.

At a glance

  • DappRadar cites massive blockchain game growth
  • Moonbirds NFTs setting OpenSea records
  • Russia & US target Bitcoin miners for different reasons
  • Beanstalk suffers flash loan attack

Top Market Trends:

  • Moonbirds NFTs broke records on OpenSea trading $240 million and accounting for close to 40% of all OpenSea trading volume in its first four days.
  • Blockchain-based game usage jumped over 2000% YoY since Q1 2021, according to a report published by DappRadar.
  • 21Shares and ETF Securities collaborated to launch Australia’s first spot Bitcoin ETF. The 21Shares Bitcoin ETF (EBTC) goes live on April 27th.
  • Russia amended their digital currency bill to allow for Bitcoin mining and cryptocurrency trading, while the latest round of US-led sanctions is set to target Russian Bitcoin miners.

Technical Summary

Bitcoin (BTC) recovered from an early week dip, rallied to over $42,000 and finished out the last 7 days with a slight gain of .64%.

Quadency_Charts_BTC_USDT_RSIBTC 7-Day with RSI Indicator

  • Relative strength index (RSI) neared overbought levels on the 18th.
  • BTC has stabilized above the $40k resistance level.
  • A series of higher lows since late January indicated a slowdown in selling pressure.
1-Year Bitcoin HODL Wave

Privacy coins including Monero (XMR) and Zcash (ZEC) posted another strong week while DeFi mainstay Synthetix (SNX) was a top performer, up 16.72% for the week.

  • Ethereum (ETH) was down slightly for the week but down almost 19% since the start of the year. Analysts remain long-term bullish with the upcoming Merge upgrade.
  • Tron (TRON) price spiked over 18% after the announcement that it would be launching an algorithmic stablecoin (USDD) in May.
  • ApeCoin (APE) price jumped to an ATH of $17.34 on Thursday and jumping 18%+.
Quadency_Markets_APE_Apecoin_7-Day_ChartApecoin (APE) Surging

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  • Toncoin (TON) whales donated $1B to the TON Foundation for ecosystem development. TON originated via Telegram, which was sued by the SEC after raising $1.7B in the GRAM token sale.
  • Beanstalk DeFi project suffered a flash loan attack losing $80 million, $250,000 of which was donated to Ukraine. The project's stablecoin token $BEAN uncoupled from its peg by 75% and is now priced at $0.145.
  • Ethereum Foundation reported that 80% of its $1.61 billion treasury holdings are in ETH in its treasury disclosure report published April 19.
  • Apple iPhone users were warned against saving their private keys on their iCloud due to a scam that requests password resets and uses 2FA codes to control an Apple ID.

Focus on: Terra UST

TerraUSD (UST) is a decentralized, algorithmic stablecoin built on the Terra LUNA blockchain. Instead of being backed 1:1 by the dollar, UST is exchangeable for LUNA tokens.

  • This week, UST became the 3rd highest stablecoin by market cap, behind Tether (USDT) and USDC and surpassing Binance USD (BUSD).
  • At the same time, LUNA spiked by over 11%.
  • UST’s total marketcap is currently at $11.29 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.