This week in Markets
The market mostly moved sideways this week with some upward and downward movements. Further, the entire market cap also moves sideways, showing no recovery anytime soon until we get a strong push upwards.
According to data from IntoTheBlock, the $BTC accumulation is now not just a whales game. Addresses holding <10 BTC have increased their holdings in 2022 dramatically. While the group of addresses with 10k-100k BTC reduced their exposure from 4m to 3.9m BTC in 2022, the different clusters of small addresses accumulated.
On average, you’re now losing over 17% of your savings every year, approximately 1.31% every month. However, the S&P 500 index / BTC is moving downwards within a year timeframe (which might be a point given by bitcoin pessimists saying bitcoin cannot work as an inflation hedge.)
However, they might get the counter-statement to that as on zooming out the chart; bitcoin has out-performed every single asset class in the last ten years.
Number of Addresses in Profit
The market is at a good support level, and if we get a slingshot movement upwards from here, there’s a very good chance we’re going upwards from here. So even though only 40% of addresses are in profit around the current price levels, getting to a stronger level at around $41,000 would be the best thing to look for right now.
Exchange Whale Ratio
The ratio of top ten exchange deposits vs. total deposits has recently increased. The last time the spike was this huge was around mid of July.
Here are some of the things that happened this week!
- The IMF accidentally advertised for Bitcoin by warning that countries could monetize their energy directly by mining Bitcoins. Read the full story here.
- After falling victim to a crypto romance scam, Nicole Hutchinson lost her entire inheritance and her father’s life savings. Accounting for over $400K, here’s the entire story.
- Vitalik Buterin is now a citizen of Montenegro, a Crypto-Friendly Country. On the recommendation of Prime Minister Zdravko Krivokapi and Finance Minister Milojko Spaji, the Russian-born Canadian programmer received his new Montenegrin passport. Read the full story here.
- This one might be a lot popular on CT, Elon first offered to buy Twitter for 42 Billion USD and then criticized the Twitter leadership while presenting his action plan if he overtook the Twitter leadership. Read the complete story!
- Uniswap has been accused of allowing the listing of unregistered tokens and is now facing lawsuits from two law firms. Here’s the complete story.
- Tim Beiko, a leading Ethereum developer working on The Merge, the blockchain’s transition to proof-of-stake (PoS), has stated that the primary network upgrade will not be completed in June. Read the full story here.
- Michael Saylor said he would never sell bitcoins, but some people on CT suggest he did. Read the entire piece here.
- One of Germany’s top banks disclosed that it sought a local cryptocurrency license earlier this year.
- Coinbase Launches its NFT MarketPlace Amid Low Trading Volumes.
The Charts and Dips
- Crypto To Look Out For This Week BTC, ETH, COMP, DCR, EOS [Link]
- SMI Price Analysis April 2022 [Link]
- KNC Price Analysis April 2022 [Link]
- SHIB Price Analysis April 2022 [Link]
- BTT Price Analysis April 2022 [Link]
- Top 5 DeFi Tokens To Buy In April 2022: LUNA, UNI, AVAX, THETA, FXS [Link]
Stolen/ Rugged/ Scammed/ Hacked
- Yeed Token: Hacker Gained $1M But Forgot To Transfer The Loot [Link]
- Is Chedda Token A Scam Project? [Link]
- Data Shows Moonbirds NFTs Stay On Top In Trading Market, But It Gets Sybil Attack [Link]
- Beanstalk Farms is exploited in a flurry of transactions, leading to the gain of $80M (Total was $180 Million, but the hacker had to pay $100 Million as flash loan fees] for the Hacker, including 24,830 ETH and 36M BEAN. [Link]
- Tasty Bones NFT Phishing Scam [Link]
- YouTuber Ben Phillips has been exposed for running a $12 million SafeMoon pump and dump scheme. Phillips shared his wallet address in a Tweet requesting fans pay for his Starbucks. [Link]
- Is Undead Pastel Club NFT A Scam Project? [Link]