Market-grabbing liquidity will continue to fall.

17.08.2023

Dear traders,

Altcoins have dropped significantly, finding support, while BTC is losing momentum and is currently trading around the mid-28k range, which is the current support level.

Jake
TOP Trader

BTC has dropped below the 29k support and is now trading in the mid-28k range. There is still a significant possibility of a bearish continuation, with a target at 24k, where a large liquidity pool exists.

ETH has broken below the $1800 support and is now declining towards the mid-1700$ mark. There is a strong possibility of a more substantial drop in the coming days.

XRP is experiencing a sharp drop below $0.6, with the next significant support at $0.54. This level must hold for the long term.

LINK is dropping from its $7 support, with the next major support at $6.45. While it’s losing momentum, any price below $7 presents a good buying opportunity.

SOL is losing momentum and is currently trading at $23. It needs to hold above this level for a stronger upward push.

EOS has broken the support at $0.662 and is now making a slight recovery, but there is still a lack of volume to drive a significant upward movement. It continues to be an appealing option for long-term buying.

LTC has broken the $78 support and continues to drop towards the $70 support level. While new lows are possible, it remains a favorable option for long-term buying.

The DXY is encountering strong resistance at 103.5 and needs to break through this level on a daily basis for a more significant upward push.

Crypto/stock daily news:

AN INTERESTING (AND FUN) WEB3 CONCEPT

I was doing some afternoon Twitter doom-scrolling when I came across a cool account…0xDesigner.

They create a new web3 concept, every day. They’ve designed stuff like:

“Proof of Work”. It’s like LinkedIn except all work experiences are verified on a blockchain vs. just “trust me, bro”.

“Etherscan Dating”. Match with other crypto investors that invest in the same type of tokens, NFTs, and have similar realized profits (or losses).

What a Spotify crypto wallet could look like.

They recently created a concept called Staking Registry. It’s a new idea for wedding gifts, with a web3 twist.

Here’s how it works:

Friends and family can stake ETH as a wedding gift.

As long as the couple stays married, they get to keep the rewards.

If the couple gets divorced, the ETH and rewards get redistributed to friends and family.

I know, it’s a crazy and weird idea. But I’m a big fan of this kind of stuff.

Is it the killer use case that will onboard the next million users? No, probably not.

Is it fun? Hell yeah.

And I don’t know about you, but all the crypto talk feels so heavy lately…

Whether it’s the nerdy tech talk no one understands (zero-knowledge proofs, account abstraction, etc.) or the legal stuff (lawsuits, regulations, etc.), it’s all been so serious lately.

It’s understandable. It’s a high-stakes game of money, power, and respect.

But innovation is also supposed to be fun.

The early Microsoft days had Clippy, the original virtual assistant. (and childhood icon)

The early iPhone days had stuff like the “I Am Rich” app. It cost $1000 and had no functionality. It just had a button that would make the phrase “I am rich” pop up.

The early music-downloading days were like a game of Freeze Tag, pick the wrong music file and your computer would freeze.

You get the point.

And we have no doubt that crypto is the next big wave of innovation. But we’re also trying to have fun while surfing that wave.

That’s why we’re fans of people building cool, think “outside-the-box” type sh*t.

FAST NEWS:
Coinbase is expanding its operations into Canada. The crypto exchange will integrate Interac e-Transfers to allow for instantaneous transfers from Coinbase to external wallets.

Nvidia released a new tool, called Nueralangelo, that turns high-quality video clips into virtual 3D models. The tool is designed for video game development, movie effects, architecture, engineering, metaverses, and more.

Prime Trust filed for Chapter 11 Bankruptcy. The popular crypto custodian was placed into receivership by regulators after it was revealed the company was insolvent back in June, now it will move into bankruptcy.

Sei Labs officially launched its new Layer 1 blockchain, Sei. Its native token ($SEI) was also launched on multiple exchanges like Binance, Bybit, etc.

RocketSwap (the second largest DEX on Base) was exploited for over $865K after the teams’ private keys were compromised. The worst part: the team ended their announcement with: “We are very sorry for your loss”.