Dear traders,
Crypto market keeps dropping, and BTC dominance is declining. This could indicate relief for ALTs in the coming days.
Jake
TOP Trader
BTC hit its liquidity target at $26,650 and is now facing resistance at $26,900. This could be the beginning of a bigger drop to $25k, which is the expected level where BTC has strong support.
ETH is holding at the $1850 support level and needs to maintain it; otherwise, a significant drop is imminent. A strong bullish news catalyst is required for a robust breakout.
XRP is holding and consolidating at $0.5, which is favorable for the next upward move. It needs to stay above $0.5 for the next leg up and is still demonstrating strength.
LINK dropped below the $6.45 support level, which signals a bearish sentiment for a potential further push down to the $6 target. However, it remains a good opportunity for a spot long position.
SOL is holding above $20 and displaying a bullish structure. It could potentially push higher, surpassing $21 for the next upward move.
EOS dropped below the $0.89 resistance level and is not demonstrating strength for the next push up. For bullish continuation, it needs to hold above $0.89 and exhibit stronger momentum.
LTC is showing strong resistance at $93, and there is a possibility of further downside with a price target in the mid $70s. However, it still demonstrates strength for a significant upward push. In 60 days, there will be a halving event in LTC, which suggests a considerable price increase due to the reduction in mining supply. This presents a great investment opportunity to hold!
DXY. After an agreement on US debt growth, the US dollar started to decline, and the next resistance level is 103.
Crypto/stock daily news:
MAY RECAP: 5 WINNERS. 1 LOSER.
Somehow, ladies & gents, May’s about over.
And instead of flowers, the month was full of everything from MetaMask drama to FTX coming back to life…
But there can only be so many winners… and losers.
We rounded them up for you. Let’s start with the champs:
1/ Ordinals
Ordinals = NFTs on Bitcoin.
And the new trend has caused more arguments than Thanksgiving with the extended family. But that hasn’t stopped it…
In May, there were ~7M Ordinals inscriptions on the Bitcoin blockchain. That brings the total inscriptions to a whopping 10M+.
So what? Ordinals have brought a whole new wave of use cases to Bitcoin including stuff like NFTs, BRC-20 tokens (aka memecoins), and more.
And while everyone thought it would take a pump in Bitcoin’s price to attract the next wave of users, Ordinals jumped in and said “hold my beer”.
It’s like Bitcoin was put on an episode of Pimp My Ride Blockchain and got some new rims and a TV inside.
2/ BTC Miners
Bitcoin miners saw a huge month:
- They averaged ~$2M / day in transaction fees. The rise in new use cases like Ordinals brought in more transactions, leading to more fees for miners. (Ordinals accounted for $35M of these fees alone)
- The U.S. government’s proposed tax on Bitcoin miners has been rejected (for now). This would have charged miners a 30% tax on the electricity they use for Bitcoin mining.
- Core Scientific (the former largest BTC miner) is coming back from bankruptcy. Call it the Comeback of the Year.
So what? Miners are the foundation of the entire Bitcoin network – they’re like the backstage crew at a magic show. They help make the impossible possible, and you don’t even know they’re there.
More miners = higher hash rate = more security and a “healthier” Bitcoin network.
3/ BLEND
Blur launched its new lending platform, Blend, on May 1st. And boy oh boy, did it put up some BIG numbers in its first month…
- Completed $300M+ in loans
- Made up over 80% of all NFT lending volume for the month
- Loans made up over 50% of total volume on Blur
It’ll be interesting to watch how things change as Blend continues to add new collections and its point incentives expire at the end of the year.
4/ Tether
It actually released some public info about what backs USDT – Tether said it held $2.44B in reserves at the end of Q1. Not too shabby.
Plus, it said it made $1.5B in net profits in Q1 – and it’ll start spending some of its future profits on BTC.
So what? You should be watching Tether this year.
It’s the king of the stablecoin kingdom right now since its biggest rivals were toppled from their throne:
- Binance’s BUSD lost a big chunk of its supply when Paxos stopped issuing it
- Circle’s USDC depegged from the U.S. dollar
USDT’s supply dominance has risen 13% since ~January. Someone’s poppin’ that good bubbly this year.
5/ ETH Staking
Everyone and their momma was saying Ethereum’s Shapella upgrade would be “The Great Unstaking.”
Well, the month of May proved that that’s more of a lie than canned water.
In total, 22.6M ETH ($41B) was deposited into Ethereum contracts this month. That means the amount of staked ETH is still rising, despite the ability to withdraw. Take that, h8ers
So what? Staking is still all the rage! More people engaging with Ethereum = a stronger network
And now onto the Big Loser for the month…
Ledger.
It’s a big maker of hard wallets (i.e. the best way to store your crypto cause only you can access your private key.)
Well, it announced a new opt-in feature that would allow it to access encrypted shards of your private key and send it to 3 companies.
That’s like building customers an underground bunker and then also building a tunnel so they can get in too.
So what? Ledger lost 2 big things…
1/ Market share. Its #1 competitor, Trezor, saw a 900% jump in sales after the Ledger Fiasco happened.
You know you f*cked up when your competition is up triple digit percentages. Oopsies.
But most importantly Ledger lost…
2/ Trust. Crypto investors now trust their local weatherman more than Ledger.
If you’re gonna play in this space, you gotta talk the talk and walk the walk.
Moves like these are like fish tacos on a plane – users can smell that sh*t from a mile away.
Final words:
Market drop as predicted and small re-bounce is expected to grab liquidity before push back.
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Sentiment Is now BULLISH and real test for bulls are this week.
Not Financial Advice!
Good luck with trades!
Author
Jake
TOP Trader
