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Saturday, January 29, 2022

WATCH THIS – Polygon, OpenDAO, AAVE & More!!

Welcome to the coin bureau weekly crypto review the first one of 2022. Here are this week’s top headlines in the Krypto news, dip buying bonanza el Salvador and MicroStrategy load up on btc, while a mysterious whale also buys. So what does this mean for btc board apes? On parade, eminem buys a board ape mutant apes rise and open c freezes. Multiple eight nfts why this could have huge implications for this nascent crypto niche day of the dow open dow air drops its token to open sea users.

Gas dow runs out of gas and blockbuster dao seeks to buy blockbuster everything. You need to know. Eight hundred thousand matic gone on polygon ethereum’s, leading layer, two patches, a bug that puts billions of matic at risk, but not before a hacker was able to take a bit. What happened? Ave takes a stand to meet demand.

Crypto’s largest borrowing and lending protocol begins offering real-world assets to individuals and institutions. Is this the beginning of d5 2.0 crypto crackdowns? All around Estonia plans to ban crypto wallets south korea moves to take down play to earn games and coin one demands wallet, verification. What do these headlines have in common the urgency for central bank digital currencies?

Mexico announces its cbdc plans. As switzerland says, it’s ready to roll out its cbdc at a moment’s notice. Is this good or bad for crypto and a closer look at what comes next in this week’s crypto market forecast, all this and more in just a moment good morning afternoon or evening, thank you for tuning in my name is guy, and what you’re about to see Is educational content, not financial advice? You can find any topics you’re looking for using the timestamps in the video timeline and now for today’s top stories. The crypto market has been down in the dumps over the last month and though this seems to have spooked the average crypto holder.

It seems the usual suspects and the smart money have been buying the dip. The usual suspects are, of course, el salvador and microstrategy, which have bought up thousands of btc between them. Over the last year, el salvador’s, most recent purchase was for 21 btc the week before last. According to president najib bukele, the buy was made in celebration of the 21st day of the 21st year of the 21st century. El salvador’s size also happens to be 21 000 kilometers squared, while there will of course only ever be 21 million btc minted written in the stars.

If you ask me, microstrategy’s, most recent purchase was last week and it brought up over 1900 btc worth almost 100 million dollars. According to microstrategy ceo michael saylor, the company now holds over 124 000 btc purchased at an average price of 30k per coin. As for the smart money, on-chain indicators suggest that whales continue to accumulate and have been accumulating since the start of the year. If you need more evidence of this, look no further than whale alert, which has been documenting large crypto transactions on twitter, one of the largest transactions i’ve ever seen, took place last week, and that was the apparent purchase of over 9 000 btc worth close to half A billion dollars at the time, all of this on-chain activity suggests that the wales believe btc is still going higher and if you want to learn how to watch the whales i’ll leave a link to a video in the description that can help you with that. Another crypto asset that whales have been buying these days is nfts, specifically those belonging to the board ape yacht club collection.

This is primarily because owning a board ape nft gives you membership of an exclusive club consisting of high net worth and high profile individuals. The most recent addition to this list is none other than famous rapper eminem, who purchased a board apn ft for more than 450 000 dollars in each presumably because it looks a little bit like him board. Ape 9055 is now eminem’s profile picture on twitter, as i mentioned in my news post on instagram eminem’s crypto wallet address currently holds around 1.5 eth, along with a few dozen tokens and nfts, which were likely sent to him by fans and crypto projects looking to get Some marketing other personalities who have bought board apes include snoop, dogg, logan, paul jimmy fallon and mark cuban. It should come as no surprise, then that the og board ape collection is extremely expensive, with the lowest board ape nft, currently costing around 250 000 in eth.

This is part of why the company behind the board 8 yacht club, created the mutant ape yacht club, which consists of twice as many monkey derivatives mutant apes have been on a tear of their own recently with floor prices rising more than 50 percent over the last Week alone, the cheapest mutant ape nft now costs around sixty thousand dollars in each all. The hype around board apn ft collections has consequently attracted lots of hackers and scammers, and one of them recently managed to steal 15 board ape nfts from an art gallery owner. This is because the owner had clicked on a malicious link which gave the hacker access to his metamask browser wallet in a surprise, move openc responded by freezing these nfts on its marketplace, making it impossible to buy or sell the affected nfts on the platform. What has happened since is not known as the art gallery owner deleted. All his tweets related to the incident and openc has yet to make a statement.

It’S believed that a few of the nfts have already been returned now. This begs the question of just how decentralized nft marketplaces are, and it also underscores the importance of crypto security, which i covered in a recent video that will be in the description. In any case, the incident has done more damage to open seas, reputation in the crypto community. Now this reputation has been dwindling ever since open seas. New cfo hinted that it would be doing an ipo rather than an airdrop of its own native token.

The absence of an openc governance token is why the open dow project was launched and its sos token was made available for airdrop 2 openc users on christmas eve, the sos token surged shortly afterwards with some users receiving tens of thousands of dollars worth which they were Easily able to sell on all the centralized exchanges that added support for it in the days that followed, open, dow is not affiliated with openc, and the primary purposes of its sos token are to quote compensate victims, support emerging artists, support, nft communities, support art preservation and Fund nft development, if you’re an open, c user. You can still claim your sos tokens until june this year and i’ll leave a link to the opendao website. In the description, if you’re interested note that you might pay a pretty penny for the gas fees associated with claiming those tokens, so do make sure that it’s worth your while before you do on that note open doubt seems to have inspired another dow to form the Gas style was created just days later and it plans to use its gas token to give a voice to the most active ethereum users. Now most active is code for spent more than 1 559 on gas, which works out to over 600 000 people. It’S not entirely clear what the gastow’s end game is, nor how it hopes to accomplish its goal.

The project’s lack of transparency and anonymous developers have also raised a few eyebrows for what it’s worth over. 40 000. People have claimed the gas token so far with no issues and many developers have come out to say that the code for the claim contract is safe. That said, though, be sure you do your own research before participating in any dow, because you could find your metamask wallet empty. The same way.

The aforementioned art gallery owner did, moreover, there’s no guarantee that any given dao will deliver on its promises, and this is something we saw with the now defunct constitution. Dao, which tried to crowdfund purchase a rare copy of the us constitution only to be outbid by a hedge fund billionaire now. Another dow is trying to do the same this time with a movie and video game store called blockbuster, which was very popular in north america, and here in the uk in the early 2000s, blockbuster dao is hoping to buy blockbuster from its current owner dish network. For five million dollars and it plans to raise this capital by selling nfts worth around hundred dollars in eth to the crypto community. If successful, blockbuster dao will turn blockbuster into quote the first ever d, film streaming platform and a mainstay of both the web3 brands and products, it’s once again unclear what this means and how this will be achieved and blockbuster dao’s architects are also apparently anonymous.

The project has picked up significant traction on twitter. Nonetheless, now you can learn more about the power of dows and how they could replace governments. By checking out my video on the subject, it’ll be in the description. Anyways nft, marketplaces and dows aren’t the only crypto projects that have seen some negative coverage as of late polygon, also received its fair share of criticism after it revealed that a bug in its staking matic contract had been successfully exploited by a hacker in early december. Although this bug was quickly patched, the hacker was able to get away with over hundred thousand matic worth more than two million dollars.

Polygon explained in a blog post that the polygon foundation will quote, bear the cost of the theft. This is much less than the 24 billion dollars worth of matic. That was at risk now, given that matic’s fully diluted market cap is roughly 24 billion dollars. This means that matic’s entire supply was at risk of being compromised. This wouldn’t be that big of a deal where not for the fact that polygon had experienced an exploit in october last year, which saw over one million dollars of cryptocurrency drained from the plasma bridge.

What’S more, is that polygon waited to disclose the exploits in both cases. On the grounds that bringing attention to them any sooner could risk attracting other hackers. Even so, this has raised transparency concerns among some polygon users. Now, on the bright side, matic’s price was unaffected by the news and even managed to reach a new all-time high of almost three dollars last week. This suggests that the crypto community’s trust in polygon is strong, and the recent deployment of some of ethereum’s leading d5 protocols on polygons pos chain is further proof of this.

One of these popular d5 protocols is arve, which has also been in the headlines recently. This is because rv has been focused on accommodating institutional investors. Rva’S latest institutional initiative is the introduction of real-world assets to its lending and borrowing platform, thanks to a partnership with centrifuge a crypto project which tokenizes real-world assets. There are currently 11 tokenized real-world assets available on centrifuges tin lake platform, which can be invested in using the dye stablecoin. This provides additional liquidity to the small businesses which issued those tokenized assets and dye depositors earn interest on their die.

Deposits. Apy currently ranges from around 3.5 to 10.5 percent per year, not counting the additional liquidity incentives being provided by centrifuge, with its wrapped cfg token. Now the only caveat is that you must complete kyc to invest in these tokenized assets and it appears that residents from certain jurisdictions are excluded from participating, namely those in the united states.

In other rv news, founder, stani kolechov has announced that arve will be building a mobile app in 2022, and the release of ave v3 is also around the corner. Arve is also planning to release a decentralized social media platform, but there have been no updates about it. Since arve announced it last summer, regardless, it’s evident that arve continues to be on the cutting edge of d5 and is looking to establish itself in the new niche of d5 2
0, which involves the addition of tokenized real-world assets and the creation of next-generation algorithmic stable coins. The only thing that can stop d5 2.0 is crypto regulations, and it looks like these are fast approaching.

In some countries. Estonia is the first country to announce that it will be expanding its definition of virtual asset service provider or vosp. A term used by regulators around the world to describe companies dealing in cryptocurrency, such as exchanges, estonian regulators, believe that non-custodial wallet providers such as exodus and d5 protocols, such as uniswap count as vosps, meaning cryptocurrency wallets and d5 protocols, will be banned in the country. Assuming the proposed legislation passes, it will be enacted in february and any affected. Crypto companies and projects will be given until mid-march to comply, or else face fines of close to half a million dollars per violation.

These proposed rules have their roots in estonia’s history with money laundering, something which i touched on in my video about the biggest bank fraud. Meanwhile, in south korea, the government has instructed google and apple to remove play to earn games from their app stores. This is because users are only allowed to earn a maximum of about 10 dollars at a time in play to earn games an admittedly arbitrary threshold, which likewise has its origin in fears related to money laundering. It’S worth pointing out that south korea is known for being particularly aggressive with its crypto regulations, especially when it comes to exchanges. This time it looks like south korean crypto exchanges aren’t waiting for the crackdown and have instead opted to introduce additional rules for users up bit bit hum and a handful of other south korean crypto exchanges will reject all deposits coming from unverified cryptocurrency wallet addresses in late March, with coin, one set to enforce the rule by the end of january.

Put simply this means that every south korean crypto holder will have to link their identity to their cryptocurrency wallet addresses if they want to use crypto exchanges. This mandatory linking of crypto wallet addresses to real world identities, is something i’ve been warning about for quite some time and it’s a fear that was effectively confirmed when the fat f released its finalized crypto recommendations. Last year it looks like estonia and south korea are the first of many countries to comply with the fat, f’s dystopian de facto regulations, and they likely won’t be the last. I strongly suggest you prepare for what’s coming on that front and the best way to do that is to watch my video about the fat f crypto recommendations using the link in the description, the fat f isn’t the only entity. That’S been pushing for unreasonable, crypto regulations around the world either.

Much of this pressure is coming from central banks who are starting to feel threatened by the rapid adoption of cryptocurrency and especially stable coins. Many countries have explicitly stated that they are developing central bank, digital currencies or cbdc’s to fight against this wave of crypto adoption. The latest country to join this list is mexico, which is looking to launch its cbdc by 2024.

As i mentioned in my video about bitcoin adoption in latin america, mexico is one of many latin american countries that has seen significant crypto adoption. Naturally, mexico’s pro-crypto sentiment has come mainly from the private sector, with the public sector pushing back wherever and whenever it can.

Given that most cbdc’s are being used as anti-crypto tools, it’s reasonable to assume that crypto adoption in mexico is even more widespread than we know, since otherwise its cbdc push would not be as pronounced. Switzerland recently announced that it is also itching to release its own cbdc, but this cbdc is not the same as mexico’s upcoming one. If you watch my video about what the central banks are planning you’ll know that regular people will use a so-called retail cbdc, whereas select individuals and financial institutions will use a so-called wholesale cbdc. Now, switzerland is only looking to release a wholesale cbdc and the swiss central bank has specified that it has no plans to introduce a retail one. Switzerland’S wholesale cbdc will be built on a modified version of r3’s corda blockchain for enterprises before you check.

No, it does not have a token because it’s permissioned aka, not a cryptocurrency, but there are a few cryptocurrencies which could benefit from cbdc’s, and you can learn about those using the link down below. Turning to the charts, we can see that the inverse head and shoulders pattern i predicted last week didn’t play out. The past is the past, though, and it’s time to look forward to what the first week of 2022 has in store. Btc continues to bounce between 46 and 51k in a pattern that still looks eerily similar to the one we saw back in september 2021. I am quite confident that we will see the same reversal.

We saw back then, but i have no technicals to back up my claim this time around. Instead, my forecast is based on the bullish milestones for almost every crypto project which are scheduled to occur over the next three months, and the most important of these is the approval of a spot. Bitcoin etf, as i mentioned in my weekly newsletter, the sec recently hired a crypto advisor, and i think that this is a way of reducing the responsibility of the sec commissioners, if anything goes horribly wrong with a spot, bitcoin etf, just my personal theory. Anyhow, this week’s winners are xdc network oasis network sushi, swap monero and yearn finance, a peculiar combination to say the least. Xtc network has made the winners list before, and some of you may recall that it’s more of an institutionally oriented crypto project.

Now i wasn’t able to pinpoint the origin of xtc’s recent pump. If anything, i found fudge related to a bug that was discovered on the network. Despite this, though xdc remains in a long-term uptrend, but its exchange support isn’t the best. This means there could be room for a bit of price manipulation, so keep that in mind before you feel the fomo, as for oasis network rose, appears to be rallying because of the oasis foundation’s 2022 content games, which will see winners earn hundreds of dollars in rows. For making the best memes films and other creative content on oasis network rose seems to have bumped its head on the 44 cent mark, which was not far off from its previous all-time high.

I actually predicted this last week and i think we will see a bit more consolidation this week before moving higher. Next up is sushi swaps sushi token, which hasn’t performed all that well over the last year. This seems to be because of the general lack of interest in d5 during that time, as well as issues at the sushi swap hq sushi’s. Recent recovery is apparently due to the listing of open, dao’s aforementioned sos token on the sushi swap decks. Unfortunately, sushi is still thoroughly in the hole and continues its downward trend.

It’S a similar story with monero’s xmr, which performed quite poorly in 2021. This is primarily due to the increased scrutiny around privacy coins. Xmr might manage to buck the trend, however, because monero announced that the audit of thor chain’s, monero multisig wallet address, was completed last week. For those who don’t know, thoughtchain is a cross-chain dex, which is looking to add support for privacy coins to protect them from the inevitable delisting from centralized exchanges. Monero developers are also working on a new privacy, preserving protocol called serifis, which leverages zero knowledge proofs.

With some luck, these updates will be enough to bring xmr back up to its previous zone of price support at around 400 in 2022. And finally, we have yearn finance, whose wi-fi token responded in a predictable manner to phantom’s 1 million ftm grant for yearned finance. This is pretty peculiar, because yarn, finance and phantom were both created by the same person. Peculiarities aside, my technical analysis suggests that wi-fi could continue its rally in the coming weeks. This is because its price is painting a topless pe pattern, aka bull flag, which points to that target.

Now you can learn more about technical analysis by watching my technical analysis, tutorials and the first episode will be in the description and that’s all for today’s coin. Bureau. Weekly crypto review, if you enjoyed it, you know what to do hit that like button subscribe button and bell icon too, if you want more of me head on over to twitter, tiktok and instagram to get a sneak peek behind the scenes. If you join my telegram channel you’ll get the daily crypto updates you crave and signing up for my weekly newsletter is a great way to get the tools, tips and tricks you need to get paid and of course, you can support the channel by heading over to The coin bureau, merch store and picking up a shirt or hoodie or both links to all these resources are in the description. Thank you so much for watching folks and i’ll see you all.

In next week’s episode.

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