Aug 7, 2024 at 06:11Contents
Hey there, crypto fans! We’re here to keep you in the loop with all the latest happenings in the cryptocurrency universe.
🐈⬛About Black Monday
Crypto market capitalization experienced its biggest daily drop since 2022. After a significant sag in the bitcoin exchange rate, mining rigs (ASICs) with power consumption above 23W have fallen below the breakeven point, according to F2Pool. Only some models are still making a profit. There are five in total: the Antminer S21 Hydro, S21, Avalon A1466i, Antminer S19 XP Hydro, S19 XP.
The drop in stock prices in Japan exceeded 12%, and in South Korea trading was halted.
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After Black Monday, 60% of the top-50 coins lost all growth since the beginning of 2024 and even suffered losses: XRP -16.76%, ADA -44.45%, AVAX -45.92%, DOT -46.41%, LINK -32.94%, LTC -19.90%, MATIC -57.40%, ICP -43.68%, UNI -20.15%, XMR -8.77%, ETC -16.53%, XLM -29%, APT -44.18%, CRO -19.74%, OKB -37.53%, MNT -4.20%, HBAR -34.92%, FIL -50.12%, STX -11.44%, ATOM -53.70%, TAO -3.78%, VET -34.04%, IMX -42.27%, ARB -67.12%, INJ -53.63%, OP -64.51%, SUI -24.71%, AAVE -8.55%.
The Fear and Greed Index set a new low of July 2022 — 17 points.
Why did this happen in the first place? This is the Asian market’s reaction to Friday’s US stock market spill, since Asia was already closed at that time due to the time difference, a domino effect happened.
Attackers have hacked into about 40 computer systems of companies and tourist sites in France related to the Olympic Games. The hackers managed to obtain confidential information and also injected malware into the network infrastructure, which encrypted the data with ransomware. For restoring access, they demand a ransom in digital assets (the amount is not disclosed), writes Le Parisien.
Among the affected organizations: are the museums Grand Palais (Grand Palais) and the Louvre (Musée du Louvre).
French law enforcement authorities have opened criminal proceedings over the attack.
⚡ Reuters: US Vice President hires ex-Binance employee as advisor
David Plouffe has joined the team of US Vice President Kamala Harris. He previously served on the global advisory board of cryptocurrency exchange Binance, led former President Obama’s team in 2008, and was a senior aide in 2012.
He joined Binance’s global advisory board in 2022. That unit was formed in September of that year to build a dialog with regulators.
A year later, Plouffe became the global strategic advisor at Alchemy Pay. He has repeatedly made statements about the need to form new rules for the crypto industry.
💫 Starknet CEO resigns from the project
Starknet CEO Diego Oliva is leaving the project. He will be replaced by James Strudwick, who joined the team in January 2024 and will assume the role of Executive Director to continue growing the Starknet ecosystem and its adoption.
🖥️ The Ronin bridge has been hacked once again
Hackers withdraw around 4K ETH and 2M USDC, valued at about $12M.
Ronin said that it was white hat hackers and after negotiations the entire amount was returned and the security hole was closed. White hackers were rewarded as part of the Bug Bounty Program with a 500K bounty.
🔑 Key crypto market highlights (August 7-14)
- Wormhole (W) to be listed on Indodax (08.08).
- AIRian Avatar (NFT) OG mint day (08.08).
- Abelian will make some important announcement (09.08).
- Immutable (IMX) – 32.47M or 2.11% coins to be unlocked (09.08).
- Xai (XAI) to unlock 35.88M tokens, which is 6.89% of the circulating supply (09.08).
- Undeads Games to launch its game open beta (10.08).
- io.net (IO) tokens unlock 2.11M coins or 2.22% of the circulating supply (11.08).
- BitMart will list BOMBO (12.08).
- Aptos (APT) – 11.31M coins or 2.40% of the circulating supply be unlocked (12.08).
- Bean to release Beanstalk v.3.0 (12.08).
- AGI Conference in Seattle (13-16.08).
- Star will host a snapshot (08.08), airdrop crew packs (09.08), and release them (13.08).
- Blockchain Futurist Conference in Toronto (13-14.08).
- The Sandbox (SAND) unlock of 205.59M coins or 9% of the circulating supply is set (14.08).
- WeSendit to host a workshop on Zoom (14.08).
- Marinade to launch SAM dased delegation (14.08).
- DEAPCOIN service enhancement update (14.08).
💵 Ideas
[1] 🔔Week 4 of Initia XP Phase 2
The Initia team has decided to extend the Initia XP campaign into a second phase to help launch VIP and MinitSwap before going fully mainnet. Deadline: August 14.
Initia is a roll-up network that combines L1 with L2 and makes it easier for developers to launch blockchains for applications as L2.
During the current (final week), users will have to claim INITs for esINITs earned in week 3 and add liquidity paired with esINITs.
Assignments:
- Claim INIT for esINITs earned through the link;
- Add liquidity here to a protocol where you have esINIT by clicking on My Positions.
If you did not farm esINIT during week 3, you must interact with the protocols on Minitias to earn esINIT tokens, which are allocated to each protocol in a different ratio, before moving on to new tasks.
Tasks with Minitias require you to interact with the following protocols:
You can track available and completed tasks in the Initia XP Dashboard. In Phase 1, you can earn additional XP for interacting with ecosystem projects such as Blackwing, Civitia, INIT AI, Lunch, MilkyWay, and Tucana.
[2] 🔔Analyzing Notcoin (NOT)
According to melikatrader94 analysis, the chart below shows a descending wedge pattern, hinting at a potential bullish reversal. The NOT is making lower highs and lower lows but is nearing the wedge’s bottom line, suggesting a possible breakout if buying increases.
The price recently hit the wedge’s bottom and the “hunt area,” indicating potential support where buyers might step in. Meanwhile, it is nearing a gray resistance zone. Closing above this area could lead to a move toward the wedge’s top line around $0.0145.
If NOT closes above the gray resistance area, it could rise, testing the wedge’s top line. If it fails to close above this area, it might stay within the wedge or test support levels again. A breakout above the wedge’s top line would be a strong bullish signal, possibly leading to a significant upward move.
In summary, watch the gray area—a close above this could signal further gains. A break above the wedge’s top line could confirm a bullish reversal. However, if resistance holds, the NOT may continue consolidating or retest lower support levels. Keep an eye on volume and market sentiment for more confirmation.
*Any technical analysis, in the long run, cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions.
[3] 🔔Take part in the campaign from the Superfluid project
Superfluid is a protocol that simplifies the transfer, distribution, control, and other transactions of cryptoassets for various companies, DAOs, and other organizations. In total, the team has raised more than $14M from Multicoin Capital, Fabric Ventures, Circle, Delphi Ventures, and others.
As stated, owners of this new NFT will get x2 to farm points in their SocialFi protocol AlfaFrens and a unique role in Discord.
Steps to take:
- Go to the Intract website and connect your wallet if required;
- Complete social activities;
- Complete three quizzes: All of the above, True, False;
- Specify your Farcaster FID or nickname;
- Wait for verification and claim NFT.
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