June 23rd, 2021 | Sign Up
Good Morning. Congrats if you slurped up this dipperino, you savvy crypto-investor you. If you didn’t, don’t worry, there will always be dips to slurp up in the future.
If you’re a strict hodler—hang in there fam ✊
Price Check 🏷 24 Hour
📈 Bitcoin: $34,049 (+12.1%)
📈 Ethereum: $2,003 (+9.6%)
📈 Dogecoin: $0.22 (+25.7%)
📈 Chainlink: $18.65 (+17.5%)
🚀 Solana: $31.20 (+45.8%)
📈 Uniswap: $18.05 (+23%)
Prices as of 6 AM PST 6/23, data from Coingecko
Markets: The S&P came back to life this morning with Nasdaq hitting all time highs, rallying alongside Bitcoin
Covid: According to the CDC director, nearly every COVID-19 death at this point is entirely preventable.
Small Bitez 🗞
Cathie Wood's ARK fund buys the Bitcoin dip
Alipay launches in-app NFT sales feature
El Salvador president Tweets a ‘sneak peek’ of volcanic Bitcoin mining
Judge blocks sale of Jay-Z's first album and its copyright as an NFT
Goldman Sachs reportedly started trading on JPMorgan’s repo blockchain
Crypto-custody firm Fireblocks faces lawsuit over deleted keys to $72M Ether wallet
Billionaire fund manager Steve Cohen plans deep dive into crypto, calls blockchain ‘Transformational’ and ‘Disruptive’
London-based fragrance house Rook Perfumes is launching an NFT-based DAO that's creating a scent for the digital world.
MINERS
Bitcoin Mining, With a Side of BBQ 🍗
China’s crackdown on crypto mining broadens as the country authorities published a ban on cryptocurrency mining in a notice widely circulated on Chinese social media.
It ordered power companies to stop supplying cryptocurrency miners with electricity by June 20th.
China pledged last year to reach net-zero carbon emissions by 2060 and despite building new coal plants, has begun cracking down on polluting industries to meet its goals. Bitcoin mines have become Public Enemy #1.
Not enough hydro to go around 🏜️
Bitcoin mines in Sichuan—which account for 10% of global Bitcoin mining—run on hydropower, a cleaner form of energy. In the wet summer months, supply tops demand, and Bitcoin mines have feasted on the excess. Yet as the country aims to transition to renewable energy to meet its 2060 goals, demand for hydropower is increasing across the country, and Bitcoin mines are getting cut off.
The Tex-Exodus
The crackdown has Chinese Bitcoin miners seeking new opportunities, and Texas just so happens to have some of the cheapest energy in the world (when the grid actually works). Is Texas the new frontier of the digital gold rush?
Apparently, they’ve already made it to Austin 👇
NFTs
Fortnite x ETH ❓❓❓
Fortnite dropped a character skin that potentially teases the game’s entry into the NFT space. The Etheria skin is a rare Fortnite outfit available for purchase with Fortnite’s in-game currency, V-Bucks.
NFTs + video games may lead the next crypto trend, onboarding hundreds of millions of gamers into the digital collectible metaverse.
But Why?
Unique or rare items like Etheria could be held, owned, and traded by players. Think of something extremely limited tied to in-game events and challenges.
The idea is, once you’ve moved on the next hot online battle royale game, you should be able to sell or trade your rare skins that you’ve bought or earned from in-game achievements and events.
An Example
I really really wanted the Ghoul Trooper Fortnite skin, an ultra-rare item only released in the game’s first season, but didn't start playing the game till a later season, missing out on the Ghoul Trooper. But I would’ve paid a nice chunk of Ether for it!
— A Fortnite player, probably
Another way NFTs can possibly disrupt the gaming-skin category—is clout—or reputation. Being able to show off, give away, and even create in-game items gives gaming content creators another way to interact with their audience and grow their brand.
The Ethereum community raised their eyebrows at the announcement, noting the Ethereum vibes that the new character has. Her name is Etheria and she is sporting some very ethereum-like crystals. Leading to some speculation from crypto Twitter 👇
Don’t those crystals look familiar? Or is Epic Games just yanking our Chain? 🧐 Stay tuned!
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DATA
Whale Tings 🐳
What am I looking at?
This is an order book, which lists the number of tokens being bid on or offered at each price point. The top of the book is where you'll find the highest bid prices. These show the market price to get an order reliably executed. Looking at the picture above, we can take away that someone was slurping up the dip, big time. Longing over 40 thousand Ether at various price levels.
The order book is something that traders will look at to keep an eye out for a whale (someone who has a TON of crypto) making a big purchase or sale, possibly indicating that they have information that the general public doesn't have.
While this was most likely real, there are ways to fake or hide what you’re doing from the order book, so never use it as your only reason to make a move.
What’s most interesting about this data, is that it poses the question:
Why would someone be buying tens of millions of dollars of Ethereum in one day? They must know something, right? 🤔
Below is a different way of looking at this same data, in a format that may be a bit more familiar. Instead of the price of ETH, these bars show how much Ether is being longed (green, betting that the price will go up) vs. how much Ether is being shorted (red, betting that the price will go down).
The two huge long bars are exceptionally unusual.
Just like charts and indicators, whale activity doesn’t tell the whole story.
What other positions does this whale have on other exchanges? (this is data from just one crypto exchange)
Are they faking or spoofing the order book?
Is this whale a Billionaire? Or a fund made up of multiple people?
These are some of the other possible factors not being taken into account when you just look at the amount of Ethereum being longed or shorted. So, as always, manage that risk! 😎
Thanks for reading! 👋
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