Overview
Arbitrum Odyssey Success
Arbitrum transactions have skyrocketed since the protocol began the Arbitrum Odyssey program, as covered in Friday’s newsletter. Since the program started last week, the Ethereum Layer-2 (L2) scaling solution has processed more than 120k daily transactions worth over 30k ETH. The program shows promising signs of the rising interest in Arbitrum, which hosts a range of familiar DApps such as Uniswap (UNI) and Aave (AAVE) to Ethereum users.
Source: Nasen
Celsius CEO was attempting to flee the country (unconfirmed).
SPECULATION ALERT: To add some spice to the Celsius debacle, Alex Mashinsky (according to Mike Alfred) may have attempted to leave the US before being stopped by authorities at the airport. The story remains unconfirmed.
Market update 🌍
BTC/USD
A relatively quiet weekend in the crypto markets, as Bitcoin continued its slow grind up above US$20k. The daily chart shows that Bitcoin (BTC) will encounter strong resistance at $22.2k. Unfortunately, volume continues to drop, showcasing the lack of strength behind the current rally. Unless volume increases, the chances of price breaking through resistance remain slim. BTC completed Sunday’s US session at $21,208, down -2.13%.
High-resolution chart
ETH/BTC
Ethereum (ETH) price showed relative strength vs. Bitcoin for the first time since early May, breaking out of the above downtrend (red) over the weekend. However, it remains to be seen whether the uptrend can hold during the coming weeks (green). The ETH/BTC chart compares ETH price vs. BTC price and helps guage traders’ willingness to take a higher risk in altcoins.
High-resolution chart
Friday’s Close
| US markets close | Gain |
| S&P 500 | +0.95% |
| Nasdaq | +1.47% |
| Dow | -2.45% |
| VIX | +0.35% |
Notable gainers (7d)
| Protocol (Coin) | Price ($) | Gain (%) |
| Synthetic (SNX) | 2.77 | +78 |
| Polygon (MATIC) | 0.59 | +71 |
| STEPN (GMT) | 0.98 | +63 |
| Uniswap (UNI) | 5.87 | +61 |
| The Sandbox (SAND) | 1.24 | +55 |
| Shiba Inu (SHIB) | 0.0000018 | +51 |
| Zilliqa (ZIL) | 0.047 | +50 |
| TitanSwap (TITAN) | 4.67 | +47 |
| Dogecoin (DOGE) | 0.07 | +44 |
| THORChain (RUNE) | 2.26 | +44 |
| Maker (MKR) | 1050.38 | +42 |
| Cosmos Hub (ATOM) | 8.49 | +39 |
| Compound (COMP) | 51.28 | +96 |
| Storj (STORJ) | 0.83 | +93 |
| Render (RNDR) | 0.51 | +58 |
| Bitcoin Fear and Greed Index | 14 Extreme Fear |
| “Crypto” Google Trends 90d | 21 |
| “Bitcoin” Google Trends 90d | 51 |
Major Economic Events tomorrow:
- (EUR) German G7 Summit – all day
- (US) Durable Goods orders – 08:30 am EST
Newswatch 📰
Goldman Sachs looks to (potentially) purchase Celsius. Banking giant Goldman Sach looks to raise $2 billion from investors to purchase crypto lender Celsius. According to reports, the firm appears to be soliciting funds from several web3 crypto funds and Traditional Finance (Tradfi) institutions. That’s one discounted approach to getting involved with crypto lending, although the Celsius team is calling it fake news.
New tidbits:
- Crypto exchange Bybit and CriptoNoticias look to expand into Argentina.
- The Bitcoin Network power demand falls to 2022 lows.
At the protocol level ⛓
Ethereum ongoing merge. Ethereum developers tentatively schedule the merge of the 2nd major Ethereum testnet, Sepolia, for the week after July 4th. The Sepolia merge is one of several steps remaining before the team pushes focus towards the Mainnet merge.
Harmony One offers a bounty. The Harmony One team offers a $ 1 million bounty reward for any information that leads to the return of $100m of altcoins hacked from its Ethereum cross-chain Horizon Bridge last week. Additionally, the team has been working with the FBI and cybersecurity firms to retrieve the stolen funds.
Protocol tidbits:
- Circle to release USDC weekly reserves and liquidity reports
- BlockFi to increase rates for BTC, ETH, USDC, GUSD, and USDT due to demand.
NFT & metaverse update 🐵
NFT tidbits:
- Yuga Labs sues Artist Ryder Ripps over defamation.
Banter’s take
Markets are forward-thinking. So even though macro conditions show little room for improvement, markets tend to react before significant shifts occur. With this in mind, it’s a great time to prepare for an eventual bottom. It could come next week, in a few months, or it might have already occurred. Nobody truly knows. I’m creating a list of projects that are highly undervalued that I plan on dollar cost averaging (DCAing) into during what may be a prolonged crypto winter. Moreover, this week I plan to cover what I seek in a crypto project before investing, so stay on the lookout!
Thanks for reading!
Gabri
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Disclaimer
Good Morning Crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
