🧘‍♂️The Future of Bitcoin

Dear Meditators

The Bitcoin downtrend continued over the weekend as FUD and hacks sprang up. 

The list of exchanges freezing or slowing withdrawals and transactions keeps expanding following the court-ordered liquidation of Three Arrows Capital last week. 

It’s always darkest before dawn, but when can we expect a break in the clouds? 

Today’s Meditations: 

• Bitcoin Still Searching For Bounce
• KuCoin Contradicts Withdrawal FUD
• Crema Finance Gets Hacked

⏰ Top Headlines

• Vauld halts client withdrawals and hires advisors for potential restructuring
• Meta is pulling the plug on its crypto payments wallet, Novi
• Crypto Lender Celsius Cuts 150 Jobs Amid Restructuring: Report
• Ethereum Name Service records second-highest ENS name sale

? Nothing to BT-See Here

BTC/USD

Macro Structure: The aggressive downtrend continues.

Key Support: $19k, $16k, and $12k.

Key Resistance: $23k.

Looking Forward: Downtrend continuation expected.

? A Little Birdie Told Me…

Some rumour mongers have been working overtime on Crypto Twitter lately. Filtering through sensationalist tweets has become more challenging than dodging spoilers for Stranger Things. The fallout FUD from 3AC’s liquidation and Celsius’ brush with disaster is in full swing.

• Rumours surrounding the alleged intention of centralised exchange KuCoin to freeze user withdrawals was addressed by KuCoin CEO Johnny Lyu in a tweet Friday.
• Lyu tweeted in response to a growing number of posts spreading uncertainty about the health of KuCoin: “No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.”
• The hearsay around KuCoin comes at an inopportune time. CoinFLEX, a physical futures crypto exchange, paused withdrawals June 23rd, and broker Voyager did the same last week.
• Lyu referenced multiple indicators to support his dismissal of the rumours, sharing the company’s 2022 H1 review with detailed operations information, and drawing attention to a recent $150 million funding from May of this year.

Since Terra’s collapse, bad news has been in no short supply. Celsius, Voyager, Three Arrows Capital… The list is already sizable, and continues to grow. Tweets like these have both the power to warn and to harm.

Always remember there are no guarantees. The safest way to retain direct access to digital assets is retaining ownership of keys by using wallets like MetaMask or Ledger.

? Crema Finance Hacked

It seems that prominent hacks are happening every month more recently. On Saturday, Crema Finance, a concentrated liquidity protocol, was hacked. This hack led to the temporary suspension of their protocols.

• Crema finance announced the suspension of its services due to an exploit that drained a substantial amount of its funds.
• Though they did not disclose the amount, SolanaFM (Twitter account) says that they lost around $8.7 million from the attack. This hack targeted funds from both the service provider and investors.
• Co-founder Henry Du said that they are “working with some security companies and got support from Solana, Solscan and Etherscan etc”.
• Crema provided an update on Sunday, posting the hackers’ address saying that they have located the funds and will continue to track its movements.
• Some members within the crypto-community suspect that the hacker took about 90% of the total liquidity from some of Crema Finance’s pools.

Crema Finance is working to get their funds back and resolve this issue. This hack comes only two weeks after Crema raised $5.4 million in a private funding round. As a side note, readers should note that this is not the same as Cream Finance which lost $19 million to a hack last year.

Monday, 4 July

• ?Filecoin Summit

  FIL-Toronto Summit will be a collaborative three-day event collectively hosted by Filecoin Foundation, Orbit, and FilSwan. There will be various sessions including meetups, workshops, keynotes, a hackathon, cocktail, and more throughout the summit, running from July 4th – 6th in Toronto.

• ?United States Independence Day

  Stock markets and banks will remain closed throughout the day in observance of the United States’ national holiday. Additionally daily and weekly statistical releases by the Federal reserve will resume July 5th.

Wednesday, 6 July

• ?Celo Discussion

  Twitter Spaces with Celo at 3PM UTC. Toucan Protocol features Celo for a discussion on the mobile-first blockchain aimed at attracting all the top ReFi projects.

Thursday, 7 July

• ?️Hot Wheels NFTs

  Mattel is back with another Hot Wheels NFT collection on WAX. Starting July 7th, you’ll be able to get your hands on 50 new car #collectibles in 5 rarities. Packs contain NFTs that can be redeemed for exclusive physical versions.

Friday, 8 July

• ?Binance Meetup

  Binance celebrates its 5-year anniversary with a community meet Friday, July 8th. This one-day, in-person community meetup in Paris will host a lineup of Binancians, Angels, and industry leaders all exploring the Binance story.

• ?️Employment Situation

  The Employment Situation for March is scheduled to be released by the U.S. Bureau of Labor Statistics. The report will offer insight into the current employment climate in the United States.

? Watch

• Watch our How to Get Rich Trading Crypto Course if you struggled with today’s technical section.

? Read

• Read the following Technical Analysis guides for more insight:

1. Moving Averages 
2. Fibonacci Retracement  
3. Volume and Open Interest  

? Recession Incoming? What You NEED To Know!

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??‍♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Ellen B.

Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.

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