Arcane Research: Stablecoins Supply Drops Almost 19% In Q2 2022

The total supply of stablecoins decreased globally by 18.8% at the end of the second quarter of 2022 as the equities markets and risky assets experience volatile times due to rising inflation and other macro reasons.

Stabelcoins Supply Falls In The Second Quarter

Digital tokens called stablecoins are anchored to fiat money like the dollar. These currencies are supported by a combination of cash reserves, commercial holdings, and other physical assets and make use of blockchain technology.

This week, Arcane Research released a paper that detailed the supply pattern. In their analysis, Arcane looked at supply information for popular tokens like USDT, USDC, BUSD, DAI, MIM, and USTC.

Data indicated that the overall supply was above $180 billion in May 2022. By the end of the second quarter, that amount had dropped to $151.3 billion, indicating an 18.8% decline in worldwide supply.

The report claims that the significant reduction, which is estimated to be worth $35.1 billion, is the greatest quarterly supply drop in stablecoins history. This occurs at a time when the cryptocurrency market is struggling and the prices of market leaders like Bitcoin have fallen dramatically.

The crypto ecosystem entered the seven seas in 2022, and stablecoins were not left unphased.

To understand how stablecoins navigated the stormy market conditions and whether Arcane’s stablecoin predictions for 2022 stand the test of time, click below:https://t.co/uL5tTWFQlT

— Arcane Research (@ArcaneResearch) July 26, 2022

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USDC To The Top

In particular, Arcane’s report anticipates a rise of USDC to the top. In fact, the analysis predicted that somewhere in October 2022, the market value of USDC will increase by around USDT.

According to Arcane, Tether (USDT) has been the market’s largest stablecoin, fully utilizing the first mover advantage. However, in November 2021, it decreased by 50%. As the market capitalization of USDT fell from $78 billion to $66.3 billion in 2022, the fall continued.

USDC market cap at $54 Billion. Source: TradingView

The top two stablecoins in cryptocurrency at the time of publication are USDT and USDC. The market capitalization of both tokens is over $50 billion. Binance USD (BUSD), the nearest rival, comes in third with a market worth of roughly $17.83 billion.

Related Reading | Ethereum Merge: How ETHBTC Could Hint At A Return Of Risk Appetite

Featured image from iStock Photo, charts from TradingView.com, Arane research

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Top 4 Gaming Projects on Solana

Many blockchains try to build momentum in the play-to-earn gaming vertical. Thanks to its high throughput and low fees, Solana makes for an excellent candidate. Several popular games have already been built on this network and have successfully grown their communities.

DeFi Land

DeFi Land has become one of the most popular Solana-based blockchain games. Players can choose various gameplay types, enabling a more immersive gaming experience on the Solana blockchain. Moreover, the agriculture-oriented gameplay – involving fishing, shooting, farming, crafting, etc. – is an appealing and approachable concept. It lowers the entry barriers and has the potential to bring more people into play-to-earn gaming.

It was the first Solana gamification project to launch, and the team delivered on the initial roadmap within nine months. Despite Solana’s multiple network outages, DeFiand has not had any downtime, thwarting nearly a dozen DDoS attacks. Moreover, the game has integrated with Raydium, Serum, Oracle, Tulip, Jupiter, and other projects to focus on interoperability and composability.

DeFi Land distinguishes itself through eight kinds of NFTs with unique gameplay attached to each type. Additionally, there is a native NFT marketplace, staking support, Seed Planting for NFT incentivization, in-game currencies, and secured the first-ever Radio tower in the metaverse. Delivering such an array of products and services makes DeFi Land stand out from the rest. Furthermore, the team is looking to add PvP, co-op, and a mobile application.

MonkeyLeague

Competitive gameplay continues to bring more people to the P2E industry vertical. MonkeyLeague is a prominent Solana-based title as it combines Web3 elements with eSports gaming. Players can build their dream team of soccer players, compete against others, and reap the rewards by rising the ranks. However, there is also some strategy involved, as players need to think about how they approach matches and handle their squad.

What sets MonkeyLeague apart from the rest is its high-production-value multiplayer gaming. It creates an exciting turn-based play-and-earn soccer game combined with decentralized finance elements. Anyone can pick up MonkeyLeague, but mastering the game is something different. Additionally, players own the game’s assets, including Stadiums, where games are played. Owning a Stadium can lead to generating passive revenue in MonkeyLeague.

In addition to hosting matches in a Stadium, players can earn through winning matches and rooting for the winning team as a spectator. MonkeyLeague is developed by UnCaged Studios, which recently secured $24 million in Series A funding. That money will advance the development of MonkeyLeague and the Game OS platform, designed to help Wb2/Web3 development houses enter the crypto space.

Neopets Meta

Free-to-play games with play-to-earn elements tend to attract tremendous interest. Such games need the inherent benefits of the Solana blockchain, including speed, efficiency, and low fees. Neopets Meta is currently the top-ranked Solana-based play-to-earn title where players engage in a virtual pet game. In addition, participants can explore various mini-games, PvE and PvP combat, and the care and customization system.

Neopets Meta is built on the cult classic Neopets, which had over 150 million players. Bringing that familiar look and feel to the metaverse and combining it with P2E elements will bring modernized nostalgia to that former player base. For those new to Neopets, there is much to like, as there are no upfront investment costs to engage in this virtual pet metaverse. The option to collect resources and craft a house to furnish, decorate, and expand for one’s Neopet is rather appealing.

SolChicks

Another popular play-to-earn game on the Solana blockchain is SolChicks. The project launched with tremendous ambition, as the team aimed to build the leading fantasy NFT PvP and P2E gaming ecosystem. With its cute characters and high-production-value gameplay, SolChicks has certainly delivered on most promises. The initial excitement surrounding the project became apparent as SolChick sold out its two NFT mint sales relatively quickly.

Gameplay-wise, there is a fair bit of lore, a gripping storyline, and engaging combat mechanics. Additionally, players will face PvP and PvE content, offering a good mix of changing conditions. Players can also collect the SolChicks they like and use them to tackle different in-game content types. Players who want to check out a game demo can do so here. It is good to see a demo of a blockchain game, something more teams will hopefully introduce over time.

 

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A New Country for Bitcoin Mining Officially Opens Its Doors

A new ECOS data center with a capacity of 60 MW has been launched in Armenia. Full state support for the Free Economic Zone provides unique benefits and affordable electricity for mining.

In 2018, the Armenian government entrusted ECOS to create and manage a Free Economic Zone to support the development of high technologies and the blockchain industry in the country.

Today, the company maintains more than 250,000 users that use cloudmining and hosting services worldwide, and you can become a part of the ECOS mining ecosystem! An end-to-end infrastructure was built on the territory of the data center, including a service center, warehouses and regular supplies of spare parts, armed guards and staff of servicemen located on the territory 24/7.

ECOS data center receives an additional 60 MW of clean, affordable and stable electricity from high-voltage networks, which makes it possible to claim almost 100% up-time electricity.

The new plot can accommodate more than 20,000 mining devices on an area of ​​2.2ha, with the potential to expand to an additional 200MW.

Moreover, the optimal temperature of this region allows to eliminate problems with overheating without additional expenses – the average annual temperature in Hrazdan is 4.8°C.

Also, we have to mention ECOS end-to-end service: The company takes full care and responsibility for the purchase of mining equipment from Bitmain, on behalf of our clients or simply helps to move from other data-centers to ECOS, the company’s employees test, install and maintain equipment 24/7 and you can watch and control your assets directly from the mobile app.

This is a really good opportunity to earn passive income with ECOS hosting and manage it with two clicks on your smartphone. Your earnings on mining are not so easy? Let’s check out all the benefits here.

“We have come a long way from legalizing mining in Armenia to launching our own energy infrastructure that is ready for scaling. We want to offer our partners simplicity in everything: from launching your mining business on our data-center to daily monitoring of the result in the application without leaving your home” — said Ilya Goldberg, managing partner of ECOS. — “Our bundled product is made to serve both institutional and retail clients from any part of the world.”

Armenia patronizes the blockchain/mining sector and has allowed the creation of FEZ with unique conditions such as 0% income tax and 0% VAT, 0% import and export duties, 0% property and real estate taxes for the next 25 years, which allows our partners to receive maximum revenue on capital.

At present days due to the lack of stable and affordable electricity in the world and the constantly changing legal requirements, ECOS services are extremely relevant, the company said.

Crypto winter is coming to an end and now is the best time to start mining. Historically, it is most profitable to invest in cryptocurrencies during such periods. If you have not yet started earning on bitcoin mining, then start now with ECOS hosting!

 

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Cardano Joins The Red Screen – How ADA Fell To $0.45 Over Last 24 Hours

Cardano (ADA) is all flushed today as it plunged by 6% compared to yesterday’s high of $0.53.  While it remains to hover above the 50-day moving average, ADA may drop further down by $0.45 in the next 24 hours as the bears take control of the market.

ADA has a fantastic weekend as it glided way up to $0.52 on July 24. However, the coin slid to $0.48 as a result of the issues involved in the Vasil upgrade.

ADA bulls are trying to touch the $0.55 resistance level hoping to make a grand comeback but if it plummets to $0.45, then bulls would need to try harder.

Suggested Reading | Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours

Cardano Bearish Movement Similar To Bitcoin’s

Bitcoin movement has capsized similarly to Cardano’s bearish movement. Bitcoin has currently plunged below the $22,000 zone showing a drop of 4%. More so, Ethereum also dropped by 5% or $1,500 in price.

All other major altcoins also plummeted in price. Dogecoin dipped to $0.06, Ripple plunged to $0.34, Polkadot lost 5%, and Solana slid further down by 6%.

As seen in the recent 24-hour candlestick chart, Cardano’s price is forming the Evening Star pattern. It has rallied over the weekend hovering at $0.53 but ADA succumbed to the bears and registered a low price point as depicted in the past 48 hours. While the price looks favorable and is on top of the 50-day moving average, it has somewhat slipped into a dangerous coma at $0.493.

Cardano RSI has moved further down to 50.96 from 58.22 in just a few hours which indicated a decline in market valuation. This also confirms ADA’s bearish momentum.

More so, the coin’s trading volume also dropped by 33% overnight which implies that is very minimal buying action taking place. Additionally, its MACD or moving average convergence divergence curve also shows to be shooting for a bearish forking.

ADA total market cap at $15.4 billion on the daily chart | Source: TradingView.com ADA Bulls To Tilt Market Dynamics

 ADA price can dangerously go down to $0.47 in the next couple of hours. With that in mind, ADA price will need to hold onto dear life at the support line of $0.45 to retain its bullish momentum in the market.

The entire crypto market has been dominantly bearish for the past few days and Cardano has been devalued excessively with the next support level down at $0.457. The past week for Cardano has shown a somewhat zigzag pattern in terms of price action but now it seems the bears have dominated the market.

ADA has shaved off as much as 5.74 in value. With the increased volatility happening and the bearish pressure mounting, more downturns are expected. Currently, the bulls are trying to overpower the bears but the bulls will need to hold on to the support line to tilt the market dynamics in their favor.

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Featured image from Portal do Bitcoin, chart from TradingView.com

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Crypto Market Shaves Off $50 Billion In One Day As Reversal Begins

The crypto market has now seen more than $50 billion lost in a one-day period as the market lost its recovery streak. This had been expected for the market due to the large recoveries recorded in a short period of time. This has brought down the crypto total market to an important level.

Crypto Market Drops Below $1 Trillion

Bitcoin and Ethereum’s remarkable recoveries last week had done enough to push the whole of the market upward. As a result, the crypt market quickly added more than $100 billion during this time. It had pushed the total market cap above $1 trillion once more, too much jubilation among crypto investors.

Related Reading | Ethereum Weekly Exchange Net Flow Points To Growing Accumulation Trend

However, this recovery would prove to only be short-lived given that the crashes had been as swift. In the span of one day, the crypto market had lost more than $50 billion following the dips and has now lost its hold on the $1 trillion market cap.

Presently, the total crypto market cap is sitting at $944 billion, more than a $100 billion loss from where it was sitting last week. The loss pattern over the last few days is now seeing cryptocurrencies in the space testing an important support level and mostly failing to hold.

Bitcoin has since lost its footing at $22,000 and is now trading at low $21,000s, while Ethereum has declined to the $1,400 territory. This has dragged down their market caps to $402 billion and $171 billion, respectively.

Market Sentiment Takes A Dive

As the crypto market had recovered, the market sentiment quickly climbed. For the first time in two months, investor sentiment had successfully made it out of the extreme fear territory to be sitting in fear. With the continuation of the recovery, the sentiment score had increased to close at a new two-month high of 30 last week.

Related Reading | More Than 57,000 Traders Liquidated As Bitcoin Declines Below $22,000

The sentiment had consistently been up for the last couple of days until Monday, when the prices had begun to fall. The dip in sentiment saw the Fear & Greed Index return a score of 26 for the last day, signifying that investors are once again becoming wary of the market.

While the bearish trend is not completely established yet, it is gradually becoming the norm over this time. Following historical trends, there will be recoveries and pullbacks, which will see the market establish lower highs and lower lows.

Featured image from CNBC, chart from TradingView.com

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Crypto Market Holds The Line On “Dull” Earnings Week Start

The general sentiment in the crypto market seems to be turning bearish as Bitcoin and Ethereum record losses over today’s trading session. The two larger cryptocurrencies by market cap still record some gains over higher timeframes but seem poised for a dicey week.

Related Reading | Bitcoin Puell Multiple Lifts Off From Buy Zone, Bull Momentum To Follow?

At the time of writing, Bitcoin (BTC) trades at $22,100 with a 3% loss in the last 24 hours. In the meantime, Ethereum (ETH) trades at $1,520 with a 6% loss over the same period.

ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

The crypto market faces some hurdles with this week’s public companies’ earnings reports. If public companies failed to meet market expectations, risk-on assets could resume their bearish trend.

Jurrien Timmer, Director of Macro for investment firm Fidelity, believes this earnings season has been “boring”. So far, only 104 companies in the U.S. public market have released their reports with Meta, Apple, and other major entities still to go.

In addition to that, the U.S. Federal Reserve (Fed) could announce a decision on interest rates hike. Most market participants expect a 50 basis point to 75 basis points increase, anything higher in combination with a poor earnings season could trigger downside volatility for crypto assets.

On the second week of this earnings season, Timmer said the following sharing the chart below:

After all the handwringing about “the next shoe to drop,” a boring earnings season would be a relief. Q2 so far appears to be just that, with 72% of companies beating (lowered) estimates by an average of 4.3%. Only 104 companies reported so far, but it’s good start.

Source: Jurrien Timmer via Twitter Should Crypto Investors Prepare For The Worst?

Further data provided by Timmer hints at an extension of July’s bullish price action for the S&P 500. This major index records a 16% drop since January 2022 and could trend higher forming a “risk rally” if “earnings growth” continues to hold.

In the past months, Bitcoin, Ethereum, and the crypto market have seen positive appreciation after a major Fed event. This Wednesday, the financial institution will hold its Federal Open Market Committee (FOMC) meeting.

According to Timmer’s conclusions, if earnings remain “boring” the crypto market seems likely to push further upwards. However, the Fed might push down risk-on assets with a 100-bps hike.

Related Reading | Is Ethereum Stronger Than Bearish Macro Factors? Why ETH Will Be Tested This Week

Via Twitter, a pseudonym analyst makes the case for a hawkish Fed on the back of “solid” data recorded by the U.S. jobs markets. This data might hint to the financial institutions that they can “keep pushing until something breaks”. The analyst said:

So long as the market sees US employment holding up, it will be on edge for tighter monetary policy shifts (sell the rally). The Fed know that breaking the employment market will help calm inflation. If people are losing their jobs and have no dollars to spend, demand-side pressures wane and the supply-side can normalize.

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Bitcoin Puell Multiple Lifts Off From Buy Zone, Bull Momentum To Follow?

On-chain data shows the Bitcoin puell multiple has started to leave the “buy” zone, a sign that the crypto may be heading towards bullish momentum.

Bitcoin Puell Multiple Has Gone Up In Value During Recent Days

As pointed out by an analyst in a CryptoQuant post, the BTC puell multiple is currently breaking out of the historic buy zone.

The “puell multiple” is an indicator that measures the ratio between the daily miner revenues (in USD) and the 365-day moving average of the same.

What this metric’s value tells is how much Bitcoin miners are currently making compared to the average for the past year.

When the value of the indicator rises, it means miner revenues are going up right now. This leads to miners becoming more likely to sell and the price may be called “overvalued.”

Related Reading | On-Chain Data: Bitcoin Whales With 10k+ BTC Have Been Growing

On the other hand, decreasing values of the metric can suggest the price is becoming more undervalued as miner revenues are moving down.

Now, here is a chart that shows the trend in the Bitcoin puell multiple over the last several years:

The value of the metric seems to have observed some rise recently | Source: CryptoQuant

As you can see in the above graph, the Bitcoin puell multiple was in the “buy” zone until just a little while ago.

Historically, this zone with indicator values less than 0.5 has been a sign that the price of the crypto is currently undervalued. Bear bottom formations have taken place here.

Related Reading | Bitcoin Funding Rate Remains Positive, More Decline Soon?

There is also an opposite area, the “sell” zone, which represents values of the multiple greater than 4. Naturally, BTC is overvalued in this region.

Very recently, the puell multiple has seen some uplift and has now just broken out of the green zone. During the past, this has usually been a sign that the crypto is now heading towards bullish momentum.

One thing should be noted, however, that in the past a breakout from the region doesn’t mean a rally would necessarily begin immediately. There could still be a few more months of buildup before a proper run can begin.

BTC Price

At the time of writing, Bitcoin’s price floats around $21.9k, down 1% in the last seven days. Over the past month, the crypto has gained 3% in value.

The below chart shows the trend in the price of the coin over the last five days.

Looks like the value of the crypto has sunk down during the last few days | Source: BTCUSD on TradingView

After holding above $22k for about a week, Bitcoin seems to have dipped below the level over the past 24 hours.

Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, CryptoQuant.com

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