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- Denounce The Bounce?
OVERVIEW
Denounce The Bounce?
Strong bounces across the board, with the majority of cryptocurrencies recovering the majority (or the entirety) of yesterday’s slaughter. Whether today is just a dead cat bounce or the start of a new leg up remains to be determined.🥩
In today’s Litepaper, we’re looking at how the altcoin market is doing compared to the broader crypto market.
Also on deck: your crypto news in three sentences. 📰
Before we dive in, here’s today’s crypto market heatmap:
And here’s a look at crypto’s total and altcoin market cap YTD:
TECHNICAL ANALYSIS
Technically Speaking 📈
Something of a rarity occurred today in the crypto market: the altcoin market (excluding $ETH) is outperforming the total crypto market cap. 🫢
Additionally, the altcoin market cap chart is positive for the week, while the total crypto market cap remains in the red.
Altcoin Market Cap Weekly Chart & ALGOUSD Daily Chart
High volume days that break key support zones are often precursors to even lower prices. However, as crypto has taught us time and time again, cryptocurrencies are a different beast when it comes to what ‘normal’ is.
Let’s see what the rest of the week brings. 👀
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NEWS
Crypto News In Three Sentences 📰
🐦 Polkadot's Marketing Money Pit: Treasury Burns Cash, Gets Nothing
Polkadot ($DOT) is finally putting the brakes on its spending spree after blowing $36.7 million on marketing and getting about as much attention as a kid juggling in Times Square. With treasury reserves drying up faster than a puddle in the Sahara, the community's sick of throwing money at influencers who can't even shill DOT without making it look like a pyramid scheme. Looks like it's time for Polkadot to stop dreaming about internet fame and focus on not going broke. Cryptopolitan has more.
🔒 Ronin Network Gets Robbed (Again): Same Old Security Snafu
The Ronin Bridge just took another $9.8 million hit. You'd think after losing $600 million two years ago, they'd learn to lock the back door, but here we are. Axie Infinity ($AXS) might be holding its head high, but Ronin's security is looking more like Swiss cheese than a fortress. Seriously - WHY IS THIS STILL HAPPENING?! From Crypto-Economy.
🔗 Metis Hooks Up with Chainlink CCIP: Cross-Chain Love Affair Begins
Metis is banking on Chainlink’s ($LINK) CCIP to finally bring some cross-chain magic to DeFi because apparently, interoperability is the new black. Despite METIS and LINK getting slapped around by the market, Metis is all in on connecting blockchains like a matchmaker at a lonely hearts club. Meanwhile, Chainlink's raking in $12 trillion in transaction volume, proving it might just be the adult in the room. More at The Defiant.
🔐 Anchorage Embraces Solana: Holding the Line on Crypto's Cockroach
Anchorage is letting $SOL tokens into the club, proving that even after FTX's spectacular collapse, there's life in this beleaguered blockchain yet. Forget the memecoins—Anchorage is sticking to serious players like $USDC, because why hitch your wagon to a sinking ship? Solana might be down, but it's far from out, and Anchorage is here for it, warts and all. Full story at CoinDesk.
🎮 Curio Scores $5.7M for Web3 Games: Betting on Blockchain Buzz
Curio just landed $5.7 million in seed funding to prove that blockchain gaming is more than just tech hype and awkward press releases. Their new game, "Duper," mixes strategy and poker-style action, betting that gamers are ready for something a little more cerebral than candy crush knockoffs. With Bain Capital Crypto backing them, Curio's aiming to turn blockchain games into the next big thing—or at least make some noise trying. TheBlock has more.
📄 SEC vs. Coinbase: Gensler's Emails Under Siege
The SEC is playing keep-away with Gary Gensler's emails while $COIN's demands look more like a wild goose chase. Coinbase claims it's all about transparency as it fights charges of running an unregistered securities exchange, but the SEC isn’t budging. This legal tango could redefine how much regulators have to spill about their inner workings, and right now, it’s all eyes on the prize. From Bitcoinist.
💸 DJT Token Plummets: Pharma Bro's Token Tantrum
The DJT token, supposedly linked to Trump, just nosedived 90% after a whale pulled the rug faster than a bad magician at a kid’s party. Martin Shkreli’s pointing fingers at Barron Trump for the collapse, but who really knows in this circus? It's another day in meme coin land, where the only thing predictable is unpredictability. More at Cointelegraph.
📉 Wemade CEO Faces the Music: WEMIX Drama Unfolds
Wemade’s former CEO is getting grilled for allegedly playing fast and loose with WEMIX token data, leaving investors with a bad taste. Korean prosecutors aren’t pulling punches, slapping him with Capital Markets Act violations after accusations of misleading investors. From DailyCoin.
🏦 Kiln DeFi Launches: Staking Made Simple-ish
Kiln is rolling out Kiln DeFi, promising to make earning stablecoin rewards less of a head-scratcher and more of a walk in the park. By teaming up with Aave ($AAVE) and Compound ($COMP), Kiln hopes to democratize digital asset value creation, proving simplicity sells. Crypto.com is already onboard, integrating Kiln's service like a charm. Full story at CryptoSlate.
💶 Euro Stablecoin Market Soars: MiCA's Doing Its Thing
Europe’s stablecoin scene is lighting up with a new euro-backed coin, thanks to MiCA regulations setting the stage for financial innovation. This stablecoin, launched on Stellar ($XLM), is the lovechild of French and Irish fintech firms, aiming to give traditional finance a run for its money. Cointelegraph has more.
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