🧘♂️If You Own Any Altcoins…
Market Meditations | May 27, 2022
What key lessons can we draw from the ETH/BTC chart?
Will the largest crypto wallet in the world create a token to airdrop users?
Why has Tether announced the launch of a new stablecoin, linked to the value of the Mexican peso?
We will answer all these questions.
- ETH/BTC Technical Analysis
- Check this out if you own any altcoins!
- Largest Crypto Wallet Airdrop Rumors
- Tether’s New Stablecoin
Today’s newsletter will include technical analysis.
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⏰ Top Headlines
- Stepn to block mainland China users to comply with regulatory policies
- Solana’s blockchain clock loses track of time, now running 30 minutes behind
- Ether Accounts for Almost Half of $520M Liquidations Amid Weak On-Chain Data
- Tether’s USDT stablecoin launches on Polygon
? When Will ETH BT-See Clearly?
Macro Structure: ETH has been in a steady downtrend vs BTC for all of 2022. We’ve just hit a new All-Time Low and tested the key support at 0.06.
Key Support: 0.06 and then the next support is 0.055.
Key Resistance: 0.065.
Looking Forward: High-risk high reward spot to hold altcoins and Ethereum. Ethereum rallies vs Bitcoin often drag up the altcoin market with them. If you want to wait for a safer spot to start entering altcoins and Ethereum, it may be more appropriate to wait till we get confirmation above 0.065.
☔ Is a Metamask Airdrop Imminent?
Will the largest crypto wallet in the world create a token to airdrop users? One crypto Twitter account (who likens himself to a croissant) thinks so and provides an explanation.
- Not only has Metamask grown its user base from 545K at the beginning of 2020 to more than 11 million, but it has also found a way to become a sustainable & profitable business with Swaps.
- MetaMask had zero revenue before Swaps. Now as a DEX aggregator, Swaps scans prices in pools to quote the best trade for users for a .875% fee.
- The swap model has allowed MetaMask to bring in more than $380 million in revenue as “a wallet that doesn’t collect your data, surveil you, or bake in any other fees,” according to developer Erik Marks.
- Swaps has 1.2M users w/$20B in total volume.
- For every $1000 traded, MetaMask earns $8.75 while Sushi earns $0.5 and Curve earns $0.2, so the revenue of MetaMask should more than double the two protocols’ combined revenues.
MetaMask is owned by ConsenSys and hasn’t released a token yet, but plans to decentralize MetaMask were already being discussed back in November of 2021 according to this tweet by Joseph Lubin. When developers at MetaMask were asked about the possibility of a $MASK token, their response was that they really want $MASK to have a use case before they drop it so it’s not just a pump & dump. They are also working on new developments on top of MetaMask called Snaps.
If you are interested in airdrops, check out our guide here.
? Tether Making Moves in Mexico
While some stablecoins have had major trouble contracting their supply others continue expanding into new markets.
- Tether recently announced the launch of a new stablecoin, linked to the value of the Mexican peso.
- $MXNT joins USDT, EURT, and CNHT in Tether’s lineup of coins pegged to national currencies.
- MXNT will first launch on the Ethereum, Tron, and Polygon networks with the possibility of expanding to future projects in the future.
- According to crypto payments company Triple-A, 40% of Mexican companies intend on including blockchain adoption and some form of cryptocurrency.
- Along with notorious internal money transfer problems, the flow of remittances into Mexico exceeded $50 billion last year, making it the third-largest recipient of remittances in the world.
- Tether’s foray into Mexico’s market follows cryptocurrency companies like Coinbase, Bitso, and Circle. In February of this year, Coinbase launched a cash-out service in Mexico aimed at reducing fees and making it easier to offramp crypto into fiat currency.
While market cycles and price action come and go, adoption continues its steady growth. Countries, corporations, and consumers keep looking for ways to get into the crypto game. Investors who choose digital assets as part of their portfolios would do well to keep their sites on the destination, not the journey.
- Watch our How to Get Rich Trading Crypto Course if you struggled with today’s technical section.
- Read the following Technical Analysis guides for more insight:
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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