🧘♂️What’s Happening to BTC?
Market Meditations | June 6, 2022
There was no rest for the wicked this weekend, as Yuga Labs (creator of NFT series Bored Ape Yacht Club (BAYC) and OtherSide) saw another attack on its community.
We’ve also had news that Coinbase is extending a hiring freeze indefinitely and even rescinding some job offers.
Let’s consider the above and take a look at some technical analysis.
- BTC Technical Analysis
- BAYC Hacked… Again!
- Getting Cold with Coinbase
- Our Crypto Calendar of the Week
⏰ Top Headlines
- PancakeSwap (CAKE) price rises 9% as Binance Labs purchases tokens
- US Job Growth Tops Expectations in May, With 390K Added
- MicroStrategy CEO Saylor says bitcoin’s near-term volatility largely irrelevant
- New York’s push to ban crypto mining triggers response from community
? Taking A Turn For The…
Macro Structure: Strong start to the week. Big green candle.
Looking Forward: Patience is key. We’ve recently had the exact same move result in a bull trap and retrace straight back down. Confirmation signals are key here. Different traders use different ones. e.g daily candle close. We use the 7 day moving average for confirmation.
? Gone Phishin’
There was no rest for the wicked this weekend, as Yuga Labs (creator of NFT series Bored Ape Yacht Club (BAYC) and OtherSide) saw another attack on its community. In a phishing attack perpetrated through the use of a hacked Discord account, about 200 ETH worth of NFTs appear to have been lost by investors.
- Community Manager Boris Vagner suffered a security compromise which resulted in his account being hijacked and used to post messages in official Yuga Labs project channels.
- The bad actor then used his account to craft a Discord message advertising “ANOTHER exclusive giveaway”, and instructed members to connect to a phishing site disguised as the official link to mint the NFTs.
- Once on the bogus site, users’ information was gathered and transactions were executed resulting in the loss of participating members’ funds.
In a response on Twitter, Yuga Labs co-founder @GordonGoner said “Discord isn’t working for web3 communities. We need a better platform that puts security first.”, implying the Discord account security breach was the fault of the messaging platform, not security habits of users.
Regardless of the cause, reacquainting yourself with security best practices will never go out of style. Are you at risk? Find out here.
❄️ Coinbase Hiring Freeze Extended
With the way the market has crept down, some crypto exchanges are making difficult decisions. Coinbase is extending a hiring freeze indefinitely and even rescinding some job offers. Let’s take a closer look at what Coinbase is doing employee-wise.
- Coinbase is pulling back on hiring efforts. In their memo, they cited market conditions as a reason for extending their hiring pause for “new and backfill roles for the foreseeable future.”
- They have also rescinded several accepted offers! New employees had received an email a couple of weeks ago assuring them their job was safe. They now just received an email saying that their offers are being rescinded.
- This is affecting individuals differently. At least two workers will potentially lose their OPT Visa due to the rescinded offer.
- These cuts can bring concerns over the exchange’s security. Coinbase says that the hiring pause [for backfills] does not apply to roles “that are necessary to meet the high standards we set for security and compliance.”
For more information, check out the whole memo on Coinbase’s update on hiring plans.
Coinbase is not the only exchange acting on these market conditions. The Gemini crypto exchange announced that they are cutting 10 percent of their staff. While these cuts may not have a direct effect on the market, it is important to be well informed to be able to think of the direction of the industry as a whole.
Monday, 6 June
- ? Floki Inu AMA
Floki is hosting an AMA on their Telegram 6 June at 3PM UTC. Questions are open to the community and should be posted in comments on Twitter prior to the start of the AMA session.
Tuesday, 7 June
- ‼️ Blockchain Oracle Summit
The summit focusing on oracles and their role as data providers to blockchain networks will take place 7-9 June in Berlin. Tickets are available for purchase on BOS’s home page.
- ? Twitter Spaces AMA
Benqi Finance will host Yeti Finance in an AMA on Twitter Spaces at 4PM UTC. Topics include Yeti’s introduction into Avalanche, future plans, and the overall state of decentralised finance on the Avalanche network.
Wednesday, 8 June
- ➕ Ropsten Merge
Ethereum’s longest running PoW testnet is migrating to proof of stake. A new beacon chain was launched 30 May, with the merge expected to be completed 8 June.
Thursday, 9 June
- ? Consensus Kicks Off
Austin, Texas plays host to the Consensus “Festival for the Decentralized World” taking place from 9-12 June. Hosted by CoinDesk, Consensus is the world’s biggest and longest-running crypto festival, focusing on all sides of crypto, blockchain, Web 3 and the metaverse.
Friday, 10 June
- ?️ Consumer Price Index & Real Earnings
The U.S. Bureau of Labor Statistics will release numbers for May’s consumer price index and real earnings at 12:30PM UTC. These reports reveal changes in inflation and hourly wage rates.
- 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:
??♂️✍️ 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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