Crypto Market Newsreel \ 01-15 JULY

Ongoing 'Crypto Winter' & Tips to Survive It

This year, July has come with heat waves and abnormally high temperatures, the 'crypto winter' is still going strong. This time we cover Ethereum's second successful testnet merge, a new trend of bringing Web3 to smartphones, the aftershock of the US inflation report, and new collaborations with rising TikTok stars, such as Khaby Lame.

We also asked analysts what to do in the 'bear market' and highlighted several ideas for you. We hope you're ready for it. Buckle up!
Market Cap
In the last two weeks, the market cap gained 3.2%, reaching $0.885 Trillion, according to CoinMarketCap. Even though the US inflation report showed record-high numbers that dipped the crypto market cap to $0.858 Trillion for a hot second, the market is slowly getting back up, with Bitcoin price rising to $19,835.85 and Ether trading at $1,026.29 on the Aximetria app.
$885 Billion
+3.2%
* Crypto market capitalization is the total value of a cryptocurrency. It is calculated by multiplying the cryptocurrency price with the number of coins in circulation.
BTC Treasuries
BTC Treasures are alternative inflation hedges and stores of value that are especially popular in the times of world economic destabilization.
ETFs
Exchange Traded Funds
827,105 BTC
Governments
50,778 BTC
Ukraine
46,351 BTC
-0.19%
Public Companies
262,695 BTC
MicroStrategy
129,699 BTC
Private Companies
174,381 BTC
Block.one
140,000 BTC
-2.25%
Grayscale Bitcoin Trust
643,572 BTC
Top 3
Top 3
Top 3
Top 3
Learn more at Buy Bitcoin Worldwide
2,380 BTC
El Salvador
Finland
1,981 BTC
42,902 BTC
Tesla, Inc
Galaxy Digital Holdings
16,400 BTC
17,500 BTC
The Tezos Foundation
Stone Ridge Holdings Group
10,000 BTC
CoinShares / XBT Provider
48,466 BTC
Purpose Bitcoin ETF
43,701 BTC
+0.16%
Headlines

  • US inflation report shows record-high inflation rate and spurring crypto drop

BTC
$19,835.85
+3.5%
Bitcoin
BUY
BTC
$19,835.85
+3.5%
Bitcoin
ETH
$1,026.29
+5.5%
Ethereum
BUY
ETH
$1,026.29
+5.5%
Ethereum
Bitcoin briefly slipped below $19,000 on major crypto exchanges following the release of the U.S. consumer price index (CPI), which came in higher than economists' estimates.

The U.S. economy recorded 9.1% inflation in June from the year-earlier month, which is a 40-year high. The gauge increased 1.3% from a month earlier, the steepest month-on-month increase since 2005, reflecting higher gasoline, groceries, rent and dental care.

A sell-off in crypto assets followed the release. According to CoinGecko data, many of the 100 largest cryptocurrencies by market capitalization fell at least 4%. Overall, crypto market capitalization fell 2.5% in the 24 hours, with the bulk of losses coming over a few hours after the report release. The next day, prices of the most influential cryptocurrencies slowly started climbing back.

  • Ethereum's Sepolia testnet successfully switches to proof-of-stake

ETH
$1,026.29
+5.5%
Ethereum
BUY
ETH
$1,026.29
+5.5%
Ethereum
This week saw the successful merge of the Sepolia testnet. This follows the Ropsten testnet merge, which was completed on June 8.

The Sepolia merge was a two-step process. Ethereum announced that operators needed to update their consensus layer and execution layer clients together. That then activated two phases: the first, at an epoch height on the Beacon Chain and the second upon hitting the total difficulty value on the execution layer.

This testnet merge means only one public testnet (Goerli) merge left before executing the mainnet merge later this year.


  • Ronin bridge reopens after infamous $600M hack
USDC
$1.00
USD Coin
BUY
USDC
$1.00
USD Coin
Sky Mavis, developers of the popular play-to-earn (P2E) non-fungible token (NFT) game Axie Infinity (AXS) announced the relaunch of Ronin bridge, three months after it was hacked for more than $600 million.

On March 29, 173,600 ETH and 25.5 Million USD Coin (USDC) were taken from the bridge after hackers managed to gain access to private validator keys. The hack was worth more than $620 million at the time.

According to Sky Mavis's team announcement, the Ronin bridge is back online after three audits (one internal, two external), a new design and full compensation of the users' stolen assets.

  • Polygon Joins Solana in Bringing Web3 to Smartphones
MATIC
$0.62
+25.0%
Polygon
BUY
MATIC
$0.62
+25.0%
Polygon
SOL
$33.94
+7.24%
Solana
BUY
SOL
$33.94
+7.24%
Solana
Tech startup Nothing tapped the Polygon network to offer non-fungible tokens (NFTs) on its new Android-based Nothing Phone, which consists of airdropping tokens that unlock perks such as early access to new products and events.
Immensely encouraging to see an innovator like Nothing embrace Web3 from the get-go, enabling direct access to Web3 by working with Polygon.
Polygon co-founder Sandeep Nailwal
Recently, Polygon has been selected to participate in Disney Accelerator Program to advance Polygon's development of Web3 experiences. It is the only blockchain project in this year's accelerator program.

  • Yield-Generating Stablecoin
AAVE
$78.30
+31.1%
Aave
BUY
AAVE
$78.30
+31.1%
Aave
Aave proposed the creation of a decentralized algorithmic stablecoin, GHO, as it looks to improve on and enhance the features of its lending platform.
The fully-collateralized stablecoin will be native to the Aave ecosystem and available on the Ethereum network. It is expected to be offered on other Aave-supported blockchains based on future community votes.

Still a proposal, Aave will allow users to mint GHO tokens against their supplied collaterals. GHO would be backed by a basket of cryptocurrencies selected at the users' choice, while borrowers would continue earning interest on their underlying collateral.

  • Binance partnered with famous TikToker Khaby Lame to increase Web3 awareness and adoption
At the end of June, Binance announced its partnership with Khaby Lame, the Italian-Senegalese comedian who grew to fame through his viral TikTok videos, to be a global brand ambassador.

Khaby will use his signature style from viral TikTok videos to explain the fundamentals of Web3 and create NFT collections with Binance.

Khaby Lame has also weighed in on emerging technology by partnering with Meta to advertise the metaverse — he appeared in a video on the tech giant's corporate accounts alongside Mark Zuckerberg. Khaby is currently the most-followed creator on TikTok, with more than 146 million followers on the platform, and 78 million followers on Instagram.
Featured on Aximetria
COMP
$48.24
+ 7.67%
Compound
BUY
COMP
$48.24
+ 7.67%
Compound
Compound is a DeFi lending protocol that allows users to earn interest on their cryptocurrencies by depositing them into one of several pools supported by the platform.

Since the launch of the Compound mainnet in September 2018, the platform has skyrocketed in popularity and just passed more than $800 million in total locked value.

Compound (COMP) was the only DeFi token in the top 100 to register a weekly green with a 2% surge over the past week. The rest of all other DeFi tokens in the top 100 showed an overall bearish momentum dipping in double digits.
Crypto Regulation Updates
USA
Much anticipated US crypto regulation bill aims to bring greater clarity to digital assets and DAOs.
Read more
South Africa
South Africa's Reserve Bank plans to regulate cryptocurrencies as financial assets, and new laws are expected in 2023.
Read more
Shanghai officially included blockchain, Metaverse, NFTs and Web3 in its 5-year digital economy plan
Read more
The French presidency of the European Union announced Phase 2 of the digital euro project in addition to the progress with the Transfer Fund Regulation (Travel Rule)
Read more
France
Shanghai
Analysts Talk
The cryptocurrency market is cyclical, indicated by bear and bull markets. In bull markets, like the one that started in late 2020 and ended in late 2021, prices can rise by double digits day-to-day. During those times, it feels as if the market is destined to go only up. But in a bear market, prices may fall 90%, followed by another 90%, and so on.

This time crypto is tightly correlated to a macro environment and global trends in the economy, so not all old methods will work, and investors should be prepared to implement new strategies.

So what to do in the bear market? Let's hear what crypto analysts have to say about it.
  • Bobby Ong
    Bobby Ong is a co-founder of CoinGecko.com, one of the world's leading cryptocurrencies data aggregators

    Twitter
    #1 Use dollar-cost averaging to reduce risks

    "During bear markets, it's very hard to time the pico bottom. If you don't have any crypto exposure, start with BTC/ETH and dollar-cost your way in.
    If you already have some crypto exposure, focus on quality projects to find where fundamentals have been way oversold to DCA in."
  • Alex Svanevik
    Alex Svanevik is the CEO of the data analytics firm Nansen

    Twitter
    #2 Stay solvent

    "Although it may be tempting to try and "make it back in one trade" by entering highly risky trades, revenge trading can also easily backfire.
    Even if you manage to get a good entry, the chances that you have the mental fortitude to hold a large position like that are significantly reduced."
  • Alex Tapscott
    Alex Tapscott is the managing director of the Digital Asset Group, a division of Ninepoint Partners LP. He is the co-author of the non-fiction bestseller, Blockchain Revolution, translated into more than 15 languages and has sold 500,000+ copies worldwide.
    #3 Research projects and their core concepts

    Alex Tapscott, managing director at Ninepoint Digital Asset Group, believes that the bear market is a time to focus on building. He highlighted the necessity to look beyond the market's prices and see the foundations that are being laid.

    "Crypto winters are always the best time to drill down on these core concepts, do the work and build for the future. The last bear market brought us the NFT revolution, decentralized finance, stablecoins and play-to-earn gaming."
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The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
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