Bitcoin may have shown strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean the break above $27,500 will be an easy task.

Investors are still expecting tighter regulatory scrutiny following FTX’s bankruptcy in November 2022, including recent lawsuits against Coinbase and Binance.

In the last six months, the US Securities and Exchange Commission (SEC) has taken a total of eight cryptocurrency-related enforcement actions. Some analysts suspect the SEC is trying to redeem itself for the lack of oversight of FTX by cracking down on the top two exchanges.

Additionally, from a broader perspective, investors fear that a global recession is imminent, limiting the upside potential of risky assets such as equities, cryptocurrencies and emerging markets.

The euro zone entered a recession in the first quarter of this year, according to revised estimates from the region’s statistics office, Eurostat, released on June 8th. Poor economic performance could limit the European Central Bank’s ability to raise interest rates further to fight inflation.

Billionaire Ray Dalio, founder of Bridgewater Associates, said the US is experiencing stubbornly high inflation along with elevated real interest rates. Dalio warned of an excessive debt supply given the lack of buyers, which is of particular concern given the US government’s desperate scramble to raise cash after hitting the debt ceiling.

The latest macroeconomic data has been mostly negative, particularly after China announced a 4.5% yoy fall in imports on June 6th. In addition, as of June 7, Japan’s gross domestic product fell 0.3% qoq.

Let’s look at Bitcoin (BTC) derivatives metrics to better understand how professional traders are positioned in the weaker global environment.

Bitcoin margin and futures favor bullish momentum

Margin markets provide insight into how professional traders are positioned as they allow investors to borrow cryptocurrencies to leverage their positions.

For example, OKX offers a margin lending indicator based on the stablecoin/BTC ratio. Traders can increase their exposure by borrowing stablecoins to buy bitcoin. On the other hand, Bitcoin borrowers can only bet on the fall in the price of a cryptocurrency.

OKX stablecoin/BTC margin lending ratio. Source: OKX

The chart above shows that OKX traders’ margin-lending ratio surged on June 5 after Bitcoin plunged 7% to $25,500. Those traders were probably caught off guard as the indicator hit an impressive 62 in favor of long positions, which is highly unusual and unsustainable.

The OKX margin-lending ratio was adjusted to 34 on June 6 as leveraged long positions were forced to reduce their exposure and likely additional margin was deposited.

Investors should also analyze the long-to-short metric for bitcoin futures as it excludes externalities that may have only impacted the margin markets.

Bitcoin long-to-short ratio of exchanges top traders. Source: CoinGlass

There are occasional methodological discrepancies between exchanges, so readers should focus on changes rather than absolute numbers.

Both OKX and Binance top traders reduced their long-to-short ratios between June 7th and 8th, indicating a lack of confidence. More specifically, the ratio for OKX top traders dropped to 0.78 on June 8th after peaking at 1.08 on June 7th. Meanwhile, the long-to-short ratio on crypto exchange Binance fell to 1.29 on June 8 from 1.35 the previous day.

Related: Bitcoin rally falters as SEC cracks down on exchanges, increasing the likelihood of BTC price capitulation

Overall, bitcoin bulls appear to be in bad shape, both due to the deteriorating crypto regulatory environment and the unfolding global economic crisis.

Bitcoin derivatives markets are suggesting that the likelihood of BTC price surging above $27,500 in the short to medium term is slim. In other words, Bitcoin’s market structure is bearish, making a retest of the $25,500 support level the most likely outcome.

This article is provided for general informational purposes and is not intended and should not be construed as legal or investment advice. The views, thoughts, and opinions expressed herein are solely those of the author and do not necessarily reflect the views and opinions of Cointelegraph.

This article does not contain any investment advice or recommendations. Any investment and trading venture involves risk, and readers should do their own research when making their decision.

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A 10-year-old hibernating bitcoin whale has been spotted moving a whopping 1,432.93 BTC [$37.8 million] to a new address, “bc1psv”.

According to well-known data tracker Lookonchain, the “Satoshi Era” whale received 1,432.92 BTC on April 9, 2013, when the price was just $195.4 per BTC.

Bitcoin is currently trading above $26,000. So if they decide to sell immediately, they would make an incredible profit of almost $36.97 million. Here’s how.

The anonymous whale in question had bought 1,432.92 BTC for $195.4 each, which, assuming the BTC price was $26,000 in 2013, means an initial investment of about $280,000.

Crypto investors and experts typically watch out for such large transfers from dormant BTC whales as these transactions have the potential to have a significant impact on the market.

Such moves are becoming more common: In April, another sleeping HODLer moved 400 bitcoin — worth nearly $11 million at current prices — after not transacting for nearly 12 years.

The data platform that tracked his movements showed that the major holder had transferred 360 BTC [$9.8 million] to a wallet while the remaining 40 BTC are transferred to a number of other locations

The term “whale” refers to individuals or organizations holding more than 10,000 BTC.

These cohorts of large-scale hoarders often keep their millions of dollars in digital assets hidden, only occasionally re-emerging to transfer their holdings to new locations.

Bitcoin HODLers remains the most profitable investor study

Sometimes whales on a spending spree can push up the price of bitcoin, while token dumping can have the opposite effect.

To put it in perspective, “Bitcoin whales” are people who hold significant amounts of BTC, including governments, exchanges, corporations, and institutions. Now that some of these bitcoin whales are influencers, people often seek their advice to gauge market sentiment.

The vast majority of successful investors are whales as Bitcoin is up a whopping 40,000% over the past decade. According to studies, those who hold cryptocurrencies for a longer period of time benefit the most, while inexperienced retail investors who buy and sell cryptocurrencies often tend to lose money.

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Ethereum (ETH) continues to attract crypto investors in anticipation of the upcoming merge upgrade.

Interest has also spread to other related cryptocurrencies, such as Ethereum Classic (ETC), which is seeing a slight surge.

According to CoinGabbar statistics, Ethereum was the top-trending cryptocurrency on September 5, dominating the seven-day chart. The asset, currently trading at $1,565, is up 8.45% over the past seven days. At the same time, Ethereum Classic, the legacy Ethereum chain, is the fifth trending cryptocurrency overall and is up 4.02% over the past seven days and is currently trading at $32.

Ethereum recovers despite market sell-off

Ethereum’s rally came despite the broader crypto market seeing a significant sell-off. However, the surge could be due to the excitement surrounding the merge upgrade, which is seen as bullish sentiment for the cryptocurrency.

Notably, the upgrade, which shifts the blockchain to a Proof-of-Stake (PoS) mechanism, is also said to make Ethereum a deflationary asset. However, it is important to keep in mind that some market participants believe that Ethereum can only maintain its profits if the upgrade is successful.

At the same time, there is considerable skepticism about the upgrade as it is the most polished update to the Ethereum network ever. To ensure a smooth transition, the Ethereum Foundation has increased the merge bug bounty incentive to $1 million.

Ahead of the September 15 event, all public testnets have been updated and are ready for Ethereum’s mainnet.

ETC benefits from merger dynamics

In addition, the upgrade is primarily responsible for the awakened interest in Ethereum Classic. In this case, ETC has become the preferred target for miners as the merger effectively eliminated mining on Ethereum.

As the upgrade approaches, Ethereum miners only need to make minimal changes to start mining ETC. This comes after Ethereum developer Vitalik Buterin urged miners to switch to the ETC chain, stating that it is an excellent PoW network.

Likewise, ETC continues to receive support from various crypto players. As CoinGabbar previously reported, Leon Lv, CEO of AntPool, a mining pool affiliated with cryptocurrency mining hardware giant Bitmain, claimed that the company invested $10 million in the Ethereum Classic ecosystem.

Overall, the ETC rally has been historically consistent, with prices rising in anticipation of Ethereum upgrades. This became evident in April 2021, when ETC surged dramatically in tandem with Ethereum’s Berlin upgrade.

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Bitcoin / Source: Adobe

Bitcoin (BTC) is currently undervalued compared to the S&P 500.

That’s according to a metric that performs an OLS (Ordinary Least Squares) regression of the relationship between Bitcoin and the S&P 500 over the past 200 days to estimate the fair value of Bitcoin’s price based on the current S&P 500 price .

This method (an OLS regression of Bitcoin and S&P 500 prices over the past 200 days) gives a fair value of 27,550 for BTC.

At its current price, which is almost exactly $1,000 below $26,000, Bitcoin is currently undervalued by about 3.7% compared to this fair value estimate.

This is the largest undervaluation Bitcoin has seen relative to its 200-day OLS regression-derived fair value versus the S&P 500 since mid-February.

Bitcoin and US stocks, particularly growth stocks, have historically exhibited a close trade correlation, with analysts viewing both as speculative risk assets sensitive to changes in interest rates.

US stock markets have been propelled higher in recent weeks by a surge in big tech stocks as optimism mounted over the possibility that rapidly developing artificial intelligence (AI) technology will significantly boost productivity and profits.

Thanks to the historical correlation between Bitcoin and stocks, the more Bitcoin rallies while the former stagnates, the more room there is for a Bitcoin “catch-up rally”.

Bitcoin last changed hands nearly 15% lower than yearly highs of $31,000 in April, while the S&P 500 tested yearly highs of just under $4,300 on Thursday.

A weaker correlation limits the prospect of a Bitcoin catch-up rally

However, the argument for a Bitcoin catch-up rally against the booming stock market is not quite as strong as it was a few months ago.

Because while the correlation between the S&P 500 and Bitcoin price is still positive, it has weakened significantly over the past 12 months.

Around this time last year, the 60-day Pearson correlation between Bitcoin and the S&P 500 was above 0.6, according to data from CoinMetrics.io.

It was now down to around 0.14 on June 6th.

Much of the weakening of the correlation between the two asset classes happened in March, when a mini-bank crisis rattled sentiment in the stock sector, but provided bitcoin with some safe-haven demand.

March’s price action was a sign that investors are finally seeing Bitcoin the way its longtime proponents have always wanted it to be — as a decentralized and secure alternative to the current fiat-based monetary system.

While bitcoin’s correlation with the S&P 500 has weakened recently as investors treat the asset more like a safe haven for hard money like gold, bitcoin’s correlation with gold has increased.

Bitcoin’s 60-day Pearson correlation with Paxful’s tokenized gold version (PAXG), which closely tracks spot gold prices, was last seen at around 0.22, having recently hit a yearly high of over 0.3.

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An awesome list of resources for the Ethereum Classic (ETC) project. This is an open-source project contributed by the ETC community. See contribute to get started supporting this project.

ETC EVM Networks

Core Organizations

Network Public Utilities

• Mainnet
  • Block Explorer
  • Metrics/ Dashboards
• Astor
• Kotti
• Mordor

Clients

• Core-geth – An ETC protocol providing clients written in Go.
• Hyperledger Besu – An ETC protocol providing client written in Java.

Infrastructure Providers

• Bloq Cloud – BloqCloud delivers highly-optimized, always available access to blockchain networks.
• Ethercluster (free) – Ethercluster is an open-source Infura-like alernative based on GKE.
• Rivet – Cloud-based Ethereum APIs that truly just work.

Tooling

• BUIDL IDE – Second State BUIDL IDE is a web-based IDE that requires no software download or install. It provides a one-stop development and deployment environment for smart contract and dapp developers.
• Dappkit – A ledger-agnostic, high-performance infrastructure and libraries for developers to build and scale decentralized applications. In short, collaborative Firebase for Dapps.
• Embark Framework – Framework for serverless Decentralized Applications using Ethereum, IPFS and other platforms.
• Emerald Platform – Platform for building Dapps for ETC blockchain.
• ESerialize – The goal of this module is to provide easy functions to serialize and deserialize data for the Ethereum Stack.
• Ethereum JSON-RPC API – A specification of JSON-RPC methods that an EVM-based blockchain client must implement.
• Eth Fiddle – Online editor for smart contracts.
• EVM-LLVM – Not only can developers use a large scope of programming languages (Rust for smart contracts!) other than Solidity to target the Ethereum Virtual Machine (EVM), they can also immediately benefit from various development tools built around LLVM infrastructure.
• Ganache – Personal Ethereum blockchain to run tests.
• Jade Suite – The Jade suite of tools empowers developers to create peer-to-peer decentralized applications on top of EVM-based blockchains like Ethereum Classic.
• Mythx – MythX is the premier security analysis service for Ethereum smart contracts. Our mission is to ensure development teams avoid costly errors and make Ethereum a more secure and trustworthy platform.
• Open-RPC – The OpenRPC Specification defines a standard, programming language-agnostic interface description for JSON-RPC 2.0 APIs.
• OpenZeppelin – Battle-tested framework of secure, reusable smart contracts.
• Quorum – Quorum is an open source blockchain platform that combines the innovation of the public Ethereum community with enhancements to support enterprise needs.
• Remix Online IDE – A useful in-browser IDE that can compile and publish smart contracts to various Ethereum networks. Includes a linter.
• Signatory – An offline transaction and message signer for the Ethereum Stack.
• SOLL – The LLVM compiler is finally coming to Solidity. With it, we can easily create smart contracts across multiple blockchain VMs. The EVM on Ethereum Classic and ETH 2.0’s eWASM are among the first we support.
• Sputnikvm – SputnikVM is an open source standalone implementation of Ethereum Virtual Machine (EVM). It aims to be an efficient, pluggable virtual machine for different Ethereum-based blockchains.
• Truffle Suite – A world class development environment, testing framework and asset pipeline for blockchains using the Ethereum Virtual Machine (EVM), aiming to make life as a developer easier.

EVM Interoperability Projects

• BTC-to-wBTC – Wrapped Bitcoin delivers the power of Bitcoin with the flexibility of an ERC20 token. Bitcoin tokenized on EVMs.
• ETC-to-wETC – The Ethereum Classic Bridge connects ETC-to-ETH, where ETC is available as wETC on the Ethereum (ETH) chain.
• EVM-to-BNC Bridge – The EVM-to-BNC bridge combines the TokenBridge approach with a TSS to approve relay operations and facilitate asset transfer between an EVM chain and the Binance chain.
• Token Bridge – The TokenBridge allows users to transfer data (e.g. digital asset ownership information) between two chains in the Ethereum ecosystem. Cross-chain bridges provide fast and secure connections between blockchains, creating scalability and connection – interoperability – between Ethereum EVM networks.

Tutorials

Step by step guides on using the Ethereum tech stack.

Crowdfunding and freelance

• GitCoin – Crowdfunding and Freelance Developers for Open Source Software Projects.

• Commonwealth – A peer-to-peer savings fund that allows its users to own micro-equity and share fees from its use.
• Grayscale® Ethereum Classic Trust – ETCG is solely and passively invested in Ethereum Classic, enabling investors to gain exposure to ETC in the form of a security while avoiding the challenges of buying, storing, and safekeeping ETC directly.

Exchanges

Instant Exchanges

Payment Processors

Portfolio Trackers

Screeners

News Aggregators

Dapp Lists

Taxation Tools

• MyCrypto
• MetaMask
• MyEtherWallet
• Nifty Wallet

Hardware Wallet

Hardware wallets are secure wallets designed for long term storage.

Software Wallets

Software wallets are Desktop or Mobile devices designed for short-term storage.

Metal Wallets

Mining Pools

See more mining pools: https://tinyurl.com/2xpd86p3

Mining Software

Mining Pool Software

Chat

Forum

Podcasts

Repository

Twitter

Websites

Papers

Wiki

Smart Contract Documentation

Theory and Concepts

Learn about the theory behind the Ethereum project.

• Ethereum Stack Exchange – Question and answers about Ethereum.
• Smart contract safety – Ethereum wiki on best practices for safety in smart contracts.
• Accounts, Transactions, Gas, and Block Gas Limits in Ethereum – Functional description of Ethereum accounts, gas and transactions.
• Ethernaut Smart Contract Capture the Flag – Practice hacking Smart Contracts.
• Ethereum Syllabus – Syllabus to learn Ethereum.
• Cryptocurrency Security: University of Illinois 2016 – Cryptocurrency Security Course.
• Stanford CS 251(p): Bitcoin and Crypto Currencies – Stanford Bitcoin and Cryptocurrency Course.
• Introduction to Digital Currencies: University of Nicosia – Digital currency introductory MOOC.
• Bitcoin and Blockchain Technology: Concordia University – Introduction to Bitcoin and blockchain technology MOOC.
• Smart Contract Best Practices – Security related best practices for smart contracts.
• Low-Resource Eclipse Attacks on Ethereum’s Peer-to-Peer Network
• The idea of Smart Contracts – Nick Szabo’s idea of smart contracts post from 1997.
• Bitcoin: A Peer-to-Peer Electronic Cash System – Satoshi Nakamoto’s original paper is still recommended reading for anyone studying how Bitcoin works.
• Making Smart Contracts Smarter – Smart contract security attacks.
• Ethereum Classic (ETC) Wiki Philosophy – Some of the core philosophies of Ethereum’s ETC chain.
• Ethereum Classic (ETC) Improvement Proposals – Standards for the Ethereum’s ETC platform, including core protocol specifications, client APIs, and contract standards (ECIPs).
• Ethereum (ETH) Wiki Philosophy – Some of the core philosophies of Ethereum’s ETH chain.
• Ethereum(ETH) )Improvement Proposals – Standards for Ethereum’s ETH platform, including core protocol specifications, client APIs, and contract standards (EIPS).
• Understanding the DAO
• The Ethereum Classic Declaration of Independence
• A Crypto-Decentralist Manifesto
• Phyro’s Recap of ETC History
• Ethereum Classic Principles
• Ethereum Classic Vision
• Ethereum Classic Opportunities
• Ethereum Classic vs Ethereum 2.0, What is the Difference?
• Why Proof of Stake is Less Secure Than Proof of Work
• How to Have a Vision for Ethereum Classic Without Creating a Governance Orgy
• The Ethereum Classic vs Ethereum 1.x Dichotomy
• Into the Ether with Ethereum Classic – The Store of Value Commodity to Power the Internet of Things
• What is Ethereum Classic (ETC)? – A Beginner’s Guide to the The Coin that Got Away

Consensus Algorithms

Ethereum Project Protocols

Descriptions and implementations of Ethereum-related protocols.

Swarm

Whisper

zk-SNARKS

Token Bonding Curves (TBC)

Blogs, Mailing Lists, Newsletters

• Etherplan – Donald McIntyre’s research, articles, & podcast about Ethereum Classic, Bitcoin, and decentralized applications.
• Grayscale® Ethereum Classic Trust – Grayscale Ethereum Classic Trust enables investors to gain exposure to the price movement of ETC through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping ETC.
• Messari’s Ethereum Classic News and Research – Messari brings transparency to the cryptoeconomy. We want to help investors, regulators, and the public make sense of this revolutionary new asset class, and are building data tools that will drive informed decision making and investment.
• Ethereum Classic Today – A weekly summary of everything happening in ETCLand.
• Week in Ethereum News – A summary of everything happening in Ethereum each week.
• Ethereum Worldwide Meetups – Meet up with the local Ethereum community via meetup.com.
• ETC Gifs – Ethereum Classic social media meme repository
• Coingecko Reports – high quality market reports with graph visuals.
• Ethereum Classic Community Art – a collection of Ethereum Classic art.

Books

Conferences

ETC Summit 2017

ETC Summit 2018

ETC Summit 2019

• ETC Summit 2019 Vancouver: Full Day 1 – October 3rd, 2019
  • Opening Address by Bob Summerwill @BobSummerwill, Executive Director of ETC Cooperative.
  • The State of Ethereum Classic by Anthony Lusardi @pyskell, Former Executive Director of ETC Cooperative.
  • Ethereum Classic Principles, Vision & Opportunity by Donald McIntyre @MyEtherPlan, Researcher, Writer, & Podcaster Etherplan.
  • Atlantis Protocol Upgrade & The ETC Roadmap by Afri Schoeden @a4fri, Ethereum Classic Core Developer.
  • The Future of JSON-RPC Tooling by Shane Jonas @shanejonas, Co-Lead Tooling Developer at ETC Core.
  • Bridging the Decentralized Services Gap by Zane Starr @zanecstarr, Tooling Developer at ETC Core.
  • Adding Merkle-Mountain-Ranges and Fly-Proofs to ETC by Zac Mitton @VoltzRoad, Open Source Software Engineer at Voltz Road.
  • Ethereum Classic’s ECIP-1050: One Byte of Context by Brooklyn Zelenka @expede, Co-Founder/CTO of FISSION.
  • The Year Ahead for Ethereum Classic Labs by Terry Culver @realetclassic, CEO of Ethereum Classic Labs & ETC Core.
  • Infrastructure for Decentralizing Distributed Networks by Aaron Lowry @Aaron_Lowry, Co-Founder/CEO of Ethernode.
  • Radical Ideals: Experiments in Sustaining Open Source Software by Scott Moore @notscottmoore, Developer Relations Lead at GitCoin.
  • POA Network: Development Tools in the ETC Ecosystem by Andrew Gross @poanetwork, Technical Writer for POA Network.
  • State of the Ethereum Classic Testnets by Afri Schoeden @a4fri, Ethereum Classic Core Developer.
  • Metronome – First Cross-Chain #Cryptocurrency: Chain Hop From ETH to ETC by Manoj Patidar @manojpatidarr, Principal Engineer at Bloq.
  • Fireside Chat: Improving Investor Access to Ethereum Classic by Michael Sonnenshein @Sonnenshein, Managing Director of Grayscale.
  • The Need for Cross Chain Collaboration by Aidan Hyman @Aidan_IH, Co-Founder/CEO of ChainSafe.
  • Developer Relations in Ethereum Classic by Yaz Khoury @Yazanator, Director of Developer Relations at ETC Cooperative.
• ETC Summit 2019 Vancouver: Full Day 2 – October 4th, 2019
  • A New Open Source Deal for Web3 by Boris Mann @bmann, Co-Founder of FISSION.
  • Positive Sum Games Between Ethereum & Ethereum Classic by Virgil Griffith @virgilgr, Special Projects at the Ethereum Foundation.
  • A Peripheral Observer and Fan’s View of Ethereum Classic by Sunny Aggarwal @sunnya97, Researcher & Core Dev at Tendermint & Cosmos.
  • Is Open Source Software Immortal? by Zachary Belford @belfordz, Co-Lead Tooling Developer at ETC Core.
  • Merging Blockchains: A Technical Perspective by Wei Tang @sorpaas, Core Developer at Parity.
  • Ethereum Classic’s EVM LLVM Project by Alan Li @etc_core, Lead Compiler Engineer at ETC Core.
  • ECIP-1049: Why Ethereum Classic Should Adopt SHA3 Proof of Work by Alex Tsankov @antsankov, Open Source Developer at Block Reaction.
  • Building Trust as a Miner or Miner-Maker by Nishant Sharma @nishantsharma87, PR & Community Relations at Bitmain.
  • Ethereum Classic Ethash ASICs by Werner Almesberger @LinzhiCorp, System Architect at Linzhi.
  • ETC Summit Platform Panel: Afri Schoedon, Shane Jonas, Wei Tang, Zachary Belford, Zachary Mitton Moderated by Yaz Khoury @Yazanator, Director of Developer Relations at ETC Cooperative.
  • ETC Summit Community Panel: Chelsea Palmer, Donald McIntyre, Kevin Lord, Terry Culver, Yaz Khoury Moderated by Bob Summerwill @BobSummerwill, Executive Director of ETC Cooperative.
  • “Capture” Was Already Always Happening: The Complexity of Power in Blockchain Ecosystems by Chelsea Palmer @chiselinc, Organizer of DogeCon.
  • ETC Summit 2019: Closing Keynote by Charles Hoskinson @IOHK_Charles, Co-Founder/CEO of IOHK & Co-Founder of the Ethereum Project.

Crypto Podcasts

Videos

To contribute to this document, simply submit an issue or pull request to the feature branch and the maintainers will review. See the Contributing guide for additional information.

CCO

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Robert Kiyosaki, author of Rich Dad Poor Dad, again predicts that the real estate sector will collapse and trigger a severe global financial crisis.

The former bestselling author says 2023 will see a worse economic downturn than the 2008 Global Financial Crisis (GFC), which was caused by an imploding commercial real estate market.

Kiyosaki cites San Francisco as an example of the real estate problem, where office buildings have fallen in value after workers left and didn’t return during the pandemic. Kiyosaki is advising people that gold, silver and bitcoin (BTC) are the best stores of value to protect their wealth during a downturn.

“Biggest real estate crash of all time.” 2008 was the GFC. In 2023, the global financial crisis will make 2008 look like nothing. In 2019, office towers in San Francisco were in high demand. In 2023, those same buildings will have lost 70% of their value. What will cities do with office buildings? houses for the homeless. Receive [gold, silver, Bitcoin].”

He has predicted that the top precious metals and Bitcoin will see huge gains by 2025. The trigger for the surge is an economic collapse, forcing the Federal Reserve to print billions to prop up markets, increasing the country’s debt and lowering the value of the dollar.

“Huge crash is coming. depression possible. The Fed is forced to print billions of counterfeit money. By 2025 gold will be at $5,000, silver at $500 and bitcoin at $500,000. Why? Because the belief in US dollars, counterfeit money, is being destroyed. Gold and silver God’s money. Bitcoin [is the] people’s money. Watch after.”

When regional banks collapsed in March, he also drew a comparison to the financial crisis of 2008, when the banking giant Lehman Brothers filed for bankruptcy.

“Two major banks have collapsed. #3 starts. Buy real gold and silver coins now. No ETFs (Exchange Traded Funds). When Bank #3 rises, gold and silver skyrocket. In 2008, I predicted Lehman’s collapse days before it did on CNN.”

Bitcoin is trading at $26,644 at the time of writing, up 0.7% over the past 24 hours.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that you transfer and trade at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

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Uniswap is undoubtedly the largest functional decentralized exchange (DEX) on the Ethereum blockchain network. It implements a unique exchange protocol with advantages such as trustless exchange of ERC20 tokens between users – a contrast to the “traditional order book model”.

Ideally, Uniswap bundles tokens into smart contracts that users can trade against. This gives each user the ability to swap tokens, add tokens to a pool (liquidity pool) while earning fees, and list tokens on Uniswap.

In this article, we will go into detail on how Uniswap works and how you, as a beginner, can make the most of all the possibilities it offers. In particular, Uniswap has a simple user interface for the best user experience. Still, Uniswap offers more than meets the eye, and you’ll learn more about everything behind the scenes. Let’s dive right in!

What is Uniswap and how does it work?

Uniswap is a unique exchange platform, especially as it is completely decentralized. This means that Uniswap is not owned, operated or controlled by any single company. Also, Uniswap utilizes a refreshing trading model known as “Automated Liquidity Protocol”, a concept that automatically links a swap transaction to its respective liquidity pool.

The Uniswap platform is essentially based on the Ethereum blockchain – the second largest cryptocurrency and is available on Celo. As a platform, Uniswap was implemented in 2018 for exchange and use. Since Uniswap is based on the Ethereum network, it is compatible with all ERC-20 based tokens and frameworks such as the MyEther and MetaMask wallets.

Basically, Uniswap runs on two smart contracts, the “Exchange” contract and the “Factory” contract.

Both contracts are automated computer programs that are designed for specific purposes and functions and are subject to conditions. For example, the factory smart contract serves to add new tokens to the Uniswap platform, while the exchange contract facilitates all processes associated with token exchange and “trading”. Although Uniswap has seen many improvements and is currently using the third version of its platform, ERC20-based tokens can still be exchanged via the upgraded Uniswap v.2 platforms.

How do Uniswap liquidity pools work?

Trading and exchanging tokens between Uniswap users is only possible with a liquidity pool. The best way to define a liquidity pool is a pool of tokens that allows users to swap between tokens and trade them for profit. Tokens in the liquidity pool are typically added by liquidity providers (LPs). Liquidity providers are essentially end users who tie their tokens to smart contracts and earn fees when other users or traders exchange their tokens when a liquidity pool is available.

Uniswap has gradually contributed to seamless digital currency transactions. The Uniswap V2 is even more intriguing as it allows traders to easily swap between ERC-20 tokens directly. Technically, Uniswap users do not trade with each other as this may not reduce the risk of token loss due to end-user dishonesty. Instead, the users are a liquidity token pool with a significant reserved amount of both tokens involved in that user’s trading.

Each Uniswap liquidity pool is intended as an opportunity to trade a fixed pair of ERC-20 tokens. However, there are many pairs and it can take forever for each user to find a suitable liquidity pool for their transaction. Still, Uniswap unburdens users by automatically directing traders to the appropriate liquidity pool for their transactions.

Uniswap solves the liquidity problem of centralized exchanges through the automated liquidity protocol. This includes incentivizing people trading the exchange when they become Liquidity Providers (LPs). In turn, Uniswap allows users to pool their funds, creating a reserve fund that is used to execute all trades and token swaps on the platform. Each listed token has its own pool for the user’s contribution.

This system helps buyers and sellers avoid waiting times like those experienced in a peer-to-peer trading scenario. Rather, the system allows for instant execution of any trade as long as the transaction is no larger than the liquidity pool itself. All LPs receive a token reward for the amount of money/liquidity they provide according to the pool’s total liquidity.

For example, if you deposit $5,000 into a $50,000 liquidity pool, you will receive 10% of the total reward the collection brings. The liquidity pool typically makes money by charging a fee for every swap and exchange transaction that occurs within the pool. In this case, Uniswap charges a flat fee of 0.30% for each trade and swap transaction on the platform.

If a liquidity provider chooses to stop providing, they will receive all the fees they have earned from the reserve. After receiving the reward, the tokens documenting the user’s ownership are destroyed. All the agreements and protocols discussed form the backbone of Uniswap’s liquidity pool.

With the upgrade to V2, Uniswaps gradually introduced a more promising reward, such as a log fee that can be toggled on and off by voting in the community. It remits a trading fee of 0.05% and 0.30% to a specific Uniswap fund to fund future development.

Uniswap V3 was recently deployed on the Celo blockchain to launch green asset liquidity pools and expand its reach to billions of smartphone users. As you may know, Celo is a mobile-first DeFi platform that enables fast, secure, and stable digital payments with almost no fees. So this collaboration makes perfect sense as Uniswap’s pools will be easily accessible to thousands of Celo users.

How does Uniswap work with Metamask?

A lot can be said about the almost endless possibilities that Uniswap offers. One of the most intriguing topics would be how Uniswap integrates and tweaks Metamask for more functionality and limitless potential. But how do the two work? What are the reasons Uniswap works seamlessly with a wallet like Metamask? Let’s find out!

Two notable features of Uniswap make it fully compatible with Metamask.

1. Uniswap is an open source protocol. That means anyone can create and build their frontend application for it, like Metamask or any other project that could be linked with Uniswap.

2. Uniswap is based on the Ethereum blockchain.

Metamask is more of a browser plugin or browser extension that doubles as a wallet. Being an ERC-20 compliant wallet, it can store and store a token based on the Ethereum blockchain, making it the top wallet choice for users looking to take advantage of the opportunities Uniswap offers. But it doesn’t take a genius to handle it or link your Uniswap to a Metamask wallet. It’s done quickly in two steps:

Now you can easily use your Metamask wallet to exchange and transact on your Uniswap.

What are Uniswap tokens used for?

Image by Satheesh Sankaran

The Uniswap platform is open source and uses blockchain-based smart contracts to facilitate decentralized trading between diverse and disparate digital assets.

Each pair of these digital assets are exchanged using the liquidity pools implementing smart contracts to rebalance after each trade to keep the entire system operational and advanced. The Uniswap blockchain can be likened to an electronic ledger and is constantly updated with real-time trading activity taking place between Uniswap users. This gives the impression that Uniswap is an exchange, but unlike most other exchanges, it does so without the involvement or involvement of any central authorities. Uniswap is an automated market maker.

All Uniswap operations are based on the Ethereum blockchain network and platforms.

Proof of work requires enormous computing and energy resources that support transaction processes and generate new cryptocurrencies.

These decentralized exchanges take place in a variety of ways, creating a market that balances supply and demand for trading between different tokens. The question arises: What is the purpose of the Uniswap token?

The Uniswap token (UNI) offers a unique opportunity that particularly benefits liquidity providers. Uniswap users who provide liquidity through staking enter into a digital and legal agreement not to trade or sell their digital assets for a period of time. However, they do so for rewards recorded in Uniswap tokens (UNI).

But that’s not all! They also participate in Uniswap governance. UNI token holders control the Uniswap platform, with voting rights being determined and distributed in proportion to UNI balances set by users.

In order to redeem their rewards from providing liquidity, the UNI representing the LP reward is paid out and then irrevocably destroyed to ensure transparency and security.

Digital currencies are evolving at a rapid pace, leading to an increasing influx of traders craving absolute decentralization. Platforms like Celo are making the technology more accessible to billions of users through their mobile-first DeFi solution. As a result, users of decentralized exchanges like Uniswap continue to increase.

However, a thorough understanding of how Uniswap works gives operational traders an edge to maximize opportunities with DEX exchanges like Uniswap. We examined the core concepts of Uniswap such as liquidity pools, liquidity providers, Uniswap tokens and integrated wallets like Metamask.

You can instantly maximize the opportunities Uniswap offers by downloading the Celo Alfajores wallet on your mobile device, giving you access to Uniswap’s liquidity pools.

Joel Obafemi

A marketer, copywriter and collab manager for Web3 brands. You can connect with me on LinkedIn.

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Bitcoin price has shown a strong reaction following the US Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase, which may have surprised many. In general, rising prices on negative news is a strong sign that the sell side is losing momentum and a bottom is near.

In the case of the Bitcoin price, however, there is still some concern in the market that could mean another, possibly final, downturn. For example, it is still unclear whether the US Department of Justice (DOJ) will also take legal action against Binance and what impact this will have on Binance’s international business.

The bullish case for Bitcoin is growing

Nevertheless, the bullish signals are increasing. As Glassnode co-founders Jan Happel and Yann Allemann write in their latest analysis, Bitcoin’s Bollinger Bands broadly reflect the current state. On the 1-day chart, BTC price remains within the accumulation zone, between the lower band and the 20-day moving average.

“This suggests that this is still a good entry point,” say the co-founders of the leading on-chain analytics service. At the same time, referring to the chart below, analysts warn that traders should be aware of the widening of ranges, which could herald looming higher volatility that could lead to abrupt moves.

Bitcoin Bollinger Bands Herald Higher Volatility | Source: Swiss block

Looking at bitcoin’s open interest, Allemann and Happel note that despite the strong reaction to the bad news, there is no clear direction for now:

We believe the price will continue to consolidate along with the open interest until we get closer to the FOMC and the market starts to position for the expected production.

Notably, next week’s Fed meeting – June 13-14 – will be the first in years without a clear consensus on interest rate decision. Since the Fed started raising rates, there has been a clear consensus at every meeting.

According to the CME FedWatch tool, futures have a 30% chance that rates will hike and a 70% chance that they won’t. The lack of clarity is also likely to result in greater volatility in the BTC price ahead of the decision.

BTC recently retested the 200-week moving average (MA) at $25,306, but supply liquidity has been a bit thin here. Also, if the price declines again, a retest of the 50-month ma at $25,898 would be very interesting where liquidity and sentiment appear stronger.

It is worth noting that BTC has already formed a double bottom at the 50-month MA. A triple bottom would be bullish. On the other hand, a loss of the 200-month MA would pave the way for Bearadise.

Bitcoin price at the crucial moment, 1-week chart | Source: BTCUSD on TradingView.com

In this regard, there are some very important days waiting for BTC in the coming week(s). A defense of the above price levels is paramount. If defended, a trip to bulls’ paradise could be next, but the bulls need to turn the tables in the lower timeframes.

Selected image from iStock, chart from TradingView.com

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A dormant address with almost 1500 Bitcoin [BTC] was recently activated after a period of 10.2 years. The transmission was first spotted by blockchain tracker and analytics system reporter Whale Alert. According to on-chain data, the transaction took place on June 8, 2023 at 05:23:06 UTC

Specifically, the whale transferred all 1,432.93 coins to a new address. To make this possible, the whale had to pay a fee of 0.0010743 BTC, or $28.38. On-chain smart money tracker Lookonchain pointed out:

“The whale received 1,432.92 BTC on April 9, 2013 when the price was $195.4.”

A BTC whale that has been inactive for 10.2 years transferred all $1,432.93 BTC ($37.8M) to the new address “bc1psv” 5 minutes ago.

The whale received $1,432.92 BTC on April 9, 2013 when the price was $195.4.https://t.co/17R0UqEBKC pic.twitter.com/e0LkSfn5t3

— Lookonchain (@lookonchain) June 8, 2023

Also Read: Ethereum-Bitcoin Pair Resists Correction as Binance Sees Major Outflow in 2023

Other bitcoin trends

On a macro level, dormant supply has increased since the beginning of this year. Data from Glassnode revealed that the last active supply amount of 2 to 3 years just touched a 5-year high of 2,980,770.566 BTC, justifying the said figure.

Source: Glassnode

At the same time, the number of non-zero addresses is also increasing. In fact, they hit a new all-time high of 47,543,668 today, suggesting that market participants are continuing to pocket BTC. In addition, the number of addresses holding more than 0.1 coins also recently peaked at 4,385,581.

It is also interesting that the market managed to overcome the “fear” phase. On Thursday, the Bitcoin Fear and Greed Index showed a neutral reading of 50, bringing to light the refinement trend. At press time, bitcoin was trading at $26.5,000.

Also Read: Korean Traders Favor XRP, Dogecoin Over Bitcoin and Ethereum in 2023

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