Bitcoin’s Silent War
During the most critical moment since the beginning of the year Bitcoin continues to confirm its power
I believe this will be the ultimate fate of Bitcoin, to be the "high-powered money"
Hal Finney
At the end of June, we witnessed the conclusion of the second consecutive week marked by a downward trend. News that adds up to the three months in a row that recorded a negative series for Bitcoin, an event that has not happened since summer 2019. Looking at and analyzing this statistic quarterly, we can say with certainty that we have witnessed one of the most profound declines there has been since 2018. However, the focus during this period is mainly on what the price aspect is. If we observe what Bitcoin is gaining in geopolitical importance, we will easily notice further turns that we could define almost epochal.
In fact, only two weeks after the decision taken by the State of El Salvador to make Bitcoin legal tender (deciding to give away 30 USD in cryptocurrencies to adult citizens who will choose to open their own wallet in Bitcoin), the important news that follows this new milestone achieved, was undoubtedly the Panamanian one to bring, from next July, in discussion in the Parliament, the same line adopted by the Salvadorians about cryptocurrencies. On the wave of this opening to market innovation, a Paraguayan congress member suggested following the same footsteps of El Salvador. Suggestion accepted very quickly by the University of Paraguay that has officially announced that from next year will also accept Bitcoin for the payment of annual fees; important news that follows this new milestone achieved, was undoubtedly the Panamanian one to bring, from next July, in discussion at the Parliament, the same line adopted by the Salvadorians for what concerns cryptocurrencies. On the wave of this opening to market innovation, a Paraguayan congress member has suggested following the same footsteps.
These are small signals, but they seem to go unnoticed as always when it comes to cryptocurrencies. Yet, the news itself carries with it a certain hype, and this is not also guessed by what is happening to the price in the market. In reality, what I have always called the "war without weapons" is nothing more than a silent revolution. Even if it does not pass amidst the euphoria of the news, it still attracts the most attentive investors. We are witnessing a negative moment for Bitcoin prices. Still, strengthened by the experience of what happened before, we can say that slowly, what is happening beyond the price is being inserted in many mechanisms of our society and different political dynamics. The example of these small nations rebelling against the excessive power of the U.S. currency represents the strong reality of something that is now no longer disconnected from the markets, as was once thought.
We can affirm that the world monetary dominance, starting with the dollar, is beginning to waver, especially when those nations with a heavy economic imbalance are moving. If this continues to happen systematically, we could have a geopolitical upheaval and a profound change of which we have already begun to be direct spectators. What could happen in the coming years is the succession of actions such as this, which, like a grain of snow, could stimulate the creation of a real avalanche that would systematically invest the entire world population. If carefully evaluated and studied, these signals could already begin to outline a physiognomy of what could happen in the not too distant future.
Decentralized Finance
At a time like this when decentralized finance sees Total Value Locked (TVL) fluctuating at the lowest levels in recent weeks, with a fall below 50 billion USD, the first time since May 24, there is nevertheless a buzz, a new entry by an institutional banking company such as Sygnum Bank AG, a Swiss institution that has added to its regular services the possibility of offering custody and trading services on the major tokens of decentralized finance such as Aave, Maker, Aragon, Curve, Synthetix and Uniswap. That only confirms the growing interest of banks and institutions that are increasingly looking for ways to interact with this alternative financial world that increasingly seems to be traveling in parallel and joining traditional finance possibilities by giving their customers alternative services. If this is not done, it could spell the end of many financial institutions. In the last week, the total collateral tied up in decentralized finance projects has returned to the lows of the previous month, and from last week's levels, it has seen a decrease from 55 billion to over 6 billion USD.
The culprits of the TVL at the lowest levels of last month can be attributed to the weakness of the token price. In fact, analyzing in-depth the number of the two main tokens locked on decentralized financial projects, both Ethereum and Bitcoin remain unchanged since last week. Specifically, with over 163,700 Bitcoins wrapped, the number is close to the absolute records reached on May 16, with nearly 168,000 BTC turned into ERC-20 tokens.
Climbing back above $10 billion again are the total weekly volumes traded on Uniswap's DEX, which, however, slips to 61% for market share.
Thanks to Sushiswap, which in the last seven days increased by 85%, the total volume weekly is rising over $2 billion and gaining 12% of dominance.
Curve's decentralized exchange increases to the third position with $1.3 billion in traded volumes.
Non-Fungible Token
Unlike the previous weeks, this week also saw a new timid attempt to recover in terms of total volumes. Still, there was an exponential increase in general interest in the many new projects being launched. We know of a new marketplace for Ferrari-branded luxury and historic cars. While in the context of information, this is the week in which the marketplace of Binance NFT linked to digital works that replicate the physical ones of Andy Warhol and Salvator Dali and other artists of the twentieth century registers a significant attentive success. Another major project is that of CNN, which launches its unique moments in digital video in the wake of what was previously the approach of NBA Top Shot on the identical Flow platform to make unique those television news broadcasts that are thus certified and made unique over time through their tokenization and thus acquiring historical value.
In the last seven days, the total trades for non-fungible-tokens are back on the rise. The projects of Axie Infinity (with about $30 million) and Bored Ape Yacht Club ($18.8 million) individually double the volumes of NBA Top Shot ($9.5 million). Despite the low transactions, 75 in the last week totaling about $3 million, among the top five highest-priced auctions, two are from CryptoPunks. In the first place, the NFT with the highest bid is for the musical work 'Resurrection' by Ebi, Iranian artist and legend of Persian music, awarded for 103ETH, equal to a counter value of $201,967. That is followed by the auctions of CryptoPunks #260 and #9951, concluded with bids of 62 and 60ETH, the lot of land on Sandbox, and the unique card on Sorare of the footballer Antoine Griezmann with the jersey of the French national team, awarded for 50.8ETH for a counter value of $114.96.
5 hottest DeFi news of the week
Technical Analysis
Bitcoin (BTC)
For the first time since the end of May, Bitcoin trading volumes exceed $ 10 billion in value on major centralized exchanges for five consecutive days. A signal that despite the weakness that does not allow prices to rise above the crucial medium-term resistances, operators are returning to the battlefield. A clash between bulls and bears that continues to make the latter prevail despite so far the fluctuations in prices have not registered particular tensions. The holding of the USD 30,000 psychological support is a clear signal of how the base of the area 28,000-32,000 (1 & 2), highlighted several times in these pages, is the real watershed, with the passage of time becoming more and more the real battle between bears and bulls.
A very hot weekend is announced with prices once again testing the lows seen on May 19 (3) when the Bitcoin in a few hours slipped by more than 15% and then managed to recover half of the lost ground before the close of the day. The phase remains very delicate. A break to the downside of USD 28,000 would result in hedging of many bullish positions that remained active.
BTC Options
The close of the quarterly deadline of Friday 25 June, the second for the number of open contracts, was overcome without particular movements as many expected. Instead, it is the movements that have seen prices slide to the lowest levels of the last month since Saturday morning that worry many operators. Observing the operations on options, in the last 48 hours there is important repositioning in strategies. After jumping many bearish hedges positioned in the USD 31,500 area, the ratio between Put (down) and Call (up) is in favor of the latter 1: 3. It is a signal that must raise the attention for the maintenance of the technical support area between 28,000 and 32,000 USD. Only a rise above USD 41,000, the area where 90% of short and medium term Call positions are positioned, will make it shine again
Ethereum (ETH)
The break in the USD 1,950 (1) area of the bullish trendline that accompanied the bullish trend since last December, which took place on Monday 21 June, brought prices down to the USD 1,700 (2) area, the lowest level in the last three months. The coverings of the bearish positions caused prices to rebound, which between Wednesday 23 and Friday 25 recovered 2,000 USD (3), thus testing the trendline (1) which has become dynamic resistance. Failure to exceed and confirm the upward movement, in these hours sees prices again retest the lows in the 1,700 USD area (2). Technically, this is a sign of weakness, becoming dangerous if prices were to go below this last minimum. For these reasons it is important that the dangerous fluctuations of recent days do not end with the breaking of the floor otherwise there is the risk of creating a ripple effect with the risk of causing falls and targets in the area of 1,500 USD first and 1,300 then. This last level is the area where 75% of the Fibonacci retracement passes, which takes as a reference the lows of March 20 and the recent highs of May.
ETH Options
Traders continue to prevail on bearish positions. In fact, from the number of open contracts and the ratio between Put and Call, equal to 1: 3, we can understand how the price below 2,200 USD continues to be a favorable territory for bears. By widening the time horizon of the analysis, from the study of the options it clearly emerges that the 5,000 USD is an operational barrier where currently many strategies expiring next December 21 prevail.
Cryptocurrencies created by artists: best cases
The Blockchain offers the opportunity to mint your own cryptocurrency, kicking off several experiments. There are over 2000 cryptocurrencies globally for purchase or sale, although many are not very valuable.
But the possibility of minting one's own currency has also been acknowledged by some artists and creatives who, considering the Blockchain a fertile ground for experimentation, have seen the opportunity to work on the concept of value and the dynamics that determine it with art.
Here are some best cases of cryptocurrencies created by artists:
TATIANA COIN
It was 2014 when musician and activist Tatiana Moroz decided to create her own cryptocurrency to support her upcoming music album, with the help of Adam B. Levine, creator of Let's Talk Bitcoin!, CEO of Tokenly Inc., and Podcast Editor-in-Chief for CoinDesk.
After launching the project, Tatiana said, "As an independent artist, I want to really stay in touch with my fans and give them the opportunity to support my music. When I discovered bitcoin, it all fell into place: it was a way to allow people to support the real, authentic work I wanted to do and take a principled stand for a new form of currency."
TatianaCoin is a unique bitcoin-based digital currency using the Counterparty protocol.
OBLOMO COIN
According to Slovenian multimedia artist Saša Sedlaček, it is possible to value laziness and inactivity. How? The less you do, the more you get paid in the cryptocurrency Oblomo Coin, a 2019 project and still ongoing.
The artist has carefully studied all the processes to mint a currency, from creating the blocks in Blockchain to the mintage, to show that our society will be increasingly devoted to the automation of work with artificial intelligence and robots to the point of being paid for one's inactivity.
Oblomo was born in two moments: the performative one for the creation of the "blocks" of the Blockchain called "Om Block," where the miners are Buddhist monks devoted to concentration and immobility. The second phase is the participatory one with minting by anyone, where the monitoring of doing nothing is entrusted to a machine learning system.
The less you do, the more you get paid in Oblomo Coins spendable on the Oblomo Bay platform, an electronic store of advertisements, campaigns, and projects.
Sedlaček's project also carries an important message about protecting the environment and nature: idleness is organic, ecological, and healthy.
ZANNI
In 2018, Italian artist Carlo Zanni, interested in the economic dynamics of the art market, created a new artwork that was at the same time a real cryptocurrency.
It is the ZANNI (Ẓ), a currency that relies on Ethereum and whose total amount stands at 1000, with a value that fluctuates according to that of 1 ETH, equal to 10 ZANNI.
The consequences of speculative investment in the art market are taken to the extreme: with the ZANNI, the artist is superimposed on the work of art and its price.
As Carlo Zanni himself has stated, the work is "a metaphor or hyperbole for the art market at its peak."
JLT JONAS LUND TOKEN
In the art market, it is sporadic, if not almost impossible, for an artist, even the most established one, to control the exchange of his own works. But as with everything, there are exceptions: this is the case of Swedish artist Jonas Lund.
"You can join the shareholders and participate in the distributed control of Jonas Lund's art practice": this is one of the introductory phrases that have been camping on the artist's website since spring 2018 and still active today.
Lund has created 100,000 tokens and has established himself as a DAO (Decentralized Autonomous Organization), for which he has established a protocol where the ownership of one or more JLTs (Jonas Lund Token) is proportional to the right to vote on the shareholding in his artistic practice.
The tokens are distributed as follows:
10,000 JLT have been awarded to a select group of critics, curators, gallerists, collectors, and artists
An additional 10,000 JLTs remain with the artist, while 5,000 are freely awarded to anyone who claims ownership as a figure in the art system which has contributed to the artist's career
Remaining 75,000 JLT are distributed in three individual stages involving the purchase of physical works produced after the creation of the token, the sale through an initial offer of purchase, and then sold and traded on the cryptocurrency market with consequent fluctuation of their value like other currencies
With the advent of NFTs, we can expect, without a doubt, unprecedented experimentation by the world of art and creativity, where the protagonists "run" not to lag behind the significant innovations that are taking place.
Digital Editorial of Artrights
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