The R Roundup: $520 Million USD Rekt In 24hrs — Issue #38
As the bearish momentum continues through the cryptocurrency markets an issue of leverage is growing vastly among market users. Leverage is the use of essentially burrowing tokens with collateral to long or short your position. People hedge their bets by using leverage and with the volatility in crypto it more often than not leaves people REKT.
This week, we have seen some sharp drops from majors like $GMT, $ETH, and $BTC, which has led to further liquidations in the market.
It was reported that in 24hours there was a reported $520million liquidated from the market with $ETH accounting for $237million.
There is no doubt that futures lead to more people losing money in crypto however it puts the problem into perspective. The profit that market manipulators can generate from futures traders has led to a new consensual feeling that we spike to certain levels to liquidate positions before continuing with macro trends.
This market is an interesting place but it can also be brutal, make sure to understand and study what you do before you make any investment decisions.
Moving Doesn't Earn In China⛔️🇨🇳
New market trends are constantly emerging and builders are always finding innovative ways to incentivise their tokens. STEPN set out as a market leader for the emerging “Move2Earn” narrative which arguably was inspired by the popular “Play2Earn” trend of Q2-Q4 of 2021.
Evidently, there was a grave attention shift towards Move2Earn led by $GMT with an ATH set on the 28th of April 2022 at $4.11.
It was recently reported that there were plans by STEPN to ban users from China from accessing their products.
The STEPN team announced their plans to halt the provision of GPS services for users with an IP address in China from July 15th meaning those users in China with the STEPN NFT (Which is needed to earn) will no longer have the ability to earn tokens for moving.
With China having strict regulatory policies for Crypto assets, there are vast rumours suggesting that the effort to clamp down on the rise of NFTs has recently been emphasised.
In a tweet, STEPN confirmed that the reason for the ban is in compliance with local regulatory agencies:
Major Exchanges Support $LUNA 2.0 🌕
Concluding what feels like has cast an eternal shadow on the crypto markets, the Luna conundrum seems to be coming to a conclusion as Terra recently launched their forked version of now Luna Classic into $LUNA 2.0
With discourse about retail confidence being lost after billions were wiped out, there has been vast support for Luna 2.0 by some of the crypto economy's largest exchanges like Binance, Kucoin and FTX.
Despite the token dropping over 68% on launch, there has been a collective effort to support the newly launched version of $LUNA.
The recovery plan from Terra has had an interesting impact on the markets however it will certainly be interesting to see where the project will end up.
For more updates on the Terra, situation feel free to follow our Twitter to get frequent RRUPDATES📍👇
On-Chain Update⛓: Stablecoin Summer Is Here☀️
There is no doubt after an ever bearish 2022, there has been major attention on the idea of taking profits for crypto winter leading to us to be in a situation where they are the bag for the summer.
From the chart above we can draw the evident conclusion that the stablecoin balance on exchanges has hit an all-time high suggesting more than ever that more people are comfortable in either:
- Stablecoins accumulated from profits
- Selling their positions into stablecoins
This can again be used as a way to indicate the sentiment of the market as people are afraid of being in a position which can again be a bottom signal or a safety measure.
By all means, we are interested in providing on-chain updates on more articles but let us know your support by sharing the content😎
As a reminder this is not a trading signal, it is an opinion and each trader/investor should know and understand the risks attached to trading. At no point should this be regarded as financial advice
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