🧘‍♂️Is Bitcoin Safe?

Dear Meditators

Bitcoin experienced a more calm weekend.

So too did the equity markets.

Is this a cause for celebration or is it too early to get out your party hats and sparkling wine?

Today’s Meditations: 

• Bitcoin Technical Analysis
• Ring Ring Ring… Solana Phone
• Do Kwon Targeted by Anonymous

⏰ Top Headlines

• Nexo threatens legal action against anonymous Twitter account
• Catalonia is building its own metaverse, says innovation minister
• Shares in Coinbase down 5% in pre-market as Goldman Sachs downgrades stock to sell
• Voyager Digital issues notice of default to Three Arrows Capital

⚠️ All Is Not What It BT-Seems

BTC/USD

Price consolidates sideways after a heavy test of the $20,000 level.

Until we at least break the 0.382 resistance at $23,000 assume continuation of the downtrend. Still no signs of strength in the market.

It’s tempting to view the recent price bounce as a sign of strength, but in context of the weekly chart you can see we have a long way to go and the relative bounce is not significant.

📱Ring Ring Ring… Solana Phone

Solana labs have revealed a mobile platform called SMS and a smartphone! Let’s take a closer look at Solana’s newest phone!

• Last week, Solana announced its own mobile phone. The phone will be called the Saga and it will be made in collaboration with Osom.
• The device will come with a unique feature – it will have support for decentralized applications that rely on the Solana blockchain.
• This phone was previously known as the OSOM OV1 and has been renamed and repurposed in the name of crypto.
• The phone is priced at $1000 and preorders opened late last week. Solana says that the Saga will ship in the first quarter of 2023.
• When asked why a phone may be important, Solana CEO Yakovenko said, “We didn’t see a single crypto announcement at Apple’s developers conference, 13 years after Bitcoin went live. I think it’s going to be up to us.”

While a phone may not be a thing that brings the crypto markets firing back, it is something that will continue to expose the general public to crypto. It may seem that at this point everyone knows about crypto, but we must remember that crypto still has the ability to spread through multiple different avenues and markets.

💻 Do Kwon Targeted by Anonymous

In a video posted on YouTube yesterday, hacktivist group ‘Anonymous’, announced their investigation into Do Kwon, vowing to make sure justice is served as soon as possible.

• The focus of the almost four minute long video centered on allegations of Do Kwon’s withdrawal of $80 million “each month he was apparently taking”.
• The claims of Do Kwon’s monthly withdrawals come according to testimony from Terra Labs employees during interviews with the SEC.
• Anonymous also references the failed project “Basis Cash” – a stablecoin project involving Do Kwon which launched in 2020. It was never able to sustain a peg, and collapsed shortly after launch.

• Do Kwon isn’t the only well-known figure to earn the ire of Anonymous. In June last year, Elon Musk was targeted for allegedly manipulative behavior aimed at cryptocurrency investors.

It’s very easy to adopt the mindset that projects are too big to fail, but outsourcing the burden of due diligence when researching investments is a recipe for disaster. Many of us were guilty of being too cavalier about Luna’s tokenomics by ignoring warning signs and valid concerns over flawed tokenomics.

Learning from lessons overlooked by most is an invaluable skill. While we wait on regulation, it looks like Anonymous may be taking accountability into its own hands.

Monday, 27 June

• 🌊Waves Update

  The Waves Network will update mainnet nodes before feature #17 is activated, operating under a deadline of 5:34AM UTC.

• 💬Algorand AMA

  An AMA on Twitter Spaces featuring Borderless_Cap CEO David Garcia, Folks Finance CEO Benedetto Biondi, and Algo Foundation’s Chief Economist Massimo Morini will focus on Algo Liquid Governance 2.0 at 4:15PM UTC.

Tuesday, 28 June

• ❓Chainlink Community Meetup

  Chainlink China’s meetup about Web3 with guest speakers including Yuki Pan of the Moonbeam network kicks off in Hangzhou, China at 6:30AM UTC.

Wednesday, 29 June

• 🚀Stellar Meetup

  Stellar, an open network for storing and moving money, will host a blockchain-focused event in Austin Texas starting at 11PM UTC. The meetup is for “anyone interested in Stellar and the greater blockchain ecosystem.”

Thursday, 30 June

• 🎨 My Neighbor Alice Alpha Release

  My Neighbor Alice aims to be the “first fully decentralised blockchain game”, and will launch its alpha stage access June 30th.

Friday, 1 July

• 🗳️Assets and Liabilities

  Assets and Liabilities of Commercial Banks in the U.S. report released at 11:15PM UTC by the Federal Reserve. The Fed’s assets include Treasuries and mortgage-backed securities purchased under large-scale asset purchase programs (LSAPs). Fed liabilities include U.S. currency in circulation and the reserves deposited by commercial banks.

📺 Watch

• Watch our How to Get Rich Trading Crypto Course if you struggled with today’s technical section.

📚 Read

• Read the following Technical Analysis guides for more insight:

1. Moving Averages 
2. Fibonacci Retracement 
3. Volume and Open Interest  

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🌎🧘‍♂️✍️ 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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