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Saeed Ul Hassan

Crypto Market Reversal: Aave And MKR Show Promise Amidst Market Decline

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Gains were muted following Monday’s breaking trend, even though the major cryptocurrencies on the market are experiencing instability today. While AAVE and Maker (MKR) are both exhibiting life on daily and weekly charts.

The Aave platform’s native cryptocurrency, AAVE, is up 2.6% over the previous day. But since its latest bottom last week, the token has increased by more than 15.1%, according to CoinGecko Statistics.

More significantly, the second in line of Wednesday’s gainers is MKR, an ERC-20 token native to the Maker protocol that was up 2.0% from yesterday and up 12.8% from last week.

AAVEUSD 2022 10 19 06 25 27
AAVE is currently trading at $81.88 | Source: Tradingview.com

Nevertheless, the past weekend proved unfavorable for the cryptocurrency market, even including the top currencies. Prices began to rise at first this new week, but unfortunately, they started reversing trends again just after.

The global crypto market cap was down at $923.27 billion, a marginally low of about 1.07% in the last 24 hours. While on the other hand, the total trading volume jumped more than 1.11% to $51.74 billion.

Along with other coins, leading coins such as Bitcoin (BTC) and Ethereum (ETH) also lost their Monday gain due to decreased volume and volatility in today’s crypto markets. 

BTC is currently at $19,189, which is 2.10% less than it was yesterday, while Ethereum is also down by about 2.18% at $1,298.65.

Aave And MKR Making Progress Toward Recovery

AAVE was fighting against a crucial trendline of resistance, and this line coincided with its 50-day moving average ranging from $79 to $80.

In September, the token reached a considerable level of $96.11. The token’s price then plunges to new lows and fights to recover its value, floating during the whole month between $70 and $79, according to the data from CoinMarketcap.

After trading at $81.21 for the past 24 hours, it seemed like the token had broken through this key barrier for the first time this month and passed through after struggling for so long. 

In addition, the token’s starting price was $262.21 in 2022. Since the start of the year, the price has dropped by 69%. The predicted token price by the end of 2022 is $95.23, which will increase to $138.08 in 2023.

Furthermore, MKR coin’s market cap rose to over $1 billion, and the token price is now worth $1,070. Although it’s difficult to find the specific reason behind this change. 

The proposal made by Tyler Winklevoss, co-founder of Gemini Exchange, to integrate Gemini’s stablecoin, GUSD, into his company’s platform might have been the trigger for the rise of MRK’s market cap.

Related Reading |  Cardano [ADA] Transaction Fees On MuesliSwap Drops By 50%

Uniswap Records Highest Trading Fees But Faces Competition From OpenSea

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One of the most popular decentralized exchanges, Uniswap (UNI), records the highest number of trading fees in the last three months but was not able to turn them into revenue due to increased competition from OpenSea, the largest NFT marketplace, within the market. 

Messari, an analytics platform or a leading provider of market intelligence products that help professionals navigate cryptocurrency with ease, tweeted on October 16 that although UNI has collected an impressive amount of fees over the last three months, OpenSea has managed to generate more revenue than Uniswap.

According to the graph in the tweet, OpenSea was able to produce roughly over $600 million in revenue, while, Uniswap’s total revenue was close to $400 million.

As Messari said in the tweet:

“While both  @Uniswap and @opensea set the standard for fees generated, only one of the two, in OpenSea, sees positive revenue capture due to its take rate.”

In addition, when analyzing crypto protocols, the analytics platform stresses the importance of understanding the difference between protocol fees and protocol revenue. Messari said, “it’s crucial to understand” it. 

Drop-In Uniswap Trading Volume In Q3

Messari recently revealed in its quarterly report, aptly titled “State of Uniswap Q3 2022,” that key performance metrics for Uniswap had declined between the months of July and September.

In terms of its key performance metrics, it was discovered that the platform’s trading volume fell by 30% on a quarter-over-quarter basis (QOQ) between Q3 and Q2, from $172.80 million to $120.92 million. Its trading volume has also been continuously falling since Q4 2021. 

Moreover, the decrease in crypto market prices between July and September led to a corresponding drop in Uniswap’s liquidity provider payouts, 21.8% from Q1 to Q2 this year. They were even lower during July and September ( over 38.8%), and yearly fees have fallen by 52.9%.

Uniswap Revenues Across Times

When Uniswap initially started facilitating trades in May 2020, its trading volume was $57.8 billion. By 2021, it had grown to $681.1 billion. The protocol’s revenues were taking off in 2021. The protocol was widely adopted, and by March 2021, monthly revenues had surpassed $100 million. 

In May, they reached an all-time high of $238.4 billion, more than 61% higher than the previous quarter, according to Messari’s Q4 2021 report. However, the introduction of V3 on Arbitrum and Polygon helped it jump-start new liquidity pairings. 

Within the first month of becoming live, the amount of V3 transactions increased significantly and surpassed that of V2. V3 produced deals of $58.9 billion in Q2, the period in which it was introduced. Comparatively, the value of transactions in Q4 was $180 billion, a 205% rise.

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Over $700 Million In Crypto Assets Stolen In Just 12 Days, Report

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On the historical timeline of hacker attacks, 2022 will soon overtake 2021 as the most recent entry. But October of this year is particularly fatal – with close to $718 million in crypto assets being hacked in just 12 days, as reported by an analytics firm Chainalysis on October 12th.

According to the analytics firm’s tweet, this staggering sum of crypto funds has been stolen via 11 different Decentralized finance (DeFi) protocols, hacks, or exploits from this month.

Chainalysis also claimed that 2021 had been the biggest year yet for blockchain-based cyberattacks, with $3 billion in total value stolen and 125 different assaults. However, it’s likely that 2022 will probably surpass this figure at the current pace of these types of crimes.

Furthermore, the firm observed a change in where hacks are happening this year. Decentralized (DeFi) protocols are the most popular targets for hacking this year as compared to the year 2019, when centralized exchanges made up most of the targets.

In addition, Chainalysis asserts that hackers stole $1.3 billion in the first three months of this year, and a disproportionately high percentage of victims—nearly 97%, up from 72% in 2021 and only 30% in 2020—are DeFi protocols. Some of these most damaging hacks are typically due to coding issues as “faulty code.” 

October’s DeFi Crypto Exploits

“Cross-chain bridges remain a major target for hackers, with three bridges breached this month and nearly $600 million stolen.” As it stands now, these thefts account for about 82% of all losses for this month, as well as 64% of all losses so far, according to Chainalysis.

The first record-breaking October count began when an exploit of Binance’s BNB Chain led to the loss of $100 million in crypto assets. After that, three DeFi protocols have recently been the victim of hacking efforts.

The yield farming protocol TempleDAO was first targeted on October 11th. From it, the hacker moved almost $2.34 million (1,831 ETH). Second, the Mango Markets, a decentralized finance platform, was breached on Wednesday, October 12th. The attack included manipulating oracle pricing, resulting in a loss of $100 million in crypto.

Moreover, the breach of the quantum-resistant layer-1 blockchain known as QANplatform is the third attack against the DeFi community. A bridge vulnerability was used in the assault, which cost the protocol over $1 million(1.46 billion QANX tokens). 

Nevertheless, their tokens’ prices have been heavily affected by the recent removal of such large quantities from their available supply. As per CoinGecko statistics, the QANX token has lost 99.82% of its value since reaching an all-time high in November, with a daily chart indicating a loss of 16% and a weekly loss of 95.0%, respectively.

Similarly, Mango (MNGO), which has fallen 95% from its All-Time High price in September and lost 45% of its value over the previous week and 22.2% over the past day, is currently trading at $0.02205712.

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Dogecoin And Shiba Inu Struggle As Crypto Market Suffers Significant Losses

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The crypto market cap has taken a significant hit today. Most coins are in the red and experiencing losses on the daily and weekly price charts. Shiba Inu (SHIB) and Dogecoin (DOGE), the two most well-known meme coins, are also among those struggling with significant dips below support.

Today’s global crypto market cap was below $1 trillion, which caused the total value of all digital currencies to decline by over 2% over the course of the day to $918 billion, while the total volume of the crypto market increased by about 35.84% over the previous 24 hours, according to data from CoinMarketCap.

However, Global markets have continued to sink as central bankers are raising interest rates in order to keep soaring inflation under control. Other events, like payrolls, and speeches from monetary authorities, have also affected global risk assets. Therefore, risky assets such as cryptocurrencies have recently begun declining even faster.

Cryptocurrencies have endured a tough time this year, losing $2 trillion in value since it was at its peak back in 2021. Since crypto winter swept through the industry, prices for most coins have fallen by 50%. 

Even the most prominent cryptocurrency in the world, Bitcoin – which had once reached an all-time high of around $69000 – plummeted to below the $20k mark, nearly 72% lower as per CoinGecko statistics.

Shiba Inu And Dogecoin Are Suffering In Red

According to CoinGecko’s data, Shiba Inu (SHIB), the thirteenth largest coin, had fallen 5.3% within the last 24 hours and was currently trading at $0.00001030. In addition, the token showed a 7.9% decline in losses within the previous seven days.

Meanwhile, data from CoinGecko reveals that DOGE, the 10th-largest cryptocurrency and well-known meme coin, is down 1.8% on the day and is trading at around $0.059811 at the moment. 

Moreover, the token’s 24-hour trading volume increased by 30% to $665.19 million, despite an almost 2% decline in its market cap to $8.17 billion, per Nomics’s data. 

Coin prices usually increase when external factors, like improved social sentiment and retail hype, come about. However, even when BitMEX announced the addition of SHIB to its platform on October 9, the price of Shiba Inu (SHIB) did not appear to increase at all. 

While on the other hand, the price of the meme coin increased last week when it was announced that Tesla’s billionaire owner Elon Musk had agreed to buy Twitter under the terms of the original agreement.

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TRON Transactions Hit 4 Billion As Justin Sun Rumored To Buy Huobi

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The Tron (TRX) Network had made substantial leaps in the last 24 hours, gaining vast amounts of value even when the rest of the cryptocurrency markets were plummeting. In its latest update, TRONSCAN reported that it had achieved over 4 billion total transactions within this time frame, which is quite impressive given how many other networks are struggling.

The total transfer value of the tokens exceeded $5 trillion at the beginning of August, according to a TRONSCAN tweet. With the addition of 105 million new users and 3.6 billion transactions to its network, it achieved the position of the second-largest public chain by stablecoin market cap.

In less than two months, it surpassed over $12.5 billion worth of total value locked (TVL) within its network and also boasted more than 115 million users. However, this increase is to be viewed as the latest rumor that TRON founder Justin Sun may be the actual buyer of the giant cryptocurrency exchange Huobi Global.

Huobi Global revealed over the weekend that Capital Management had acquired control of it. But the Chinese blockchain news portal WuBlockchain said on October 10 that it has “learned from multiple sources” that Justin Sun, the founder of TRON, is “the core investor” in this fund of mergers and acquisitions.

The Rumor Drives Tron (TRX) To Green

Justin Sun’s rumor has resulted in a 3.0% increase for TRX over the past day, pushing its value up to $0.066093 per coin, according to CoinGecko’s statistics. In addition, by Nomic’s data, the amount of trade within a 24-hour period increased significantly by 70%, reaching $787.92 million.

Moreover, like most cryptocurrencies, the token undergoes regular cycles of dramatic increases and decreases. The first major change in price for TRX happened in December 2017; it spiked from around $0.01 to $0.04. The token reached its highest point (ATH) at just over $0.23 on January 5, 2018 – increasing 400% in under a week. 

In 2020, there was a sharp decrease because of the COVID-19 pandemic, and small gains were recorded in early 2021 after it subsided. But unfortunately, a “Crypto Winter” hit TRX and other cryptocurrencies in 2022. The coin is currently 72.2% below its all-time high price and is still struggling to recover its value.

Additionally, based on the most recent price predictions, TRX’s price began the year 2022 at $0.0759. As of now, the price is down 16% from the start of the year. But, by the end of 2022, the token is expected to cost $0.0701.

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Bitcoin P2P Trading In Philippines Surges 40% Over The Past Year

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Recently, there has been an increase in Bitcoin trading volumes on the popular P2P crypto exchange Paxful in the Philippines. It has led to considerable growth in the number of Bitcoin trades made using the Philippine Peso currency – over 40% since July 2021. 

Data from Coin Dance reveals that the weekly Paxful volume for Bitcoin increased significantly over time. In July of last year, it was 68 million pesos, and in July 2022, it reached an all-time high of 111 million pesos ($1.9 million). In addition, 94 BTC were actually exchanged on Paxful against PHP during that particular week. 

With the price of bitcoin plummeting in recent months, a surge of bitcoin trading has been seen on Paxful – especially from Philippine users. To coincide with the bearish market, around early-mid June, when BTC dropped below $19,000 for one coin, Paxful saw an increase in BTC trades being transacted to Pesos. 

In July of this year, the amount of P2P trade worldwide also reached a record high. Statistics from Coin Dance show that 2101 BTC, or roughly $50 million, were traded on Paxful. Compared to July of the previous year, the trade volume was $40 million; there was a growth of about 25%. 

Crypto Growth In The Philippines

This rapid growth of Paxful occurred in the Philippines, and It may be an alarming trend to watch out for because of how fast it loses value daily due to inflation. The country’s annual inflation rate jumped to 6.9% in September 2022 from 6.3% in August. 

It marks a sharp increase compared to market expectations of 6.7%, exceeding the central bank’s monthly target range of 5.9 to 6.7%. 

According to the Chainalysis 2022 research report, the Philippines has a high rate of cryptocurrency adoption, along with Vietnam and other countries. It ranks second among all nations just to Vietnam, scoring 0.753 out of a total possible score of 1. 

On its way up from fifteenth place last year, it has secured its spot among the top ten ranking countries, while peer-to-peer cryptocurrency trading volume is at 66th place.

Moreover, the Philippines’ crypto sector has been growing exponentially; as per another survey report by Triple-A, it was found that 6.13% of Filipinos, or roughly 7 million people, are cryptocurrency owners. 

Though the Philippines are still predominantly cash-based, an increased number of people are using digital payment options because of the pandemic of COVID-19. An estimate from the Philippine Fintech Report foresees that there were 7.2 million crypto transactions in 2020 with a value of $1.5 billion; this increase is almost fourfold compared to 2019.

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Visa Teams Up With FTX To Offer Cryptocurrency Debit Cards In 40 Countries

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CNBC reported today that the payments company, Visa, has teamed up with FTX, a global crypto exchange, to offer cryptocurrency “debit cards” in 40 countries, making it easier for users to spend cryptocurrencies. 

It’s Visa’s new initiative to push crypto further into the mainstream, with over 70 partnerships so far. The deal has come to light when the price of Bitcoin and other cryptocurrencies has fallen to almost half of what it was last year. Despite falling prices this year, Visa is confident that people will still want to buy things using cryptocurrencies.

This card will link directly to an investor’s FTX cryptocurrency account. Additionally, the CNBC report highlights that Latin America, Asia, and Europe will primarily be their areas of attention. 

However, Visa has partnered with the most popular crypto Exchanges, Binance and Coinbase. Its rival, American credit card company, Mastercard, has also joined the collaboration trend by partnering with Coinbase and Bakkt to offer currency-related services to banks and retailers on its network, the CNBC report said in the statement.

FTX Expanding Its Availability

FTX launched its Visa debit card in the US earlier this year. As a result of its long-standing partnership with Visa and its extensive global network of partner retailers, they now want to make these cards widely available to expand its availability.

In a phone interview, Visa CFO Vasant Prabhu told CNBC that the new crypto card enables clients to spend cryptocurrency without transferring it off an exchange.

Visa CFO Vasant Prabhu also asserts that:

“We don’t have a position as a company on what the value of cryptocurrency should be or whether it’s a good thing in the long run — as long as people have things they want to buy, we want to facilitate it.”

In the CNBC report, FTX CEO Sam Bankman-Fried acknowledges that there are multiple ironies in cryptocurrency partnerships. Cryptocurrencies were originally created to avoid banks and other middlemen, but now they embrace them for their newfound popularity among mainstream users.

Bankman-Fried also argues that payment cards are crucial to crypto’s growth into something more than just a speculative asset. He noted that the Visa partnership made it much easier for merchants to accept cryptocurrencies without having to set up their technical infrastructure, citing that Visa and FTX converted them behind the scenes.

According to both CEOs, emerging markets present the most enticing opportunity for investors of digital assets. Countries such as Turkey and Argentina were identified by Bankman-Fried as having rampant inflation rates of over 83% and 78%, respectively.

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Sushi (SUSHI) Soars As Golden Tree Asset Management Invests $5.2 Million

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The Sushi token price has reached new heights as the news appears that the decentralized crypto exchange, SushiSwap, has secured an investment from one of the largest fund managers – GoldenTree worth about $5.2 Million for its Governance Token – SushiSwap

The token’s price has increased roughly 13.8% in the last 24 hours and is now worth $1.27. In addition, according to CoinGecko statistics, the price also increased significantly over the previous seven days by around 18.0%. This spike is leading investors to new bullish sentiment for the token.

Moreover, Nomics data shows that the token’s 24-hour trade volume has increased to $275.37 million, with a considerable gain of 54.5%. It has also led to an increase in its market capitalization up to around $309.46 million, which is 14% higher than the previous day.

However, Sushi is a clone of Uniswap but has been improved by adding governance and liquidity mining capabilities. With these features, the token has already outpaced its competitors when it comes to development speed, and it also shows great potential in terms of future expansion.

As its price is steadily increasing, the prices chart indicates that the token will cost $1.39 by the end of this year and then $1.46 during the first six months of 2023. The price would then increase slightly to close out the year at $1.67 (33% higher than now), according to the latest long-term SushiSwap price forecast.

 Asset Management Giant’s Invests In Sushi Token

The Sushi 2.0 roadmap, forthcoming cross-chain integrations for exchanging and lending, and updated Tokenomics were claimed to have the power to transform the decentralized crypto exchange industry. 

These developments have attracted not only the attention of social volumes and merchants but also of prominent investors.

The exchange’s forum statement from October 5th revealed that Asset Management Giant GoldenTree had invested about $5.2 million in the exchange governance token. 

The GoldenTree said in the statement that:

“We’ve been following Sushi for a while (some of us for several years now), and with the launch of GoldenChain, we are psyched to be more active in all things Sushi.”

GoldenTree believes that this token has incredible potential. The project had many obstacles but what was astonishing is that the core team and the community remained resolute in this time of hardship, which led to outstanding results.

Moreover, the Asset Management Giant also said, “Our plan is to be helpful to the community in whatever ways we can be.” it also claimed that, among other things, they will primarily focus on SUSHI’s “Tokenomics” and “General Design/Strategy.”

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BNB Rises As Binance Opens Two New Offices In Brazil

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The leading cryptocurrency exchange, Binance token BNB, turned green as the company announced its Brazilian expansion with two offices located in São Paulo and Rio De Janeiro.

BNB, the fifth-largest cryptocurrency by market capitalization, displays some optimism this morning by going up 2.1% in the last 24 hours. Additionally, this positive trend, it has also been showing an upward trend in the past seven days alone, climbing over 5.5%.

In addition, statistics from CoinGecko show that the token is currently trading at $291.75. Its current market cap is $47.07 billion, increasing by 1.82% over the last 24 hours, and 24 hours trading volume is also up by over 3,72%, to $1.22 billion, according to the Nomics data.

Though crypto-assets ended the last week in the negative territory, many coins have started this week on a positive note – at least for now. Including Polygon in the lead with a 7.5% gain over the past 24 hours, XRP with a 5.5% increase, Solana with 3.9%, and Uniswap with 5.3%.

Binance Two New Offices

On October 3rd, Binance announced on Twitter :

“#Binance opens two offices in Brazil in a move to expand in the country and to grow crypto adoption in Latin America.”

After Changpeng Zhao (CZ), the CEO of Binance, visited Brazil in March for an exploratory tour to further extend his company into the region, it seems that the exchange has met its objective – by fulfilling CZ’s promise.

Binance claimed in the announcement post that the team working on their planned expansion into Brazil has more than quadrupled since CZ’s visited the country. 

However, more than 150 personnel-up from 60- will be supported by these new offices across the country; most of these new hires were set to take customer service and support positions. 

Furthermore, the exchange revealed that they are working to acquire a license from the Brazilian Central Bank in order to operate as a Payments Institution and are now waiting for approval from BC. It comes after they announced their acquisition of a brokerage company, “Sim;paul, which has this license.”

According to research by Triple A, cryptocurrency is becoming more and more commonplace in Brazil, to the point that big exchanges are now looking to Brazil as a crucial market for cryptocurrency services. 

Binance also claims that “Brazil is among the company’s top 10 markets in the world and is the largest in Latin America.”

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Uniswap Prepares For New $100 Million Funding Round

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The parent company of the most popular decentralized exchange in the world, Uniswap Labs, is preparing for a new $100 million funding round to further expand its services, TechCrunch reported on September 30th.

The news comes at an opportune time for Uniswap (UNI), which is also expected to be an emerging crypto-unicorn. Their recent Series A from 2020, which raised $11 million, has now been followed up by another planned funding round; it hopes to grow even more significantly than before.

Uniswap Labs hasn’t made any public announcements yet, but TechCrunch claims to have received information about the deal from four anonymous sources. 

The Company is currently seeking an equity round worth $100 million -$200 million at a rough value of $1 billion. To reach this goal, they are discussing the details of the investment with multiple investors, including PolyChain Capital and one of Singapore’s Sovereign Wealth Funds.

According to TechCrunch’s report :

“The deliberations of the round haven’t reached final stages, so terms of the deal may considerably change, the sources cautioned.”

The report further states that Polychain did not respond to a request for comment on Thursday, while Uniswap Labs declined to do so.

Prior to this phase, Andreessen Horowitz led an $11 million Series A financing for Uniswap Labs, which also included USV, Paradigm, Version One, Variant, Parafi Capital, SV Angel, and A.Capital. Now, this step to seek new funds will probably reflect ambitions to increase the scope of its services.

Uniswap (UNI) Market Watch

This year, 2022, has been rough on the majority of cryptocurrencies in light of the prevalent fear concerning a new crypto winter triggered by the recent market crash. 

UNI was also not spared, as can be seen from Uniswap’s historical data from CoinMarketCap, which displays how its value plummeted to its previous levels back when Crypto Winter struck earlier this year.

The token had been bouncing back ever since it reached its lowest point of $3.38 on June 14th. Between the months of July and August, it regained some steam- hovering around a steady range of prices between $7-$9.

In addition, September saw another dip under $7.00. The lowest it got in the month was on September 21st when it reached just over $5.18. However, data from CoinMarketCap indicates that it has subsequently recovered, with the current price of $6.52 representing an 11% increase over the previous seven days.

Nevertheless, compared to its all-time high price of $44.92 on May 3rd, 2021, it has dropped 85.3%, according to CoinGecko’s statistics.

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