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Synthetix

 

Bitcoin and most altcoins have cooled again since yesterday’s small bounce, but the crypto market is generally plodding along okay for the moment. If you think BTC barely clinging to US$20k is “okay”, that is.

To quote Marsellus Wallace in Pulp Fiction, this level was feeling “pretty f**kin’ far from okay” about a week ago.

What next, then? Unfortunately our crystal ball’s busted, but we can at least give you a bit of a mix from various analytical minds on Crypto Twitter and beyond.

Tbh, though, not seeing a whole lot of confidence out there, still. And that’s probably fair enough given the contagion risk of over-leveraged crypto firms still offering an unclear and present danger – despite the best efforts of SBF to bail them all out of deep doo-doo.

Also, as “Roman Trading” points out, a bunch of Bitcoin miners are apparently sending “thousands of Bitcoin to exchanges” right now. “Not a good indication for bullishness” indeed.

Add to this the fact Bitcoin whales already sent at least 50,000 BTC to exchanges on June 20 and 21 (according to on-chain analytics firm Glassnode), and it might not be a bad idea to take an extremely cautious approach for the moment. Not financial advi… ah, you know.

One thing, though, and this is mere speculation, but whales tend to dig games, coordinated faking out… If you examine those orange-line-spiking whale deposits on the Glassnode chart below, it doesn’t always hold true that exchange inflows correspond with BTC price dumps. But again, caution… etc, etc.

bitcoin whales
Bitcoin whale exchange deposits. Source: Glassnode

Meanwhile, the analyst Rekt Capital has been pointing out something else to be wary about, and we’re pretty sure Roman would agree. There was some pretty low trading volume on that market bounce yesterday…

 

Still, this attempted thread from “Plan E” is a little more upbeat in tone. Zooming out on the crypto market a bit usually brings a sunnier perspective…

 

Top 10 overview

With the overall crypto market cap at roughly US$930 billion, down 5.4% since this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.

bitcoin whales

Must be nice to be a (hopefully) secure and fully backed stablecoin on days like these. Because everything else in the majors aside from USDT, USDC and BUSD is looking a bit depressed again on the 24-hour timeframe.

 

 

Uppers and downers: 11–100

Sweeping a market-cap range of about US$8.2 billion to about US$379 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• LEO Token (LEO), (market cap: US$5.4 billion) +8%

• Synthetix Network (SNX), (mc: US$716 million) +7%

• Uniswap (UNI), (mc: US$2.3 billion) +2%

• Chain (XCN), (mc: US$1.88 billion) +2%

• Tenset (10SET), (mc: US$626 million) +1%

 

DAILY SLUMPERS 

• Celsius Network (CEL), (market cap: US$389 million) -19%

• Aave (AAVE), (mc: US$877 million) -13%

• Theta Network (THETA), (mc: US$1.23 billion) -11%

• THORChain (RUNE), (mc: US$536 million) -10%

ApeCoin (APE), (mc: US$1.24 billion) -10%

 

Around the blocks

To finish, a selection of randomness that stuck with us on our daily journey through the Crypto Twitterverse.

Something positive here – a couple of new world leaders appear to be fans of Bitcoin…

Meanwhile, there’s a pretty damn large NFT conference happening in New York this week – NFT.NYC. Find out more about that, plus an NFT market update from Balthazar, here.

And here are some mixed vibes from the event…

Will the real Snoop stand up? Here he is…

Lastly… wish we could un-see these two goblintown.wtf fans… but this one’s been going Crypto Twitter viral. And not in a good way…