1 00:00:00,00 --> 00:00:02,300 Hello guys and welcome to this new video! 2 00:00:02,400 --> 00:00:07,200 This week has been full of novelties, some good others less good 3 00:00:07,300 --> 00:00:09,400 So let's begin with this new Cryptofriday episode! 4 00:00:09,500 --> 00:00:13,800 As usual, before we start, I remind you to subscribe to the channel 5 00:00:13,900 --> 00:00:20,000 Because most of the people who watch crypto dome videos are not yet subscribed 6 00:00:20,100 --> 00:00:22,700 That said, let's begin! 7 00:00:22,800 --> 00:00:30,600 Opening 8 00:00:30,700 --> 00:00:35,500 I'd like to start from the coinmarketcap because this week we had the FOMC event 9 00:00:35,600 --> 00:00:40,400 That has confirmed the interest rate hike about 0.75% 10 00:00:40,500 --> 00:00:45,300 And the Powell's speach that has brought the market down 11 00:00:45,400 --> 00:00:51,400 Even if this interest rate hike was forseen by the market 12 00:00:51,500 --> 00:00:59,200 Powell's words has brought the market down, both crypto and traditional markets 13 00:00:59,300 --> 00:01:06,900 At the moment Bitcoin is struggling to keep the threshold of 19k $, is very weak 14 00:01:07,000 --> 00:01:13,000 Ethereum is also more weak due to the "sell to news" event after the merge, it's losing more than 10% in a week 15 00:01:13,100 --> 00:01:19,100 After that the altcoins are not doing well except in a few isolated cases 16 00:01:19,200 --> 00:01:28,300 Starting from institutional news we had the SEC agains Ian Balina at the beginning of the week 17 00:01:28,400 --> 00:01:31,200 He was a crypto influencer from the previous bull run 18 00:01:31,300 --> 00:01:41,900 He was sued to have promoted an ICO called Sparkster that has raised 30 million $ from 4000 investors 19 00:01:42,000 --> 00:01:44,900 Without any authorisation from the regulators 20 00:01:45,000 --> 00:01:50,900 Since that Ian Balina is from the United States the SEC intervened in this case 21 00:01:51,000 --> 00:02:02,900 The SEC stated that ethereum transactions are under their jurisdiction 22 00:02:03,000 --> 00:02:05,900 Because most nodes are in the U.S. 23 00:02:06,000 --> 00:02:14,800 I have to disagree with this thesis from the SEC because in 2017-2018 Ethereum was still on PoW consensus 24 00:02:14,900 --> 00:02:20,800 And the node concept is a total different thing compared to the current consensus mechanism PoS 25 00:02:20,900 --> 00:02:26,800 Secondly, I think that SEC want to create a legal precedent 26 00:02:26,900 --> 00:02:31,700 So they can use this case to get more control over the crypto market 27 00:02:31,800 --> 00:02:39,000 I think that the fact that most of the nodes were in the US seems to me as an excuse actually 28 00:02:39,100 --> 00:02:46,300 So we have to keep an eye on this case to see how much control can gain the SEC 29 00:02:46,400 --> 00:02:53,600 But in the meanwhile that the SEC argues about where the nodes is 30 00:02:53,700 --> 00:02:56,800 We have another piece of unpleasant news from Wintermute 31 00:02:56,900 --> 00:03:04,000 That we had already mentioned when they lost the OP tokens at the launch of Ethereum's layer 2 Optimism 32 00:03:04,100 --> 00:03:12,500 This week Wintermute faced an hack that led to a loss of 160 million $ 33 00:03:12,600 --> 00:03:17,400 In this regard Wintermute's CEO has stated that the company is still solvent 34 00:03:17,500 --> 00:03:23,200 Because they still own more than double of the loss and so there should be no problem 35 00:03:23,300 --> 00:03:29,900 For those who do not know Wintermute, they are a crypto market maker that offer liquidity also to the major cex 36 00:03:30,000 --> 00:03:37,000 So they are like an istitution in this field, but for the second time they was hacked 37 00:03:37,100 --> 00:03:41,900 In this case seems that a Vanity address of Wintermute was exploited 38 00:03:42,000 --> 00:03:50,100 A vanity address is an Ethereum address where numbers and letters are replaced by zeros 39 00:03:50,200 --> 00:03:55,000 So it will be more easy to use and remember the address 40 00:03:55,100 --> 00:04:02,000 And these vanity addresses are usually created from tools like this one that is called Profanity 41 00:04:02,100 --> 00:04:12,400 This company has stated some weeks ago that they found a critical bug on their protocol 42 00:04:12,500 --> 00:04:17,300 So Wintermute may have ignored this warning 43 00:04:17,400 --> 00:04:22,800 And this could have led to his wallet to being hacked and theft 44 00:04:22,900 --> 00:04:31,600 Therefore also the big players can commit "stupid" things as you can see 45 00:04:31,700 --> 00:04:36,500 Changing the subject and talking about news related to crypto projects I'd like to start from Helium 46 00:04:36,600 --> 00:04:38,900 That is a project in the IoT field 47 00:04:39,000 --> 00:04:44,600 That in this week got the approvation from the community to migrate to Solana 48 00:04:44,700 --> 00:04:52,400 At the moment Heluim is running on a proprietary blockchain and they seek to gain more scalability with this migration 49 00:04:52,500 --> 00:04:57,300 And maybe they have recognized that this was not possible on their current blockchain 50 00:04:57,400 --> 00:05:04,000 This need of scalability can be related to this other news still regarding Helium 51 00:05:04,100 --> 00:05:10,700 Because the Helium founders have signed a partnership with T-mobile, a gloabl operator 52 00:05:10,800 --> 00:05:15,600 With the aim to launch a 5g network based on the Helium infrastructure 53 00:05:15,700 --> 00:05:25,200 For those who do not know Helium, they are a network of routers that people can buy and connect to each others 54 00:05:25,300 --> 00:05:28,900 And you can be rewarded in HNT for this router work 55 00:05:29,000 --> 00:05:39,300 So let's keep an eye on this partnership because they can be the very first project that succeed in this kind of service 56 00:05:39,400 --> 00:05:44,900 Thanks to the great adoption that Helium networks already got 57 00:05:45,000 --> 00:05:51,400 In the last week HNT's price has been on a rollercoaster due to these news 58 00:05:51,500 --> 00:05:58,800 As you can see there were both great pumps and dumps 59 00:05:58,900 --> 00:06:03,700 Indeed a week ago the price was 4$ and now is only at 4.50$ 60 00:06:03,800 --> 00:06:08,600 But if we look at the annual chart you can see that HNT has suffered a lot 61 00:06:08,700 --> 00:06:13,500 And as you can see we're far away from the ATH that was around 50$ 62 00:06:13,600 --> 00:06:18,400 Thanks to this bear market that has brought down HNT's value 63 00:06:18,500 --> 00:06:25,600 So let's see if these news can help Helium to gain also more adoption and let's see how this can impact the token value 64 00:06:25,700 --> 00:06:32,700 Another important milestone about on chain updates was reached by Cardano that has implemented Vasil Hard Fork 65 00:06:32,800 --> 00:06:39,000 Which empower a better scalability and usability of Cardano's network 66 00:06:39,100 --> 00:06:48,400 This is a great news because even if Cardano was able to run smart contract on his blockchain since 1 year 67 00:06:48,500 --> 00:06:52,200 They have not gained a lot of mass adoption yet 68 00:06:52,300 --> 00:07:01,400 Cardano currently is placed at 27th place of the chains's TVL ranking, with 80 million $ as TVL 69 00:07:01,500 --> 00:07:11,900 This is a poor result if you think that Cardano is a top 10 crypto and they can run dapp since 1 year imho 70 00:07:12,000 --> 00:07:21,500 So let's see that after this updated if more projects will come to develop on Cardano increasing his adoption 71 00:07:21,600 --> 00:07:28,200 If we look at the price of ADA we can see a little rally before Vasil implementation 72 00:07:28,300 --> 00:07:36,900 But this was a tiny rally because it started from 0.43$ and went up to 0.47$ 73 00:07:37,000 --> 00:07:46,100 So I think this was not a high speculated event and if we look at the annual chart we can see how bear market impacted ADA's price 74 00:07:46,200 --> 00:07:52,100 This week we've also seen the implementation of the tax burn on Luna Classic network 75 00:07:52,200 --> 00:07:57,000 That was one of the cause of the big pump of LUNC in these last months 76 00:07:57,100 --> 00:08:04,100 So now we have the confirmation that a 1.2% tax burn is live on every on chain transactions 77 00:08:04,200 --> 00:08:10,000 If we look at this chart from Messari that shows the circulating supply of LUNC 78 00:08:10,100 --> 00:08:14,900 We can see how the tax burn has decreased the supply of LUNC started from its integration 79 00:08:15,000 --> 00:08:21,300 Indeed from September 20th like 500 billions of tokens were burned 80 00:08:21,400 --> 00:08:31,300 So the effects of this burn is real and we have now to monitor how it will keep going to reduce the supply 81 00:08:31,400 --> 00:08:39,000 The price of LUNC seems to have served the news some days before the actual implementation of the update 82 00:08:39,100 --> 00:08:49,000 As you can see there were not a real "sell to news" event at september 20th but the price dropped days before around september 10th 83 00:08:49,100 --> 00:09:02,900 The price however is still in an uptrend even if it dropped starting from 10-15 days ago, indeed we're still on x5 compared to 3 months ago 84 00:09:03,000 --> 00:09:09,400 So I'd like to ask you how do you think LUNC price will go if this burn will keep happen at this rate 85 00:09:09,500 --> 00:09:17,000 Do you think LUNC will recover or it will be treated like a high speculated shitcoin? 86 00:09:17,100 --> 00:09:19,900 Let me know in the comments. 87 00:09:20,000 --> 00:09:29,200 Let's see the last news from this week and so check this tweet about Olimpio that talks about Optimism quests 88 00:09:29,300 --> 00:09:36,100 That can let us collect 18 different NFTs by completing each quest 89 00:09:36,200 --> 00:09:42,900 Keep in mind that as Olimpio says 14% of the OP supply is still to be airdropped from the Foundation 90 00:09:43,000 --> 00:09:50,900 So these quests may make us eligible for the future airdrops of OP tokens 91 00:09:51,000 --> 00:09:57,800 But this is pure speculation because also Olimpio says that there is nothing confirmed yet 92 00:09:57,900 --> 00:10:04,000 If you go to the website of Optimism you can find the section where complete the quiz and the quests 93 00:10:04,100 --> 00:10:10,100 After that we can obtain these NFTs that has this particular shape 94 00:10:10,200 --> 00:10:15,000 As you can see in the middle of the screen there is the logo of the project for which we completed the quest 95 00:10:15,100 --> 00:10:22,900 You have until January 2023 to complete these quests but keep in mind that some quest require time to be completed 96 00:10:23,000 --> 00:10:30,400 For example if you want to get the NFT about Hop Protocol that is a bridge you have to provide liquiditiy for a month 97 00:10:30,500 --> 00:10:40,100 So it could be a good idea to start asap in order to not being cut off while we approch the end of this campaign 98 00:10:40,200 --> 00:10:44,400 If you're interested in this topic you can find the link in the description of this video 99 00:10:44,500 --> 00:10:52,200 Another big update is that Opensea has decided to integrate Arbitrum 100 00:10:52,300 --> 00:11:00,000 This will likely hype the collections in Arbitrum and will increase the on chain activity 101 00:11:00,100 --> 00:11:05,900 In the last months volumes and number of transactions have dropped a lot 102 00:11:06,000 --> 00:11:19,000 As you can see from this chart the number of users and transactions have fallen but the volumes has totally collapsed 103 00:11:19,100 --> 00:11:25,100 This effects all of these marketplace like also Looksrare, SuperRare, Magic Eden and so on 104 00:11:25,200 --> 00:11:28,700 Well, I think that this CryptoFriday is over 105 00:11:28,800 --> 00:11:30,700 I hope that you can rate this video interesting and helpful 106 00:11:30,800 --> 00:11:38,000 If so give me a like and don't forget to subscribe because we're finally reaching the 1k subs goal 107 00:11:38,100 --> 00:11:42,400 That said, see you at the next video or in the telegram community, bye!