Overview
- Solana Lawsuit
- Celsius repays BTC debt
- FTX integrates with Ledger Live
- AAVE native stablecoin
Good Morning Banter Fam,
It doesn’t look good for Celsius. Atop of all the financial trouble and customer backlash they’ve been facing they got themself a pretty juicy lawsuit now too. They did pay off their MakerDAO loan today, I’ll give them that.
The accusation? A ponzi scheme list of falsehoods and lies. Cory Klippsten summarizes it pretty well in the Tweet below.
The accuser, named Jason Stone, a former partner of Celsius who handled a large amount of their liquidity through a company named KeyFi. Supposedly, his company had to cut ties with Celsius over questionable liquidity management. Here’s his side of the story:
All and all, it doesn’t look good for Celsius. It could be someone taking advantage of the situation. But who knows? The courts will ultimately decide.
Market update 🌍
The crypto market continues its steady recovery from the 19k support level of bitcoin. Although, bitcoin is coming face-to-face with a strong resistance level of 21.7k (Red) that previously proved too much for the bulls. Can it break through? The evidence is mixed. For one, the Relative Strength Index (RSI) has reached the overbought zone on the 4H and daily chart for the first time since late May, which could point towards the exhaustion of buyers.
On the other hand, many analysts have highlighted an upward breakout of a triangle pattern (Green). So keep a close eye on the retest of the said triangle near the 20.3k zone to see if BTC can create a higher low during this uptrend. BTC completed the US session up 5.22% to US$21,614.
High-resolution chart
| US markets close | Gain |
| S&P 500 | +1.50% |
| Nasdaq | -0.06% |
| Dow | +2.15% |
| VIX | -2.43% |
| Protocol (Coin) | Price ($) | Gain (%) |
| Aave (AAVE) | 73.94 | +17 |
| Internet Computer (ICP) | 6.33 | +12 |
| NEO (NEO) | 9.44 | +10 |
| Polygon (MATIC) | 0.57 | +10 |
| Uniswap (UNI) | 5.81 | +9 |
| Curve DAO (CRV) | 1.04 | +8 |
| Shiba Inu (SHIB) | 0.0000011 | +8 |
| Fantom (FTM) | 0.28 | +8 |
| Cosmos Hub (ATOM) | 9.55 | +8 |
| Rally (RLY) | 0.04 | +23 |
| Synapse (SYN) | 0.89 | +20 |
| Lido DAO (LDO) | 0.68 | +14 |
| IoTeX (IOTX) | 0.03 | +14 |
| GMX (GMX) | 22.26 | +13 |
| Bitcoin Fear and Greed Index | 20 Extreme Fear |
| “Crypto” Google Trends 90d | 19 |
| “Bitcoin” Google Trends 90d | 43 |
Important Economic Events today:
- Unemployment Rate USD 08:30am EST
- Nonfarm Payrolls USD 08:30am EST
- Average Hourly Earnings MoM 08:30 am EST
- Unemployment Rate CAN 08:30 am EST
Newswatch 📰
Solana Lawsuit. A class-action lawsuit has been filed in California accusing key players of the network of illegally profiting from the SOL token, in which the case considers SOL an unregistered security. The filer was a California resident who purchased Solana (SOL) in the summer of 2021 and claimed the token meets the three tenets of the Howey Test, a test used to verify security.
Celsius repays MakerDAO BTC debt. The Celsius Network has repaid its debt and reclaimed 100% of its $440m collateral on MarketDAO in the form of WBTC.
FTX integrates with Ledger Live. Ledger Live has teamed up with FTX to allow the swap of 1200 combinations of 120 tokens on the ledger platform. “There’s no better combination than security plus the ease-of-use!” – CEO of Ledger.
News tidbits:
- Mt. Gox releases an update on repayment procedures.
- US Treasury develops a framework for International Crypto Regulation.
At the protocol level ⛓
AAVE native stablecoin. The Aave (AAVE) team has released plans to build a native decentralized, collateral-backed stablecoin on its network, titled Ghost (GHO). DAO members have submitted the design and initiation plans into the proposal phase.
Introducing privacy on Ethereum. Aztec Connect is now live, allowing for private DeFi on Aztec’s private zkRollup Layer-2 solution. In addition, rumors have surfaced regarding an eventual token release of the network that will likely be distributed to early adopters if true.
MakerDAO teams up with a real-world bank. MakerDAO has passed the MIP6 proposal to open a vault for the Huntington Valley Bank, which allows the bank to borrow up to $100m with a debt ceiling increase to $1b over the next 12 months.
Protocol Level Tidbits:
- Polygon (MATIC) deposit/withdrawals are now available on the RobinHood app.
- Introducing Rage Trade, the first omnichain ETH perp Swap.
- Introducing Arable Finance.
- Optimism (OP) governance proposal to use Celestia for data and Ethereum settlement.
- Circle yield update through the market turbulence.
NFT & metaverse update 🐵
- Introducing Non-Fungible Bonds, a new NFT primitive.
- Reddit announces blockchain NFT collectible avatars.
Banter’s take
The markets appear healthy today for once. Nearly every token in the top 150 is positive. Whoo wee let’s go on a buying streak.
Not yet.
Let’s not forget that the best time to buy is when there’s obvious pain in the markets. Things are beginning to turn too optimistic too fast. Let’s instead be patient. If you’re playing the triangle breakout above, look for the retest. If you’re playing the rejection of resistance, keep an eye out for the lower support (20k). What’s the most important piece of advice? DON”T TRY TO TIME THE MARKET. And of course always, ALWAYS Do Your Own Research!
Thanks for reading!
Gabri
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Disclaimer
Good Morning Crypto (issued by Crypto Banter) is a newsletter for entertainment purposes only.
All opinions expressed by the publisher, writers, and chartists should not be construed as financial advice and do not necessarily reflect the views of Crypto Banter. The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.
