Main Takeaway: Steady Prices Over The Weekend
For the past four weeks, cryptocurrency has closed the week higher than previous closes, which happened for the first time in years. Moreover, on the traditional economy side, US equities closed the week on a strong footing, thus giving crypto momentum to have a green weekend. Bitcoin in particular is back above its 200 weekly moving average, and Ethereum is gaining momentum to burst past $2,000. These are all bullish indicators.
On the other hand, however, many are urging caution that this is all a dead-cat bounce and we may reverse to see more lows, with Peter Schiff, in particular, calling for Bitcoin to hit $10,000. In addition, the saga around Tornado Cash is bringing to the forefront concerns regarding a deadly clampdown on DeFi, private transactions, and stablecoins.
It appears that mass liquidations have passed, but now we’re moving on to the regulatory clampdown phase. Investors should stay vigilant about which stablecoins they’re invested in and what touchpoints their DeFi ecosystem applications have with the US financial system.
Key Stories: Aave Blocking Addresses Linked To Tornado Cash
When the US Treasury put Tornado Cash on its OFAC sanctioned entities list, Aave, a DeFi lending and borrowing platform began blocking ETH addresses linked to Tornado Cash addresses. However, the process for blocking has taken a bad turn in that the platform is now blocking all individuals who’ve received .1 ETH from random Tornado addresses, without having anything to do with the service – for example, Tron CEO, Justin Sun and Ethereum analyst, Sassal0x. The takeaway is investors, traders, and developers should be wary of censorship at the protocol-level layer.
Investor Insight: Who Let The SHIBs Out?
SHIB is having a parabolic run over the past day, rising over 30% and regaining the number 12 spot among the top 15 cryptos on the market, passing Avalanche for number 13. Dog meme coins usually do not have a strong explanation for pumping, unless it’s related to Elon Musk and Dogecoin. However, Shiba Inu now has a $10 billion market cap and more Twitter followers than Dogecoin. The ShibArmy is not to be messed with. This is what happens when certain crypto projects have strong follower communities. Regarding SHIB, keep your eyes on the SHIB Metaverse.
Today’s Top Gainers
As the market pumps this Monday morning Asia time, the top five performing coins on Phemex are Shiba Inu (SHIB/USDT), Civic (CVC/USDT), Santos FC Fan Token (SANTOS/USDT), LeverFi (LEVER/USDT), and Celsius (CEL/USDT).