GM Seedphrasers 👋 your morning crypto newsletter that helps you swim through Web3 faster than Michael Phelps at the Olympics.

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 📊 Some BTC Stats

• 👀 Coin of the Week

• 🔊 ETH Is Ultra Sound

🔥 Hot Headlines

📉 Crypto & The Markets:

• Galois Capital Shuts Down After Losing $40M to FTX - Read more

• Polygon hype is real, it just flipped DOGE - See how

• Ethereum Denver scammers make $300,000 - Learn More

🖼️ NFTs:

• Pudgy Penguins partner with retail giant to introduce more licensing for holders - Read more

• PROOF cancels its upcoming conference and Twitter reacts - Read more

• Jack butcher teases Opepen PFPs (Floor Pumps) - Learn more

• Frank sweeps 600+ Beanz - Track his wallet

📊 Some BTC Stats

It’s been a great week for Bitcoin, so great that it reached the 25k mark for the first time since June 2022. Price action has been relatively good considering the tough week of news with the SEC coming in with spicey regulation proposals.

👉️ 5 things that happened to BTC this week:

• The number of Bitcoin whales, or wallet addresses holding 1,000 or more BTC, hit its lowest level since August 2019 on Sunday according to Glassnode

• Bitcoin mining firm CleanSpark purchased 20,000 new ASIC mining machines (gearing up to mine more = profits = bullish)

• The 200WMA has been acting as resistance since mid-2022, with BTC/USD spending more time below the level than ever before. And all attempts to get over it have been met with flat rejection so far.

• Data from MiningPoolStats shows the Bitcoin network hash rate maintaining its upward trend, with miners retaining more BTC than they sell.

• The infamous Crypto Fear & Greed Index shows “greed” as the overwhelming sentiment across crypto this week, retail money has arrived!

TLDR; It’s still unclear whether or not smart money is ready to go all in at these prices, especially with regulatory uncertainty. The good news is Bitcoin NFTs, and miner activity is helping create a brand new unexpected source of demand for bitcoin that can lead us into a good bullish movement.

Don’t take it from us, take it from one of the best traders in Crypto (We’re on the same page 😉 )

Here’s a resource for more BTC data - Check it out

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🏆️ Coin of the Week: Stacks ($STX)

What is it? Stacks is a network with a separate ledger to help store data outside Bitcoin L1s. In simple; It gives Bitcoin more functionality and makes it easier for developers to build Dapps and smart contracts on the bitcoin network.

💵 Fun Fact: STX is one of the rare tokens approved by the SEC, which is a really good sign in times like this.

🧑‍🤝‍🧑 The team: Funded by venture capital funds including Y Combinator, Digital Currency Group, and Winklevoss Capital. The founders Muneeb Ali and Ryan Shea, both have backgrounds in computer science and co-founded Stacks in 2013.

A mega-thread from the founder:

🟢 Current Price: $0.62
🟠 Fully Diluted Market Cap:$1,128,356,185
🔴 24hr Volume: $900,177,002
💰 Week To Date Move: +125%

🔊 ETH is Ultra Sound

ETH is turning more deflationary than ever.

How is this happening? Since the ETH upgrade, the higher the network’s transaction fees are at any given time, the more Ether will be “burned” from the supply forever.

With airdrops, increased volume, and the uptick in price action over the last week we’ve been able to see the upgrade mechanisms in full effect.

👉️ 3 things you should know about in ETH this week:

1. Ethereum’s median gas price has rebounded to a seven-month high of 27.13 gwei

2. The total value locked in the Ethereum PoS contract continues to rise to new record highs, with the latest data showing deposits of almost 16.63 million ETH

3. From a technical perspective, Ether’s price is testing a key resistance that compromises a descending trendline resistance and a 50-week exponential moving average

4. Ethereum tested the $1800 level and got rejected!

TLDR; From a technical aspect, Ethereum sits in a tricky position where it’s currently upwards a crossover of the moving average which is usually a sign of change in the momentum of the market. Macro-wise, ETH is ultra sounddddd.

Here’s a resource for more ETH data - Check it out

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😂 Meme of the day:

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.