⛽️ ETH pumping like Arnold Schwarzenegger in the 90s.

GM 👨‍👩‍👧‍👦

Seedphrase Daily👋ETH at $1500+ got me feeling like a kid again. Here’s what you need to know!

Today’s estimated research time is 6 hours and 3 minutes condensed into a read time of 3 minutes. Stay tuned to where we talk about:

• ⛽️ Crypto reclaims $1T Market Cap! ETH pumping like Arnold Schwarzenegger in the 80s.

• 🥷 Hacker steals $375K worth of NFTs from Premint users and Where the space can improve.

• 📈 ApeCoin Surges 22% after Otherside Demo.

• 😂 Three Arrows Capital Owes $2.36B to Genesis.

⛽️Crypto reclaims $1T Market Cap! ETH pumping like Arnold Schwarzenegger in the 80s.

You've probably seen Twitter become much more active as BTC and ETH pump significantly.

Bitcoin hitting $22,5K and Ethereum hitting $1,5K in the last 24-48 hours made the entire market climb 4.8%, giving it the push needed to reach a $1T market cap again!

We haven't seen prices this high since the devastating Luna crash.

Euphoria is kicking in. Everyone is amped that their wallets look like it's going back to their former glory.

Could this be the start of another bull run?

No. People think we are going to the moon from here, but we are still at level 20 (extreme fear) on the Fear and Greed index. On top of that, almost all the other macro factors are against us. 🔍

This is something called a fakeout.

A fakeout is a technical analysis term used when a trader enters a position expecting it to go up because of price movement but never develops, and the asset dumps, which causes considerable losses for traders.

Sometimes the setup can look perfect, but outside factors can affect price movement massively.

Reasons why ETH is going up and why it will go down

Microeconomic pump : 

1. The news of the ETH merge - people are excited, causing it to jump in the last week.

Macroeconomic dump :

1. Inflation is rising to all-time highs making demand for Bitcoin less when essentials become expensive.

2. Supply-chain shortages in countries like Europe are facing severe food and energy shortages (look at the protests in the Netherlands and Germany).

3. The energy crisis is looming, forcing more miners to shut down and sell reserves.

We should enjoy the highs and lows, but don't be an idiot and FOMO all in because you see everyone trying to pump their bags.

Dollar Cost Average to assure you don't regret all your life decisions within the click of a button.

🥷Hacker steals $375K worth of NFTs from Premint users and Where the space can improve.

Previous hacks have taken place via Discord and Twitter using phishing links, giving the hackers complete control over your wallet.

This guy did it a bit differently.

Taking advantage of malicious code, he uploaded a Javascript on the permit.xyz and instructed users to sign a transaction through a wallet pop-up.

Unfortunately, six users signed the code, giving the hacker complete control over the wallet, allowing him to take and sell 314 NFTs consisting of Bored Apes, Otherside, Moonbiords and Goblin-town.

After selling everything, he made 270Ξ!

The hacker then routed all the money through Tornado Cash, a network that scrambles wallet addresses.

🌏How can we get to mass adoption faster?

As we know, the NFT space experiences a butt load of hacks and exploits.

However, we need to do better. Until we can improve the security of the space, mass adoption won't occur because people will be too worried about losing their money like this.

When security and insurance have a foundation while people are actively finding solutions to these problems is when normies will feel comfortable purchasing and managing their own digital assets.

We can't expect to evolve until these attacks have been eliminated.

🦺What can you do to stay safe?

1. Question everything - no one is safe; if you get a weird message or pop-up, QUESTION IT.

2. Buy a ledger - Cold wallets are the safest place to have your money. If you're interested, use this link.

📈ApeCoin Surges 22% after Otherside Demo

Otherside, the most hyped metaverse gaming platform created by the people of the Bored Ape Yacht Club is almost ready, and people are jumping out of their chairs.

After YugaLabs offered 4,500 users a first "trip" (look) at the Otherside metaverse, $APE hit $6, rising over 30% in the last week, which is massive evidence that good news heavily affects prices.

Right now, the cheapest piece of Otherside land is 2.73ETH which puts up a high financial barrier for the investors with less capital who think the project has long-term potential. Is $APE the next best alternative? NFA 🧐

😂Three Arrows Capital Owes $2.36B to Genesis.

The story keeps getting worse somehow.

After Genesis gave $2.6B to the falling platform, 3AC, the now bankrupt crypto lending platform, owes $2.36B to Genesis.

The numbers were revealed by the 1,157 court filings, in which collateralized assets include 17,443,644 Grayscale Bitcoin Trust shares, 2,739,04.83 AVAX tokens, 123,583,265 NEAR tokens and 446,928 Grayscale Ethereum trust shares.

Not only are their clients claiming money, but so are the employees and founders!

Zhu Su, one of the founders of 3AC, is filing a $5M claim against his own firm! 🤣

Following the founder, the funds' investment manager also submitted a $25M claim.

Talk about friendly fire. After using loan money to buy a yacht, I knew things wouldn't get any better.

These claims against 3AC totalled $2.8 billion in total. Today's court meeting of the 3AC creditors will cover the procedures, and we will be sure to keep you updated on what happens. 📝

Meme of the Day

See you tomorrow! ✌️

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