GM 👋 this is Seedphrase, we’re your bridge to the other side of Crypto, bringing you from A to Z daily with the hottest stories.

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 🪙 Bitcoin: Why is it dumping?

• 📈 Macro overview: Crypto Gigasend?

• 🔊 Stats of the Week: Ethereum

• 🐕 Binance News

• 👑 Coin of the Week

📉 Crypto & The Markets:

• Polygon announced the launch of the zkEVM mainnet, allowing developers to build on Polygon exactly how they would on Ethereum - Learn More

• Cega, a Solana-based derivatives protocol, raises $5 million in a round led by Dragonfly Capital to expand on Ethereum - See How

• Metamask is rumored to take a snapshot on March 31, 2023, for an upcoming $MASK airdrop in Q1 2024 - Learn More

• Ethereum Creator Vitalik Buterin sent out a hidden message in the first transaction on the Polygon zkEVM - Learn More

🖼️ NFTs:

• Memeland has released a teaser of their “opening theme,” rumored to be associated with an upcoming digital experience - Learn More

• Nakamigos, a newly launched Ethereum NFT project, has eclipsed Bored Ape Yacht Club in total trades in under one week - See How

• CrypoPunk Holder sends his CryptoPunk, which he paid 77 ETH for, to a burn address on accident while trying to wrap it - Learn More

• Ticketmaster has launched a new feature allowing artists to grant NFT owners special access to events - Learn More

📈 BITCOIN: WHAT TO KNOW

We are on the brink of a global financial collapse, and you are still worried about magic internet money?

Textbook degen activities! Let’s dive in.

Bitcoin started this week out trading near $28K but then saw a swift -5% dump to around $26.5K. Although there are non-technical reasons for this dump, let’s focus on magic lines for now.

Where are We Heading?: Currently, bears look to be in complete control. $BTC is currently holding the $26.5K support level but is seeing minimal amounts of volume.

If this continues, we could see $BTC hit the $25K support level.

Quick Maths: A fall to the $25K level would be a further -7% drop from current levels. That would mark a -14% pullback from Bitcoins recently set relative high of $28.9K.

Ouch,

Bull Case: Other than a random rocket ship to $100K, the best case scenario for Bitcoin is for $BTC to drop to $25K and make it a support level.

Yes, I know we all want up only, but this playing out would be great for the mid-long term. That would flip what was a double top into an insanely strong support level.

Bear Case: Worst case scenario would be for $BTC to fall to $25K but fail to flip it as support. This could result in $BTC falling to $21K or lower, -a 22% drop from current levels.

Ouch x 2

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🔊 ETHEREUM: STATS OF THE WEEK

Ethereum’s total supply disparity from if ETH remained on Proof of Work continues to grow, now 3.539% in difference.

1️⃣ Ethereum Gas Prices spiked yesterday morning to a weekly high of 84 gwei. Before that, the highest gas price was 63 gwei on March 22nd.

This spike in gas is likely due to a massive influx of sellers and stablecoin swaps from the Binance FUD, which has capitulated the entire market over the last 24 hours.

Remember what happened last time CZ was the center of crypto news...Yeah, me either (cries in FTX).

2️⃣ Ethereum’s total supply change since the merge is now -69,404 ETH, 2,378 ETH more than last week. That equals $4.05 Million at the current price of ETH.

3️⃣ Ethereum’s price change is +4.55% over the last seven days. That makes ETH the third top performer within the top 10 behind Bitcoin and Solana, which are both up double digits on the week.

4️⃣ The ETH/BTC Pair is currently hovering around 0.0634, the lowest point this pair has been since July 17th, 2022.

The next major level of support is 0.059, which is a further -6.75% decrease from current levels.

🐕 CZ VS US(A)

What’s happening? For better…or for worse (usually worse), CZ Binance is once again the center of crypto news.

So what broke this time? The US Commodity Futures Trading Commission (try to say that five times fast) has filed a lawsuit against the crypto giant Binance and its CEO CZ for violating trading and derivatives regulations.

The exact details of the lawsuit are TBA, but a portion of the lawsuit includes allegations of Binance trading on its own exchange with 300 accounts associated with CEO CZ

How can this affect you? If you have looked at your portfolio over the last 24 hours, you will notice that you might be a little poorer. Especially after seeing tons of traders leave the market after seeing more exchange-related FUD.

No, this lawsuit is not similar to the FTX debacle whatsoever. However, a major exchange getting hit with anything related to regulatory violations is enough to send even the strongest diamond hands running to their mamas.

Seedphrase Take: Ultimately, we suspect nothing major will come from this, and Binance and CZ will get a slap-on-the-wrist fine of a few million. Nonetheless, if you use Binance, watch for any lawsuit-related news.

👑 COIN OF THE WEEK ($XRP)

Yup, we’re covering this again because it’s up 50% since we covered it 3 weeks ago!

What is XRP?: XRP is the native token for Ripple and emphasizes fast, cost-effective transactions. You can compare it to something like a bridge currency, enabling seamless transactions worldwide.

What is a Ripple?

• Boring Answer: Ripple is a technology company that provides blockchain-based solutions for businesses.

• Fun Answer: Ripple is the anti-hero of the crypto space. Ripple XRP’s main stick is its involvement with major financial institutions, which some belief is the opposite of what cryptocurrency should be.

Ripples' target audience usually resides in the financial sector, meaning banks, payment providers, and other financial institutions. Gotta love a good villain arc.

Fun Fact: Ripple Labs has been in a back-and-forth lawsuit with the SEC since December 2020. The Ripple CEO hopes to reach a resolution with the SEC within the first half of 2023 - Learn More + It’s the 5th oldest cryptocurrency. This is the reason for a lot of the credibility it has today.

If you want a more technical deep dive, Check this out.

Why did it pump?: Even though we are experiencing a sea of red market-wide, XRP is up 25% over the last week and is the best performer within the top 100 cryptocurrencies.

How XRP remains in the top ten while in a multi-year lawsuit with the SEC is beyond us.

Major props to the XRP Army, or whatever their cult name… I mean community name is ;)

Why the pump? I know we just joked about XRP’s cult-like community, but there is a lot of truth to that. Even with the Binance FUD, $XRP seems unaffected on the charts and continues to run off the legs of its community.

There have been no announcements from Ripple Labs regarding an upcoming upgrade or update on the SEC lawsuit. However, the price is still up 25% amid a dumping market. That tells me demand exceeds supply, and the XRP army is rolling out in full force.

Whos the Team?: Ripple XRP was founded in 2012 by three developers: David Schwartz, Jed McCaleb, and Arthur Britto. Although they are looked at as the plague by some, to others, they are considered incredibly ambitious and respectable.

Imagine the DMs these guys get.

🟢 Current Price: $0.47
🟠 Market Cap: $24,529,378,394
🔴 24hr Volume: $2,914,293,291
➡️ Where to buy: Binance, Bithumb, KuCoin, Bitstamp, Kraken

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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.