GM 👋 Seedphrasers, Today’s theme, is Technical Analysis Tuesday so let’s dive in.

📓 Today’s Agenda:

• 🔥 Hot Headlines

• 📈 A Week Of Bitcoin

• 🔢 Ethereum is Burning!

• 🐕 Who Let the Doge Out?

📉 Crypto & The Markets:

• The Blockchain Association allegedly spent over $1.9 Million on lobbying in 2022, up from $900,000 in 2021 - Learn More

• BNB slips 3% on Monday following unverified rumors that an Interpol Red Notice had been issued to Binance CEO CZ - Learn More

• S&P Global is looking for a “Defi Director” and other crypto-related positions amid its decentralized finance push - Learn More

• Binance and Jimmy Butler Hit With $1B Crypto Lawsuit amid allegations that Binance Paid Jimmy Bulter to promote unregistered securities - Learn More

🖼️ NFTs:

• Magic Eden announces Cardano as its fifth blockchain integration, now supporting BTC, ETH, SOL, MATIC, and ADA NFTs - Learn More

• Gucci announces the launch of the Gucci-Koda pendant, the first discovery of the Otherside x Gucci partnership - Check it Out

• Otherside vessel claim and Koda decoupling are set to go live later this week, granting the Koda Origins Obelisk to those who participate - Learn More

• Elon Musk tweets out an image from The Memes by 6529 NFT collection, causing a 145% spike in trading volume - Check it Out

📈 A WEEK OF BITCOIN

Yeah, breakups are bad, but nothing hurts our feeling more than the price of Bitcoin.

Bitcoin has been trading back and forth between $26.5K and $29K for the last +2 weeks. Over the weekend, $BTC closed a green daily candle at $28.5K, its highest green daily candle close since December 2020.

Where Are We Heading?: Since its green daily candle close of $28.5K, $BTC dipped -3.5% over the span of three days, showing signs of buyer exhaustion.

With the continuation of the FUD revolving around lord CZ Binance, it's very possible that we see a short-term dip back down to $26.5K, testing that lower level of support,

Quick Math: A dip down to $26.5K would result in a further 4.5% dip from current levels

Bull Case: Believe it or not, the best thing Bitcoin can do right now is sit put and behave. Later this week, unemployment numbers will be released by our friends over at the FED. This could have an effect on the price of Bitcoin in the short term.

The unemployment rate is expected to come out at 3.6%. So that, or better, could cause a short-term pump in prices across the board due to added confidence in the economy.

Dont worry, Biden; we full-time Web3 degens will help buff up those numbers

Bear Case: The worst thing that could happen to Bitcoin in the short term is any confirmation of the arrest of CZ Binance.

Regarding currently circulating FUD, Binance, and CZ are at the top of the list. CZ could stub his toe in the morning, and Bitcoin would dump 5%.

Therefore, any real legal actions between major entities such as the US Fed and Binance could cause panic throughout the crypto space.

It would be in our best interest to keep up to date with everything regarding Binance and its current legal arc. Don’t be the exit liquidity!

🔢 ETHEREUM IS BURNING

Ethereum’s price was fairly flat this week but is still performing well, currently up 5.4% at the time of writing.

It seems Ethereum is more or less following the movements of Bitcoin. This is pretty traditional, especially in flat times such as now.

Maybe boring isn’t always bad? Nonetheless, the price of $ETH is fighting to stay above the $1.8K level. There is heavy resistance at the $1.85K level, which, if unable to crack, could send ETH back to the $1.7K.

Quick Maths: A dip down to $1.7K is a -6.5% drop from current levels

Ethereum’s total supply change since the merge is now -76,367 ETH, 6,963 ETH more than last week. That equals around $12.6 Million dollars in value, burned into the ether.

See what I did there?

Total Ethereum burned since the merge is currently sitting at 427,282 ETH. That comes out to around $772.5 Million dollars in ETH burned

Tell Vitalik to share, man (or woman)!

Fun Fact: Over 55% of the total ETH burned is due to interactions with DeFi (30%) and NFTs (25%).

Regarding top performers, the following is the burn leaderboard for contracts that individually burned the most ETH since the merge:

• Regular ETH Transfers: 25,979.33 ETH

• OpenSea: 23,389.07 ETH

• Uniswap V3: 20,735.64 ETH

• Tether: 20,564.25 ETH

• Uniswap: 20,539.29 ETH

Although Blur is only a few months old, they are already responsible for over 12K ETH burned, equalling nearly $22 Million in total burned.

BUT, BLUR IS DESTROYING THE NFT MARKET?! Yeah yeah, tell that to my ETH bags!

🐕 WHO LET THE DOGE OUT

What is DOGE? $DOGE is a cryptocurrency based on the popular internet meme of a Shiba Inu dog. Initially, Dogecoin was started as a joke, poking fun at crypto and crypto enthusiasts. Now, it is the 7th largest cryptocurrency in the world by market cap.

Ironic, isn’t it?

Dogecoin has one of the biggest cult followings in all of crypto history, with backing from regular joes to multi-billionaires such as Mark Cuban and Elon Musk. Its value is extremely volatile and is largely driven by social media hype and celebrity attention.

Fun Fact: Dogecoin is the 6th oldest cryptocurrency in history

For a more technical deep dive, Check this out.

Why did it pump?: If you go on Twitter through Desktop and look at the top left side of your screen, you will notice that the Twitter logo has been switched with an image of a Shiba Inu.

Yes, this is not a dream; it's really there.

This change came as part of a promise Elon Musk made in March 2022, which was to change the Twitter bird logo to a doge after he bought Twitter.

Who would have thought that a year later, it actually happened?

After the logo change, Dogecoin saw a MASSIVE spike in price, pumping +36% from $0.076 to $ 0.10 in less than two hours.

FYI: The last time Dogecoin was above $0.10 was in December 2022.

Whos the Team?: Dogecoin was founded in 2013 by two programmers named Jackson Palmer and Billy Markus. The project was initially treated as a hobby project, seeing as the ethos of it was to act as a meme pointed towards the about of altcoins popping up in 2013.

Never underestimate the power of crypto degens. They will ALWAYS surpass expectations.

For better and for worse!

GET INFRONT OF 18,000+ CRYPTO INVESTORS

😂 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.