GM Seedphrasers 👋 Investing in crypto is like playing poker - you need to know when to hold 'em and know when to fold 'em.

📓 Today’s Agenda:

• 🔥 Hot Headlines

• ↘️ The Beginning of the End for Bitcoin?

• ☠️ End of the Voyage

• 📓 This Week in Ethereum

• 🪙 Coin of the Week

🔥  HOT HEADLINES

📈 Market Headlines

• US Crypto Exchange Bittrex has filed for bankruptcy in the state of Delaware with the intention of leaving the United States - Take a Look

• Coinbase CEO Brian Armstrong states that the company is considering the United Arab Emirates (UAE) as a potential crypto hub - Learn More

• Canada has joined the US, England, and Israel in pursuing potential CBDC integration - Check it Out

• Binance announced that have resumed Bitcoin withdrawals following its second pause due you network congestion - Learn More

🖼 NFTs

• Memeland released a new teaser trailer that reached over 90K views within a few hours of launch - Learn More

• Azuki airdropped $PEPE to those holding an Azuki with the frog trait - Check it Out

• Blur has added DeGods as one of the 4 projects eligible for lending on Blend, with an option to “buy now pay later” with only 1 ETH - Learn More

• RTFKT extended their Air Force One Forging Event until Wednesday, May 10th - Take a Look

↘️ THE BEGINNING OF THE END

Bitcoin has dumped 7% over the weekend, showing weakness and exhaustion from the bulls.

Now you’re probably asking why are we telling you this. Let’s dive in.

What is Happening with Bitcoin? Bitcoin experienced a significant correction on Monday due to the combination of interest in shitcoins and congestion issues on the Binance exchange, which temporarily halted Bitcoin withdrawals over the weekend.

As you would expect following the FTX debacle, FUD and panic spread like wildfire on socials, even with Binance being transparent in its reasoning of network congestion.

FUD TLDR: This led to increased frustration among investors due to delayed transactions and higher transaction costs

How Did Bitcoin’s Price React to This News? Following the FUD, Bitcoin's price trended downwards throughout the day, hitting a low of roughly $27,000 before rebounding to around $27,600.

The weakness in BTC also affected Bitcoin futures trading, which traded even lower 👀

What Does This Mean for Our Bags? Investors are growing increasingly concerned about delayed transactions and higher fees, developing a sense of uncertainty that could soon lead to further price dumps.

However, we at Seedphrase believe BTC is a buy-and-hold asset, especially with recent bank fallouts and distrust developing in the traditional system.

Seedphrase Take: Bitcoin adoption is pre-programmed 📈

☠️ END OF THE VOYAGE

Voyager, one of the biggest busts in recent crypto history, has called it quits.

What Happened with Voyager? Crypto Exchange Voyager has initiated the process to liquidate all assets after a fallout with Binance, which was said to be acquiring them.

Binance Fallout TLDR: Binance US walked away from a $1.3 billion deal due to the regulatory climate in the United States. Ring any bells?

How Will This Affect Voyager Customers? Voyager will liquidate certain digital assets that cannot be withdrawn and return them to customers. This includes cryptocurrencies like Algorand, Celo, and Avalanche.

More major cryptocurrencies will be returned to customers but at a recovery rate of approximately 36%.

But 1 BTC = 1 BTC, amirite? 😅

Why Should You Care About This? This whole thing further emphasizes why we must consider the reliability and stability of the platforms we use to trade and hold our cryptocurrencies.

Most of us have heard the statement, “Not your keys, not your coins.” Although hearing that becomes annoying after the 1000th time, scenarios like this show the validity of that statement.

Seedphrase Take: Do better, educate yourself, and get a hardware wallet!

📓 STATS OF THE WEEK

➡️ Ethereum wicked down to $1,810 yesterday following Bitcoin’s price action.

This is the 4th time in the last 30 days that Ethereum has tested the lower $1,800 range.

After $ETH made a local high of $2,150, it made a lower high at $2,020 but still held the $1,800 level.

However, from a technical analysis standpoint, a descending triangle is forming, traditionally a bearish pattern that signals a potential break of support.

➡️ The following are the top five sources responsible for burning ETH and the amount of ETH they burned over the last week.

• Uniswap (+v2 & v3): 30,374 ETH

• ETH Transfers: 5,033 ETH

• Tether Transactions: 2,022 ETH

• MetaMask: 2,683 ETH

• Arbitrum: 1,829 ETH

As you can guess, most of this week's crypto volume went towards shitcoin trading, which explains the activity on Uniswap, as nearly all shitcoins are ERC-20-based.

Fun Fact: The following 50 sources combined are less than that of Uniswap over the last seven days 🤯

➡️ ETH Burned has spiked with shitcoin season in full swing, totaling -76,373 ETH, $141 Million burned in the last seven days.

Since the merge, the total $ETH burned is -611,560 ETH, equalling $1.1 Billion. That means over 10% of Ethereum’s total supply burned was burned over the last week.

🪙 COIN OF THE WEEK: $SUI

​​Since the market is dumping, we decided it would be fun to flip the script and do Coin of the Week - Biggest Loser Edition.

Let's dive in 👀

Fun Fact: SUI is down -75% in the last week 😰

What is SUI?: SUI ($SUI) is a newly launched Layer 1 blockchain and smart contract platform focused on fast, private, secure, and inclusive digital asset ownership.

With scalable processing and storage capabilities, Sui offers “unmatched” speed and low-cost operations, making it suitable for a wide range of applications and providing a foundation for developers to build exceptional and user-friendly experiences.

For a more technical deep dive, Check this out.

Why Did Sui Dump? There are two main reasons for the $SUI dump:

➡️ $SUI was a highly anticipated airdrop, as is for most newly launching layer ones. However, like many other airdrops in the bear market, the price saw a swift sell-off, as those who airdropped wanted to cash in their free stimulus check.

➡️ SUI Network marketed itself as a fast, cheap, and secure layer one. Although all that is cool, when transactions are already fast, cheap, and secure in a bear market, it's easy to get overshadowed by already prominent layer ones such as Ethereum, Solana, Cardano, etc.

Remember, what gave SOL and ADA their initial pump last cycle was the fact that ETH was almost unusable due to congestion and gas fees, creating the “Ethereum killer” narrative.

Who’s the Team?: Mysten Labs, the original contributor to Sui, was founded by former executives/lead architects of Meta’s Novi Research.

Evan Cheng, CEO, and Co-founder, graduated with a Ph.D. in Mechanical Engineering from UC Berkeley and was the Director of Research and Development for Meta’s Novi Research Team.

Adeniyi Abiodun, Co-founder, and CPO, was the Product Lead for Meta’s Novi Research team.

Basically, a bunch of intelligent MFers.

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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.