Fuzenomics Weekly #13

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Birds Eye View (vs Last 7 Days)

💵 Overall Crypto Market Cap: $2.11 Trillion (+4.4%)

🔶 BTC Dominance: 53.49% (+0.51 PPT)

💵 Price Snapshot:

🟠 Bitcoin: $57166 (+4%)

🔵 Ethereum: $3071 (+5.2%)

🟡 BNB: $521 (+9%)

🟣 Solana: $135 (+5.4%)

Mt. Gox Repayments and the German 🇩🇪 Government's $354M BTC sell-off: BTC faces major correction

Bitcoin is at a "pivotal point" as several onchain metrics indicate potential downside, while whales are accumulating Bitcoin at the fastest rate in over a year, according to a new CryptoQuant report.

Bitcoin (BTC) has been in a downtrend since peaking in March. Over the past month, its price has followed a pattern of lower highs and lower lows, hitting a two-month low of $53,500 on July 5. Despite a rebound above $57,000, ongoing Bitcoin sales by the German government and Mt. Gox repayments pose risks of further losses. 🔻

The wallet marked as 'German Government' by Arkham Intelligence loaded up 6000 bitcoin (around $354 Million USD) in various exchanges in preparation for a sell-off - and it is important to remember that this is a follow-up on the 3100 BTC ($178 Million USD at that time) sold off on July 9th.

It's also interesting that some members of the German parliament are voicing their concerns that this sell-off by the government is hasty, and is not 'sensible' or 'productive - as Bitcoin can be used to diversify treasury assets and protect against currency devaluation.

Additonally, Mt Gox, the infamous crypto exchanged that collapsed in 2014 is now finally paying back creditors, has already moved out 47,288 BTC ($2.7 Billion USD) and a whopping 140,000 BTC ($9 Billion USD) is set to be returned to the victims in the coming weeks. 🤯

The CryptoQuant report highlights that the profit and loss (P&L) index is near its 365-day moving average (MA). The onchain data provider warns that if this index falls below its 365-day MA, Bitcoin could face a significant correction, similar to those in previous downturns.

“A crossover to the downside has been associated with major corrections (May-July 2021) or the start of a bear market (November-December 2021)."

CryptoQuant’s Bitcoin bull-bear market cycle indicator is nearing a critical level and could “switch to bear market if prices decline further.”

The chart below shows that the indicator is currently playing out in a similar manner to March 2020, May 2021, and November 2021. A drop below the neutral line will signify that the market has entered a bear phase, indicating further declines.

According to CryptoQuant, these two metrics show that Bitcoin is at “a level where a local bottom can form or a major ‘summer-of-2021’ style correction can occur.”

In addition, Tether’s USDT market cap growth has stalled, suggesting that a rally might be hard to come by as historical recoveries can be attributed to a rise in stablecoin liquidity, CryptoQuant added. Growth in the market of USDT is often considered a key driver of bull markets.

What do you guys think? Is this really the start of a major correction, or this is just a massive bear trap - and we'll see BTC skyrocket back to all-time-highs in the next couple of weeks? Let us know in the comments below! 👇

Crypto adoption in Argentina 🇦🇷 soars amid 276% inflation spike

Cryptocurrency adoption in Argentina has set records as the local inflation rate skyrockets.

Argentina has been leading the Western hemisphere in cryptocurrency adoption with a 276% annual inflation rate, according to analysts from the American business magazine Forbes.

Crypto adoption in Argentina is higher as a share of its global population than any other country in the Western hemisphere, Forbes analysts reported in an article on July 8. Out of 130 million visitors to 55 of the largest exchanges worldwide, 2.5 million came from Argentina, the report noted, citing website data from Similarweb.

Argentina is also the top market on Binance, one of the world’s largest crypto exchanges, in terms of visitors. According to SimilarWeb, website traffic from Argentina accounts for 6.9% of Binance’s total visits.

In contrast to the surging memecoin trend in the crypto industry, the crypto adoption in Argentina has not been driven by memecoins. The locals instead prefer holding stablecoins like Tether (USDT), the analysts claimed, citing remarks by Maximiliano Hin, Bitget’s head of Latin America.

“Argentina is an anomalous market where many people buy USDT and don’t leave room for much else. We don't see this elsewhere. Argentines buy spot Tether and don’t do anything with it.”

Stablecoins like USDT are a type of cryptocurrency designed to maintain a stable value by pegging to a reserve of US dollars at a 1:1 ratio. With massive local inflation rates, holding money in USDT makes sense for people in Argentina despite the country’s lack of significant measures to protect stablecoin investors.

And right now would be a great time to remind you that if your institution or customers are looking to gain exposure to stablecoins - all you have to do is drop a line to us at support@fuze.finance, and we'll set up a call to show you how exactly you can benefit from our state of the art embedded products and zero-slippage OTC desk. 🔝

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In late 2023, after President Javier Milei took office, Argentina officially endorsed using Bitcoin in legally binding contracts. Since then, Argentina has been trying to regulate the local cryptocurrency market, passing registration requirements for crypto firms in April 2024.

Despite the government’s crypto regulation efforts, Argentina still struggles to provide regulated cryptocurrency services to its population, according to Forbes. The report claimed that none of Argentina’s top crypto exchanges, including Binance, have registered with the national securities regulator, Comisión Nacional de Valores (CNV).

“To the best of my knowledge, there is no licensing requirement in the Latin American countries where Bitget operates,” Bitget’s Hin stated.

What do you think? Which country is going to see crypto adoption to skyrocket in the next few years? Let us know in the comments below! 👇

Tangem introduces Visa-integrated crypto wallet for secure payments

Cryptocurrency wallet firm Tangem is collaborating with Visa to bring self-custody and mainstream payments together.

Tangem has partnered with Visa to introduce a new hardware wallet technology integrated with Visa payment cards, the firm announced on July 4. The new business-to-consumer (B2C) product will be released under the Tangem brand and is expected to be launched by year-end.

Tangem’s upcoming new crypto wallet, which introduces Tangem Pay, integrates payment technology that enables users to spend crypto directly from their self-custodial wallet through merchants' payment terminals or online payment tools. This initiative received certification from Visa for its payment technology in February 2022.

“We received certification from Visa and a patent for the technology, and now we have developed a product that we will soon be ready to present to the world,” said Tangem CTO Andrey Lazutkin.

“Our users will get a two-in-one solution — the convenience of a regular bank card and the capabilities of a self-custodial crypto wallet, all in one card." added Tangem Co-Founder Andrey Kurennykh.

Gangem's upcoming wallet solution, featuring Tangem Pay, operates on a self-custodial model and can function with or without a seed phrase. Tangem Pay utilizes smart contracts and includes a card that doesn't require a seed phrase. Initially launched as a B2C service, Tangem Pay will be accessible to users of any wallet, not limited to Tangem, positioning it as a standard Web3 service.

Tangem is also developing a software-as-a-service solution to enable any wallet to issue cards under their own branding. This move aims to facilitate banks in integrating crypto solutions into their product offerings and transform blockchains into platforms for payments.

According to Lazutkin, Tangem Pay can connect with popular wallets like MetaMask, Ledger, and Trust Wallet. If a Tangem Pay card is lost or damaged, users can still access their accounts through the main wallet interface. Users can also get 3 'cards' to each wallet, which is like having 3 identical keys to enter the same wallet.

At the time of writing, Tangem supports at least 59 networks, including major cryptocurrencies like Bitcoin and Ethereum - and has produced more than 1 million cards.

Which other similar projects are you looking forward to partner up with large players in the traditional finance space? Let us know in the comments below! 👇

Australia’s 🇦🇺 main stock exchange to get second spot Bitcoin ETF

Blockchain-focused asset manager DigitalX has received regulatory approval to launch its spot Bitcoin exchange-traded fund (ETF), which will become the second Bitcoin ETF to trade on the Australian Securities Exchange (ASX).

The ETF will be listed under the ticker BTXX starting July 12 at 10 am local time, according to the announcement by DigitalX. Lisa Wade, the CEO, described this regulatory approval and upcoming listing as a "watershed moment," reflecting the growing acceptance and integration of cryptocurrencies into traditional financial markets.

“The DigitalX Bitcoin ETF is a spot ETF product that provides ASX customers with direct access to Bitcoin via a regulated and liquid fund structure,” she said.

DigitalX's partnership with K2 Asset Management as the responsible entity and issuer for their spot Bitcoin ETF, along with collaboration with 3iQ for distribution, underscores their strategic approach to launching and promoting the product in Australia and internationally. This move follows closely on the heels of VanEck's spot Bitcoin ETF approval by the ASX on June 15, which began trading on June 20.

VanEck's ETF, known as VBTC, experienced a modest trading volume of $1.3 million on its first day, contrasting with the significantly higher daily averages seen by similar ETFs in the United States. This indicates varying levels of initial market participation and investor interest across different regions.

Additionally, Betashares, an Australian fund manager, is reportedly also pursuing the launch of a Bitcoin ETF on the ASX, as reported in April by Bloomberg, suggesting a competitive landscape emerging for cryptocurrency investment products in the Australian market.

Which country do you think needs to launch an ETF? Let us know in the comments below! 👇

Telegram's CEO believes Hamster Kombat will on-board 200 million people to blockchain technology

Pavel Durov, the founder of Telegram, emphasized the significant impact of Hamster Kombat's viral growth on potentially onboarding hundreds of millions of people to Web3. He highlighted in a public post to his Telegram channel, which has 2.7 million subscribers, that the game has seen remarkable success since its March 2024 launch, attracting over 200 million players. 🤯

This growth underscores the game's potential to introduce a massive audience to blockchain technology through its upcoming token launch on the TON blockchain.

Pavel Durov highlighted impressive metrics about Hamster Kombat, noting that the game achieved 100 million monthly users in just 73 days. He also shared insights into Telegram's growth, mentioning that the Telegram mini app is adding 4-5 million new users daily, solidifying its position as one of the fastest-growing digital services globally. These figures underscore both Hamster Kombat's rapid adoption and Telegram's continued expansion in the digital space.

Pavel Durov emphasized the significance of Hamster Kombat's upcoming token airdrop, which remains eagerly anticipated with its date yet to be confirmed. The project's official roadmap, as outlined on its website, indicates significant progress, including the completion of onchain infrastructure development and the implementation of in-game wallets during June. These milestones pave the way for the next phases of the project's evolution and its integration of blockchain technology into its gaming ecosystem.

"Soon, Hamster’s team will mint its token on TON, introducing the benefits of blockchain to hundreds of millions of people. A new era is arriving, and we are witnessing its arrival in real-time,” Durov wrote.

It's impressive to see Hamster Kombat achieving such remarkable milestones in gaming and social engagement. Offering incentives like in-game rewards for watching YouTube content is a smart way to integrate gameplay with social media interaction, enhancing user engagement.

Their rapid growth on YouTube, surpassing even MrBeast's subscription numbers, underscores the game's popularity and reach among global audiences. And also - applying for a Guinness World Record for subscriber acquisition (first YouTube channel to gain over 10 million subscribers in one week) further highlights their ambition and success in leveraging digital platforms for community building and gaming innovation.

What do you think the future is for Telegram based gaming tokens? Let us know in the comments below! 👇

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