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Riding The Wave
Riding The Wave News Summary #55

Riding The Wave News Summary #55

Bitcoin and Ethereum Prices Rallied This Week. It Won’t Last, According to These Experts, Celsius’ Positions are Now Healthier, Three Arrows Capital Was a 'Victim of Contagion' - Nansen, & more

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Thomas Holland
Jun 29, 2022
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Riding The Wave
Riding The Wave
Riding The Wave News Summary #55
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Welcome to Riding The Wave. If you have questions or feedback, please reply to this email. If you are new to the Newsletter, please check out what we provide on our about page and consider subscribing. Within the Newsletter, I provide News Summaries, Weekly Status Updates, & Deep Dive Articles on Specific Topics (Ex: How do I pick which coins/tokens to buy?). More details here


News

Table of Contents

  1. Tweets

  2. Bitcoin and Ethereum Prices Rallied This Week. It Won’t Last, According to These Experts

  3. Celsius’ Positions are Now Healthier, Three Arrows Capital Was a 'Victim of Contagion' - Nansen

  4. Three Arrows Capital Liquidation Ordered in British Virgin Islands

  5. Lido Community Signals Intent to Keep Ethereum Staking Uncapped


Tweets

Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
💥MicroStrategy just bought $10m #Bitcoin
12:13 PM ∙ Jun 29, 2022
1,739Likes198Retweets
Twitter avatar for @AlgodTrading
Algod🫐 @AlgodTrading
Imo we are going to nuke hard for the next 4 weeks Panic starting to kick in almost for every sector, housing market close to collapse
5:09 PM ∙ Jun 28, 2022
1,541Likes125Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
#Bitcoin Monthly RSI at lowest level ever!
Image
10:06 AM ∙ Jun 29, 2022
1,168Likes194Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
💥BREAKING: Inflation jumps to 10.2% in Spain, the highest since 1985. Economists expected 8.7% 🤨
8:47 AM ∙ Jun 29, 2022
1,761Likes235Retweets
Twitter avatar for @tomloverro
Tom Loverro @tomloverro
Crypto winter is here ❄️. I was on the @coinbase board until 2021 and led its Series D for @IVP. I’ve lived crypto cycles since 2013. Here are my predictions on how and when this crypto winter will end, and how to emerge stronger. 🧵👇/1
4:31 PM ∙ Jun 28, 2022
7,334Likes1,746Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
FTX CEO Sam Bankman-Fried says some #crypto exchanges are already "secretly insolvent."
9:42 AM ∙ Jun 29, 2022
1,751Likes304Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
BREAKING: British Virgin Islands court reportedly orders liquidation of Three Arrows Capital.
10:43 AM ∙ Jun 29, 2022
1,708Likes318Retweets
Twitter avatar for @TheRealPlanC
Plan©️ @TheRealPlanC
Gaussian Channel 🎯 #BTC #Crypto #Bitcoin
Image
10:18 PM ∙ Jun 28, 2022
326Likes36Retweets
Twitter avatar for @BTC_Archive
Bitcoin Archive 🗄🚀🌔 @BTC_Archive
💥BREAKING: 54 million Brazilians can now buy #Bitcoin through Nubank.
7:57 PM ∙ Jun 28, 2022
6,258Likes899Retweets
Twitter avatar for @ZeroHedge_
John Wick @ZeroHedge_
#BTC No matter what hopium you read, the truth is we are in a stage 4 downtrend until further notice. This is clearly identified with price action falling below the Track line & then the Track line turning red. You can either stay in cash or what for opportunities to short.
Image
4:23 PM ∙ Jun 28, 2022
231Likes24Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: Bank of America says blockchain technology and the #cryptocurrency ecosystem are here to stay.
2:27 PM ∙ Jun 28, 2022
12,860Likes2,772Retweets
Twitter avatar for @KobeissiLetter
The Kobeissi Letter @KobeissiLetter
The market value of real estate is larger than equity markets, debt markets, gold, crypto, and global GDP COMBINED. We have seen the average rate on a mortgage rise from 2.7% to 6.3% in a year. Supply is now rushing back into the housing market. Real estate drop is up next.
2:37 PM ∙ Jun 28, 2022
613Likes115Retweets
Twitter avatar for @AltcoinDailyio
Altcoin Daily @AltcoinDailyio
Wells Fargo just released a report stating: #bitcoin is nearing an "inflection point" for the "hyper-adoption phase" similar to the internet🌐 in the late 1990s.
Image
7:00 PM ∙ Jun 27, 2022
1,445Likes411Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: #Cardano had the highest development activity in the last 30 days compared to any other network, according to Santiment analytics.
10:57 AM ∙ Jun 28, 2022
5,606Likes953Retweets
Twitter avatar for @WClementeIII
Will Clemente @WClementeIII
Bitcoin is incredibly cheap right now. It has only traded this far below its 200-day trend and its aggregated cost basis for 3% of its entire existence.
Image
6:20 PM ∙ Jun 27, 2022
3,491Likes527Retweets
Twitter avatar for @WatcherGuru
Watcher.Guru @WatcherGuru
JUST IN: According to a report by Morgan Stanley, the #Ethereum transition to proof-of-stake will not solve scaling problems.
7:00 PM ∙ Jun 27, 2022
5,047Likes915Retweets

Bitcoin and Ethereum Prices Rallied This Week. It Won’t Last, According to These Experts

Cryptocurrency prices have been on the rise in recent days, but some experts don’t expect it to last.

Bitcoin rose 5% and topped nearly $22,000 over the weekend — a big leap from when it fell to nearly $17,500 earlier this month. Ethereum saw a big jump too, rising to above $1,200. For investors, a big question still lingers: Is the crypto market truly recovering or is it just another false alarm, also known as a bull trap?

Some experts say signs point to a bull trap and investors should be wary, warning the worst may be yet to come amid ongoing macroeconomic uncertainty — and bitcoin’s price, as well as other cryptocurrencies, could drop even further.

“While we have seen bitcoin and ethereum rally recently after creating lows around $17,500 and $880 respectively, we are unconvinced about calling a low in place yet,” says Richard Usher, head of over-the-counter trading at BCB Group, a crypto financial firm. “The general risk environment remains on a knife edge, and while we think risk assets will rally significantly toward the end of the year, we see risks skewed to one more sell-off first.”

But with war raging in Ukraine, rising interest rates, inflation soaring, and talks of an impending recession, the coast is far from clear, experts say. Many are calling what we’re seeing with crypto prices this week a bull trap.

That’s when a stock or cryptocurrency reverses back down after a convincing rally and breaks below a prior support level. Basically, it’s a false signal, fooling investors into thinking the market is done falling and that it’s a good time to buy.

Experts say there will likely be another sell-off in the crypto market over the next few weeks or months. Wendy O, a crypto expert and educator, expects ethereum could fall as low as $750 and bitcoin could fall to $10,000. Kiana Danial, entrepreneur and author of “Cryptocurrency Investing for Dummies,” predicts bitcoin will fall to $11,000, while venture capitalist Kavita Gupta is calling for a bottom of $14,000 for bitcoin and $500 for ethereum.

I’m also not convinced that we have put a bottom in although I don’t think we will go as low as $10,000. Personally, I’m waiting to invest my remaining funds until we see a strong break out of our current downtrend or a drop significantly lower due to macroeconomic capitulation.

An important piece of information to note regarding all of the above is that it works off of the assumption that crypto and traditional markets stay coupled, if we see a recession it’s completely possible a small rally breaks the coupling causing Crypto to move up instead of down with traditional markets.

Full Article


Celsius’ Positions are Now Healthier, Three Arrows Capital Was a 'Victim of Contagion' - Nansen

Troubled crypto lender Celsius (CEL) has managed to improve the health ratio of its on-chain positions since pausing withdrawals, according to blockchain analytics platform Nansen. Meanwhile, they said, the crypto hedge fund Three Arrows Capital (3AC) was the victim of the contagion.

Celsius paused withdrawals, swaps, and transfers between accounts on June 12 citing "extreme" market conditions. Subsequently, the crypto lender started topping up collateral and repaying loans in order to maintain a healthy loan-to-value (LTV) ratio.

More specifically, Celsius’ LTV ratio stands at 1.56 on Aave (AAVE), meaning that prices need to drop more than 36% for the crypto lender to be in trouble. Likewise, on Compound (COMP), the ratio is at 1.39, which suggests prices need to drop more than 28% for Celsius to get liquidated.

The report also revealed that 3AC was likely a "victim" of the contagion. Here contagion refers to the spread of crises from one protocol (Terra) to others (like 3AC).

It’s looking like this may be the end of contagion concerns for this drop although all of these adjustments might not be enough to save many overextended companies should we see a further drop due to recession concerns. Due to this, I would highly recommend readers look into the platforms they use to hold their currency to confirm they aren’t at risk of contagion should another drop occur. Any platform can and will lock withdrawals should they need to & unfortunately you are stuck should they go bankrupt at that point.

Full Article

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