After remaining silent on the topic for most of this year, major Australian bank Westpac has indicated its intent to enter the blockchain and crypto space.
This comes as it shared a job post this week advertising the need for a “principal architect” for digital assets and crypto. The successful candidate would aid Westpac in transforming emerging cryptocurrency and digital asset trends into opportunities for the bank and its customers.
Westpac’s Roadmap for Digital Assets
More specifically, the principal duty of the position will involve the development and maintenance of a strategic technology roadmap for digital assets. David Walker, chief technology officer at Westpac, has spoken regarding speculation about its future in crypto:
We have been exploring blockchain technologies for some time, recognising the benefits it could have not only for customers, but for streamlining parts of the wider financial system as well … Ensuring the safety and security of our customers remains a critical consideration with the use of this technology.
David Walker, chief technology officer, Westpac
If Westpac continues down this path, it will fall into line with other ‘Big Four’ Aussie banks that have already started catering to crypto.
Other Aussie Banks Banking on Crypto
Australia’s most productive bank when it comes to delving into the crypto industry has so far been the Commonwealth Bank of Australia (CBA). However, CBA was forced to halt its crypto trading pilot in May amid market turmoil. Those who were trialling CBA’s upcoming in-app crypto trading facility were left with no word on when the app was likely to resume trading.
The goals of the Australia and New Zealand Banking Group (ANZ) are set to extend the usage of its cash-backed stablecoin, A$DC, over increased demand for access to it from its institutional customers. At the time (June 2022), ANZ was also looking to target additional use cases through a pilot program, thanks to aid from the federal government and regulators.
The Ethereum Name Service (ENS) domain Amazon.eth received an offer this week to purchase for one million $1 million in USDC, a stablecoin pegged to the US dollar. The offer went unanswered, and no transaction took place.
Should it have gone through, the owner stood to make a 1,000 percent profit on the sale after having purchased the domain name for 33 ETH (worth about US$50,000 today) five months ago:
Despite the bear market, ENS domain names have been rather bullish. Some attribute the growing interest to their inherent utility, which makes crypto transactions easier. Earlier this month, someone paid 300 ETH for “000.eth”, and other bids for “Samsung.eth” and “Starbucks.eth” worth US$90,000 have come in.
In the first week of July, ENS registrations surged 216 percent. It is unclear whether the owner of the Amazon.eth domain was informed of the offers or did not consider them to be fair:
he bought at 33 eth 5 months ago eth was around 3k…
According to data from OpenSea, other bids for the domain average a modest US$6,200 in USDC. The domain is verified as official by ENS and is owned by an anonymous OpenSea user, 4761BF. The individual making the offer owns about 20 ENS names, with many of them relating to Amazon, including one called “jefferyjefferybazos.eth”.
The “amazon.eth” name was created on August 2, 2017, and expires on October 16, 2036, and was first registered on February 7, 2020.
The expired bid for the “amazon.eth” ENS. Source: OpenSea
What is ENS?
An ENS provides human-readable names to different aspects of the Web3 world, which would commonly include blockchain addresses. Like NFTs, ENS names can be bought and sold on secondary markets such as OpenSea and are often used by crypto users as part of their social media profiles.
Famous brands such as Budweiser took a dive into the crypto market last year and bought an ENS called “Beer.eth” for 38 ETH. Puma, following other sports brands like Nike and Adidas into the metaverse, also bought a decentralised .eth URL from ENS and has signalled its intent by renaming itself “puma.eth” on Twitter.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Polkadot (DOT)
Polkadot DOT is an open-source sharding multichain protocol that facilitates the cross-chain transfer of any data or asset types, not just tokens, thereby making a wide range of blockchains interoperable with each other. Polkadot’s native DOT token serves three clear purposes: providing network governance and operations, and creating parachains by bonding. The Polkadot protocol connects public and private chains, permissionless networks, oracles and future technologies, allowing these independent blockchains to trustlessly share information and transactions through the Polkadot relay chain.
DOT Price Analysis
At the time of writing, DOT is ranked the 11th cryptocurrency globally and the current price is US$7.72. Let’s take a look at the chart below for price analysis:
DOT has retraced nearly 75% after Q2, showing little sign of interest from buyers.
June’s consolidation at possible support from $9.65 to $7.12 broke down with the rest of the market last month, turning this into likely resistance on future retests. This area now has confluence with the 9 and 18 EMAs.
If market conditions turn and this resistance breaks, an area near the midpoint of Q2 consolidation range, near $8.70, and the monthly high near $10.18 may see profit-taking from bulls.
The first test of possible support near $7.04 has showed some sensitivity. Still, continued bearishness in the market will likely cause a break of this level.
A break of this support might continue to drop to the next possible support near $6.85, running stops under the Q3 2021 swing low. If this level gives support and begins a consolidation forming a bottom, bulls might wait for a wick below to possible support from $6.35 to $6.00.
2. The Graph (GRT)
The Graph GRT is an indexing protocol for querying data for networks like Ethereum and IPFS, powering many applications in both DeFi and the broader Web3 ecosystem. Anyone can build and publish open APIs, called subgraphs, that applications can query using GraphQL to retrieve blockchain data. GRT is a work token that is locked up by Indexers, Curators and Delegators in order to provide indexing and curating services to the network.
GRT Price Analysis
At the time of writing, GRT is ranked the 60th cryptocurrency globally and the current price is US$0.1109. Let’s take a look at the chart below for price analysis:
GRT‘s 80% retracement during Q2 set a low near $0.08747 during its consolidation that began in early June.
Relatively equal highs near $0.1435 could be the current target if the price breaks through resistance beginning near $0.1658. Bullish continuation may reach through the next significant swing high near $0.1838 into the daily gap near $0.2173.
If bullish strength continues, the zones just below the previous monthly highs near $0.2343 and $0.2512 could halt any retracement.
A bearish shift in the market might seek the relatively equal lows near $0.1036 into possible support near $0.09872. If this down move occurs, the swing low near $0.09042 and possible support near $0.08624 may be the primary objective.
3. Eos (EOS)
EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.
EOS Price Analysis
At the time of writing, EOS is ranked the 48th cryptocurrency globally and the current price is US$1.07. Let’s take a look at the chart below for price analysis:
EOS has plummeted nearly 70% from its April 2022 highs and almost 95% from its May 2021 all-time high.
The closest resistance overlaps with the 8 EMA near $1.25, where the daily chart shows inefficient trading. This level rejected the price’s first retest on May 13.
Slightly higher, $1.41 offers the next noteworthy resistance. This area was inefficiently traded and overlaps with the last significant swing low in mid-March.
Last week, the price bounced from support near $1.00, which could provide support again. This level shows inefficient trading on the monthly chart and is near the midpoint of September 2017’s accumulation.
If this support breaks, bulls could find support near $0.8239. This level is at the bottom of an inefficiently traded area on the monthly and weekly charts. It’s also the high point of October 2017’s accumulation range. However, eager bidders should be cautious as a move this low may be targeting bulls’ stops under the swing low at $0.7430.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Leading US crypto companies BlockFi and Gemini are launching another round of layoffs just a month after both companies announced cutting more than 10 percent of their respective staff complements due to “extreme market conditions”.
‘At Least 68’ Jobs to Go From Gemini
Gemini was reported to have issued an internal bulletin regarding a new round of layoffs on July 18, but it’s unknown exactly how many employees are affected. According to an unnamed source close to the company, however, at least 68 staff members – or 7 percent of the workforce – have been laid off due to “extreme cost-cutting”:
EXCLUSIVE: @Gemini is doing a second round of layoffs, less than 2 months after laying off 10% of staffhttps://t.co/GFXlrftCSz
On the other hand CeFi lender BlockFi is offering employees buyouts – 10 weeks of paid leave and 10 weeks of health insurance – to resign. If accepted, employees would still be eligible for unemployment benefits.
Last month, BlockFi CEO Zac Prince announced that at least 20 percent of staff – or 170 employees – would be shed. “This is not a decision we take lightly and is one that brings us great sadness,” Prince tweeted at the time.
May’s market crash has led some other leading crypto companies, including Crypto.com and Coinbase, to downsize. Coinbase said that while the firm experienced “unprecedented growth” during early 2021’s bullish market, it blindfolded the company into a thumbed hiring spree. The exchange laid off more than 1,100 employees in June.
Venerable auction house Christie’s has entered the intersection of art and finance with the establishment of Christie’s Ventures, an investment fund for fintech companies looking to make breakthroughs in the art market:
The Christie’s venture capital fund is aimed at making investments that “enable seamless art consumption”. The new fund will initially focus on three broad categories: Web3.0 innovation, art-related financial products, and solutions and technologies that enable seamless consumption of art.
The venture fund’s first investment will be in LayerZero Labs, a cross-chain interoperability company with a strong vision and business model. LayerZero Labs reduces friction in a client’s ability to move assets between blockchains. The project’s co-founder and CEO, Bryan Pellegrino, said in a statement: “We look forward to working with their team to find new and innovative ways to create the most accessible, frictionless experience with assets indexed over multiple blockchains.”
Christie’s has said its new fund will “work alongside portfolio companies to help accelerate their progress, simultaneously advancing Christie’s activities in the presentation, education, and sales of fine art and luxury goods”. According to Devang Thakkar, global head of Christie’s Ventures, “We will focus on products and services which can solve real business challenges, improve client experiences, and expand growth opportunities, both across the art market directly and for interactions with it.”
Auction Houses Step Into the Metaverse
Christie’s is not the only auction house to dabble in the metaverse and Web3 space. In October 2021, Sotheby’s launched its own NFT marketplace, dubbed “Sotheby’s Metaverse”, becoming the first auction house to do so. The platform is powered by Mojito, an NFT studio and technology platform that provides services including brand identity, strategy, and management for NFT businesses.
Tony Hawk, the world’s most famous skateboarder, is building a skate park in the metaverse in partnership with The Sandbox and Autograph:
Under the Autograph collaboration, Hawk will produce NFTs that fans will be able to leverage in The Sandbox’s metaverse. This latest collection joins others of Hawk’s that feature his equipment and apparel, including the legendary skateboard Hawk used to land the 900 (a 2½-revolution aerial spin) at the X Games in 1999.
Hawk an Early Crypto Adopter
Since launching in 1999, his Tony Hawk Pro Skater franchise has generated over US$1.4 billion in sales. Hawk was also an early adopter of cryptocurrency, having bought bitcoin in 2012 after discovering it on the now-defunct Silk Road marketplace:
I’ve been a fan of new technology all of my life, from the very first video games and home computers with CGI capabilities, so I am fascinated by the metaverse and excited to bring our culture into the virtual landscape of The Sandbox.
Tony Hawk, skateboarding legend and early crypto adopter
Hawk will collaborate with The Sandbox to build “the largest virtual skatepark ever seen”.
The Sandbox has become a magnet for celebrities and brands to explore the metaverse by launching experiences and digital representations of their products, having formed partnerships with the Care Bears, Warner Music, the Walking Dead, Snoop Dogg, Deadmau5, Atari, the Smurfs and Adidas. Just last week, lifestyle brand Playboy announced it was launching its ‘MetaMansion’ in The Sandbox.
Since raising US$93 million in its series B funding round last November, the company is reportedly considering a new funding round that would bring in US$400 million at a US$4 billion valuation.
PREMINT, an NFT registration platform, has notified users via Twitter that an unknown party had stolen US$400,000 in ETH via a malicious wallet connection:
We're continuing to dig into this incident, but a reminder:
❌ You will never, EVER be asked to approve ANY KIND OF transaction on PREMINT.
✍️ When connecting a wallet, you'll be asked to *sign* a message, but there will NEVER be a gas fee or anything resembling a transaction.
— PREMINT | NFT Access List Tool (@PREMINT_NFT) July 18, 2022
Hackers Secure Premint Bag
In this year’s most recent hack, 320 NFTs were stolen from the PREMINT site. CertiK, a blockchain security firm, analysed the situation and found that malicious JavaScript code had been utilised in the hack. This code created a pop-up within the site which prompted users to verify their wallet ownership. Despite many taking to Twitter to issue a warning, the hackers had already duped six PREMINT customers in mere minutes:
The stolen NFTs included Bored Apes, Moonbirds, and Goblintowns. Once they were obtained, the hacker sent the funds to Tornado Cash to wipe the digital trail left by blockchain transactions.
PREMINT has thanked those of its customers who have helped minimise the impact of the hack and are accumulating data on all NFTs stolen.
Other 2022 Phishing Attacks
Phishing attacks seem to be increasing in frequency this year, with multiple sizeable thefts across the end of the first quarter. A total of 35 NFTs were stolen in early April, including a Mutant and Bored Ape. The attack was carried out via several hacked verified Twitter accounts with the total stolen value exceeding US$900,000.
A month later, 29 Moonbird tokens were stolen when a malicious link wired a scammer US$1.5 million worth of Moonbird NFTs from a Proof Collective member. At the time, the Collective was working on a full report in collaboration with the FBI.
According to on-chain analysts Glassnode, there are growing signals that the bottom may be in. Most recently, the firm revealed that over 80 percent of US dollar-denominated investments have not moved in three months, suggesting that holders are increasingly unwilling to sell any lower:
Over 80% of the total USD denominated wealth invested in #Bitcoin has been HODLed for at least 3-months.
This signifies that the majority of the $BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices.
Glassnode argues that its “Realised Cap HODL Wave” metric clearly shows similar patterns to the bear markets of 2012, 2015 and 2018.
In brief, the metric intends to illustrate the relative economic weight stored by bitcoins of various holding times, and changes arising from holding and spending behaviour. For a more complete explanation, this useful overview is instructive.
Concurring with an earlier Glassnode assessment, Coinbase’s head of institutional research noted in its report that on-chain data revealed recent selling was “almost exclusively” short-term speculators. Long-term holders (in excess of six months), by contrast, were not found to be selling.
In fact, these HODLers were found to represent 77 percent of coins in circulation, which although down from 80 percent earlier this year, was viewed as a “positive sentiment” suggesting that holders were less likely to sell.
BTC HODLing. Source: Coinbase Analytics
Amid ongoing pressure of a negative macro and crypto environment, bitcoin’s price has remain subdued, recently slipping below US$19,000 on news of the US’ highest inflation print in 40 years.
Bitcoin has since somewhat recovered, and at the time of writing was trading at US23,300, above its 200-week moving average (MA) of US$22,600. Notwithstanding, technical analysts suggest that a definitive and sustained breakout above the 200-week MA is necessary to reverse the bearish trend.
Of course, we’ll only know in hindsight whether bitcoin bottomed out at US$17,500. However, from a Bitcoiner’s perspective, the fundamentals remain unchanged and if anything it’s offered a priceless opportunity to stack more sats for less.
Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.
1. Cardano (ADA)
Cardano ADA is a proof-of-stake blockchain platform whose stated goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change. The open-source project also aims to “redistribute power from unaccountable structures to the margins to individuals”, helping to create a society that is more secure, transparent, and fair. Cardano is used by agricultural companies to track fresh produce from field to fork, while other products built on the platform allow educational credentials to be stored in a tamper-proof way, and retailers to clamp down on counterfeit goods.
ADA Price Analysis
At the time of writing, ADA is ranked the 8th cryptocurrency globally and the current price is US$0.5085. Let’s take a look at the chart below for price analysis:
From its Q2 high, ADA dropped nearly 75% before finding support near $0.4269. The price has been consolidating since it set this low and is currently testing support near $0.4629. This level has held as support despite the larger market’s sharp downturn since mid-June.
It’s reasonable to expect the price to briefly drop through this level to run bulls’ stops below the swing lows at $0.4006 and $0.3950 before any potential rally. If so, an old accumulation and inefficiently traded area on the weekly chart near $0.3772 could provide support.
If this region holds as support, bulls might find the first resistance near $0.5710. Here, the 40 EMA and an inefficiently traded area converge in the upper half of the local range.
A break of this resistance may retest resistance just above the June monthly open, near $0.6590. This level holds many bears’ stops, is near old broken support, and is inefficiently traded on the monthly and daily charts.
However, bulls should be cautious of the bearish market conditions and a potential hardfork delay. A break of the two closest support levels could lead to a much more significant drop near $0.3588. This level, near the 2021 yearly open, is inefficiently traded on the monthly and weekly charts.
2. PancakeSwap (CAKE)
PancakeSwap CAKE is an automated market maker (AMM) – a decentralised finance (DeFi) application that allows users to exchange tokens, providing liquidity via farming and earning fees in return. PancakeSwap uses an automated market maker model where users trade against a liquidity pool. These pools are filled by users who deposit their funds into the pool and receive liquidity provider (LP) tokens in return. PancakeSwap allows users to trade BEP20 tokens, provide liquidity to the exchange and earn fees, stake LP tokens to earn CAKE, stake CAKE to earn more CAKE, and stake CAKE to earn tokens of other projects.
CAKE Price Analysis
At the time of writing, CAKE is ranked the 78th cryptocurrency globally and the current price is US$3.54. Let’s take a look at the chart below for price analysis:
CAKE‘s 79% decline after Q1 created relatively equal lows near $2.96 before bouncing over the local range’s midpoint near $3.60. A bullish altcoin market could help CAKE bulls regain a stronger bullish trend.
Aggressive bulls could look for entries in the daily gap starting near $3.36. The monthly open aligns with more probable support near $3.28.
A stop run below the monthly open near $3.10 might provide a more favourable entry. A more substantial bearish move – perhaps from a sharp drop in Bitcoin’s price – could challenge support near $2.90, just above the equal lows.
Resistance rests just above, with the zone from $3.95 to $4.27 likely to provide a short-term ceiling. A break through this level might target resistance just under the cluster of relatively equal highs near $4.77.
Beyond these highs, resistance near $4.98 provides a final challenge before attacking an old daily swing high near $5.42.
3. Solana (SOL)
Solana SOL is a highly functional open-source project that banks on blockchain technology’s permissionless nature to provide decentralised finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralised app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.
SOL Price Analysis
At the time of writing, SOL is ranked the 9th cryptocurrency globally and the current price is US$46.57. Let’s take a look at the chart below for price analysis:
SOL has retraced 89% from its Q2 highs and reached possible support last month near $27.34. Resistance might begin near $49.64, which has confluence with the 9 and 18 EMAs.
A more substantial rally might reach near the swing high at $58.23 and the 40 EMA. This high is less likely to break if bears plan to continue the downtrend without a lengthier consolidation.
While not highly probable in the current market conditions, a more animated move upward could reach a wide resistance area between $63.42 and $66.94. This zone is where the last movement down accumulated positions before breaking down.
Possible support rests near $41.34, which showed sensitivity on the last test. While it could provide support again, the higher-timeframe bearish trend is more likely to propel the price into an inefficient area between $37.10 and $33.54. If the price reaches this zone, the Q1 2021 swing high near $29.12 may mark a more sensitive level.
These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.
Ethereum core developer Tim Beiko has said that Ethereum’s long-awaited upgrade, the Merge, may take place from September 19, pumping ETH’s price 8 percent since the announcement.
‘It’s All Coming Together’
According to recent tweets from the Ethereum community, Goerli will be the last testnet to go through the proof-of-stake transition around August 11. If everything goes according to plan, the Ethereum mainnet merge could take place in the week starting September 19:
Goerli, the last public testnet to run through the merge transition, should do so around August 11th.
If everything goes well with Goerli, we could see a mainnet merge around the week of September 19th.
However, Beiko repeatedly said on Discord and Twitter that the timeline might change again. According to Beacon Chain community manager superphiz.eth, this merge timeline “isn’t final, but it’s extremely exciting to see it coming together”:
This merge timeline isn't final, but it's extremely exciting to see it coming together. Please regard this as a planning timeline and look out for official announcements!https://t.co/ttutBceZ21pic.twitter.com/MY8VFOv0SI
If all goes well, the Ethereum blockchain could finally transit from its current energy-intensive proof-of-work (PoW) blockchain to a more environmentally friendly proof-of-stake (PoS), providing users with faster and cheaper transactions.
Success For All Testnets So Far
So far, all testnets moved into PoS have thrown successful results. Last week, the Ethereum Foundation moved the Sepolia testnet to PoS.
On June 10, the Ropsten testnet went live on Ethereum’s new PoS chain, which Beiko referred to as a “dress rehearsal for node operators”. Once the final testnet goes live on the PoS chain, it will be Ethereum’s turn after seven long years.
