Welcome,
Crypto is rallying, with news and market sentiment shifting faster than ever.
Just a week ago, the market was gripped by fears that the USDC stablecoin was de-pegging from the dollar, but now we’ve seen a complete turnaround. And that’s just the beginning.
Multimillion-dollar bets are being placed on Bitcoin, surpassing $1M within the next 90 days, while Arbitrum’s ARB token predictions are skyrocketing. As we dive into the latest news and trends, let’s take a moment to assess where the crypto landscape stands today.
Bitcoin’s market dominance has grown to 45.84%, according to Messari’s data, with the number one cryptocurrency challenging the $28k level in the past 48 hours. At the time of writing, the asset is up by +67.56% since the start of the year, followed by Ethereum at +46.03%. Among the leading altcoins in the past week, the largest gainers have been BNB at +9.17% and Solana at +7.48%.
Bitcoin to $1M in 90 Days? The Multimillion Dollar Bet.
Crypto analyst Balaji Srinivasan’s latest prediction has sent shockwaves through the crypto community. He’s made two million-dollar bets that Bitcoin will reach $1M or more within 90 days, citing the US banking crisis as a catalyst for hyperinflation and devaluation of the dollar.
Srinivasan believes this will drive more investors towards Bitcoin as a hedge against inflation, leading to a monumental price surge. While some question the likelihood of Bitcoin rising from its current value of $27.5k to $1M within such a short time frame, Srinivasan’s bold prediction has undoubtedly caught everyone’s attention. As part of his campaign to raise awareness of the issue, he has set up a $1M contest for the best memes, graphs, and charts.
Arbitrum To Launch ARB Token On Mar 23, 2023
Ethereum’s hottest L2 solution Arbitrum has finally announced its ARB token launch to be set on Mar 23, 2023. As one of the most anticipated events in DeFi, many investors were eager to receive the airdrops that they’ve earned through several incentives in the past months, like trading on Arbitrum’s perp DEX (GMX, GNS).
Currently, ARB is trading OCT at prices between $0.60-$1.20, with several fake tokens already on a few blockchains. Beware of scammers, and be sure to follow the official Arbitrum Foundation’s Twitter account for updates.
Florida’s Governor Calls For CBDC Ban
Ron DeSantis, the governor of Florida, has proposed legislation prohibiting the use of a national central bank digital currency (CBDC) and any CBDC issued by an international central bank as legal tender in his state.
DeSantis asserts that a centralized digital dollar would stifle innovation, promote government-sanctioned surveillance, and diminish the importance of community banks and credit unions. President Joe Biden ordered the federal government to study the potential uses and risks of a CBDC last year. He has urged other states to adopt similar legislation.
DeFi: The Aftermath Of The $200M Euler Hack
Last week, the DeFi sector experienced a contagion event when Euler Finance was drained of nearly $200M through six flash loans and a vulnerability. Euler was seen as the next big building block in DeFi, but its vulnerability revealed how the risks of composability could snowball into pandemonium.
Several other DeFi protocols were also affected due to integrations with Euler. The incident highlights the need for a standard security process in the industry. While waiting for that, projects should actively combine audits and increase bug bounties. DeFi is far from over, but it’s essential to prioritize security and monitoring.
Top Stablecoin Yield Pools
There is a new leader among the top stablecoin yield pools. Conic Finance’s USDC pool has produced an average APY of 22.82% over the last 30 days, while Uniswap’s USDC-USDT (0.01%) pool is 18.42%, and Gains Network’s DAI pool is 14.88%.
Top Blue-Chip Coins Yield Pools
Uniswap keeps its dominance among blue-chip coin yields. The following pools got an average boost of +7% on their average 30-day APY, with the USDC-WETH (0.05%) pool having a 67.39% 30-day average APY.
Top ETH Liquid Staking Derivatives Pools
Frax’s FRXETH is still the leading ETH liquid staking pool at 7.79% 30d Avg APY, but Stafi has made an entry with RETH, currently sitting at 6.77%. StakeWise’s SETH2 is at 5.32%.
Ludicrous Bitcoin price calls, high DeFi yields, and exciting token airdrops.
All of this is happening while half of the market is still wearing their crypto winter coats and is waiting for some cataclysmic event to send us into an ice-age period.
Degens are waiting for their favorite alts to start rallying, as only a few have benefited from the short-term uptrend that sees Bitcoin and Ethereum decoupling from traditional markets.
Share your best trades since the start of 2023 on Discord.
Max Yampolsky,
CEO at One Click Crypto
ir@oneclick.fi
DISCLAIMER:
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of any assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.
We regularly prepare insightful reports and case studies about crypto trading and the blockchain industry.
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