40th Edition

This week in The Flippening, TL;DR

Yet another cross bridge scaling solution announces its airdrop ; Binance offers support to Elon Musk to invest in his latest venture; this luxury fashion brand to accept crypto payments; Coin of the week, market performance; Jittery markets and what not not do in such situations; featured DeFiEdge Asset Management, memes, and more.

Top Highlights of the Week (ending 06th May)

Hop Protocol announces Hop DAO and a airdrop of $HOP tokens in the near future

Hop Protocol is a cross-chain bridge that aids in transferring tokens across different Ethereum layer 2 scaling solutions. It is supposed to be a faster, cheaper method to bridge tokens. Early adopters are excited as this is the second scaling solution to announce an airdrop shortly after Optimism’s announcement.

Binance promises $500M to invest in Twitter along with Elon Musk

The largest crypto exchange by trading volume, Binance is now one of the 18 co-investors in Elon Musk’s Twitter acquisition, according to the data of the United States Securities and Exchange Commission. Binance CEO Changpeng Zhao tweeted, ‘A small contribution to the cause’.

Gucci will soon accept crypto payments in U.S.

Gucci's most famous fashion brand will soon accept crypto payments in the U.S. The buyers can make payments by scanning the Q.R. code. The store will be accepting cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, Dogecoin, Litecoin, and Shiba Inu.

Other Highlights:

• Luna Foundation Guard buys Bitcoin worth $1.5 Billion: Read it here
• Largest private bank in Argentina to offer crypto trading : Read it here
• Waitlist unveils for Kraken NFT, which pledges zero gas fees : Read it here
• Binance wins regulatory approval to run in France : Read it here 

Disclaimer: All price movements are recorded up to 10:00 AM UTC

Markets saw a massive selloff owing to the fear across the stock markets. After yet another outage, Solana has taken a massive hit for the week. With ETH dropping below $2800, whales could be on the lookout for buying opportunities. It is time to keep your war chests ready.

Disclaimer: All price movements are recorded up to 10:00 AM UTC

Global markets are under the hammer of macroeconomic events. Investing in different sectors provides the much needed diversification. For instance, DeFi only took a 6.6% hit whereas different cryptos have taken a much bigger beating. Mudrex Coin Sets lets you invest across different sectors and ideas rather than individual tokens.

Coin of the week

CURVE: $CRV

This week our focus has been on Decentralized Finance projects. Curve Finance DAO’s CRV token recently witnessed a massive breakout with the rise in institutional capital inflow. The token’s price increased 12% on Wednesday in response to news of Abra’s purchase of $13.46 million worth of CRV. With the recent price correction, it might be a good idea to add this to your portfolio.

Crypto simplified

Markets move in cycles. And market participants rejoice seeing their portfolio in green. However, with the markets moving downhill, it might be tempting to some participants to take out your investments! Panic selling is one of the worst things to do in such situations!

Markets have reacted harshly to different macroeconomic factors. With the US Fed announcing its plans to reduce its $9 trillion debt, investors seem to have taken a pause. On a smaller timeframe, markets seem to be having high volatility. However, on a longer timeframe, markets have moved sideways.
If your portfolio is in the red, stay calm. If you did your due diligence before investing, do not panic sell. Understand that this is just a market cycle and will ultimately pass.
Sometimes, it is necessary to cut off yourself temporarily from tracking the daily market volatility. There is no point in checking your portfolio on a regular basis.

Although it is a good strategy to buy the dip, one must be aware not to catch a falling-knife. Markets react in an accentuated manner to surprises, and it tempts new investors to take uninformed decisions.

Investments are for the long term. Such short term fluctuations should not affect you. History has proven that In the long run, markets always reward those who have been patient.

As the wizard of Omaha puts it, “Be greedy when others are fearful, be fearful when others are greedy.”

 Featured - DeFiEdge Asset Management

DefiEdge connects liquidity providers seeking high capital efficiency with competent strategy managers who will proactively manage their positions on UniswapV3.

 Here we are, at the end of our 40th edition. We hope you liked reading it. Please write back with your feedback, comments, and stuff that you’d like us to include in the newsletter. We leave you with a take on the current state of the crypto markets. Stay tuned!