Hello guys and welcome to this new video!

This week has been full of novelties, some good others less good

So let's begin with this new Cryptofriday episode!

As usual, before we start, I remind you to subscribe to the channel

Because most of the people who watch crypto dome videos are not yet subscribed

That said, let's begin!

Opening

I'd like to start from the coinmarketcap because this week we had the FOMC event

That has confirmed the interest rate hike about 0.75%

And the Powell's speach that has brought the market down

Even if this interest rate hike was forseen by the market

Powell's words has brought the market down, both crypto and traditional markets

At the moment Bitcoin is struggling to keep the threshold of 19k $, is very weak

Ethereum is also more weak due to the "sell to news" event after the merge, it's losing more than 10% in a week

After that the altcoins are not doing well except in a few isolated cases

Starting from institutional news we had the SEC agains Ian Balina at the beginning of the week

He was a crypto influencer from the previous bull run

He was sued to have promoted an ICO called Sparkster that has raised 30 million $ from 4000 investors

Without any authorisation from the regulators

Since that Ian Balina is from the United States the SEC intervened in this case

The SEC stated that ethereum transactions are under their jurisdiction

Because most nodes are in the U.S.

I have to disagree with this thesis from the SEC because in 2017-2018 Ethereum was still on PoW consensus

And the node concept is a total different thing compared to the current consensus mechanism PoS

Secondly, I think that SEC want to create a legal precedent

So they can use this case to get more control over the crypto market

I think that the fact that most of the nodes were in the US seems to me as an excuse actually

So we have to keep an eye on this case to see how much control can gain the SEC

But in the meanwhile that the SEC argues about where the nodes is

We have another piece of unpleasant news from Wintermute

That we had already mentioned when they lost the OP tokens at the launch of Ethereum's layer 2 Optimism

This week Wintermute faced an hack that led to a loss of 160 million $

In this regard Wintermute's CEO has stated that the company is still solvent

Because they still own more than double of the loss and so there should be no problem

For those who do not know Wintermute, they are a crypto market maker that offer liquidity also to the major cex

So they are like an istitution in this field, but for the second time they was hacked

In this case seems that a Vanity address of Wintermute was exploited

A vanity address is an Ethereum address where numbers and letters are replaced by zeros

So it will be more easy to use and remember the address

And these vanity addresses are usually created from tools like this one that is called Profanity

This company has stated some weeks ago that they found a critical bug on their protocol

So Wintermute may have ignored this warning

And this could have led to his wallet to being hacked and theft

Therefore also the big players can commit "stupid" things as you can see

Changing the subject and talking about news related to crypto projects I'd like to start from Helium

That is a project in the IoT field

That in this week got the approvation from the community to migrate to Solana

At the moment Heluim is running on a proprietary blockchain and they seek to gain more scalability with this migration

And maybe they have recognized that this was not possible on their current blockchain

This need of scalability can be related to this other news still regarding Helium

Because the Helium founders have signed a partnership with T-mobile, a gloabl operator

With the aim to launch a 5g network based on the Helium infrastructure

For those who do not know Helium, they are a network of routers that people can buy and connect to each others

And you can be rewarded in HNT for this router work

So let's keep an eye on this partnership because they can be the very first project that succeed in this kind of service

Thanks to the great adoption that Helium networks already got

In the last week HNT's price has been on a rollercoaster due to these news

As you can see there were both great pumps and dumps

Indeed a week ago the price was 4$ and now is only at 4.50$

But if we look at the annual chart you can see that HNT has suffered a lot

And as you can see we're far away from the ATH that was around 50$

Thanks to this bear market that has brought down HNT's value

So let's see if these news can help Helium to gain also more adoption and let's see how this can impact the token value

Another important milestone about on chain updates was reached by Cardano that has implemented Vasil Hard Fork

Which empower a better scalability and usability of Cardano's network

This is a great news because even if Cardano was able to run smart contract on his blockchain since 1 year

They have not gained a lot of mass adoption yet

Cardano currently is placed at 27th place of the chains's TVL ranking, with 80 million $ as TVL

This is a poor result if you think that Cardano is a top 10 crypto and they can run dapp since 1 year imho

So let's see that after this updated if more projects will come to develop on Cardano increasing his adoption

If we look at the price of ADA we can see a little rally before Vasil implementation

But this was a tiny rally because it started from 0.43$ and went up to 0.47$

So I think this was not a high speculated event and if we look at the annual chart we can see how bear market impacted ADA's price

This week we've also seen the implementation of the tax burn on Luna Classic network

That was one of the cause of the big pump of LUNC in these last months

So now we have the confirmation that a 1.2% tax burn is live on every on chain transactions

If we look at this chart from Messari that shows the circulating supply of LUNC

We can see how the tax burn has decreased the supply of LUNC started from its integration

Indeed from September 20th like 500 billions of tokens were burned

So the effects of this burn is real and we have now to monitor how it will keep going to reduce the supply

The price of LUNC seems to have served the news some days before the actual implementation of the update

As you can see there were not a real "sell to news" event at september 20th but the price dropped days before around september 10th

The price however is still in an uptrend even if it dropped starting from 10-15 days ago, indeed we're still on x5 compared to 3 months ago

So I'd like to ask you how do you think LUNC price will go if this burn will keep happen at this rate

Do you think LUNC will recover or it will be treated like a high speculated shitcoin?

Let me know in the comments.

Let's see the last news from this week and so check this tweet about Olimpio that talks about Optimism quests

That can let us collect 18 different NFTs by completing each quest

Keep in mind that as Olimpio says 14% of the OP supply is still to be airdropped from the Foundation

So these quests may make us eligible for the future airdrops of OP tokens

But this is pure speculation because also Olimpio says that there is nothing confirmed yet

If you go to the website of Optimism you can find the section where complete the quiz and the quests

After that we can obtain these NFTs that has this particular shape

As you can see in the middle of the screen there is the logo of the project for which we completed the quest

You have until January 2023 to complete these quests but keep in mind that some quest require time to be completed

For example if you want to get the NFT about Hop Protocol that is a bridge you have to provide liquiditiy for a month

So it could be a good idea to start asap in order to not being cut off while we approch the end of this campaign

If you're interested in this topic you can find the link in the description of this video

Another big update is that Opensea has decided to integrate Arbitrum

This will likely hype the collections in Arbitrum and will increase the on chain activity

In the last months volumes and number of transactions have dropped a lot

As you can see from this chart the number of users and transactions have fallen but the volumes has totally collapsed

This effects all of these marketplace like also Looksrare, SuperRare, Magic Eden and so on

Well, I think that this CryptoFriday is over

I hope that you can rate this video interesting and helpful

If so give me a like and don't forget to subscribe because we're finally reaching the 1k subs goal

That said, see you at the next video or in the telegram community, bye!