BigONE Weekly Recap

MetaMask warns Apple users over iCloud phishing attacks

• The firm warned that If an Apple user has enabled automatic iCloud backups of their MetaMask wallet data, their seed phrase is being stored online.
• The warning from MetaMask came in response to reports from an NFT collector who goes by “revive_dom” on Twitter, who stated on April 15 that their entire wallet containing $650,000 worth of digital assets and NFTs was wiped via this specific security issue.
• They noted that the victim received multiple text messages asking to reset his Apple ID password along with a supposed call from Apple which was ultimately a spoofed caller ID.
• The scammers subsequently hung up and accessed his MetaMask account via data stored on iCloud.
• Don’t tell us to never store our seed phrase digitally and then do it behind our backs.

DOGE price analysis hints at 30% drop despite Elon Musk’s Twitter bid

• The head and shoulders pattern emerging on Dogecoin charts suggests a lack of upside conviction among DOGE traders.
• As the theory goes, the price typically breaks below the neckline after forming the third peak, or the right shoulder, and falls by as much as the H&S’s maximum height, i.e., the distance between the head’s top and neckline.
• It appears DOGE has been forming a similar structure at least since March 24.
• A decisive breakout move below the support confluence could risk triggering the H&S setup, with the downside target sitting below $1, down almost 30% below today’s price.
• Enthusiasts believe that the “Musk effect” and his growing influence on Twitter could boost Dogecoin adoption and price, their sentiment furthered by Robinhood CEO Vladimir Tenev, who earlier this week said DOGE could become the “currency of the internet.”

Altcoin Roundup: Analysts give their take on the impact of the Ethereum Merge delay

• The wait for the long-awaited Ethereum Merge just got longer, leading analysts to discuss potential price outcomes for Ether.
• In the post-Merge world, Staking Rewards expects the number of ETH staked to increase to between 20 to 30 million ETH, which would “yield a net validator return (staking return) of 4.2% to 6%.”
• Other bullish factors include a potential increase in the staking reward as stakers will also receive the unburnt fee revenue that currently goes to miners and an increase in institutional demand due to the ability to apply the discounted cash flow model to Ethereum which “is what institutional investors need to approve multi-million dollar investments.”
• On the trading front, several ways to trade the Merge were discussed by pseudonymous Twitter user “ABTestingAlpha,” who noted that there will be less selling pressure following the Merge because the regular sales by proof-of-work miners will stop.
• With the current delay pushing the launch into the second half of 2022, there is a chance that momentum traders sell their tokens which could result in a loss of the 75% to 80% gains made by Ether since mid-March.

Analysts say Bitcoin has ‘already capitulated,’ target $41.3K as the most hold level

• On-chain data suggests that the market has “already capitulated” and traders identify a bullish technical analysis pattern with a breakout target near the $41,300 level.
• Similar to the observation made by Whalemap, Glassnode analysts noted that “a large amount of coin supply has been re-accumulated between $38,000 and $45,000, which is the primary price range of the current market consolidation.”
• The fact that 15.2% of the Bitcoin held by LTHs is currently at a loss suggests that a lot of LTHs “were caught off-side” by the most recent market correction according to Glassnode, a result that is typically seen “in late-stage bear markets, most of which preceded a final capitulation shake-out event.”
• To establish the bullish case, Bitcoin needs to “successfully flip S/R of the current descending trendline” and “reclaim support up to the green neckline,” thus completing the inverse head and shoulders setup.
• If this were to occur, Abnessa sees a “minimum dump target of $35,000.”
• The overall cryptocurrency market cap now stands at $1.909 trillion and Bitcoin’s dominance rate is 41.1%.

Ukrainian crypto and blockchain firms survive despite ongoing conflict

• Executives at nonfungible token service provider Finch are planning to open an office in Miami, while many employees of blockchain firm NEAR have gathered in Lisbon.
• Speaking to Cointelegraph, Arsenii Hurtavtsov, a Ukrainian national and CEO of nonfungible token service provider Finch, said he managed to get on one of the last flights from Kyiv to Azerbaijan on Feb. 23 before the country began blocking many men from leaving, likely in anticipation of needing individuals for the country’s military.
• Fortunately, all of them understood the situation and they agreed.
• We said that we would give them as much time as they needed and that we would not fire anyone, because we understood that maybe for two weeks or many months, they will not be able to work at all but they still would need to buy food and other things.”
• Hurtavtsov and Varakuta said they were able to shoulder much of the burden from Dubai as well as expand the team with additional specialists in Ukraine: “Despite the fact that there is the war in Ukraine, we’re still growing month over month and, at the moment, we also attracted our first round of investment.”
• Meanwhile, London-based crypto exchange Exmo suspended its business in Russia and Belarus, hinting the invasion of Ukraine made both countries a “high-risk market.”