Bitcoin, BTC, cryptocurrency, crypto market, Bitcoin price, Bitcoin analysis, Bitcoin prediction, Bitcoin weekly outlook, Bitcoin trading, Bitcoin news, Bitcoin rally, Bitcoin breakout, Bitcoin support, Bitcoin resistance, Bitcoin technical analysis, Bitcoin price forecast, Ethereum, ETH, ETH/BTC ratio, altcoins, crypto trading, crypto investing, Fed rate cuts, Federal Reserve, monetary policy, inflation, US economy, US-China trade deal, geopolitical risks, Middle East crisis, institutional crypto, Grayscale, Texas Bitcoin fund, crypto adoption, market sentiment, fear and greed index, trading volume, volatility, blockchain, digital assets, Web3, staking, crypto regulations, Bitcoin ETF, technical indicators, market trends, crypto investors, traders, short squeeze, liquidation, risk assets, safe haven, dollar weakness, market psychology, breakout levels, all-time high, resistance levels, support levels, crypto winter, bull market, bear market, sideways market, accumulation phase, crypto analysis, trading strategy, investment strategy, market outlook, economic data, non-farm payrolls, unemployment rate, ISM data, manufacturing PMI, services PMI, July 4th holiday, trading volume, liquidity, smart money, institutional investors, retail traders, market manipulation, price action, candlestick patterns, market structure, Bitcoin dominance, altcoin season, DeFi, NFTs, crypto regulations, digital gold, store of value, inflation hedge, macroeconomic trends, risk management, profit-taking, pullback, correction, upside potential, downside risks, market catalysts, news trading, event-driven trading, algorithmic trading, technical indicators, moving averages, RSI, MACD, Fibonacci levels, order flow, market depth, whale activity, exchange reserves, on-chain data, blockchain analytics, crypto fundamentals, network activity, transaction volume, hash rate, mining difficulty, institutional custody, crypto derivatives, futures, options, perpetual swaps, leverage trading, long positions, short positions, market makers, liquidity providers, arbitrage, spread trading, volatility trading, swing trading, position trading, day trading, scalping, crypto portfolio, asset allocation, risk-reward ratio, entry points, exit strategies, stop-loss, take-profit, trading psychology, FOMO, FUD, market cycles, accumulation, distribution, reaccumulation, parabolic moves, trend reversal, continuation patterns, breakout trading, range trading, support turns resistance, resistance turns support, Fibonacci retracement, Elliott Wave, Wyckoff method, volume profile, order book analysis, market microstructure, crypto exchanges, Binance, Coinbase, Kraken, Bybit, OKX, liquidity pools, stablecoins, USDT, USDC, fiat on-ramps, crypto regulations, SEC, CFTC, MiCA, tax implications, crypto wallets, cold storage, hardware wallets, security, hacks, exploits, smart contract risks, decentralized exchanges, CEX vs DEX, cross-chain bridges, Layer 2 solutions, Bitcoin Lightning Network, Ethereum scaling, gas fees, network congestion, mempool, transaction fees, proof-of-work, proof-of-stake, consensus mechanisms, validator nodes, staking rewards, yield farming, lending protocols, decentralized finance, Bitcoin halving, supply shock, scarcity, digital scarcity, Satoshi Nakamoto, whitepaper, max supply, circulating supply, market cap, trading pairs, BTC/USD, BTC/USDT, ETH/BTC, altcoin pairs, shitcoins, memecoins, pump and dump, rug pulls, due diligence, fundamental analysis, technical analysis, on-chain analysis, sentiment analysis, social media trends, influencer impact, Elon Musk, Michael Saylor, Cathie Wood, institutional adoption, corporate treasury, nation-state adoption, legal tender, El Salvador, Bitcoin bonds, mining stocks, public companies, MicroStrategy, Tesla, Block, Coinbase stock, crypto banking, Silvergate, Signature Bank, banking crisis, inflation hedge, hyperbitcoinization, fiat collapse, dollar devaluation, BRICS currency, CBDCs, digital yuan, FedNow, monetary debasement, sound money, hard money, store of value, peer-to-peer electronic cash, censorship resistance, financial sovereignty, unbanked, remittances, cross-border payments, smart contracts, programmable money, tokenization, RWAs, real-world assets, security tokens, utility tokens, governance tokens, DAOs, decentralized autonomous organizations, Web3 gaming, metaverse, virtual economies, play-to-earn, NFT gaming, digital collectibles, generative art, profile pictures, PFPs, Bitcoin ordinals, BRC-20 tokens, inscriptions, Bitcoin NFTs, Ethereum NFTs, OpenSea, Blur, Magic Eden, NFT marketplaces, NFT royalties, creator economy, fractionalized NFTs, NFT lending, NFTfi, DeFi protocols, Aave, Compound, MakerDAO, Curve Finance, Uniswap, SushiSwap, PancakeSwap, DEX aggregators, 1inch, Matcha, MetaMask, WalletConnect, Ledger, Trezor, self-custody, not your keys not your coins, multi-sig, Shamir backup, seed phrases, mnemonic phrases, air gaps, cold wallets, hot wallets, mobile wallets, desktop wallets, browser extensions, phishing scams, SIM swaps, social engineering, two-factor authentication, 2FA, hardware security keys, Yubikey, Google Authenticator, Authy, backup strategies, inheritance planning, crypto wills, dead man's switch, Bitcoin maximalism, Ethereum maximalism, altcoin season, market cycles, four-year cycle, stock-to-flow model, PlanB, rainbow chart, logarithmic growth curves, power law, Metcalfe's law, network effects, Lindy effect, antifragility, Black Swan events, tail risk, VaR, value at risk, correlation matrices, portfolio diversification, efficient frontier, Modern Portfolio Theory, CAPM, alpha generation, beta exposure, Sharpe ratio, Sortino ratio, risk-adjusted returns, absolute returns, relative returns, benchmark indices, crypto indices, CRIX, Bletchley indexes, market cap weighting, equal weighting, momentum investing, value investing, growth investing, contrarian investing, dollar-cost averaging, DCA, lump sum investing, value averaging, periodic investing, tax-loss harvesting, wash trading rules, FIFO, LIFO, HIFO, specific identification, cost basis tracking, crypto tax software, Koinly, CoinTracker, TokenTax, Accointing, ZenLedger, tax optimization, tax jurisdictions, capital gains tax, income tax, mining taxes, staking taxes, airdrop taxes, hard fork taxes, gift tax, estate tax, IRS Form 8949, Schedule D, FBAR, FATCA, international tax compliance, OECD crypto framework, travel rule, AML, KYC, CFT, financial surveillance, privacy coins, Monero, Zcash, Dash, privacy protocols, zero-knowledge proofs, zk-SNARKs, zk-STARKs, mixers, tumblers, CoinJoin, Wasabi Wallet, Samourai Wallet, JoinMarket, Whirlpool, blockchain analysis, Chainalysis, Elliptic, CipherTrace, forensics, deanonymization, Sybil resistance, pseudonymity, on-chain privacy, off-chain privacy, confidential transactions, Mimblewimble, Litecoin MWEB, Dandelion++, Tor, I2P, VPNs, proxy servers, IP obfuscation, node operation, full nodes, pruned nodes, archival nodes, light clients, SPV wallets, neutrino protocol, bloom filters, compact block relay, FIBRE, Erlay, transaction batching, coin selection algorithms, RBF, CPFP, fee estimation, replace-by-fee, child-pays-for-parent, mempool management, transaction acceleration, stuck transactions, double spends, chain reorganizations, selfish mining, eclipse attacks, Sybil attacks, 51% attacks, nothing-at-stake, long-range attacks, short-range attacks, time warp attacks, feather forking, sporking, soft forks, hard forks, user-activated forks, miner-activated forks, fork signaling, BIPs, EIPs, improvement proposals, backwards compatibility, version bits, flag days, activation mechanisms, MASF, UASF, BIP8, BIP9, BIP148, SegWit, Taproot, Schnorr signatures, MAST, Merkle trees, Patricia tries, state roots, receipt roots, bloom filters, transaction merklization, scriptless scripts, scriptPubKey, scriptSig, witness data, segregated witness, bech32 addresses, P2SH, P2WPKH, P2WSH, P2TR, address formats, vanity addresses, brain wallets, paper wallets, BIP39, BIP44, BIP32, HD wallets, derivation paths, multi-coin wallets, SLIP44, purpose fields, coin types, account indices, change addresses, gap limits, address reuse, coin control, UTXO management, dust attacks, forced address reuse, input linking, output linking, common input ownership heuristic, peel chains, coinjoin clusters, wallet fingerprinting, behavioral analysis, timing analysis, amount analysis, change detection, shadow wallets, shadow addresses, decoy outputs, cut-through, input subtraction, output subtraction, transaction graph analysis, cluster intersection, union, difference, subgraph isomorphism, taint analysis, flow analysis, betweenness centrality, clustering coefficient, graph density, component analysis, connectivity, reachability, neighbor analysis, degree distribution, power law fitting, preferential attachment, small-world networks, scale-free networks, random graphs, Erdős–Rényi model, Barabási–Albert model, Watts–Strogatz model, community detection, modularity maximization, label propagation, infomap, walktrap, edge betweenness, spin glass, stochastic block model, hierarchical clustering, k-core decomposition, clique percolation, motif detection, graphlets, graph kernels, spectral clustering, matrix factorization, non-negative matrix factorization, singular value decomposition, principal component analysis, independent component analysis, t-SNE, UMAP, autoencoders, node2vec, DeepWalk, GraphSAGE, GCN, GAT, graph neural networks, deep learning on graphs, graph embeddings, latent space, manifold learning, topological data analysis, persistent homology, Mapper algorithm, Vietoris-Rips complex, Čech complex, alpha shapes, witness complexes, discrete Morse theory, Reeb graphs, contour trees, merge trees, branch decomposition, treewidth, pathwidth, branchwidth, rankwidth, cliquewidth, boolean width, graph minors, forbidden minors, graph isomorphism, canonical labeling, nauty, bliss, traces, saucy, conauto, vf2, graph matching, subgraph isomorphism, maximum common subgraph, graph edit distance, graph kernels, random walk kernels, shortest-path kernels, graphlet kernels, Weisfeiler-Lehman kernels, propagation kernels, deep graph kernels, graph convolutional kernels, graph attention kernels, message passing neural networks, graph transformer networks, graph autoencoders, variational graph autoencoders, adversarial graph autoencoders, generative adversarial networks for graphs, graph normalizing flows, diffusion models for graphs, graph Boltzmann machines, graph Markov chains, graph hidden Markov models, graph conditional random fields, graph Markov random fields, graph Bayesian networks, graph belief propagation, graph junction trees, graph factor graphs, graph sum-product networks, graph arithmetic circuits, graph tensor networks, graph quantum circuits, graph neural Turing machines, graph differentiable neural computers, graph memory networks, graph relational networks, graph interaction networks, graph physics networks, graph molecular networks, graph chemical networks, graph biological networks, graph social networks, graph citation networks, graph co-authorship networks, graph web graphs, graph internet topology, graph road networks, graph power grids, graph brain networks, graph metabolic networks, graph protein-protein interaction networks, graph gene regulatory networks, graph food webs, graph ecological networks, graph linguistic networks, graph semantic networks, graph knowledge graphs, graph recommender systems, graph fraud detection, graph anomaly detection, graph cybersecurity, graph malware detection, graph intrusion detection, graph spam detection, graph fake news detection, graph misinformation detection, graph disinformation detection, graph propaganda detection, graph influence operations, graph social media manipulation, graph bot detection, graph sockpuppet detection, graph astroturfing detection, graph sybil detection, graph collusion detection, graph conspiracy detection, graph extremism detection, graph radicalization detection, graph hate speech detection, graph toxicity detection, graph abuse detection, graph harassment detection, graph cyberbullying detection, graph trolling detection, graph flaming detection, graph cyberstalking detection, graph doxxing detection, graph swatting detection, graph sextortion detection, graph child exploitation detection, graph human trafficking detection, graph terrorism detection, graph money laundering detection, graph sanctions evasion detection, graph proliferation financing detection, graph corruption detection, graph bribery detection, graph kleptocracy detection, graph tax evasion detection, graph market manipulation detection, graph insider trading detection, graph pump-and-dump detection, graph wash trading detection, graph spoofing detection, graph layering detection, graph smurfing detection, graph structuring detection, graph cuckoo smurfing detection, graph microstructuring detection, graph transaction laundering detection, graph trade-based money laundering detection, graph black market peso exchange detection, graph hawala detection, graph informal value transfer systems detection, graph underground banking detection, graph alternative remittance systems detection, graph mirror trading detection, graph round-tripping detection, graph tax avoidance detection, graph base erosion and profit shifting detection, graph transfer pricing manipulation detection, graph treaty shopping detection, graph shell companies detection, graph nominee arrangements detection, graph bearer shares detection, graph trusts detection, graph foundations detection, graph charities detection, graph NGOs detection, graph political organizations detection, graph lobbying detection, graph campaign finance detection, graph dark money detection, graph influence peddling detection, graph cronyism detection, graph nepotism detection, graph patronage detection, graph clientelism detection, graph pork barrel detection, graph earmarks detection, graph graft detection, graph embezzlement detection, graph misappropriation detection, graph diversion detection, graph skimming detection, graph kickbacks detection, graph bid rigging detection, graph price fixing detection, graph market allocation detection, graph customer allocation detection, graph territory allocation detection, graph product restriction detection, graph output restriction detection, graph quota fixing detection, graph collusive tendering detection, graph cover pricing detection, graph bid suppression detection, graph bid rotation detection, graph complementary bidding detection, graph phantom bidding detection, graph shill bidding detection, graph straw bidding detection, graph courtesy bidding detection, graph bid pooling detection, graph market division detection, graph group boycotts detection, graph exclusive dealing detection, graph tying detection, graph refusal to deal detection, graph predatory pricing detection, graph price discrimination detection, graph dumping detection, graph resale price maintenance detection, graph territorial restrictions detection, graph customer restrictions detection, graph exclusive territories detection, graph exclusive customers detection, graph profit pass-over agreements detection, graph profit-sharing agreements detection, graph profit-pooling agreements detection, graph profit-splitting agreements detection, graph profit-allocation agreements detection, graph profit-transfer agreements detection, graph profit-shifting agreements detection, graph transfer mispricing detection, graph false invoicing detection, graph overinvoicing detection, graph underinvoicing detection, graph multiple invoicing detection, graph phantom shipments detection, graph false descriptions detection, graph false classifications detection, graph false valuations detection, graph false weights detection, graph false quantities detection, graph false qualities detection, graph false origins detection, graph false destinations detection, graph false routing detection, graph false transshipment detection, graph false documentation detection, graph false certification detection, graph false labeling detection, graph false branding detection, graph false packaging detection, graph false marking detection, graph false stamping detection, graph false sealing detection, graph false tagging detection, graph false coding detection, graph false numbering detection, graph false dating detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering detection, graph false prioritizing detection, graph false scheduling detection, graph false timing detection, graph false sequencing detection, graph false ordering
How the UST collapse impacted the collateralization of other Stablecoins ?
Stablecoins attract investors with the combination of the reliability of fiat money and the convenience of digital money. Experts explained what the reserve of such currencies is todayThe collapse of the algorithmic stablecoin UST in early May caused increased volatility in the cryptocurrency market . The token lost its peg to the US dollar , which was provided by a certain burning and emission algorithm, as well as the LUNA support token.
The market suffered multibillion-dollar losses, and investors and government regulators began to pay increased attention to the reserve funds of crypto companies issuing stablecoins .
The most popular stablecoins in terms of volume and advanced in terms of infrastructure are USDT , USDC , BUSD , these coins are centralized, they are issued by large international companies Tether , Circle , Coinbase , Binance and others.
“Stablecoin issuers regularly audit their reserves to confirm that each of their tokens is backed by at least one US dollar . And their price is usually smoothed out by exchange participants who are confident in the possibility of converting a stablecoin 1:1 into fiat currency at any time,”
This has led to the fact that the sphere of stablecoins has not fundamentally changed. They exist and will continue to exist for a long time, although their users have gained some “sobriety” when choosing a particular token.
“But, for example, the trading volume of only one of the tokens – USDT , exceeds the trading volume of bitcoin
Price decoupling for centralized tokens can only be of a short-term image nature, but under no manipulation, provided that the security has not been compromised, the price will not be decoupled from the US dollar .
“Decentralized stablecoins are experiencing a crisis of confidence, but not everything is clear there,”
The binding of algorithmic stablecoins is indeed very fragile, although it is done with a certain margin, out that arbitrage, which is designed to stabilize the price at the moments of divergence, is not able to quickly smooth out very large volumes, which happened with UST .
“In addition, such tokens are strongly tied to another, completely unstable token, which indirectly creates risks of depreciation of the collateral,”
Another risk for algorithmic stablecoins , a mechanism designed to maintain the capitalization of collateral at the expense of the tokens themselves. In other words, staking stablecoins indirectly increases risk due to the possibility of returning these tokens to circulation at any time, thereby reducing their security.
“Most likely, in the future, such projects will cease to exist, or will undergo significant changes. In general, developers will now take into account new risks when designing smart contracts , thereby making the DeFi segment even more reliable,”
Among decentralized projects there are more sustainable ones. For example, one of the most liquid non-centralized stablecoins is a token from MakerDAO called DAI .
“It is backed by different asset classes, including centralized USDC stablecoins , which provides greater liquidity, but at the same time allows you to enjoy all the benefits of decentralization,”
The decoupling of the price of such tokens can only occur against the backdrop of a global collapse of the entire cryptocurrency segment. Although this cannot be ruled out, it must be understood that in such a scenario, the liquidity of centralized tokens will also suffer.
“This is perhaps the only noticeable risk for the entire class of stablecoins – a catastrophic drop in the capitalization of the crypto market to the level of its existential crisis,”
During the agony of UST , turbulence was observed for the rest of the stablecoins , but no catastrophe was noticed, said Chen Limin, CFO and head of trading operations at ICB Fund.
According to him, there are a large number of similar instruments on the market, the value of which is also calculated algorithmically. The most prominent representatives of the segment continue to live as if nothing had happened.
“Now projects like Tron Acala are trying to get out on the topic of over-collateralizing their stablecoins .
This is a mechanism when, in order to receive a $1 stablecoin , it is necessary to provide collateral currencies (ETH and others), for example, $1.5 or 50% more, which allows you to have enough reserves to pay off a sharp influx of sellers,” the expert explained.
Chen Limin is of the opinion that algorithmic stablecoins should not be put an end to.
“We saw USDN deviate from the dollar twice in the spring, but bounced back each time. At a minimum, this happened due to the lack of panic associated with network outages, and the use of an additional token to calculate the USDN rate – Neutrino, ”the specialist recalls.
In addition, according to the director and head of the trading department of ICB Fund, the problems of the stablecoin from Terra were largely associated with inflated rates for depositing on the network.
“When yields were rising, investors were actively buying UST with only one goal – to make a profit, but as soon as the numbers began to decline, users hurried to exit. In other words, there was also a pyramid effect,” says Chen Limin.
He gives an example of the absence of such an effect in Near. Unlike UST and LUNA , when new USNs are issued, the native token of the NEAR network does not burn out, but is sent to reserves, where other stablecoins are also kept for additional exchange rate stability.
The interlocutor noted that at the same time, the yield on UST arises due to the staking of NEAR from reserves in the Near blockchain , as a result of which it changes dynamically, adjusting to the level of supply and demand.
“The most popular stablecoins will continue to be centralized: USDT and USDC , as they are at least integrated into a large number of trading platforms, as a result of which they have a much larger Product-Market Fit than other decentralized options,” admits Limin.
He believes that in the foreseeable future the situation should not change, but rather the opposite – a protracted “bear” market will motivate more preference for the most stable assets.
“And these are precisely centralized stablecoins backed by dollar obligations,” the expert concluded.
Stablecoins with the largest market capitalization on June 7 (according to CoinMarketCap):
Capitalization: $ 72.3 billion
Daily trading volume: $58 billion
Tether tokens are issued by Tether Limited, whose CEO also runs the Bitfinex cryptocurrency exchange. All USDT tokens are pegged to the US dollar and are 100% backed by Tether reserves. USDT reserves consist of 85% cash and cash equivalents, short-term deposits and commercial paper, 4.52% corporate bonds, funds and precious metals, 3.82% secured loans and 6.02% other investments, including digital tokens.
Capitalization: $ 53.7 billion
Daily trading volume: $4.9 billion
The Center Consortium, the founder of USDC , consists of two founders: Circle and Coinbase. Each coin in circulation is backed by 1 US dollar. The reserve of the token is held in the form of cash and short-term US Treasuries.
Capitalization: $ 18.3 billion
Daily trading volume: $5.3 billion
BUSD is a stablecoin issued by Binance (in partnership with Paxos). The token is pegged to the US dollar. It is regulated by the New York State Financial Services Authority (NYSDFS).
A US dollar amount equal to the total amount of BUSD is held in US banks and acts as a reserve insured by the Federal Deposit Insurance Corporation (FDIC) and the US Treasury.
Capitalization: $ 6.9 billion
Daily trading volume: $269 million
DAI is an Ethereum-based stablecoin , issued and developed by the Maker Protocol and decentralized autonomous organization MakerDAO.
The price of DAI is pegged to the US dollar and backed by a set of other cryptocurrencies that are deposited in smart contract vaults every time new DAI is issued.
In order to maintain a soft peg to the US dollar, Maker Protocoll ensures that each DAI token is backed by a corresponding number of other cryptocurrencies.
Capitalization: $ 1.2 billion
Daily trading volume: $117 million
TrueUSD is a stablecoin launched by the parent company TrustToken . The reserves of the token include a large number of assets fully backed by US dollars. The USD equivalent TrueUSD redemption option is supported by five trusted partner banks – Signature Bank, Silvergate Bank, Prime Trust, First Digital Trust and BitGo.
Capitalization: $ 946 million
Daily trading volume: $18 million
The stablecoin is issued by Paxos Trust. The token is backed by US dollars in the form of cash and cash equivalents on the company’s accounts with American depository institutions.
Capitalization: $ 819 million
Daily trading volume: $4 million
Neutrino is an algorithmic USD-pegged stablecoin backed by the associated WAVES token. Any deviations from the 1:1 binding can be stopped by arbitrage bots.
Capitalization: $ 703 million
Daily trading volume: $83 million
USDD is an algorithmic stablecoin issued by the TRON DAO overcollateralized project. A reserve of cryptocurrencies and other stablecoins is maintained at a level of at least 130% of the total USDD issued. Information about TRON cryptocurrency reserves can be viewed in real time on the company’s website.
