Amazon Enters the NFT Arena

Hey there 👋

We witnessed multiple macro-economic events that impacted the crypto markets last week. From Silvergate's troubles to Jerome Powell's (vague) speech, and to the latest Silcon Valley Bank's dipping market cap. Truly, there is never a dull day in crypto!

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 10th Mar 2023

Another week of price corrections saw the top cryptos taking quite a tumble, although Ripple seems to have been relatively unaffected. Silvergate's demise fuelled the sell-offs.

Crypto simplified

Do you want to know what seasoned cryptocurrency investors and hedge fund managers are buying/selling? 👀

🐳Well, these people are known as whales, and what they do is almost a secret! Almost!

👉🏻 On-chain metrics are a way to keep an eye on their investments. But the most important part is that it is a readily available solution that comes free of cost.

Shoutout to on-chain expert Minty for creating this brilliant strategy to track ‘whale’ wallets through on-chain metrics.

On-chain metrics can be used by investors, developers, and analysts to gain a deeper understanding of a blockchain’s performance, user adoption, and growth potential.

  • For this process, look for tokens that are pumped and check out the price history on sites like coingecko or dexscreener. Look for the specific date and time the pump happened on these sites. We will use $LDO as an example.

  • LIDO had a massive pump around 1st January 2023. Now we are going to go to Etherscan to find out what transactions occurred on LDO before the price pump.

  • Head over to Etherscan and look up the token address to find its profile. Once you reach the profile, head over to Dex Trades. This button will show you all the buys, sells, and swaps that occur on all major Dexes.

  • Once you are in Dex Trades, you will see Buys and Sells under “Action.” Here you want to press on “View All,” which gives you the full list of all the DEX transactions collected through Etherscan. After this, you will be looking for the transactions before the pump occurred.

  • After you are on the designated date before the pump, start searching for larger Buy Transactions and start digging for potential trades by clicking on the Txn Hash. This will tell you the transaction history, the wallet conducting the transaction, and more.

  • If the transaction was made with an MEV bot, ignore it and move forward to the next one. There may be walls of transactions that were created by MEV bots. If so, you might want to skip a few pages until you see human transactions again.

Once you identify a lead, look out for the following:

- Token Value

- Erc20 Token Txns

- Transaction History to see if the tokens are being sent to another wallet.

  • Token Value will give you a decent idea of whether this is a transfer wallet or not. Also, if the transactions are all “out” and going to the same wallet, then click on the wallet listed under “To” to trace where the tokens are going.

  • After you find the main wallet that the tokens are being stored in, you can click on ERC 20 Tokens and start tracking their transactions with ERC 20 tokens.

  • If you are trying to track PnL, the most accurate way is to track the buys and sells of tokens to see if they are generating profit.

🤩 This is a one-time activity. Once you have done this, keep track of these wallet addresses, and you have set up your own whale-wallet activity.

Refer your friends, stay awesome 🚀

Don't miss out on the opportunity to reap amazing rewards by being a part of the Flippening. Refer your friends and earn exciting Flippening merchandise.

Share this link with your friends and claim your rights to a brand new crypto hardware wallet 👇🏻

Top Highlights of the Week

1. The gate's closed

In a press release on March 8th, Silvergate announced that it will be shutting down all bank operations and undergoing liquidation. Silvergate Capital, the holdings company behind the bank, attributes this decision to recent industry and regulatory developments. Silvergate's trouble began with the FTX collapse in November 2022, following which investors withdrew $8.1 billion from the bank, prompting it to sell off debt at a huge loss. Now, after a chain of unfortunate events, Silvergate Capital has decided to shut the bank down while still ensuring a full repayment of all deposits.

Our takeaway: The aftereffects of the FTX crash are still being felt in the industry. And now, the fall of Silvergate raises a lot of questions around when we'll get better regulations to prevent such incidents and how crypto firms will access the banking system. Time and again, we see the consequences of the lack of regulations. We hope the Silvergate saga makes regulators realize the gravity of the situation and take some much-needed action. 

2. Switching lanes

Recent reports suggest that Amazon, the e-commerce giant, is planning to dip its toes into NFTs with the launch of its NFT marketplace next month. The platform will reportedly be called 'Amazon NFT marketplace' or 'Amazon Digital Marketplace'. The reported date of launch is April 24th.

Our takeaway: If this actually comes to fruition, Amazon would be the biggest player in the NFT space, with a market cap of over $945 billion. And what's more, they've got over 300 million active users with a good chunk of that number falling in the crypto-savvy age range. Amazon's got a potential game-changer in their hands with this idea, but when it comes to NFTs, just the thought doesn't count for much. If this actually will revolutionize the NFT industry, only time will tell. 

3. Better late than never

On March 7th, the Finance Ministry of India announced that a range of virtual digital asset transactions are set to come under the umbrella of the Prevention of Money Laundering Act (PMLA). This essentially means that crypto entities handling customer funds will now be required to abide by PMLA laws as much as any traditional bank in the country. They will have to perform KYC for all their users and diligently monitor all transactions on their platform. Moreover, they will also have to report any suspicious activity to the Financial Intelligence Unit India.

Our takeaway: This move shows that the Indian government recognizes digital assets as a growing asset class and has acknowledged the need for regulations. Moreover, it helps safeguard the financial system's integrity by helping prevent the misuse of digital assets by bad actors. Following the lack of regulations in the Union Budget 2023, this is a breath of fresh air and will surely help build trust in the asset class. And where trust grows, adoption follows. 

Featured: Mudrex Coin Set 😎

The crypto market is currently seeing some volatile movements, with assets trying to find their support levels. And during such uncertain times, you always turn to tried and tested solutions.

Blue chip cryptocurrencies are the best of the best cryptocurrencies that have stood the test of time. Time and again, their fundamentals have seen them through harsh crypto winters and set them up for a strong run when the bull market comes. So now might be a good time to jump onboard before the market reverses and the bulls set off at full speed.

Crypto Blue Chip Coin Set by Mudrex invests across the top coins the crypto market has to offer.

Use code to "MUDREX10" to get $10 bonus on your first investment.

Disclaimer: All price movements are recorded up to 03:30 PM UTC, 10th Mar 2023

The major sectors were not spared from the sell-offs either, with the market taking quite a heavy toll on all of them this week.

Crypto jargon of the week

Explain Like I'm 5

" DYOR "

DYOR stands for Do Your Own Research- a common phrase used in the crypto community but not exclusive to crypto.

The aim is to ensure investors are well-informed about the projects they're putting their money into. There is a lot of noise surrounding crypto on the internet, and DYOR helps distinguish authentic advice from fake.

Example- When investing in a new project, don't forget to DYOR