{"id":68354,"date":"2023-08-11T11:41:23","date_gmt":"2023-08-11T06:11:23","guid":{"rendered":"https:\/\/mudrex.com\/blog\/?p=68354"},"modified":"2023-08-11T11:41:25","modified_gmt":"2023-08-11T06:11:25","slug":"mudrex-crypto-market-outlook-8-14-august-2023","status":"publish","type":"post","link":"https:\/\/mudrex.com\/blog\/mudrex-crypto-market-outlook-8-14-august-2023\/","title":{"rendered":"Mudrex Crypto Market Outlook | 8-14 August 2023"},"content":{"rendered":"\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-synopsis\">Synopsis<\/h2>\n\n\n\n<p>Maker\u2019s DAI facing speculation with investor sell-off and regulatory climate<\/p>\n\n\n\n<p>Awaiting BASE&nbsp; &#8211; What to expect from the BASE mainnet launch?<\/p>\n\n\n\n<p>Major Setback for Curve Finance following the recent hack<\/p>\n\n\n\n<p>Biggest winner and loser of the week<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/1-1-1024x576.png\" alt=\"\" class=\"wp-image-68356\" width=\"768\" height=\"432\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/1-1-1024x576.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/1-1-300x169.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/1-1-768x432.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/1-1-1536x864.png 1536w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/1-1.png 1920w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 1: Total Crypto Market Capitalization&nbsp;<\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-key-observations\">Key Observations<\/h2>\n\n\n\n<p>The market is sitting on the resistance of $1.12T. These levels should hold as the market appears to be prepared to move sideways. We expect it to consolidate before making a move on either side. In the event of a downtrend, we can assume the market to meet support at $1.11T.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Weekly Crypto Market Outlook | August 08 - August 14 | Mudrex #cryptomarketupdates\" width=\"696\" height=\"392\" src=\"https:\/\/www.youtube.com\/embed\/HOU56kugNBc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><figcaption class=\"wp-element-caption\">crypto market outlook video<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading has-medium-font-size\" id=\"h-analysis\">Analysis<\/h2>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Uncertainty Over Maker\u2019s DAI<\/strong><\/h2>\n\n\n\n<p>MakerDAO has been in the news! On-chain analysis shows that a16z, a long-time MakerDAO investor, recently sold all their MKR holdings sparking speculations of significant events ahead. It does not sit right that the protocol is offering 8 percent yields in a bear market!<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/2-1-1024x576.png\" alt=\"\" class=\"wp-image-68357\" width=\"768\" height=\"432\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/2-1-1024x576.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/2-1-300x169.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/2-1-768x432.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/2-1-1536x864.png 1536w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/2-1.png 1920w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 2: Data of a16z holdings<\/figcaption><\/figure><\/div>\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/3-1-1024x283.png\" alt=\"\" class=\"wp-image-68358\" width=\"768\" height=\"212\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/3-1-1024x283.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/3-1-300x83.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/3-1-768x213.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/3-1.png 1380w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 3: Transaction data of a16z signals exit<\/figcaption><\/figure><\/div>\n\n\n<p>Furthermore, it seems that Circle (the company that manages USDC) or an associated entity has been reducing its involvement with MakerDAO, leading to a sharp decline in USDC backing DAI in circulation. CZ\u2019s tweet also has people looking out at MakerDAO which has created FUD surrounding the project.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/4-1024x243.png\" alt=\"\" class=\"wp-image-68359\" width=\"768\" height=\"182\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/4-1024x243.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/4-300x71.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/4-768x182.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/4.png 1388w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 4: Collateral Constitution on MakerDAO<\/figcaption><\/figure><\/div>\n\n\n<p>The apprehensions surrounding MakerDAO revolve around the possibility of real-world assets backing DAI at risk of seizure or freezing by regulators. This comes after the SEC has gone to freeze assets of certain players in the crypto space.<\/p>\n\n\n\n<p><strong>Bridge out from BASE now!<\/strong><\/p>\n\n\n\n<p>Base, Coinbase&#8217;s Ethereum layer 2 solution gears up for its upcoming public launch. For those familiar with Base, the current one-way bridge will soon become a thing of the past. With the public launch scheduled for this Wednesday, users will gain the ability to bridge crypto in and out.<\/p>\n\n\n\n<p>The launch could potentially trigger a resurgence of memecoin mania, similar to what we&#8217;ve witnessed over the past month with BALD, COIN, and other tokens. Be wary of new rug pulls!<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-154811.png\" alt=\"\" class=\"wp-image-68360\" width=\"527\" height=\"458\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-154811.png 703w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-154811-300x261.png 300w\" sizes=\"(max-width: 527px) 100vw, 527px\" \/><figcaption class=\"wp-element-caption\">Figure 5: BASE bridge mainnet launch announced<br><\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\"><strong><strong>CRV Crisis &#8211; Here\u2019s what went down!<\/strong><\/strong><\/h2>\n\n\n\n<p>Curve Finance faced a severe blow as panic selling and withdrawals caused its Total Value Locked (TVL) to plummet by 50% to $1.6B. The CRV token price also dropped to $0.50.&nbsp;<\/p>\n\n\n\n<p>The crisis began with hackers exploiting a dormant zero-day vulnerability in older versions of Vyper, used by Curve and other protocols, stealing around $70 million from various pools.\u00a0<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-155412-1024x601.png\" alt=\"\" class=\"wp-image-68361\" width=\"768\" height=\"451\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-155412-1024x601.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-155412-300x176.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-155412-768x451.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-155412.png 1459w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 6: The drop in CRV following the hack<\/figcaption><\/figure><\/div>\n\n\n<p>The CRV\/ETH pool was hit twice due to broken balances. A white hat hacker, c0ffeebabe.eth, mitigated some losses.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-155246.png\" alt=\"\" class=\"wp-image-68362\" width=\"522\" height=\"455\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-155246.png 696w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/Screenshot-2023-08-07-155246-300x262.png 300w\" sizes=\"(max-width: 522px) 100vw, 522px\" \/><figcaption class=\"wp-element-caption\">Figure 7: c0ffeebabe.eth recovering the hacked funds<\/figcaption><\/figure><\/div>\n\n\n<p>However, the situation became more precarious when users realized the impact on CRV&#8217;s price could trigger a chain reaction. CRV\u2019s founder had taken a $100 million loan backed by 47% of its circulating supply. Egorov has attempted to lower his debt and the utilization rate twice, repaying a total of 4m FRAX over the past 24 hours. However, the market\u2019s utilization rate remains at 100% as users rush to remove liquidity as soon as he repays. It remains to be seen how CRV fares in this environment.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-top-gainer-of-the-week-xinfin-network-xdc-up-by-22\">Top gainer of the week: XinFin Network (XDC) up by 22%\u2b06\ufe0f<\/h2>\n\n\n\n<p>XinFin Network (XDC) functions as a hybrid blockchain platform that adopts the positives of both public and private blockchains. XDC, equipped with state-of-the-art infrastructure, aims to bring forth the transparency found in public blockchains alongside the swiftness and security offered by private networks.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/8-1024x452.png\" alt=\"\" class=\"wp-image-68363\" width=\"768\" height=\"339\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/8-1024x452.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/8-300x132.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/8-768x339.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/8.png 1321w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 5: XDC technical analysis<\/figcaption><\/figure><\/div>\n\n\n<p><strong>Opinion<\/strong><\/p>\n\n\n\n<p><strong>Fundamental Analysis:<\/strong><\/p>\n\n\n\n<p>XDC has increased and this surge is likely attributed to its recent partnership with Singapore&#8217;s Infocomm Media Development Authority&#8217;s TradeTrust. The collaboration aims to ensure that digital trade documents comply with the Model Law on Electronic Trade Records.<\/p>\n\n\n\n<p><strong>Technical Analysis:<\/strong><\/p>\n\n\n\n<p>The market sentiment is neutral. We expect it to break through the resistance and continue it\u2019s leg up with bulls driving the movement.<\/p>\n\n\n\n<p>Oscillator indicators: 3 bearish, 7 neutral, 1 bullish<br>Moving average indicators: 1 bearish, 1 neutral, 11 bullish<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-biggest-loser-of-the-week-ripple-xrp-down-by-12\">Biggest loser of the week: Ripple (XRP) down by 12% \u2b07\ufe0f<\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/9-1024x476.png\" alt=\"\" class=\"wp-image-68364\" width=\"768\" height=\"357\" srcset=\"https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/9-1024x476.png 1024w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/9-300x140.png 300w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/9-768x357.png 768w, https:\/\/mudrex.com\/blog\/wp-content\/uploads\/2023\/08\/9.png 1301w\" sizes=\"(max-width: 768px) 100vw, 768px\" \/><figcaption class=\"wp-element-caption\">Figure 6: XRP technical analysis<\/figcaption><\/figure><\/div>\n\n\n<p><strong>Opinion<\/strong><\/p>\n\n\n\n<p><strong>Fundamental analysis:<\/strong> XRP saw a massive rally following the SEC verdict. This was followed by weeks of correction. It remains to see how the community reacts to this and influences the price action.<\/p>\n\n\n\n<p><strong>Technical analysis:<\/strong> XRP has experienced a decline over the past week. We will monitor this situation closely. For now, XRP seems likely to consolidate.<\/p>\n\n\n\n<p>Oscillator indicators: 3 bearish, 7 neutral, 1 bullish<\/p>\n\n\n\n<p>Moving Average indicators: 1 bearish, 1 neutral, 11 bullish<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-conclusion\">Conclusion<\/h2>\n\n\n\n<p>The cryptocurrency market continues to be influenced by stablecoin action and institutional involvements. The past week showcased the uncertainty looming collateral backed stablecoins and how large institutions are positioning themselves.The two way bridge launch of BASE layer and the CRV hack were the highlights of this week. The activity in the market suggests that the market shall move sideways.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synopsis Maker\u2019s DAI facing speculation with investor sell-off and regulatory climate Awaiting BASE&nbsp; &#8211; What to expect from the BASE mainnet launch? Major Setback for Curve Finance following the recent hack Biggest winner and loser of the week Key Observations The market is sitting on the resistance of $1.12T. These levels should hold as the [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":68365,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[1082],"tags":[],"_links":{"self":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/68354"}],"collection":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/comments?post=68354"}],"version-history":[{"count":1,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/68354\/revisions"}],"predecessor-version":[{"id":68366,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/68354\/revisions\/68366"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media\/68365"}],"wp:attachment":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media?parent=68354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/categories?post=68354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/tags?post=68354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}