Subject: 🦎🚀HODLing On Only Causes Pain💔🤕

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Hope you’re having a terrific Tuesday, Geckos!


Bitcoin HODLers are in pain as the recent Bitcoin sell-off recorded the largest realized loss in its entire history, locking in $7.3 billion in losses.


On-chain analysis showed that even the most seasoned holders were selling into the downturn. A few long-term holders that bought Bitcoin near the $69,000 top sold in the lows of $18,000 (-75%) as reported by Glassnode.


Right now, almost all Bitcoin holders are holding massive unrealized losses, worse than that of the March 2020 crash.


In today’s news, Punk #5364 contributes to the Russia-Ukraine war effort, Ethereum inches closer to the Merge, and UK privacy hawks breathe a sigh of relief.


Read on!

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Macroeconomic conditions have not been looking pretty. Collective rate hike announcements from the Federal ReserveBank of England (BoE)European Central Bank (ECB), and the Swiss National Bank (SNB) sent BTC and ETH prices tumbling over the last weekend, past Crypto Twitter’s psychological bottoms of $19,665 and $1,448 respectively, which represent the all-time-highs of the previous crypto bull cycle.


Read our latest article to catch up on the latest macroeconomic developments, key market metrics to look out for, and more!


You can also read our other articles for the week:

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Punk Sacrificed to War Effort


Ukraine has sold  CryptoPunk #5364 that was received as a donation in early March during its fundraising campaign in its war against Russia.


Alex Bornyakov, the country’s deputy minister of digital transformation, announced the NFT was sold for 90 ETH (roughly $100,000) in a tweet. The NFT was estimated to be worth as much as $260,000 when it was first received before the price of ETH fell significantly.


In total, Ukraine has raised more than $135 million in crypto donations since making its wallet public in February.



CoinDesk

Inching Closer to The Merge?


The Sepolia testnet Beacon Chain has been deployed and is ready for a trial run of the merge. Upon merging with its Beacon chain, Sepolia will transition into Proof-of-Stake rather than Proof-of-Work.


The exact date of the Sepolia merge has yet to be announced.


The Ropsten testnet underwent its merge on June 8, making it the first merge trial run for Ethereum. The outcomes from the merge on public testnets such as Sepolia and Ropsten will provide key insights for developers on how the merge will perform on the Ethereum mainnet.



CoinTelegraph

UK Privacy Hawks Relieved


The United Kingdom, in stark contrast to a proposal approved in March by the EU, will not require senders of crypto assets to collect information about recipients who use non-custodial wallet addresses.


The news comes as a sigh of relief for the privacy-focused crypto users, many of whom spoke out against the EU’s measure.


Opponents of the potential reporting requirement primarily argued that the burden of imposing it would outweigh its effectiveness in curbing illicit transactions.



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