Markets
Price analysis 7/13: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO
The United States Consumer Price Index soared to 9.1% in June, exceeding expectations of an 8.8% rise year-on-year. Currently, the Fed funds futures point to an 81 basis points rate hike for July, suggesting that some participants anticipate a 100 basis points hike. Several on-chain indicators have been pointing to a likely bottom in Bitcoin (BTC) but the analysts from market intelligence firm Glassnode are not convinced that the low has been made. In “The Week On-Chain” report on July 11, the analysts said that the market may have to fall further “to fully test investor resolve, and enable the market to establish a resilient bottom.” Daily cryptocurrency market performance. Source: Coin360 While the short term remains bearish, strategists are confident about its long-term prospects. ...
How Bitcoin’s strong correlation to stocks could trigger a drop to $8,000
The Bitcoin (BTC) price chart from the past couple of months reflects nothing more than a bearish outlook and it’s no secret that the cryptocurrency has consistently made lower lows since breaching $48,000 in late March. Bitcoin price in USD. Source: TradingView Curiously, the difference in support levels has been getting wider as the correction continues to drain investor confidence and risk appetite. For example, the latest $19,000 baseline is almost $10,000 away from the previous support. So if the same movement is bound to happen, the next logical price level would be $8,000. Traders are afraid of regulation and contagion On July 11, the Financial Stability Board (FSB), a global financial regulator including all G20 countries, announced that a framework of recommendations for the crypt...
Affyn’s “Generation Zero” NFT Collection sells out in 100 seconds
Affyn, a Singapore-based company using blockchain-powered technology to develop mobile games with integrated geolocation and augmented reality capability, has sold out its “Generation Zero” NFT Collection within 100 seconds. The collection which featured a set of 400 “Generation Zero Buddies” (Gen 0) NFTs has been completely sold out in a record time. The NFTs are duped “Buddies” and are the first set to enter Affyn’s NEXUS World Metaverse. Affyn’s “Generation Zero” NFTs utility Contrary to existing NFTs that have very limited utility, Affyn’s “Generation Zero” NFTs will be interoperable across different blockchain games and metaverses. The first set of the “Buddies” NFTs sold for 2,995 FYN tokens per piece and featured scarce design and a rarity categorized as “Mythical.” Affyn’s NFTs gai...
Revuto unveils Netflix and Spotify digital subscriptions via Revulution NFT
Revuto, a famous Croatian-based startup revolutionizing digital subscriptions, is launching a lifelong digital subscription to Spotify and Netflix services through the Revulution NFT. As of July 11, 10,000 interested users will have the opportunity of buying a limited edition NFT on Revuto’s official website. Commenting on the new innovation, the CEO and co-founder of Revuto, Vedran Vukman, said: “Based on the feedback we received from our 350,000 active and verified users, we have decided to give the community exactly what they have asked for – a solution that guarantees a stable subscription fee that they can share with their friends or family members in a simple and straightforward way. Moreover, in case they are not using the service, the users can simply get their money back or e...
Price analysis 7/4: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
The crypto markets have remained relatively stable over the weekend and on July 4, which is a holiday for the United States financial markets due to Independence Day. Although Arthur Hayes, former CEO of derivatives platform BitMEX, was expecting a “mega crypto dump” around July 4, it has not materialized. The drop in Bitcoin’s (BTC) volatility in the past few days has resulted in the squeezing of the Bollinger Band’s width. This indicates a possible increase in volatility in the next few days, according to popular analyst Matthew Hyland. Daily cryptocurrency market performance. Source: Coin360 Meanwhile, crypto investors seem to be waiting for clues from the U.S. equities markets and the U.S. dollar. Bitcoin’s correlation coefficient with the dollar in the week ending July 3 slumped to 0....
Women could help drive Bitcoin to $250k, saysTim Draper
Crypto continues to see greater adoption around the world, with a major shift likely to come after the latest market downturn. Some of the upside impetus could actually be triggered from a group of market participants not currently a big part of the space – women. Survey reports have shown that women currently make up only a small percentage of investors in crypto. For instance, an CNBC survey in August last year revealed that male involvement in crypto was more than double that of women – 16% for men crypto compared to 7% for women. The gap is also pretty much the same in the Exchange-Traded Funds market, statistics showing a 14%:7% ration in favor of men. So, what happens if the crypto space saw increased adoption by women? According to venture capitalist Tim Draper, it would...
Are expiring copyrights the next goldmine for NFTs?
Although non-fungible tokens (NFTs) are most commonly known in the form of digital art, they exist in many other forms and represent much more than just art. In the creative industry, NFTs have been used by musicians such as Kings of Leon to release their latest album. In the sports industry, NFTs are created to record the highlights of major sporting events such as the NBA. In the consumer product industry, Nike, Gucci and many others are selling their digital branded products in the form of NFTs. A lot more real-world applications of NFTs are still to be explored and one of them is the digital publishing industry. The game-changing implications of publishing and promoting books with NFTs have already been discussed extensively by many. For example, the Alliance of Independent Autho...
Top 5 cryptocurrencies to watch this week: BTC, SHIB, MATIC, ATOM, APE
The bears are attempting to sink Bitcoin (BTC) below $19,000 to further cement their advantage over the crypto market. Analysts watching Bitcoin’s MVRV-Z Score, a metric which measures how high or low Bitcoin’s price is relative to “fair value,” expect an even deeper fall before the bottom is finally reached. However, economist, trader and entrepreneur Alex Krueger pointed out that Bitcoin’s volume hit an all-time high in June. Usually, the highest volume in a downtrend is indicative of capitulation and that “creates major bottoms.” If Bitcoin follows the historical pattern of the 2018 bear market, Krueger expects the bottom to form in July. Crypto market data daily view. Source: Coin360 Due to the tight correlation between Bitcoin and the S&P 500, crypto traders will have to keep a cl...
Experts explain how music NFTs will enhance the connection between creators and fans
According to Mike Darlington, the CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of social NFT platform Metalink, bear markets are a time to ideate and build new products. During this week’s episode of NFT Steez, a bi-weekly Twitter Space hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future will be bright for crypto and especially for music NFTs. During the interview, Darlington and Udell explained the importance of researching projects with “sustainable teams” that continue to build despite the current market conditions and they encouraged investors to learn from the possibilities created at the height of the bull market. According to Darlington, music NFTs haven’t necessarily had made it as a “trend” yet, but he is h...
Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011. It is not all gloom and doom for crypto investors. On June 29, JPMorgan strategist Nikolaos Panigirtzoglou said that the “Net Leverage metric” suggests that crypto’s deleveraging may be on its last legs. The eagerness of crypto companies with stronger balance sheets to bail out crypto firms in distress is also a positive sign. Daily cryptocurrency market performance. Source: Coin360 Another positive view on Bitcoin came from Deutsche Bank analysts. In a recent re...
Analysts identify 3 critical flaws that brought DeFi down
The cryptocurrency market has had a rough go this year and the collapse of multiple projects and funds sparked a contagion effect that has affected just about everyone in the space. The dust has yet to settle, but a steady flow of details is allowing investors to piece together a picture that highlights the systemic risks of decentralized finance and poor risk management. Here’s a look at what several experts are saying about the reasons behind the DeFi crash and their perspectives on what needs to be done for the sector to make a comeback. Failure to generate sustainable revenue One of the most frequently cited reasons for DeFi protocols struggling is their inability to generate sustainable income that adds meaningful value to the platform’s ecosystem. Fundamental Design Princ...
Stratis (STRAX) gains 200%+ after Sky Dream Mall metaverse and stablecoin announcement
Bear markets can be incredibly harsh for projects that have little adoption or lack an applicable use case, but projects that dedicate to building regardless of market sentiment tend to succeed in the next market cycle. One project that has seen a noticeable boost in volume, despite the wider-market downtrend is Stratis (STRAX), a blockchain development platform designed to help enterprise businesses establish their own blockchain in a simplified manner. Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.365 on June 15, the price of STRAX has rallied 220% to hit a daily high of $1.20 on June 29 amid a surging 24-hour trading volume. STRAX/USDT 1-day chart. Source: TradingView Here are three reasons why the price of STRAX is rallying this week as the wi...
