Taking care of cryptocurrencies - ByBit highlights talks safety measures

The leading cryptocurrency gains from dovish Fed signals

FXStreet News FXStreet News 02.12.2022 15:31
Bitcoin price jumps for the week and breaks away from the $16,000 level. BTC enjoys tailwinds as the Fed has communicated that it will hike less aggressively. Markets are rallying and are set to see a Christmas miracle for their performance. Bitcoin (BTC) price has seen bulls shooting out of the gates this week as a sudden wave of positive news swamped the markets. Not only is Germany near signing a decade-and-a-half deal with Qatar to ensure non-Russian gas supply, but equities also welcomed the less hawkish tilt of the Fed. With the end of 2022 in sight, the Christmas rally is rolling in as traders are gearing up for it. BTC itself could be seen hitting $19,000, bringing a 15% profit as a gift to end the year with, although there is one challenge remaining. BTC bounces off crucial support yet again Bitcoin price is recouping the losses it incurred at the beginning of November as traders are finally trading away from the low at $16,000. That comes as a sudden tilt in sentiment kicked in throughout this week, with the speech from Fed Chairman Powell as the cherry on the cake. Several tail risks that have exercised their bearish pressure on the price action are slowly but surely abating. Read next: Porsche NFT Collection Will Hit The Market In January 2023 | FXMAG.COM BTC looks primed to continue its rally and could be seen hitting $19,000 possibly by the end of next week or the week after that if economic numbers keep confirming what Powell said. The only element in the way is the 55-day Simple Moving Average (SMA) on the weekly chart near $18,460. That could still trigger a rejection as it did in September and October, although the current bullish sentiment could easily be strong enough to trade beyond that point as tail risks deflate. BTC/USD weekly chart As the current rally is based on the communication from Fed Chairman Powell, the data could still point to a sticky and elevated inflation level. That would trigger a massive sell-off as the economic background is clearly not improving on inflation pressures. BTC would be slammed against that $16,000 level and flirt with fresh lows for 2022.
Crypto Lender BlockFi Became The Latest To Fall

Crypto Lender BlockFi Became The Latest To Fall

ByBit Analysis ByBit Analysis 02.12.2022 14:52
News Round-Up for the Week Miami Prepares for Web3 Week Despite dampened sentiments in the crypto space, the week dedicated to celebrating the art scene with a twist of web3 is about to unfold in Miami. Find out more here. BlockFi Files for Bankruptcy as FTX Contagion Spreads Crypto lender BlockFi filed for chapter 11 bankruptcy on Monday, spotlighting the latest contagion effects that have been unleashed by the FTX collapse. Find out more here. Brazil Backs Law for More Crypto Regulation After a series of twists and turns over the past seven years, Brazil’s lower house of Congress finally approved a long-awaited crypto regulation bill that aims to boost oversight of the country’s cryptocurrency sector. Find out more here. Read next: If ECB policymakers should make a decision between fighting inflation and avoiding recession, they will likely choose fighting inflation says Ipek Ozkardeskaya| FXMAG.COM Telegram Reveals Plans for Wallet and Dex Telegram reveals ambiguous plans as the broader industry continues to grapple with the FTX collapse. Find out more here. Magic Eden Introduces Code to Enforce Creator Royalties NFT marketplace Magic Eden is set to roll out code allowing NFT creators on the platform to enforce creator royalties on new collections. Find out more here. Deep Dive This week, we explore areas of Web3 that would benefit from this year’s World Cup and how.  As Web3 reels from contagious effects induced by FTX’s implosion, we dive into whether the FIFA World Cup hype has indeed provided a boost to Web3’s on-chain activities. Find out more here. On-Chain Round-Up for the Week The broader crypto market demonstrated considerable resistance in the face of growing uncertainty and escalating trust crisis, as crypto lender BlockFi became the latest to fall in the ongoing FTX saga. Embroiled in a crypto-specific contagion, major cryptocurrencies seemed to be decoupling from the traditional financial markets. As its members repeatedly telegraphed in recent weeks, Federal Reserve Chair Jerome Powell finally confirmed the slowdown of rate hikes in December, sending U.S. equities higher, while the crypto market behaved unimpressed by the prospect of improved liquidity. As of the time of writing, BTC failed to defend the $17k handle, while ETH headed south towards the $1,250 support.  In retrospect, on-chain metrics categorize the recent meltdown triggered by the FTX contagion as one of the worst selloffs in the history of BTC. In absolute numbers, the crypto market saw a net realized loss of 521k BTC, which is comparable to the height of the bearish cycle from 2018 to 2019. However, the market has also demonstrated considerable strength when compared to the COVID crash, or the more recent LUNA implosion, with only a 26% correction.  As the FTX debacle continues to unfold, the market structure has gone through some notable changes, with a significant volume of coins changing hands at heavily discounted prices. The short-term holders’ cost basis dips below the realized price, suggesting that many directional traders had entered after the market bottomed out, thus gaining a superior position relative to an average holder.  The accumulation trend confirms that holders across all cohorts entered the heavy accumulation phase, with many perceiving the current price discovery period as an opportunity to stack up their holdings. It also signals that coins are moved in large quantities to self-custody.  Macro events to look out for in the coming week  Dec 2, 2022 US Nonfarm payrolls  Dec 5, 2022  US Non-Manufacturing PMI Dec 6, 2022 Chainlink staking launch  Dec 8, 2022  Particle BasicSwap DEX release  Dec 9, 2022 China Inflation Rate World Mobile Token staking snapshot  Three coins to watch Token Reason  FTM Fantom’s recent upside momentum has been chalked up to a positive update on the state of Fantom’s treasury after its advisor Andre Cronje revealed how Fantom’s financial situation evolved over the years in a blog post. The revelation, especially during a period when crypto projects’ liquidity has been in question, is a strong shot in the arm for the network and will likely provide some tailwinds to its native token. Despite Fantom’s TVL having plunged from its peak, investors’ focus has seemingly shifted from fundamentals to assessing who may survive an extended crypto winter. TON Telegram has huge plans for its blockchain-based platform Fragment to move beyond the sales of usernames to become a host of blockchain tools, including non-custodial wallets and decentralized exchange. The username sales platform has already been a huge success, raking in $50 million worth of TON in less than a month. The token’s upside potential may be further boosted by the blueprint.  UNI Uniswap’s recent launch of its NFT marketplace aggregator has boosted a significant surge in the network activity, with the count of new addresses and active addresses soaring to new highs. As the bear market favors the leading player, as the absolute leader in spot trading, Uniswap’s footprint in NFT may possibly grow its user base and, in turn, expand its influence in the cryptoverse. Source: Bybit Blog | This Week in Crypto: BTC Holders Across All Cohorts Resume Accumulation; BlockFi Files for Bankruptcy  
NFT Marketplace Magic Eden And Its New Code For NFT creators

NFT Marketplace Magic Eden And Its New Code For NFT creators

ByBit Analysis ByBit Analysis 02.12.2022 14:50
BTC Mining Revenue Tanks; Magic Eden Introduces Code to Enforce Creator Royalties Market Insights/AnalysesDaily Bits Dec 2, 2022 Chart of the Day  Stocks whipsawed near key technical levels as traders await the release of employment data later today for clues on the Federal Reserve’s next step. The remarkably resilient US job market is expected to cool, but turning points in the labor market may be hard to capture. The dollar index slid to its lowest level since June this year, and the 10-year Treasury yield declined by 10 basis points.  In the crypto market, Thursday’s rally was short-lived as traders remained cautious about the industry’s outlook and macroeconomic uncertainty. Major cryptocurrencies struggled to defend the newly reclaimed support levels. As of the time of writing, BTC’s price action remains choppy around the $17k handle, after posting a marginal loss in the last 24 hours. In a similar vein, ETH is changing hands at $1,280, moving slightly lower from a day ago. The abysmal performance of the market in November has spelled an end to the “ultrasound money” narrative, for the time being, as the daily ETH supply once again flips to the inflationary model. Mid-to-large-cap altcoins saw mixed performances, with TWT leading the pack on a 9% increase in the same period.  Read next: Investors also seem to have become less sensitive to the Ukraine War, which was a significant driver of crude in the first half of 2022 says Finimize's Luke Suddards | FXMAG.COM BTC mining revenues took a 20% plunge in November in the mining sector,  plummeting to around $472.64 million. The majority of the revenues come from block reward subsidies, while only 3% are from transaction fees.      Talk of the Town  NFT marketplace Magic Eden is set to roll out code allowing NFT creators on the platform to enforce creator royalties on new collections. This move came shortly after the Solana-based marketplace announced an imminent shift towards an optional royal model – one that allows buyers and sellers to determine what percentage of the sale will go to the original artist. Magic Eden’s previous decision to not enforce creator royalties has ignited criticism from the community. The latest solution, dubbed the Open Creator Protocol (OCP), is built on top of Solana’s SPL-managed token standard. It will help to enforce royalties on all collections that adopt the protocol, and allow users to ban marketplaces that have not enforced royalties on their collections. Royalties will remain optional for new collections that opt out of OCP. Source: Bybit Blog | BTC Mining Revenue Tanks; Magic Eden Introduces Code to Enforce Creator Royalties  
Over 7000 Porsche NFT to be released

Over 7000 Porsche NFT to be released, Animoca Brands hints at establishing a fund

Crypto.com Accelerate the... Crypto.com Accelerate the... 02.12.2022 14:00
NFT trading is now live on Uniswap. Porsche is planning a 7,500-piece NFT collection. Animoca Brands starts a $2 billion metaverse fund. New Project Spotlight NFT Collectibles [COMING SOON] “Martian Colony” features 5,555 character NFTs organised into four tribes: Labour, Civilian, Scientist, and Governing. The collection is created by David Fiery, an NFT enthusiast and entrepreneur from Prague. This collection drops on 8 December, exclusively on Crypto.com NFT. [COMING SOON] Lil Bitcoin’s “Chapter 2: Birth Of Bitcoin” brings together art and music. Collectors have the chance to redeem physical comics and exclusive NFTs. This collection will drop on Crypto.com NFT on 14 December Blockchain Games [COMING SOON] The highly anticipated tycoon-style idle game Loaded Lions Mane City, based on the in-demand Loaded Lions NFT project, is set to be released soon. As pioneers of Mane City, all Loaded Lion and Cyber Cub holders will receive exclusive benefits during the land sale and in the game. [COMING SOON] CroSkull V2 Missions are about to start. The new missions feature updates including compounding rewards, multi-collections support, gas fees reduction, and bulk sending. NFT Metrics The following table shows select top collections (by weekly sales volume on each platform) and a sample of their art: PlatformCollectionSales Volume (USD)Floor Price (USD)Sample OpenSea CryptoPunks $3,429,000(-35%) $83,100 OpenSea Mutant Ape Yacht Club $3,250,000(+97%) $16,600 Crypto.com NFT Loaded Lions $142,000(-27%) $1,700 Crypto.com NFT Match Ready Lions $100,000(+497%) $50 Minted Bored Candy $47,000(+206%) $40 Minted VVS Miner Mole $23,000(-52%) $250 Blockchain Game Metrics The following table shows select top games by weekly Unique Active Wallets (UAW): GameBlockchain(s)UAWVolumeLogo Splinterlands Hive, Wax 257K(+1%) $8K Tiny World BNB Chain 53K(+23%) $37K Planet IX Polygon 49K(+4%) $244K Trickshot Blitz Flow 39K(-28%) $19K Axie Infinity Ronin, ETH 38K(-9%) $7.7M Source: DappRadar Gaming Token Performance The total market cap for gaming tokens now stands at US$5.86 billion, up +2% from last week.     News Highlights NFT trading is now live on Uniswap, with users being able to trade digital collectibles across OpenSea, X2Y2, LooksRare, and other marketplaces using the platform’s NFT aggregator tool. In addition, there is a US$5 million airdrop for eligible historical users of Genie, the NFT marketplace aggregator Uniswap acquired in June 2022. Luxury sports car manufacturer Porsche has planned a 7,500-piece NFT collection based on the classic Porsche 911. The NFTs are targeted to be released in January 2023, and each holder can take part in the process of shaping the design of their individual NFTs. Gaming investor Animoca Brands plans to start a $2 billion metaverse fund. The fund, named Animoca Capital, targets to make its first investment next year and intends to focus on digital property rights in the metaverse.     Argentina 2022 Survey: Argentines Are Increasingly Keen to Adopt Cryptos and NFTs: Crypto.com recently commissioned a survey of more than 2,000 Argentines to find out more about their investment preferences, knowledge, and opinions on crypto and NFTs. Research Roundup Newsletter (October 2022): In this issue, we cover our recent Bloomberg Terminal integration, a special research report for the Singapore Fintech Festival, and feature articles on NFT financialisation and utility. Alpha Navigator (October 2022): We look at crypto industry performance in October, including ETH’s short-term correlations with equities reducing. Is the Fed pivoting on rate tightening policy? Disclaimer The information in this report is provided as general market commentary by Crypto.com and its affiliates, and does not constitute any financial, investment, legal, tax, or any other advice. This report is not intended to offer or recommend any access to products and/or services. While we endeavour to publish and maintain accurate information, we do not guarantee the accuracy, completeness, or usefulness of any information in this report nor do we adopt nor endorse, nor are we responsible for, the accuracy or reliability of any information submitted by other parties. This report is not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of, or located in a jurisdiction, where such distribution or use would be contrary to applicable law or that would subject Crypto.com and/or its affiliates to any registration or licensing requirement. The brands and the logos appearing in this report are registered trademarks of their respective owners. Nothing in this report is intended to suggest that NFTs are investment products, nor securities, nor anything similar or “financial” of any description. NFTs are to be reserved for fun only and NOT with any expectation of “value”, “profit”, “yield” or “investment”. You are also aware that NFTs are not a store of value, are not a generally accepted medium of exchange, and are considered very illiquid and volatile. Author Research and Insights Team Get fresh market updates delivered straight to your inbox: Subscribe to newsletters   Be the first to hear about new insights: Follow us on Twitter Tags BLOCKCHAIN GAMING CRYPTO RESEARCH CRYPTOCURRENCIES NFT Source: NFT & Blockchain Gaming Weekly (02/12/2022) (crypto.com)
The Close Relationship With BTC Does Not Allow The Altcoin To Move On Its Own

The Close Relationship With BTC Does Not Allow The Altcoin To Move On Its Own

InstaForex Analysis InstaForex Analysis 02.12.2022 13:29
The cryptocurrency market meets Friday in a lazy mood, which is reflected in the quotes of the main cryptocurrencies. Over the past day, the market capitalization of all digital assets has decreased by almost 1%, which is a significant decrease in the current conditions. Inflation triggers bullish momentum Despite this, the fundamental news background remains positive and neatly spoils the market, where we should expect the next bullish impulse reaction. Fed Chairman Jerome Powell noted that the main signal to reduce inflation will be the PCE Price Index statistics. According to the released data, the economic indicator rose +6% in October. In September, the metric reached 6.3%. The presence of a downward trend in the PCE metric indicates a continuation of the downward trend in the inflation rate. This means that the next inflation report could trigger a boom in high-risk asset markets. Given this, we should expect increased volatility and attention of crypto investors to the next inflation report. Read next: Steen Jakobsen: ECB strategy is praying, hoping and waiting... not exactly action which gives hope for real economy| FXMAG.COM Negative factors With all the positive developments in the fight against inflation, the price of Bitcoin and other cryptocurrencies remains at the local bottom. This provokes huge losses of related industries, which, in turn, negatively affect the upward potential of cryptocurrencies. Bitcoin's hash rate has reached 300 EH/s again, while the price remains near $17k. This provokes one of the largest sell-offs among miners in history. Over the past day, the reserves of mining companies have fallen by 10,000 BTC. In addition, miners sell BTC mining equipment to cover running costs. There have also been reports that mining firms are using hardware as collateral for the loans they need to stay viable. BTC/USD Analysis Given the miners' concerns above, Bitcoin's upward movement has stalled near the $17k–$17.1k resistance level . Despite the slowdown in growth rates, the bears failed to seize the initiative and absorb the volumes of the bulls in the last days of November. As a result, Bitcoin failed to completely leave the "triangle," which means that the probability of a period of local accumulation before the beginning of next week is greatly increased. Technical metrics also point to a pause: the RSI is moving flat, while the stochastic is forming a bearish crossover. Given the divergence of technical metrics and the possibility of a decline, BTC needs to hold the $16.7k level. Otherwise, the price will go to retest $16k and below. However, in general, the activation of buyers, the growing correlation with stocks and a positive fundamental background can provoke a new monthly high. ETH/USD Analysis On the daily chart of ETH/USD, a situation similar to Bitcoin has formed. The price is near the border of the fluctuation range and has every chance to make a bullish breakout and storm $1,400 and $1,450. However, the close relationship with BTC does not allow the altcoin to move on its own, and therefore the main signal for the growth of the ETH price will be the bullish momentum of Bitcoin. Ethereum technical indicators are also echoing BTC and are in a consolidation pause. At the same time, Ethereum on-chain activity is growing, which may indicate an attempt to finally go beyond the $1,050–$1,350 range. It is also worth noting the low activity of sellers in the ETH network, which may indicate a high probability of a successful attempt by the bulls to break through $1,300 over the weekend.   Relevance up to 09:00 2022-12-03 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/328817
Porsche NFT Collection Will Hit The Market In January 2023

Porsche NFT Collection Will Hit The Market In January 2023

InstaForex Analysis InstaForex Analysis 02.12.2022 10:08
Crypto Industry News: The German manufacturer has prepared the NFT collection, which is to consist of over 7,000 items tokens. This one will be inspired by the classic model - the Porsche 911. The tokens will hit the market in January 2023. The initiative is led by a designer and 3D artist from Hamburg, Patrick Vogel. We know that every NFT buyer will be able to personalize their token. It is about the so-called "route" that will include "lifestyle, performance and heritage". Each such "route" is intended to reflect individual "aspects of Porsche's premium brand identity". Sounds mysterious, but that's not all. The data collected in this way will be needed by Vogel, who is then to prepare NFT as a special 3D resource based on Unreal Engine 5. In addition to personalizing their NFTs, buyers will also be able to participate in brand experiences in the virtual and real world. Porsche, however, does not intend to stop at NFT. The company is also working on integrating blockchain technology with its systems. Technical Market Outlook: The Ethereum cryptocurrency has made the recent local high at the level of $1,308 into extremely overbought conditions. The intraday technical resistance is located at $1,1288, but the next target for bulls is seen at $1,343. The upside might be limited due to the fact, that the level of $1,300 is the upper channel line, so a pull-back towards support is welcome. The momentum is strong and positive on the H4 time frame chart and is coming off the overbought levels. Please notice the fact, that Ethereum lost more than 37% in November alone as the crypto winter continues and any up move should be considered as the upward correction during the long-term down trend. Weekly Pivot Points: WR3 - $1,253 WR2 - $1,213 WR1 - $1,190 Weekly Pivot - $1,173 WS1 - $1,150 WS2 - $1,133 WS3 - $1,093 Trading Outlook: The Ethereum market has been seen making lower highs and lower low since the swing high was made in the middle of the August at the level of $2,029. The key technical support for bulls at $1,281 was broken already and the new yearly low was established at $1,074. If the down move will be extended, then the next target for bears is located at the level of $1,000.   Relevance up to 09:00 2022-12-03 UTC+1 Company does not offer investment advice and the analysis performed does not guarantee results. The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade. Read more: https://www.instaforex.eu/forex_analysis/303493

Investing in cryptocurrency is very popular nowadays.

Among cryptomarketMetaverse is surely a trending topic.

Wondering what crypto to buy?

There are many to choose from:

         

Is crypto crash going to happen?

Will crypto crash happen at all? Crypto market crash surely arouses interest.

How many Bitcoins are there?

There are 21 mln Bitcoins in the world. It is claimed that 90% of Bitcoins had been already mined.

What is Elongate price? 

Currently, Elongate price is much below one american dollar.

What about FOMC Crypto and FOMC meeting crypto?

Decision of FED caused changes of NASDAQ, what affected status of crypto.

Cardano

Cardano is another blockchain project.

Bitcoin (BTC)

BTC is one of the first crypto in the world (invented in 2009). It's based on peer-to-peer transactions. The creator (or creators) of this coin is Satoshi Nakamoto.

BTCGBP Price Chart:

Source: https://www.tradingview.com/symbols/BTCGBP/

Ether (ETH)

ETHGBP Price Chart

Source: https://pl.tradingview.com/symbols/ETHGBP/

Atheios (ATH)

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Dogecoin

Dogecoin (DOGE) origins are popular meme with a smiling Shiba dog.

Shiba Inu (SHIB)

What are altcoins?

Altcoins are all coins invented after Bitcoin (2009). Want to buy Altcoins? Altcoins are e.g. Ether, Atheios, Dogecoin.