Crypto Push

2023-03-06 19:00:16 ​Polkadot [DOT] stays ahead of the competition in this area

Things have been relatively calm and quiet on the Polkadot front but a lack of excitement was seen for both the network and the DOT cryptocurrency.

Investors’ attention has been shifting elsewhere but Polkadot is still winning in one key area.

For perspective, most of the top Polkadot metrics align with the market slowdown observed in the last few weeks. For example, on-chain volume achieved a monthly peak between 18 and 20 February. The volume tanked since then and was rapidly approaching its 4-week lows, at press time.

The low volume also aligns with Polkadot’s liquidity outflow observed within the same period. The network has so far lost roughly $1.6 million from its market cap in the last 2-3 weeks.

Social volume has been relatively weak for the most part within the last four weeks. It reflects the low enthusiasm or engagement pertaining to Polkadot.

On the other hand, the latest observations in the derivatives market revealed some interesting outcomes. Both the Binance and DYDX funding rates have demonstrated some weakness, especially since the start of March.

The Binance Funding rate in particular briefly fell to the lowest monthly level on 3 March.

Polkadot takes the lead in the development
The Polkadot and Kusama networks have secured the top spot in GitHub’s weekly development activity list. It surpassed rival top networks such as Cardano and Ethereum. This was a healthy sign, Polkadot has remained heavily focused on development despite the market headwinds.

However, DOT’s price action has been on a bearish trajectory for the last two weeks despite Polkadot’s strong development activity.

The cryptocurrency’s performance is largely tied to the overall market conditions, but can the healthy development lead to support a sentiment shift?

DOT’s sell pressure has been strong enough to push it below the 50% RSI level. It has been inching closer to oversold territory but it still has some more downside before it becomes oversold.

Also worth noting is that the cryptocurrency is rapidly approaching a key support level at the $5.65 price range.

Well, the prevailing market FUD may push the price below support, wiping out more of the YTD gains. DOT traded at a healthy 40% premium at press time from its 6-month lows despite the bearish conditions. Open / Comment

2023-03-03 19:00:15 ​Ethereum [ETH] nosedives as Shanghai Upgrade gets pushed to April

The much-anticipated Shanghai Upgrade that would enable the withdrawal of staked Ethereum [ETH] has been pushed to the second week of April, as decided during the network’s core developers’ call.

Much to the disappointment of stakers who were eagerly looking for an end to the two-year wait, the developers arrived at the consensus that the mainnet launch for the upgrade would happen a month after the Goerli testnet launch which was fixed for 14 March during the call.

One of the developers suggested an earlier date for the Goerli launch as it will allow more time between Goerli and the mainnet launch.

There was a proposal to have Goerli launch on 16 March but it was dropped in favor of 14 March so as to have enough time to analyze and discuss the outcomes on the next core developers call which would fall on 16 March.

The test on Goerli will be the last dress rehearsal for the upcoming Shanghai Upgrade. According to the developers, the Sepolia testnet launch went smoothly barring a few infrastructure-level issues.

State of Staking
As per data from Glassnode, the overall staking activity on Ethereum saw decent growth over the previous week. At the time of writing, nearly 17.5 million ETH was locked in the network’s smart contracts, representing a week-over-week growth of 3%.

The growth in the total number of validators followed the same trajectory.

However, the rate at which new ETH was being staked plunged 82% over the previous week. This could have been due to a lack of clarity around the Shanghai Upgrade mainnet launch date.

As per Staking Rewards, the total amount of ETH staked at press time represented more than 14% of ETH’s total circulating supply.

Negative sentiment steps in
The news of the delay pulled ETH to its lowest value in over two weeks, as per CoinMarketCap. The king of the altcoins plunged 4.64% in the last 24 hours to trade below $1600.

ETH’s Long/Short Ratio dipped below one. Thus, indicating that the number of long positions dropped. This could be due to investors’ bearish outlook toward the coin. Open / Comment

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2023-02-28 18:00:16 ​Investors bearish on Solana [SOL] as continued outages stem momentum

According to a tweet by Santiment, Solana’s [SOL] social volume reached a six-month high after the chain was hit by yet another network outage recently. Moreover, significant FUD gripped the community even as words like ‘concern’ and ‘outage’ were frequently used in tandem with SOL in recent days.

Santiment added that disruptions like these have triggered panic selling in the past. But should SOL holders be worried?

Outages are not helping SOL’s cause
Since the outage on 25 February, Solana dropped by 3% until press time, data from CoinMarketCap revealed. SOL’s drag was more prominent over the last seven days, during which it declined by 11%.

A look at Santiment’s data showed that the trading volume diminished significantly, a 65% drop since the weekly peak on 20 February.

The dip in trading activity could be due to declining investor sentiment, which was deep into the negative territory at the time of writing. On the other hand, the development activity rose sharply, indicating that developers were continuously polishing and upgrading network features.

According to Coinglass, the number of long positions for Solana was less than short positions, implying that bulls were averse to betting on the coin. The Longs/Short Ratio steadily declined over the last 10 days.

SOL’s Open Interest (OI) declined and matched the trajectory of its price, per data from Coinalyze. A declining OI in a falling market was a bearish signal as more long-term holders were liquidating their positions.

Solana’s tainted history
Solana suffered its first major network outage of 2023 in the last week, which lasted for nearly 20 hours.

But tech disruptions for Solana aren’t a new phenomenon. It was hit by several network outages in 2022 as well. In an interview, Solana co-founder Anatoly Yakovenko termed network outages as Solana’s curse. Most network outages were caused after validators struggled to process transaction loads during peak hours. Open / Comment

2023-02-25 19:30:00 ​Cardano’s development update looks bullish, but can it save ADA from bears?

Cardano’s [ADA] development activity was on a decline after the Valentine upgrade was pushed earlier this month.

However, the situation seems to have changed in the recent past as Santiment’s chart revealed that Cardano’s development activity metric took an upward path after 23 February. Thanks to the efforts put in by the Cardano ecosystem over the last few days.

What are the reasons for the uptick?
Well, Cardano recently published the latest edition of its weekly development report, which highlighted the notable updates that happened in its ecosystem in the last seven days.

As per the report, Cardano’s networking team fixed some issues in the peer-to-peer (P2P) code.

The team also finished the Eclipse evasion design phase, which is essential for Ouroboros Genesis protocol functionality.

To clear the air, the Eclipse evasion implementation is intended to provide an eclipse evasion scheme, which is important for the safety of Genesis.

Apart from this, the team also released an updated set of network packages to be integrated with the Cardano-node master branch.

Moreover, the consensus team examined the system-level benchmark results for UTXO HD, which revealed a substantial performance regression.

While the Daedalus team worked on LedgerJS package updates to ensure efficient support for hardware wallets, the Adrestia team kept working on extending the multi-signature feature with delegation functionality in the Cardano wallet.

The report also mentioned the updated statistics of Cardano. The network’s total native tokens exceeded 7.8 million and the total projects launched on Cardano reached 117.

Moreover, it was revealed that the total number of transactions in the Cardano network touched the 61.8 million mark.

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Did ADA benefit?
While development activity was up, ADA’s performance on the price front was not promising. As per CoinMarketCap, ADA’s price declined by more than 9% in the last seven days.

At press time, it was trading at $0.3636 with a market capitalization of over $12.6 billion.

In fact, ADA’s MVRV ratio went down considerably in the last few days, thanks to the price plummet.

Moreover, its daily active addresses, after spiking on 20 February also tumbled. Thus, suggesting a lower number of users on the network.

However, despite the price drop, ADA’s demand in the derivatives market remained consistent as its DyDx funding rate was relatively high.

Positive sentiments around ADA strengthened quite a few times last week, reflecting investors’ faith in the token. Open / Comment

2023-02-22 18:00:20 ​BLUR hype skyrockets: To HODL or to sell, that is the question

According to a tweet by Blur’s [BLUR] official account on 20 February, the overall gas usage in the ecosystem increased. This occurred due to its growing prominence in the NFT space as more users started using the platform.

One reason for the growing fees on the network would be its high daily activity, which surpassed OpenSea. According to Dune Analytics’ data, Blur accounted for 82% of the overall volume in the NFT space.

Due to this high activity, the Total Value Locked in smart contracts on the network increased as well. The TVL stood at $128.8 million at press time, according to Token Terminal’s data.

To capitalize on this current dominance, Blur announced a token distribution. The tokens will be distributed on the basis of “loyalty”. Loyalty is calculated by how an NFT collection is listed on the platform. Users will get a 100% loyalty score if their NFT collections are listed only on Blur and nowhere else.

What does Blur’s future hold?
Despite the prominence of the protocol, BLUR token’s price fell immensely by 22% in the last 24 hours, according to CoinMarketCap. Even though the price of the token was falling, whales continued to show interest. This was indicated by the data provided by Santiment, through which it was observed that the percentage of large addresses holding the token increased.

Along with that, the activity around the token surged. A high velocity suggested that the frequency with which BLUR was being traded was getting high.

However, even though there was high activity surrounding the token, new addresses weren’t interested in BLUR. This was showcased by the declining network growth of the token. A falling network growth suggested that the number of times new addresses were transferring the token had decreased.

Overall, despite the protocol showing improvements, the activity of the token was too volatile. Investors should proceed with caution as the hype around the BLUR has made the token too vulnerable to price fluctuations at the time of writing. Open / Comment

2023-02-19 19:00:12 ​Is USDC the next Stablecoin to crack under the weight of regulatory pressure?

Stablecoins found themselves in the crosshairs of the latest regulatory FUD. BUSD was the most affected stablecoin in that regard and others have managed to stay unaffected. From the looks of things, USDC just came close to being the next victim and the worst may not be over.

The recent regulatory pressure forced many crypto companies to re-evaluate their strategies in the U.S. and among them is Binance, rumored to be terminating its relationships with United States-based companies including Circle, the company that issues USDC.

While the rumors have been dispelled, one can easily imagine how such an outcome would have locked out USDC from accessing robust volumes from the U.S. market.

But has the danger really passed? From a regulatory point of view, Circle, the company behind USDC is regulated and audited in the United States. This means there is a lower risk of USDC finding itself being sidelined due to regulatory pressure.

Assessing USDC volume under the latest conditions
It might be interesting to see how the current conditions in the market have so far influenced the USDC demand and volume. We did see an initial surge in USDC volume on the Binance smart chain from around 12 February before peaking on 16 February.

One of the potential reasons for this is the surge in demand for the overall crypto market, hence boosting the demand for stablecoins as trading volumes surged.

However, the USDC volumes on the BSC dropped substantially on Friday and Saturday (17 and 18 February). The main reason for this is likely the Binance FUD which affected BUSD for the most part before trickling down to USDC.

Similarities are observed with USDC volumes on the Ethereum network whose volume also peaked on 16 February before tanking in the last two days.

This confirms that there is no isolated scenario where traders are abandoning USDC in favor of other stablecoins despite FUD attempts.

The above outcome reveals that the Binance FUD did not have an impact on USDC volumes or demand. Instead, the volumes were largely driven by prevailing market conditions. In addition, USDC’s market cap has seen a pivot in the last few days.

That being said, USDC was on an overall downward trajectory prior to the recent pivot on 13 February. This reflects well on its health despite rising concerns. Open / Comment

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2023-02-16 18:00:31 ​Tighter rules to control crypto custody? The SEC says…

The United States Securities and Exchange Commission (SEC) has given the go-ahead to a new crypto proposal. According to it, cryptocurrency firms will have a harder time serving as digital asset custodians in the country.

As per SEC Chairman Gary Gensler’s statement, the said proposal, pending official approved by the regulating body, recommends amendments to the 2009 Custody Rule that will apply to custodians of all assets, including cryptocurrencies.

Normally, a qualified custodian is a federal or state-chartered bank or savings association, trust company, registered broker-dealer, registered futures commission merchant, or foreign financial institution, according to the SEC. According to Gensler, some cryptocurrency trading platforms that offer custody services are not actually qualified custodians.

To become a qualified custodian under the newly proposed rules, all firms operating in the U.S. have to segregate all custody assets, including digital. There will also be additional hoops, such as annual audits from public accountants, among other transparency measures.

The SEC chairman said:

“When these platforms go bankrupt—something we’ve seen time and again recently—investors’ assets often have become property of the failed company, leaving investors in line at the bankruptcy court.”

Citing the industry’s track record, Gensler added that few crypto firms were trustworthy enough to serve as qualified custodians.

Not everyone supports SEC’s crypto stance
Commissioner Hester Peirce, however, did not support the proposal. He said:

“Such sweeping statements in a rule proposal seem designed for immediate effect, a function proposing releases should not play. These statements encourage investment advisers to back away immediately from advising their clients with respect to crypto.”

According to Peirce, such stringent measures will compel investors to withdraw their assets from entities that have established adequate safeguarding procedures to mitigate and prevent fraud and theft. Peirce is worried that this timeframe will not allow the public to vet all aspects of the proposal. Open / Comment