Crypto Push

2022-11-23 17:30:01 Already raised over $9M
$250K #giveaway
For weekly #charity donations and #crypto competitions follow @bigeyescoin
Join the cute: http://bigeyes.space/competition/
Welcome to the Big Eyes crypto cathouse. An irresistibly cute community-owned DeFi coin that’ll make awww fortune. We are also saving the oceans to save the fish. So we can eat the fish. Open / Comment

2022-11-21 16:00:18 ​​XMR’s decline on the social front has more to show than just bearish signals

Privacy-focused cryptocurrency Monero XMR faced investor concern recently as its social metrics decreased. Based on revelations from Santiment, not only did the social volume shrink, but its social dominance followed suit.

Santiment’s on-chain data showed that XMR’s social dominance had initially spiked to 3.576% on 19 November. However, it did not take long for the dominance to drop significantly to 0.464%. This state implied that XMR was not near the top of asset discussions across the crypto ecosystem.

The token’s social volume followed a similar path and was up to 49 at press time. This meant that investors were not looking towards the crypto for buying positions.

Socials have their roles to play…
The aforementioned drops spread to other aspects of Monero, with the volume unable to escape the impact. As of this writing, XRM’s volume had decreased 13.74% to $49.07 million, according to CoinMarketCap. Thus, XMR’s transactions had declined over the last day, resulting in minimal transactions on the network.

However, there was a positive to pick out from Monero’s on-chain status, as the development activity recorded increases since 16 November. This meant that upgrades were active on the network and XMR was not left stunted per the chain improvement.

Interestingly, decreases weren’t just the order of the day, and the development activity was not alone in registering an increase. According to Sanitment, the weighted sentiment also played its part.

Between 19 and 20 November, the weighted sentiment left the -0.057 region to take its place at 7.609. At this point, it meant that XMR still held its ground of relevance around the crypto community.

What’s with the price of XMR?
XMR was trading at $132.65 at press time, a 0.53% decrease in the last 24 hours. Nonetheless, it seemed that the coin was heading towards sustainable buying momentum. This was because the Relative Strength Index (RSI), at 43.39, signaled an upward movement from its formerly overall region.

Additionally, the Bollinger Bands (BB) showed signs of XMR exiting the low volatility zone with a possible hike. Where the BB successfully edged towards extreme volatility, XMR was likely to sustain buying pressure. It could also lead to a price increase. However, considering the current market condition, these indicators might not be enough to place price projections. Open / Comment

2022-11-18 23:15:00 ​​Singapore’s Deputy PM reiterates decision to restrict crypto-speculation thanks to FTX

The downfall of FTX continues to make waves throughout the industry, sending wake-up calls to regulators and politicians alike. Those against crypto have found a new reason to continue opposing this novel technology. On the contrary, those who support it are questioning their decisions after seeing billions of dollars lost in this catastrophic event.

The bulk of FTX’s impact has been absorbed by customers based in the West, but that has not stopped other countries from rethinking their approach towards crypto-regulations. The island nation of Singapore is now looking to ramp up regulations that will effectively restrict crypto-trading and speculation.

Controversial stance against crypto reinforced by FTX’s collapse
Lawrence Wong, the Deputy Prime Minister of Singapore and Minister of Finance, has taken cognizance of the turmoil caused by FTX’s fraudulent business activities. In an interview with Bloomberg, Wong cited this unfortunate event as part of the reason for reinforcing the island nation’s strong position against retail investors speculating and trading cryptocurrencies. He said,

“And we’ve said this for a long time, even when people criticized us for saying that, which was that we need to take a strong stance against crypto speculation and trading, especially by retail investors.”

Minister Wong clarified that Singapore is open for digital and digital asset innovation, but crypto-speculation is where the country draws the line. The minister agreed on the potential of blockchain technology in revolutionising cross-border payments, financial, and capital markets etc. However, exposing retail investors to crypto-speculation has been deemed risky for a while now.

Minister Wong revealed that Singapore has been looking to tighten the regulatory rules around crypto-trading and retail access to this market before the FTX saga unfolded. A consultation paper is in the works for the same. It will review regulations and rules for this industry.

Singapore Government lost $275 million in FTX
Between October 2021 and January 2022, Singapore-based Temasek Holdings Limited invested $210 million in FTX International and $65 million in FTX U.S for stakes of 1% and 1.5%, respectively.

On 17 November, Temasek, a state-backed investment agency, revealed that it would mark down this $275 million investment into FTX to 0. Open / Comment

2022-11-15 20:30:00 ​​FTX, Binance, and the ongoing market volatility: This is what CZ thinks of it all

Changpeng “CZ” Zhao, CEO of Binance, sharply cautioned novice and cash-strapped investors against trading cryptocurrencies. The CEO urged traders to do so especially in the face of the ongoing market volatility and unpredictability.

The CEO of Binance urged inexperienced investors to wait through the tumultuous moment rather than risking money needed for living expenses. The Binance CEO stated this an “Ask Me Anything” session led by him on Twitter on November 14. He also stated,

“You should not invest in crypto if you’re using money that you need for next week or next month, you should only be using discretionary cash that you don’t need for a long time, like maybe a couple of years.”

Zhao advised novice investors and traders to exercise caution before investing money in the market shortly for those who do have that extra cash.

Blame it on FTX
The crypto exchange leader also mentioned that,

“If you don’t know what’s going on, don’t try to guess what’s going to happen. It’s very hard to predict. So we will go through a period of high volatility and unpredictableness.”

The FTX problem has had a detrimental impact on the entire sector. Furthermore, several centralized exchanges have had to temporarily suspend withdrawals. This contributed to the increase in market volatility.

Zhao, however, reaffirmed that Binance witnessed no such problems. He cited the company’s balance sheet in response to the question of why users ought to keep their trust in the exchange:

“We don’t have loans. We don’t have debt. We don’t owe anybody any money. We also did not give loans out of the platform. So we never take user assets and give it to a third party to manage and try to make yields.”

Zhao stated that Binance saw withdrawals in the wake of the FTX collapse and other incidents that eroded public support for controlled exchanges. He reiterated that even if Binance failed, the platform would still permit consumers to withdraw their money.

A fund to aid crypto projects
In the wake of the shocking collapse of FTX and the empire created by Sam Bankman-Fried, Binance plans to set up some recovery plans. The crypto exchange plans on establishing a fund to assist crypto enterprises in need of financial support.

Zhao, better known as CZ, stated that any business leaders “with cash who wish to co-invest” were invited to collaborate with Binance Labs on the initiative. Addressing the topic in detail, he stated,

“To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.”

Although Zhao noted that the company’s investment partners included both centralized exchanges and decentralized protocols to provide customers a choice and help entrepreneurs in their endeavors, the Binance exchange itself is centralized. Open / Comment

2022-11-12 19:00:06 ​​Cosmos’ latest development could have this in store for eager ATOM investors

Cosmos, which was in the news recently for launching an update around its DeFi network, registered a new milestone in terms of IBC transfers.

According to a tweet posted by IOBscan on 10 November, the total value of transfers from Cosmos rounded out to $8.7 million. This spike in the number of transfers could indicate a positive future for the network.

Cosmos’ DeFi angle
Cosmos’ total value locked (TVL) depreciated after 7 November, as can be seen from the image below. However, after 10 November, there was a slight uptick. This improvement in Cosmos’ DeFi space could be attributed to the launch of a DEX called Duality, which would launch with Interchain Security.

After this announcement, Comos’ TVL had appreciated by 18.60%, while its TVL was at $489,966 at the time of writing.

Along with the uptick in terms of TVL, ATOM also observed a surge in its volume. Over the past seven days, ATOM’s volume grew from 270 million to 320 million.

However, its development activity continued to decline during this period. This indicated that the number of contributions made by ATOM’s team to its GitHub had gone down.

Furthermore, along with declining development activity, the fees generated by Cosmos dropped as well. According to data provided by Token Terminal, the fees generated by Cosmos depreciated by 10.5% in the last 30 days. Its circulating marketcap fell by 8.9% during the same period.

Along with its market cap, ATOM’s price depreciated as well. After testing the $15.610 support on 5 November, ATOM’s price decreased by 38.85%. The token ultimately tested the $9.49 support level on 10 November. However, since then, its price appreciated by 25%, and was trading at $12.01 as of 11 November.

ATOM’s Relative Strength Index (RSI) stood at 45.75, indicating that the coin’s momentum was slightly bearish at the time of writing. However, the Chaikin Money Flow (CMF) registered an uptick over the course of the last few days, implying a positive outlook for ATOM. Open / Comment

2022-11-08 19:00:09 ​​Ethereum slides rapidly as structure shifts bearish, could more losses follow

At the time of writing, the previous 24 hours had seen $357 million worth of positions liquidated across major crypto exchanges. Ethereum ETH saw $90 million and shed nearly 9% of its value in this period.

Here’s AMBCrypto’s price prediction for Ethereum ETH for 2022-2023

Bitcoin fell below the $20k level and multiple altcoins posted losses in double-digit percentages in the twelve hours preceding the time of writing.

$1446 could be a crucial level for the bulls to defend in the coming hours
The two-hour chart showed ETH breaking its structure from bullish to bearish in the past few days. Subsequently, lower lows were formed.

On the daily timeframe, a bearish order block was spotted in the vicinity of $1,650. Marked in red, this region posed substantial resistance to Ethereum over the past year.

ETH was simply unable to push above $1,650. A recent article highlighted how a push above $1,650 could see ETH surge higher. This did not materialize, as a rejection near the $1,650 mark occurred instead. On the lower timeframe, another belt of support lay at $1,446-$1,495.

For ETH, an hourly session close below $1,446 could fuel the bearish sentiment. On the other hand, a defense of the bullish order block that extended up to $1,495 would be a sign that bulls had begun to buy in earnest.

The Relative Strength Index (RSI) retested neutral 50 as resistance the previous day and showed strong bearish momentum. The Chaikin Money Flow (CMF) also fell below -0.05 to highlight heavy capital flow out of the market in recent hours.

Funding rate shift shows bearish sentiment dominance in recent hours
The trading day of 7 November saw the funding rate of the Ethereum switch from positive to negative on Binance and Bybit. This showed that, on some of the major exchanges at least, the sentiment favored the bears. Alongside the fall in price, the Open Interest behind Ethereum also fell.

Furthermore, technical findings showed that $1,446-$1,495 would be an important zone of support for Ethereum over the next day or two. A session close below $1,450 could see ETH descend to $1,365. Open / Comment

2022-11-05 03:07:24 ​​BAYC, MAYC, and Meebits – What is Yuga Labs cooking now

Yuga Labs, the organization behind famous NFTs such as BAYC, MAYC, and CryptoPunks, recently added new updates to its Meebits collection.

According to a tweet shared by Yuga Labs, the project will be rolling out MB1 – A concept where Meebits holders can get physical access to their NFTs.

Turning up the volume
In lieu of this announcement, the Meebits NFT collection saw a lot of growth on the charts. According to NFTGo, an NFT analytics website, the overall volume for the Meebits collection appreciated by 178% over the last 24 hours.

However, it wasn’t just the Meebits collection that was on the receiving end of a positive hike. Other collections such as the Bored Ape Yacht Club and Mutant Ape Yacht Club from Yuga Labs also noted some improvements.

The BAYC collection registered an appreciation of 200% in terms of volume over the last 24 hours. Despite this sudden spike in volume, the overall floor price fell by 17.40% over the last 30 days. However, there were a lot of whale sales that were made, indicating that whale activity around this NFT collection increased.

The MAYC collection also noted some growth in terms of volume. However, it wasn’t as significant as BAYC and Meebits as it only hiked by 3.24% in the last 24 hours. Its overall floor price declined by 17% too.

Other negative developments for MAYC include the decline in the number of Holders and Traders for its NFT collection. The number of buyers depreciated by 18.44% over the past month and the number of holders declined by 0.24% over the same time period.

Despite MAYC’s poor performance, Yuga Labs continues to dominate the NFT market. As can be seen from the chart attached, NFT collections from Yuga Labs continue to have a huge market share, compared to other collections.

The growth of Yuga Labs could also impact the development of ApeCoin.

At the time of writing, APE was trading at $4.56 and had appreciated by 3.16% over the last 24 hours. However, its volume continued to decline and fell by 9.50% over the same time period. Open / Comment

2022-11-01 19:00:05 ​​Assessing Lido’s new-found whale connection and what it could do for LDO in Q4

The LDO token was observed to be on the receiving end of massive interest from Ethereum ETH whales. The huge interest from large investors could provide LDO with a much needed support to grow.

Deep pockets to fill
According to a tweet dated 30 October by WhaleStats, a crypto whale tracking platform, LDO was amongst top 10 purchased tokens among 100 biggest ETH whales in the last 24 hours. Furthermore, the whales were also observed to be holding $1 million dollars worth of stETH at the time of writing.

As can be seen from the image below, Ethereum staked with Lido also showed massive amounts of growth. This reaffirmed the fact that the general interest behind Lido staked ETH also surged.

The interest in stETH may have impacted Lido in terms of its TVL as well. According to DeFiLama, Lido’s TVL grew from $6.03 billion all the way to $7.5 billion over the past month.

‘Fee’ling good
Coupled with he aforementioned information, the amount of fees and revenue generated by Lido also increased over the past few weeks. At press time, the amount of fees generated by Lido in the last 24 hours was $1.2 million and the revenue generated was $120,000.

The LDO token also showed improvements in its performance. Over the last few weeks, the number of Lido’s daily active addresses increased immensely. During the same period, its network growth showed improvements as well as can be seen from the image below.

An increasing network growth implies that the amount of new addresses that transferred LDO for the first time had increased. This inferred that the new addresses may be showing interest in LDO.

However despite this growth, Lido token performed poorly in other areas. Its volume for instance, depreciated from 61 million to 32 million in the past week. Furthermore, LDO’s velocity depreciated as well indicating that the frequency with which LDO was being transferred had decreased. These factors coupled with a declining Market Value to Realized Value (MVRV) ratio could paint a negative outlook for LDO in the coming future.

At the time of writing, LDO was trading at $1.53 and had depreciated by 8.66% in the last 24 hours. Its volume had depreciated by 7.08% as well in the same time period. Open / Comment

2022-10-28 19:30:01 ​​Ethereum Classic: Forecasting ETC’s potential to revive from this support level

The altcoin’s reversal from the $25.57-mark induced a string of red candles that highlighted an increased bearish edge. The alt could enter a potential squeeze in the coming sessions. At press time, the altcoin was trading at $24.25, down by nearly 3.86% in the last 24 hours.

Can a bullish cross on 20/50 EMA sustain a near-term bullish edge?
ETC declined by over 47% after rebounding from the $39-ceiling in mid-September. As a result, it hit its two-month low on 13 October.

Over the last few days, ETC broke into high volatility after jumping from the $21-zone support range. This buying comeback helped the bears find a close below the 20/50 EMA in the four-hour timeframe.

Meanwhile, the gap between the 20 EMA (red) and the 50 EMA (cyan) undertook a bullish crossover to depict a near-term bullish edge.

From now on, the altcoin could find immediate support in the $23-$24 range in the coming times. In this case, any rebound could see a bounce-back toward the $26 zone. Any bearish crossover on the 20/50 EMA could hamper the chances of a strong rebound.

Should the broader sentiment reignite the bullish vigor, the altcoin would likely see an immediate retest of the $26 ceiling. A close above this resistance range would confirm a robust shift in the near-term momentum in favor of buyers.

Improved funding rates, but is it enough?
An analysis of the funding rates revealed a rather increasing edge for the buyers over the last few days.

These rates strived to hover in the positive zone as they continued their uptrend. Any close above the zero mark would confirm the buying edge. This edge could aid the bulls in protecting the immediate support on the charts.

But the Open Interest across all exchanges over the last 24 hours decreased by over 6% over the past day. The corresponding decrease in the price action highlighted an advantage for the bears.

Finally, broader market sentiment and on-chain developments would be vital in influencing future movements. Open / Comment

2022-10-25 19:00:06 ​​Avalanche [AVAX] future looks interesting- Here are the top two reasons

Avalanche has recently demonstrated more seriousness toward tapping into growth opportunities in the NFT market. One of the recent updates regarding the network reveals expanded support of multiple NFT platforms.

A recent AVAX daily post revealed the scope of Avalanche’s focus on the NFT market. According to the announcement, Avalanche now supports at least 16 of the top NFT marketplaces.

Why partnerships with NFT platforms are important
The NFT market was among the top segments driving growth during the bear market. It is no surprise that blockchain networks have been scrambling to secure more volumes from the NFT market.

A potential impact of Avalanche’s increased focus is that the NFT market might boost AVAX’s recovery during the next bull run.

The decision might unlock demand drivers from a variety of segments. They include domain names, collectibles, virtual worlds, and GameFi among others.

Avalanche will likely achieve higher NFT trade volumes courtesy of the expanded availability on multiple NFT platforms. Notably, NFT trade volumes have notably dipped in the last six months.

The highest total NFT trade volume figure AVAX network recorded in the last six months was $8.07 million on 18 June.

In comparison, the highest figure recorded in October so far was $1.95 million.

As far as volumes are concerned, pricier or premium NFTs are more popular than the more affordable options. The total volume for NFTs worth more than $100,000 has been more active during the last six months than those worth less than $1,000.

The above data reveals that most of the NFTs selling on the Avalanche network are high-end NFTs. This information is important, especially for NFT sellers looking to capitalize on the availability of the network across multiple NFT platforms.

The potential impact on AVAX
The ability to buy or sell NFTs across multiple NFT platforms through Avalanche might benefit creators and sellers. If the network can tap into more NFT volumes, then it might achieve higher demand for AVAX as a payment medium.

High enough volumes may trigger more utility for the cryptocurrency, hence more potential value.

AVAX traded at $15.97 at press time and was up by roughly 10% in the last five days. Its upside experienced some friction and a slight downside after reaching the 50% RSI level.

AVAX’s short-term outlook suggests a significant probability of crossing above the $17 price level in the next few days.

That is if it can maintain the bullish trajectory and push toward the 50-day Moving Average. On the other hand, a bearish outcome may lead to another support retest near the $14.6 price level. Open / Comment