NFT / BTC / DEFI News 📣

2021-11-25 21:36:34 ​​The share of bitcoin is decreasing.” Why is it important to estimate the $3 trillion market

Experts named the factors by which the assessment of the digital asset market may grow to $4 trillion in the next few months and explained how the increase in this indicator affects the industry

On the morning of November 8, the market valuation of cryptocurrencies exceeded $3 trillion for the first time, according to CoinGecko. This happened after the price of bitcoin to $66 thousand and the update of the historical Ethereum maximum above $4.78 thousand. RBC-Crypto experts explained why achieving a $3 trillion capitalization is an important event for the digital asset industry.

Liquidity is important to whales

The $3 trillion level for crypto market capitalization is an important mark especially for large investors, said Viktor Pershikov, leading analyst at 8848 Invest. In his opinion, liquidity, market depth and safe storage of digital assets are important to “Kitam”.

“Whales” are investors - large holders of digital assets.

“The capitalization of the market above $2 trillion made it possible for large names from the classic stock market to enter cryptocurrency, and classic banks to start offering crypto products,” explained the analyst.

With the growth of capitalization, the trust of participants in the industry also increases, the risks of rapid price drops, which are characteristic of low-capitalized assets and sectors, are reduced, Pershikov explained.

Next goal

If the current pace and dynamics of industry growth continue, the capitalization of the crypto market may reach $4 trillion within the next 2-3 months, predicted Mikhail Karkhalev, financial analyst of the Currency.com crypto exchange. In his opinion, it is worth taking into account not only the possible rise in the price of bitcoin, but also the dynamic development of decentralized finance (DeFi). New promising projects can easily push out already held projects from the top 10 most capitalized cryptocurrencies, the analyst explained.

On the horizon of several years, the capitalization of the digital asset market will increase to $7-9 trillion, Pershikov is sure. He argues that the main reasons for growth will be the arrival of new institutional players and inflation in fiat currencies, which will only increase.

“Taking into account current trends, next year capitalization may increase to $4 trillion against the background of additional capitalization of two sectors: DEX tokens and DeFi projects,” the analyst believes.

What else to pay attention to

It is important to take into account not only the overall level of capitalization of the crypto market, but also its structure, warned Anton Kravchenko, CEO of Xena Financial Systems. He advised to note that the share of bitcoin in the market is decreasing, while other projects are growing rapidly. At the moment, BTC domination is 43%, although in the second half of October it was at 48%, according to Coinmarketcap.

“Hundreds of millions of dollars have been invested in product development at Solana, Algorand, Fantom, new ecosystems are developing,” Kravchenko said. Open / Comment

2021-11-25 12:11:33 ​​BlockFi has applied to launch a spot bitcoin-ETF

The BlockFi cryptolanding platform has applied to the SEC to launch bitcoin-ETF with physical security under the Securities Act of 1933.

The document says that the dynamics of BlockFi NB Bitcoin ETF will better reflect the price behavior of the first cryptocurrency compared to any futures-based benchmark.

Until November 14, the SEC must make a decision on the application from VanEck to launch spot bitcoin-ETF. The reschedulment of its consideration is excluded. Bloomberg believes that the firm will be refused, but its wording may give an idea of the market regulator’s assessment of the first cryptocurrency.

Recall that in October BlockFi applied for the launch of ETFs based on bitcoin futures.

The statement was the seventh in the account, which takes into account the latest recommendations of the SEC. The Commission managed to approve such applications from Valkyrie Investments and ProShares.

In October, the SEC extended the deadline for consideration of four applications for the launch of “physical” bitcoin-ETF from Global X, WisdomTree, Kryptoin Investment Advisor and Valkyrie Investments. Open / Comment

2021-11-25 05:24:16 ​​Billionaire Tom Steyer saw bitcoin as a threat to ecology

American billionaire, politician and environmentalist Tom Steyer in an interview with Yahoo Finance called bitcoin a “huge consumer of electricity” and a threat to the environment due to the dependence of the power system on fossil fuels.

Steyer admitted that when switching to renewable sources, the first cryptocurrency would no longer be “such destructive”. He criticized enterprises that are looking for cheap “dirty” energy to maximize profits.

A lot of noise from nothing: why the problem of bitcoin’s impact on the environment is exaggerated

Discussions about the impact of the first cryptocurrency mining on the environment deteriorated after Tesla’s decision to suspend sales of electric cars for the first cryptocurrency due to the use of fossil fuel energy for its extraction.

Later, Elon Musk said that Tesla would resume sales for BTC when he received confirmation that at least half of the miners use renewable energy.

The founder and head of the BTC.TOP pool, Jiang Zhuer, replied to him that as a result of the persecution of mining by the Chinese authorities, more than half of the hashrate of bitcoin is already generated on the basis of green energy.

Musk has repeatedly spoken on this topic and, according to the survey, his tweets about the dangers of digital gold mining to the environment negatively affected investors’ opinions.

In July, Bitcoin Mining Council, established by American miners, concluded that the share of renewable energy in the global bitcoin production industry was 56%.

The community criticized the study, doubting its objectivity.

Recall that in September Bloomberg, citing the Bitcoin Electricity Consumption Index of Cambridge University, reported that bitcoin miner electricity consumption exceeded 2020. Open / Comment

2021-11-24 19:57:41 ​Sam Bankman-Frid: Solana has every chance to become the next bitcoin

Thanks to its scalability, Solana can not only become a leading blockchain protocol, but also turn into a new Ethereum or bitcoin. This was stated by Sam Bankman-Frid, head of the FTX cryptocurrency exchange, in an interview with Kitco News.

“I’m optimistic about Solana. She has every chance to do it, which is very interesting, I think,” he added.

Bankman-Frid also noted the Avalanche blockchain, whose native token updated the historical maximum last week. He stressed that these are not the only projects that can surpass the permanent leaders of the digital asset capitalization rating.

According to the head of FTX, in the next two years he expects to see “significant institutional acceptance of cryptocurrencies”. In particular, ETH can become widespread among this class of investors, even if the protocol underlying cryptocurrency does not achieve significant success.

Bankman-Fried did not rule out the onset of a new crypto winter, but specified that successful projects would not disappear even in conditions similar to 2018.

“Projects with a huge number of truly devoted supporters and important examples of use survive best. I think that HYIP projects often suffer the most serious damage,” explained the head of FTX.

He also touched upon the topic of the Squid Game (SQUID) project, whose investors lost more than $19 million. In October, the price of SQUID rose rapidly in a short time, reaching at some point $2856, and in early November it collapsed sharply.

According to Bankman-Fried, such dubious projects will always exist on the market. He noted two “red flags” that were supposed to warn investors against reckless investments: the lack of direct communication with Netflix and the anonymity of the creators.

Recall that Stripe co-founder and president John Collison said that his attention was attracted to Solana and Lightning Network. Open / Comment

2021-11-24 14:07:30 ​​Bitcoin Suisse to enable Lightning Network payments

Bitcoin Suisse will use Lightning Network to make Bitcoin transactions cheaper and faster. According to a press release published on Tuesday, it will be the first cryptocurrency payment processor in Switzerland to integrate this technology.

Armin Schmid, head of Bitcoin Suisse Pay, highly appreciated this decision, noting that Lightning transactions will play an important role in scaling cryptographic applications and stimulating mass implementation.

“Lightning transactions provide higher bandwidth per second at a price of a cent, which makes them a revolutionary innovation for crypto applications.”

With the launch of this advanced Bitcoin second-tier technology, consumers and sellers using Bitcoin Suisse and Worldline will be able to conduct faster transactions with lower blockchain costs. The statement also says that this decision is a significant step forward in Bitcoin Suisse’s efforts to “promove wider implementation of crypto technologies”.

Lightning Network is a decentralized network built on the second layer of Bitcoin, which uses smart contract technology to build a secure network and allows small transactions worth at higher speeds and lower cost. In 2015, Joseph Boone and Thaddeus Dridge proposed the Lightning Network protocol to solve the problem of Bitcoin scalability.

Worldline, the European equivalent of Bitcoin Suisse, will be able to process transactions made using Lightning Network. Thus, customers and sellers will benefit from the simplicity of cryptocurrency transactions as a result of the integration of Lightning Network.

In recent weeks, Lightning Network has attracted attention as a result of Twitter’s use of it for tipping, as well as in connection with the nationwide deployment of the network in El Salvador.

According to Cointelegraph, the total bandwidth of the Lightning Network in 2021 underwent an “explosive growth”. In September, the network’s bandwidth reached a record high of 2,904 BTC, an increase of 170% since January. The network’s capacity is likely to increase even more now that it has been connected by the largest cryptocurrency broker in Switzerland. Open / Comment

2021-11-24 12:08:12 ​​The Ethereum Classic team presented its own NFT collection

For many blockchain projects and cryptocurrencies, entering the NFT space is a way to stimulate price growth and user activity, while attracting attention.

Ethereum Classic (ETC) has recently tried this strategy.

In his Twitter account, Ethereum Classic published a video about the NFT project “ETCPunks”, which responded to claims about the lack of its own NFT, simultaneously asking the question:

What did you say about ETC and NFT?

If a trader looks at the ETC Punks project, he may remember the Ethereum CryptoPunk series from Larva Labs. On their Twitter account, ETC Punks tried to point out the difference between these two collections, stressing that this time Larva Labs did not participate in the creation of tokens.

By the way, this year Visa bought a cryptopunk based on Ethereum, which cost it about $150,000. This may indicate that Ethereum Classic hopes to attract the most influential players or even compete with the second largest blockchain in terms of market capitalization.

By the way, the ETC Punks collection consists of pixel avatars on a green background. What is the key difference between an NFT project based on Ethereum Classic is that purchases will take place at random and the distinctive features or uniqueness of NFT will be disclosed only after the transaction.

At the time of publication of the article on the ETC Punks website, it was written that out of 10,000 characters there were 6,285 left.

The launch of NFT projects can attract new users to the stage of DeFi blockchains, and Ethereum is an example of this.

According to Etherscan, the fourth largest “gas eater” at the time of publication was the OpenSea NFT trading platform, the total commissions on which over the past 24 hours amounted to $2,757,104.61 or 609.74 ETH.

Over the past seven days, sales of the CryptoPunk Ethereum collection on OpenSea have increased by 1178.81%, showing volume of 131,409.74 ETH. In addition, if you look at the statistics from Q3 2020 to Q3 2021, sales at OpenSea increased by about 141847%.

As for Ethereum Classic’s own price indicators, altcoin underwent a significant sale at the end of October. As a result, its price fell below $50.

However, at the time of publication, the price of ETC had risen again to $53.3, with altcoin ranked 35th in market capitalization according to CoinGecko. Open / Comment

2021-11-24 09:03:48 ​​Indicators of open interest in Binance and CME futures have updated historical highs

Against the background of the return of the bitcoin price to levels above $60,000, open interest (OI) indicators on Binance and CME exchanges reached record levels.

On October 17, the OI on Binance exceeded $5.5 billion.

The corresponding figure on the regulated CME platform reached $3.66 billion.

Over the past few months, the OI of institutional players of the Commercial category has been growing significantly on the Chicago Mercantile Exchange. They have longs over shorts.

The revival among institutionals trading bitcoin microfutures is especially noticeable. However, they are dominated by short positions.

Shorts and longs traditionally prevail among large non-Commercial and small investors (Nonreportable) players, respectively.

Recall that on October 15, the U.S. Securities and Exchange Commission (SEC) “silently” approved the launch of the futures bitcoin-ETF from ProShares. Trading in new instruments is expected to start today, October 19. Open / Comment

2021-11-23 21:23:43 ​​Investment: anonymous cryptocurrencies as a future market trend

Nikita Zuborev, Senior Analyst at Bestchange.ru, talks about why the popularity of privacy-oriented tokens may grow in the coming months

The opinions of experts may not coincide with the position of the editorial board. RBC-Crypto does not give investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.

There are certain trends in growth cycles in the cryptocurrency market. Usually the primary driver of growth is bitcoin, then the main altcoins and at the very end “garbage” assets grow. Before the start of prolonged stagnation, the market most often goes through all these stages gradually.

The essence of investment

Taking into account traditional market trends in cyclicality and frequency of growth, bitcoin stagnation may begin in the coming months with the subsequent redistribution of capital into major altcoins.

And if we consider the trends of central banks around the world to create CBDC, which most enthusiasts consider as “cryptofascism” - a tool for total surveillance of citizens and a way to censor transactions as opposed to free cryptocurrencies, you can expect a response from the community.

If you combine these two factors, as well as statistics that note that not the entire market has recovered from the fall after the May rally, you can make a medium-term bet on anonymous cryptocurrency tokens.

Description of the idea

In the next 2-3 months, there is a high probability of increased interest in anonymous altcoins, so we advise you to take a closer look at some of the most popular of them. You can buy in an equal ratio:

Монеро - 25%

ZCash - 25%

Dash - 25%

Komodo - 25%

We expect by the end of this year that at the beginning of a serious stagnation of bitcoin, the altcoin market will receive a large influx of liquidity and the portfolio will multiply in price.

Risks

Do not consider the idea as the main investment portfolio, but as part of a long-term portfolio it can pay off.

The risks of the idea are common to the entire market. In rare cases, the growth of bitcoin can take long-term correction very sharply, without observing the growth sequence “bitcoin” → “top-20” → “other”.

If the bearish trend prevails in the market, at first the selected altcoins may feel worse than the market, although in the medium term demand for assets is at a fairly stable level and there is likely to be no deep fall. Open / Comment

2021-11-23 13:58:17 ​​Epica and artist Brickspacer created the world’s first NFT yogurt

Epica brand and media artist Brickspacer created an NFT yogurt according to the recipe generated by the neural network, the company’s press service reported. The result is a taste of “a huge piece of ice that fell from the sky to the ground” and “fragment falling from the fire”. Based on the created taste, Brickspacer drew a canvas and translated it into NFT format. 15 copies of the NFT yogurt will be raffled off on Epica’s Instagram page within two weeks. The release of such a media product is part of the Epica Drops campaign, in which the brand will create limited “drops” together with Russian projects. The company plans to create three collaborations by the end of the year, each product will be raffled off on Epica social networks. A total of three collaborations are planned by the end of the year. “For us, the Epica Drops project is an opportunity to create something together with talented guys whose philosophy and aesthetics we support and share. We create something cool for us and our consumers, because we like it,” said Epica brand manager Polina Potafeeva Brickspacer - motion designer, considered one of the first media artists in the CIS. He creates works in collaboration with brands and other artists, which are then successfully sold on crypto platforms. Open / Comment

2021-11-23 09:00:56 ​​Binance Labs, Binance venture division and incubator, today announced its strategic investments in Melos Studio, an innovative music platform NFT Web 3.0.

Thanks to strategic investments, Binance Labs will provide Melos Studio with the necessary technologies, consultations and incubation services. Melos Studio will contribute to the Binance ecosystem by diversifying the category of musical NFT in Binance Smart Chain (BSC), expanding the team and creating more cooperation with leading world artists, as well as opening new indie performers.

“We hope to innovate the musical NFT with the help of Melos Studio and look forward to working with the team. Melos is distinguished by its fact that it covers not only the market and streaming service, but also platforms for developers where people can use each other’s musical NFTs to create more advanced NFTs,” said Chase Go, Investment Director of Binance Labs.

“We are pleased to form a partnership with Binance Labs to create an innovative NFT music platform in the Binance ecosystem. We will continue to explore music applications in Web 3.0 to create a community for music fans around the world,” said Yalu and Jim, co-founders of Melos Studio.

Melos Studio: innovative music platform Web 3.0 NFT

In an effort to use blockchain technology to create a quality music application in Web 3.0, Melos Studio uses innovative NFT technology to capture and fully reveal the value of each sheet music record. The studio also uses DAO management, which allows creators to draw inspiration with NFT DNA Tree and collaboration regardless of place and time. This musical inspiration will eventually turn into more musical works. By based the process of creating music on Github, Melos Studio also serves as a unique method of social contacts, allowing musicians and fans to communicate and share music.

Dapper Labs, Innovion, NGC Ventures and Multichain Capital participated in previous rounds of Melos Studio financing.

Binance Labs: venture capital leverage and Binance incubator

Binance Labs identifies, invests and supports viable blockchain entrepreneurs, startups and communities, providing funding to industry projects that help develop a larger blockchain ecosystem. Binance Labs strives to support fast-executing commands that have a positive impact on cryptospace. Open / Comment