Crypto Push

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2022-10-04 21:00:03 ​​Decoding the significance of 17 October for the bankrupt Celsius Network

Celsius Network CEL, the New Jersey-based bankrupt cryptocurrency lending company, managed to set the date for auctioning its assets. As per the document filed with the US Bankruptcy Court for the Southern District of New York on 3 October, Celsius will have its final auction on 17 October.

Furthermore, a sale hearing would occur on 1 November via Zoom before Chief US Bankruptcy Judge Martin Glenn. This event is anticipated to have the participation of a large number of interested parties.

Troubled exchange to find a bidder
It was in June 2022 that Celsius suspended asset withdrawals and transfers on its platform, citing “extreme” market conditions. The organization further filed for bankruptcy the following month. The exchange also stated that it had $167 million in liquidity to support its current operations and restructuring its business.

Celsius also disclosed that it owed its users $4.7 billion. Since then, 58,000 custodial account holders that together lost $150 million have come together to recover their funds.

Last month, the court allowed approved the appointment of Shoba Pillay as an independent examiner to provide a full report on Celsius’ assets and liabilities. However, Celsius was not the only crypto firm to have collapsed this year. TerraUSD stablecoin, hedge fund Three Arrows Capital and crypto lender Voyager Digital also collapsed during the same phase, leading to the global crypto crash.

Crypto billionaire SBF considers acquiring Celsius
FTX CEO Sam Bankman-Fried “SBF” has been considering to bail out the troubled exchange. The billionaire opined on Twitter that if FTX gets involved, then the bid for Celsius would be determined by fair market price, similar to its dealing with Voyager.

Recently, FTX successfully acquired the auctioned assets of Voyager with an offer of about $1.4 billion. Voyager claimed that the bid comprised the actual market value of its cryptocurrency assets at a determined period (roughly $1.3 billion). This was combined with $111 million of what it claimed was incremental value but did not provide any other information.

Celsius has been one of the most high-profile casualties of this year’s crypto crash, and how this case proceeds will have major repercussions on the industry. Open / Comment

2022-10-01 16:00:05 ​​How Ethereum [ETH] is faring amid reshuffled demand

Ethereum ETH volumes have been all over the place in the last three months and more so in September. Perhaps an expected outcome, given the drastic changes that have taken place in the crypto market during the month.

The demand for ETH also witnessed some volatility during the last four weeks. Nonetheless, recent events highlight interesting changes that many investors may not have expected. For example, the rising global inflation resulted in a stronger dollar and a devaluation of some major global currencies.

The Euro and Great Britain pound (GBP) are among some of the major fiat currencies that were negatively affected. As a consequence, their devaluation forced many to seek out alternatives for their wealth. According to a Messari analysis, Ethereum volumes increased against the GBP as investors readjusted their funds.

The report also noted that the observation was more pronounced for BTC than for ETH. It further added that the volume spikes were equivalent to normal volumes observed towards the end of 2020 and in the first few weeks of 2021.

While the aforementioned observations only focused on the European market, they were not a reflection of ETH’s overall volume. On-chain volumes further dropped by a substantial margin since mid-month despite peaks and troughs in-between.

ETH’s social volume was also down considerably as compared to its mid-month levels. It managed to achieve a slight uptick in the last 24 hours, which was a notable change considering the cryptocurrency’s current price level.

Calm before the storm?
ETH traded at $1,332 at press time, which was a slight upside from its monthly low on 21 September. Furthermore, it stuck with the current level for the last seven days, underscoring the low volatility and lack of strong demand.

This performance also reflected the low trading activity highlighted by the low number of daily addresses.

The active addresses metric portrayed a similar observation where active addresses tapered out from mid-month levels. Moreover, whales have also contributed to ETH’s sell pressure during the last two weeks.

Whales holding between 10,000 and one million ETH contributed the most to the selling pressure since mid-September. Their outflows slowed especially in the last few days and this may explain ETH’s sideways price action.

The same whales have contributed some downside pressure this week, thus explaining ETH’s struggle to overcome the current price level.

Meanwhile, some of the other top whales have been gradually accumulating at the lower price range. This included whales holding more than one million ETH.

Whales accumulating at the lower price levels can be considered a healthy sign for ETH, especially for the bulls as we head into October.

However, this does not guarantee that the price is immune from more downside. ETH’s press time level was at a slight premium compared to its 2022 lows and it was not oversold. Open / Comment

2022-09-28 19:00:04 ​​VeChain’s (VET) mainnet sees ~700k transactions but traders must be aware of…

VeChain, a platform that allowed businesses to create and execute decentralized applications (dApp) using VeChain (VET) was trending at press time. From the token trending the green to transactions occurring on the network- things looked optimistic for the #35th ranked crypto.

Trusting the future
VET, the native token witnessed a 6% surge as it traded around the $0.02 mark. Here’s a glimpse of the said rise on CoinMarketCap.

Meanwhile, even transactions on the platform recorded a significant high as shared by the VET community on Twitter. In just over three hours, VeChain pumped out almost 700k transactions for the biggest company in the world (Walmart).

‘No spam, no token shuffling, real world, economically beneficial on-chain activity for 1 company, with thousands to come,’ the tweet added.

Meanwhile, on chain metrics such as trading volume and development activity reiterated the same picture on Santiment. Especially the trading volume given the unprecedented hike below.

Whereas, the development activity, despite showing a modest high, didn’t quite create the same buzz as the former. But this could increase in the coming days given the upgrades on the network.

Piling it up
The VeChain blockchain development team chose to design and implement a finality gadget to run dual modes of consensus instead of replacing the Proof-of-Authority (PoA) consensus. The latest stage of PoA 2.0 enabled the latest development.

VeChain’s Peter Zhou tweeted that the latest stage of PoA 2.0 (the FOB finality or the VIP-220) has been running as expected on the testnet. He added that he looked forward to the stakeholder vote enabling its mainnet deployment.

This upgrade would combine the various types of blockchain consensus to achieve the holy grail of mechanisms for the real-world environment.

In addition to this, VeChain and TruTrace announced the list of industries they would integrate into the blockchain platform. As per the announcement, the platform would onboard TruTrace’s legal cannabis, food, apparel, and pharmaceutical industries.

Having said that, investors and traders should maintain caution and look for any vulnerabilities before jumping here. Open / Comment

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2022-09-25 17:00:04 ​​Short Binance Coin [BNB] at $300? Here is why a bearish move is likely

Binance Coin BNB was ranked 7th on CoinMarketCap and was the largest exchange token by market capitalization. It witnessed enormous gains since early 2021. The bear market of the past year saw the coin fall from $650 in November 2021 to $200 in late June.

Binance has also been going strong, and most analysts expect this trend to continue. Years into the future, BNB could be one of the giants of the ecosystem. Yet, in the next month, the picture was not quite as rosy.

BNB- 1-Day Chart
The support and resistance zones were marked in cyan and red respectively. In mid-May and early August, the $336 mark decisively rebuffed bullish efforts. Moreover, the $300 level was a psychologically important one. Hence, the region around it could be a massive battlefield on the order books as bulls and bears fight for control.

At press time, the bears held this territory. Earlier this month, an attempt to scale the $300 heights was pushed back, and a retest of the $260 zone was effected. The market structure was also bearish for Binance Coin since August, when the $300 mark was flipped to resistance.

This bias would remain in the weeks to come. Sell when BNB reached $300, and look for buying opportunities around $260.

BNB- 12-Hour Chart
The higher timeframe market structure was bearish for Binance Coin. This meant that, on the 12-hour chart, a trader can look for shorting opportunities. A bearish order block formed near the $300 mark, once again highlighted in red.

The confluence of a key level alongside a H12 order block suggested that high probability short positions could present themselves in the days to come. The Relative Strength Index (RSI) was at 55, which was weakly bullish. This was in response to the bounce from $260.

The Awesome Oscillator (AO) was not yet above the zero mark, and showed slight bearish momentum. The Accumulation/Distribution (A/D) line trended upward since June but was flat in the past two weeks.

Conclusion
The price action strongly hinted at a shorting opportunity at the $300 mark. A move past this level would flip the long-term structure to bullish. Yet, with Bitcoin below the $19.6k resistance, caution was warranted over the next week.

A move above $20k could help Binance Coin break its resistance as well. Such a scenario would invalidate the bearish ideas presented in this article. Until then, downside targets would be $260 and $240 after a retest of the $300 region. Open / Comment

2022-09-20 21:00:03 ​​Everything about Voyager seeking repayment of $200M loan to Alameda

Court filings made by Voyager Digital indicate that the bankrupt crypto lender is seeking to unwind a loan of $200 million that was extended to Alameda Research, Sam Bankman-Fried’s quantitative crypto trading firm.

Repayment details
The loan was initiated in September last year against the collateral of $160 million posted by Alameda Research. Upon repayment, Voyager will unlock the collateral, which consists of 4.65 million FTX tokens (FTT) worth $111.6 million, and 63.75 million Serum (SRM) worth $49.25 million.

6,553 BTC ($127.8 million) and 51,204 ETH ($70.2 million) make up the principal loan amount. The loan consists of smaller amounts denominated in several other tokens. The repayment is due by 30 September.

When Voyager had voluntarily filed for Chapter 11 bankruptcy on 5 July, Alameda Research announced within days that it would be willing to return all outstanding debts and secure its collateral at the discretion of Voyager.

Accumulating cash
Voyager Digital’s recent actions suggest that the firm is looking to accumulate cash, likely to counter the hole in its balance sheet, left by multiple creditors defaulting on their loans, including the $650 million loan to the now defunct crypto hedge fund Three Arrows Capital.

Voyager had announced on 6 September that it would be liquidating its remaining assets through an auction that was scheduled for 13 September. This news came as a relief to creditors since the auction indicated multiple bids for the firm’s assets. As of 20 September, the auction had not concluded.

Sam Bankman-Fried’s FTX and crypto exchange Binance have been identified as the two frontrunners competing to acquire Voyager’s assets in the auction.

Deep ties
Voyager Digital’s relationship with Alameda or even Sam Bankman-Fried is not limited to the loan or the events related to the recent auction.

Following Terra’s crash and the subsequent collapse of 3AC which set off the crypto contagion, Voyager announced that it had signed a term sheet with FTX securing a $200 million credit line after facing financial difficulties. This credit facility carried a 5% annual interest rate. The deal included an additional revolving credit facility for 15,000 BTC

However, Voyager’s significant exposure to 3AC rendered FTX’s credit facility useless as the crypto lender announced on 1 July that it was halting all trading activities, followed by the bankruptcy proceedings later that week.

On 22 July, FTX announced a joint offer with West Realm Shires Inc. to acquire the digital assets of Voyager Digital, along with absorbing their outstanding debt. This offer did not include the $654 million loan extended by the latter to Three Arrows Capital.

Voyager rejected FTX’s offer on 24 July through a strongly worded court filing, stating that the offer from FTX did not reflect optimum value for Voyager’s customers, and was instead harmful to them. Voyager further criticized FTX for publicizing their bailout offer, calling their actions misleading.

The letter also accused FTX of undermining the “coordinated, confidential, competitive bidding process”, jeopardizing potential deals for the company, adding that FTX had violated its obligation to the debtors and to the bankruptcy court. Open / Comment

2022-09-17 20:10:00 ​​Is Binance Coin [BNB]’s burning landmark enough drive to lead the alt to $300

The recent surge in Binance Coin BNB burning activity may have proved that the BEP-95 upgrade was a good decision. Also described as the “Bruno Upgrade,” the BEP-95 was implemented to speed up the BNB tokens burning process. In addition, the upgrade was to use a part of the burned tokens as transaction fees on the Binance Smart Chain.

According to BurnBNB, 119,600 BNB tokens have been burned since the Burno upgrade. This record meant that the already burned BNB tokens were worth over $47 million.

Waiting on nothing
Despite the burn milestone, the BNB price had remained almost unchanged at press time. According to CoinMarketCap, BNB was trading at $276.40— a 0.8% surge from its value in the last 24 hours. And after registering over $1 billion in its 24-hour volume, BNB was not close to it anymore. At press time, the trading volume stood around $654 million.

According to Santiment, BNB’s thirty-day Market Value to Realized Value (MVRV) seemed to be in a condition that activates selling. With the MVRV at 27.25%, BNB’s market value was solidly outpacing its realized value. At this stage, investors may need to consider selling off their holdings.

In addition, whales seemed to be exiting the Binance Smart Chain (BSC) ecosystem. Santiment revered that the $5 million whale holding supply had significantly declined since 14 September. As such, investors waiting on BNB to hit $300 as it did in August may need to stay longer.

Furthermore, an assessment of its circulation in the last 24 hours had remained almost the same from 3 September. This stagnancy meant that BNB movement across wallets was not something to thrill investors. For its NFT volume, there was a positive to pick up as it stood at $946,000.

On price action as of 16 September, BNB was showing more of a bearish turnover. The Money Flow Index (MFI) had decreased massively up until 15 September. However, the MFI had increased as it moved from 24.22 to 38.51. Hopes of a price rally may not be in the works anymore due to the momentum displayed by the Moving Average Convergence Divergence (MACD).

According to the four-hour chart, the MACD revealed the difference between the 12 and 26 Exponential Moving Averages (EMAs) was below zero. The same was the situation with the buying momentum (blue), which was lower than the sellers’ strength (orange). Hence, expecting an increase up to $300 may not be realistic in the short term. Open / Comment

2022-09-14 18:00:11 ​​Doodles NFT holders would be happiest to know this latest development

NFT creator Doodles has raised $54 in a funding round led by Seven Seven Six, with a valuation of $704. The fund will be used to fund product development and build a team.

Founded in 2021, Doodles is an NFT venture that aims to become a leading Web 3.0 entertainment project.

Created by artistic entrepreneurs, Doodles today counts some of the leading global artists among its members. In late June 2022, Pharrell Williams joined the company as its Chief Brand Officer.

It also announced Doodles Records: Volume 1, produced by Williams in partnership with Columbia Records.

As per NFT Price Floor, the 10,000-image rich Doodles collectible is currently valued at a market capitalization of 74,900 ETH ($120.8 million). Today, it is the 11st largest NFT collectible by market cap.

Reddit co-founder Alexis Ohanian established the VC firm, Seven Seven Six. FTX Ventures, Acrew Capital, and 10T Holdings also participated in the fundraising round.

Future growth of NFT industry
A study from the UK-based market research firm Juniper Research has analyzed the trajectory of the NFT market over the next five years, predicting that the number of global NFT transactions will reach around 40 million by 2027.

A major reason for this growth will be the increasing adoption of metaverse by brands for boosting their digital presence.

A MarketsandMarkets study predicted that the global NFT market is expected to grow from $3 billion in 2022 to $13.6 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 35.0% from 2022 to 2027.

The Asia-Pacific region will grow at the highest CAGR during the forecast period, it added.

A report by Verified Market Research (VMR) is even more hopeful about the future of the NFT industry. It predicted that the non-fungible tokens (NFTs) are going to occupy a significant position in the market, with their value swelling to $231 billion by 2030, growing at a CAGR of 33.7% from 2022 to 2030.

The report valued the NFT market in 2021 to be $11.3 billion. Again, North America is most likely to emerge as the dominant market in the segment.

The rising demand for NFTs is related to a number of factors, including their uniqueness, individuality, and transparency. The fact that NFTs have broadened their scope beyond music, movies, and sports to include other streams like metaverse and, in particular, gaming, is one of the primary reasons behind the exponential surge in the global demand for NFTs.

The gaming business, especially the play-to-earn blockchain gaming model, has established itself as a significant growth opportunity for NFT. Open / Comment