Monday, 11 April 2022

Market Summary

Market Summary 11 April 2022

Bitcoin Price: US$ 42,158.85 (-1.39 %)
Ethereum Price: US$ 3,203.04 (-1.70 %)


Monthly Chartbook – Crypto Purgatory [March 2022]

  • After failing to reclaim the midpoint of the weekly market structure, BTC finds itself retesting the high volume node boundary located around $42-$44K. Bulls will likely want to see these higher timeframe levels defended successfully if a short to mid-term trend reversal is to take place.
  • In the last 2 weeks, the GMMA confirmed a full bullish crossover between the short-term MA grouping (blue) and the long-term MA grouping (red). This is the first time that we have seen a confirmed bullish crossover with this tool since the November 2021 ATH, and all previous occurrences of this signal have proved to be fruitful for BTC returns in the next several weeks.
  • We saw the % of this dormant BTC supply start to bottom late last year just as prices were peaking. We’ve since seen a strong accumulation trend, which is typical of periods of bearish price action. This metric may not have peaked yet, but is certainly one to watch as it nears prior highs (~63%).
  • Interestingly, bitcoin’s MVRV ratio has been hovering near historical lows.


Solana NFT marketplace integration and DApp metrics shine even after SOL’s 20% drop

  • The rally started after Coinbase Wallet added support for SOL and other Solana-based blockchain tokens on March 18. The crypto exchange also outlined plans to “further integrate” with Solana by connecting the Coinbase Wallet with the decentralized applications (DApps) and nonfungible tokens (NFTs) hosted on the network.
  • The expectation of OpenSea’s integration of the Solana network also excited investors. This means Solana will join Ethereum, Polygon and Klaytn as the payment options visible in the drop-down “all chains” tab on OpenSea’s “rankings” page.
  • Solana’s strategy to focus on NFT markets seems to have paid off because the layer-1 blockchain network has risen to third place all-time in total NFT sales on April 6. Moreover, the latest 30-day accumulated data shows Solana amassing $216 million worth of NFT sales.
  • On the bright side, on April 5, Neon released an alpha version for the first Solana Ethereum Virtual Machine (EVM) cross-compatibility and scaling solution and on April 7, Solana announced that over 1.6 million network addresses currently hold an NFT.


Bitcoin battles for weekly close above $42K as LFG buys 4,130 more BTC

  • Rekt Capital highlighted three key moving averages currently being tested as support, noting that historically, bouncing off them had preceded “strong bullish momentum.”
  • “Technically speaking, anything above ~$38000 is a macro Higher Low for BTC,” he had said Saturday.
  • Macro pressure had formed the backdrop to the gloomy mood throughout the week, as Cointelegraph reported, and concerns over U.S. dollar strength remained on the day.
  • “The moment the DXY is topped out (which could be soon), the next bull run will start. And that one is going to be an epic one,” Cointelegraph contributor Michaël van de Poppe forecast, likewise adopting a more hopeful perspective.
  • In what was becoming a perennial source of optimism, Blockchain protocol Terra continued its BTC buys Sunday, with associated nonprofit the Luna Foundation Guard (LFG) adding 4,130 BTC to its wallet.


Binance receives in-principle approval to operate in Abu Dhabi

  • Binance, the world’s biggest crypto exchange in terms of trading volume, received in-principle approval to operate in Abu Dhabi, marking its third regulatory approval in the Middle Eastern region after Bahrain and Dubai. 
  • The in-principle approval from the Abu Dhabi Global Market (ADGM) allows Binance to operate as a broker-dealer in digital assets including cryptocurrencies — marking yet another milestone for the crypto exchange, which envisions to operate as a fully-licensed firm.


Monero defies crypto market slump with 10% XMR price rally — what’s next?

  • Privacy-focused cryptocurrency Monero (XMR) rallied by nearly 9.5% in the past week compared with the crypto market’s decline of 8.5% in the same period. What’s more, the XMR/USD pair has broken above a strong, multi-month resistance trendline, hinting at more upside ahead.
  • Speculations about entities using Monero to bypass sanctions could have boosted its appeal among investors. Meanwhile, The American research group Brookings warned last month that Monero, the first in the line of privacy coins, could be “used as part of a sanctions-evasion scheme.”


WAX Blockchain Collectibles Available for Purchase at Walmart & Target

  • Topps Digital continues to revolutionize the collector experience with every release they do on WAX Blockchain. In the 2021 Garbage Pail Kids: Food Fight series edition packs, Topps has included code cards that can be redeemed for exclusive GPK WAX Blockchain collectibles.
  • On February 24, 2021, Topps is releasing physical packs in Walmart and Target in synchrony with a digital version of exclusive “Food Fight” art on the WAX Blockchain. Physical card collectors may also receive an exclusive redemption code card in the physical packs that will award exclusive digital collectibles on the WAX Blockchain. While further Digital packs for the exclusive “b” character names can be purchased directly on WAX during Topps Digital’s WinterCon 2021 beginning on February 25th
  • Upon releasing their series 1 GPK packs in May 2020, Topps announced an exclusive partnership with the Worldwide Asset Exchange (WAX). The first series sold out in 28 hours, followed by their GPK Goes Exotic series which sold out in only 1 hour. Leading to 2021’s release, Topps has revolutionized their collectibles by implementing the best of both worlds between physical and digital trading cards in the upcoming set.


Near Protocol eyes a Terra-like price rally after new $350M funding raise

  • Near Protocol (NEAR) has rallied by almost 30% after announcing on April 6 that it had raised $350 million in a funding round led by Tiger Global, a New York-based hedge fund. 
  • Adoption remained the key focus behind the bullish predictions. For instance, Zoran Cole, the founder of the popular Telegram group Crypto Insiders highlighted that Near Protocol will announce the launch of its own native algorithmic stablecoin, called USN, as early as April 20.
  • The stablecoin will reportedly use a Terra-like native token burn mechanism to maintain the U.S. dollar peg, effectively reducing the NEAR supply.
  • Additionally, as Cole asserted in his investment thesis, Near will offer stakers an annual percentage yield of around 20%, thus incentivizing DeFi capital rotation toward its pools and boosting NEAR’s demand simultaneously.

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