Monday, 11 October 2021

Market Summary

Market Summary 11 October 2021

Yield Strats #31 – Airdrops & Alpha Leaks

  • Geist Finance is a money market protocol operating on the Fantom blockchain.  Lenders and borrowers can earn FTM and GEIST incentives. Rewards are vested for three months. You can immediately receive your rewards by taking a 50% exit penalty if you do not wish to wait.
  • MCDEX is a fully permissionless protocol for decentralized perpetual swaps. MCDEX has announced ‘Trading Mining V2’ on Binance Smart Chain. It’s implementing single asset staking to boost liquidity and attract traders.
  • Steakwallet is a cross-chain staking wallet that supports multiple ecosystems such as Ethereum, Arbitrum, Optimism, Polygon, Avalanche, Fantom and more.
  • Geist Finance will launch an airdrop that targets several communities. 
    • stkAAVE and AAVE holders on the Ethereum blockchain
    • EPS stakers on the Binance Smart Chain
    • An initial airdrop will be distributed to veCRV and CVX voters who vote to enable a gauge on the upcoming Fantom gPool on Curve Finance
    • LobsterDAO NFT airdrop receivers which are known to be one of the most active and engaged DeFi communities


Top 5 cryptocurrencies to watch this week: BTC, DOT, UNI, LINK, XMR

  • Bitcoin could pick up momentum above $56,100 and that could attract buying in DOT, UNI, LINK, and XMR.
  • Bitcoin (BTC) has continued to trade near the $55,000 level. The sharp rally in Bitcoin has pushed its market dominance from 40.70% on Sep. 12 to about 45% today. This shows that the strong recovery in cryptocurrencies has largely been led by Bitcoin. 
  • This sharp run-up in Bitcoin has pushed the Fear and Greed indicator into the Greed zone.
  • Polkadot (DOT) has been gradually moving higher toward the overhead resistance at $38.77. The RSI has broken out of the downtrend line and the 20-day EMA ($32.15) has started to turn up, indicating an advantage to buyers.
  • Uniswap (UNI) has been holding above the 20-day EMA (24.55) for the past few days, which shows that bulls are trying to defend this support. 
  • Chainlink (LINK) broke above the downtrend line on Oct. 1, but the bulls have not been able to capitalize on this move.
  • Monero (XMR) rose above the 50-day SMA ($271) on Oct. 5 and reached the downtrend line on Oct. 6. The bears are aggressively defending the downtrend line for the past few days but a minor positive is that bulls have not allowed the price to dip back below the 50-day SMA.


XRP Surges 9% While Ripple Swamps SEC with Legal Docs

  • The price of XRP, the seventh-largest cryptocurrency by market capitalization, blew up by 9% in the last 24 hours to hit $1.19.
  • Its rise followed several strong maneuvers by XRP progenitor Ripple this week in the tenth month of its courtroom battle against the United States Securities and Exchange Commission. 


Institutions Say They Want DeFi

  • On Twitter, crypto celebs dropped alpha that they were “in talks” or had “sources” telling them that institutional money was flowing big time into Bitcoin and Ethereum. This went on and on.
  • MetaMask Institutional announced a partnership on October 5 with three heavy-weight crypto custodians: BitGo, Qredo, and Cactus Custody. 

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