BTC Leading The Way, Polygon Transactions Drop
- Besides a market sell of $40m worth of BTC on Bitstamp leading to a market-wide pullback yesterday, the weekend was rather uneventful, with a handful of altcoins outperforming BTC. Thankfully, this event only served as a temporary setback. Bitcoin swiftly recovered and continues exuding significant strength, relative to most of the digital assets market.
- It’s officially Bitcoin season. In the last 24 hours, only 4 crypto assets in the CoinGecko top 100 have managed to outperform Bitcoin’s immense strength. In the last 7 days, only 12 crypto assets outperformed BTC.
- Speculators that got caught up in the L1 + liquidity mining war were likely outperformed by BTC over the last week as BTC Dominance continues its rise and more capital rotates back in.
- BTC OI is still 30% away from May highs, suggesting that markets have yet to reach a state of euphoria & FOMO. This big difference in BTC & ETH OI suggests that speculators are anticipating more upside in BTC as compared to ETH. As BTC’s ETF narrative strengthens, it’s likely that ETH and the alt L1 narrative will take a backseat at least for the near future.
- On Saturday, Polygon’s made a decision to push a client update to increase min gas to fight spam and improve network health. While this may seem like a top-down decision, in reality, it is completely up to Polygon PoS validators to decide whether to adopt this update.
- That being said, the nodes that the Polygon team is operating have already been running these settings since 5 days ago. Average gas has spiked and is consistently above 50+ Gwei since then and the increased fees have likely caused daily tx count to fall substantially.
FTX US Aims to Take On OpenSea—First With Solana NFTs, Ethereum Only ‘Weeks Away’
- The U.S. division of cryptocurrency exchange FTX today launched its new NFT marketplace. Initially offering NFTs minted on the Solana network, FTX NFTs will soon add support for Ethereum—the leading blockchain for NFTs—as it attempts to steal some of OpenSea’s thunder.
- Unlike OpenSea and decentralized Solana marketplaces like Solanart and DigitalEyes, FTX NFTs lets users buy and sell collectibles in U.S. dollars using credit cards or funds brought in from an ACH bank transfer or wire transfer. Users can buy and sell with cryptocurrency as well.
Bitcoin’s $100K price target returns as BTC price breaks out of bull pennant
- Bitcoin (BTC) looks poised to pursue a run-up towards $100,000 as its price breaks out of a classic bullish structure.
- Dubbed as the Bull Pennant, the setup represents a price consolidation period with converging trendlines that form after a strong move higher. It ultimately prompts the price to break out in the direction of its previous trend to a level typically at length higher by as much as the size of the initial large move.
SoftBank Joins $60M Investment in Crypto Analytics Firm Elliptic
- Elliptic, a London-based provider of crypto assets risk management services, announced it has raised $60 million in a Series C funding round led by Evolution Equity Partners.
- Japanese tech investment giant SoftBank participated in the round through its $30 billion Vision Fund 2 as well, alongside existing investors including AlbionVC, Digital Currency Group, Wells Fargo Strategic Capital, SBI Group, Octopus Ventures, SignalFire, and Paladin Capital Group.
- Previously, Elliptic raised $5 million in Series A in 2016 and $28 million in Series B throughout 2019-2020.
US debt ceiling crisis: A catalyst for crypto’s ultimate decoupling?
- The United States federal government’s default on its debt has been averted — at least for now. On Oct. 7, the Senate voted to increase the debt limit by $480 billion, a sum needed for the world’s biggest borrower to keep paying off its obligations until early December.
- The deal secured a temporary resolution for a weeks-long partisan standoff that had investors both within and far beyond the U.S. unsettled. The once unimaginable prospect of a U.S. default seemed more conceivable than ever before.
