Friday, 15 October 2021

Market Summary

Market Summary 15 October 2021

ETH Rebounds, Banker Joe Launch, Perps & CEX Coins

  • After days of hovering at the bottom of the 0.06 to 0.08 range, ETH bounced from support rather abruptly to 0.066. Daily RSI14 also recovered from oversold levels (30), adding promise.
  • While it’s too early to tell whether this is mean reversion or part of a larger move, ETH/BTC recovered strongly from this key support and could continue to range inside the yellow wedge drawn below.
  • Trader Joe’s TVL (and, by extent, Avalanche’s TVL) increased by close to $700m following the launch of Banker Joe, Trader Joe’s new lending product. In the past 3 days, TVL on Trader Joe has increased by $700m, which firmly puts it above BenQi’s TVL after being neck and neck for weeks.
  • BNB has performed well in the last 3 days following Binance’s $1b ecosystem fund announcement. While other ecosystems have done similar initiatives, this is the largest ecosystem growth fund to date. As the battle between L1 ecosystems continues to heat up, this should help attract new users and mercenary capital.
  • Unfortunately, the same cannot be said about FTT and especially HT. While FTT has underperformed BNB, HT has performed far worse as it fell nearly 50% since September. Volume collapsed on their centralized exchange due to regulatory crackdowns in China, sending HT into distress with no end in sight.
  • The DYDX token has come out strong since it’s launch on September 8th, reaching a current FDV of $22.7b. With the goal posts set so high now, other Perp protocol tokens have taken the opportunity to stretch their legs.

 

Bitcoin-related altcoins surge as BTC ETF rumors spread across the sector

  • On Oct. 14, bulls flexed their muscles and showed their intent to push the price of Bitcoin (BTC) closer to its $65,900 all-time high. One reason for the move is the steady chatter about the possibility of a Bitcoin exchange-traded fund (ETF) being approved by the end of October. 
  • Bitcoin’s price performance is also a signal that market participants are back in accumulation mode, a fact that is backed by data from Glassnode showing that the amount of Bitcoin held in wallets of all sizes has been on the rise since the price briefly dipped below $29,000 in mid-June.

 

Ethereum price hits $3,800, boosting bulls’ control in Friday’s ETH options expiry

  • Ether (ETH) entered a slightly bullish channel earlier this month, and currently the price is marching toward the $3,800 level. Despite the recent turbulence, Ether bulls are set to bag a $53 million profit on this Friday’s weekly options expiry. 
  • Investors also appear to be disinterested in Ether’s recent underperformance versus Bitcoin (BTC), and to date, the altcoin’s gains stand at 265%. If Ether manages to stay above $3,600 on Friday, 99% of the $180 million put (sell) options will become worthless.

 

CME Bitcoin futures open interest hits 8-month high, greater than when BTC price was at $65K

  • Open interest (OI) for Bitcoin (BTC) Futures trading on the Chicago Mercantile Exchange (CME) inched toward a new record high on Oct. 14 as BTC reclaimed its five-month high of $58,550 on BitStamp.
  • The total number of outstanding derivatives contracts on the CME Group’s Bitcoin Futures market reached $3.22 billion, just $40 million below its record high logged in Feb 2021, according to data provided by ByBt.com. Nonetheless, the OI came out to be higher than it was at the Bitcoin price’s peak in mid-April.
  • In detail, the Bitcoin Futures OI on CME was $3.02 billion on April 14, the day on which the BTC price nearly reached $65,000. But on Oct. 14, the OI was more than 6% higher than the readings from mid-April, even as the BTC price wobbled inside the $57,000–$58,550 price range.

 

Actility and Helium Announce Roaming Integration to Drive Enterprise Adoption Globally

  • We are extremely excited to announce Actility as the latest roaming partner on the Helium Network! This partnership will add mass enterprise adoption and usage to the Network, immediately unlocking ubiquitous coverage for millions of IoT devices.
  • Like Helium, Actility is recognized as the leader in IoT connectivity solutions and LPWA technology. Actility’s ThingsPark Exchange remains the industry’s first and de facto standard LoRaWAN IoT peering hub. Through this integration with ThingPark Exchange, Actility will be able to immediately extend Helium Network coverage to 25 already connected networks worldwide.

 

Centrifuge partners with Nexus Mutual to offer smart contract coverage for Investors and Issuers

  • We are thrilled to announce a partnership with Nexus Mutual, a premium DeFi insurance coverage provider. Investors and Issuers in Centrifuge’s dapp Tinlake will now have the option of purchasing coverage for DAI properly deployed in any of Centrifuge’s Pools.
  • While all of Centrifuge’s smart contracts have been thoroughly audited by both Least Authority and dapp.org, this insurance will give Centrifuge Liquidity Providers and Backers an added layer of security if wanted.

 

Polkadot eyes breakout to $75 after DOT price rally sets up classic bullish reversal

  • Polkadot (DOT) chart technicals suggest it may rally to a new record high near $75 if DOT can manage to close above its $41–$43 range decisively.
  • That’s according to a classic bullish reversal setup known as an inverse head and shoulders (H&S) that forms when the price undergoes three selloffs during a period of market consolidation.

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