Friday, 17 September 2021

Market Summary

Market Summary 17 September 2021

Did the Market Overreact Last Week?

  • Despite poor market conditions last week, ETH/BTC is still above its latest trend line break. Price was consolidating within a channel before breaking out. And after breaking through, price came back to re-test the upper trend line — typically a sign of continued strength.
  • After last week’s sudden nuke, sentiment in crypto markets plunged hard from a state of greed right into fear in a single day. Given the last 10 days of movements, it’s safe to say this was definitely an overreaction. But this highlights how fragile sentiment currently is in the market, making it a ripe environment to chop traders up and catch leveraged positions offside.
  • Stablecoins on Ethereum hit a total capitalization of $80B this month, indicating capital inflows to crypto — and specifically Ethereum — aren’t slowing down.
  • After a strong showing this week, BTC spent most of today chopping around between $47K and $48.5K. DeFi tokens continue to run with SUSHI, RUNE, SNX, and CRV leading the way.

 

OpenSea Parts Ways With Executive Caught Trading Ethereum NFTs on Insider Info

  • Leading NFT marketplace OpenSea has parted ways with Nate Chastain, its former head of product, after the executive was discovered profiting from the trade of NFTs based on inside information.
  • OpenSea wrote that it has engaged an unspecified third party to “conduct a thorough review of the incident and make recommendations on how we can strengthen our existing controls.” That investigation is still ongoing, the company writes, with no stated timeline for completion.

 

Ethereum Rival Avalanche Hits All-Time High Following $230M Token Sale

  • Avalanche has become one of the most prominent so-called “Ethereum killers” over the last year, as the blockchain networks designed for decentralized applications has seen its native AVAX cryptocurrency rise to new heights.
  • And the money keeps on flowing, as the Avalanche Foundation today announced an infusion of $230 million via a new token sale. Shortly after the news was revealed, AVAX set a new peak of nearly $65 per coin, according to CoinGecko. It’s up 22% over the last 24 hours and is currently the 12th-largest cryptocurrency by market cap—above $14 billion, as of this writing.
  • The private token sale, which was completed in June but only just revealed today, was led by Polychain Capital and Three Arrows Capital. It provides significant capital for Avalanche as the ecosystem expands to challenge Ethereum’s dominance in the space, as well as fend off fellow on-the-rise Ethereum rivals. The Foundation plans to support Avalanche-based projects via grants, token purchases, investments, and technology support.

 

Blockchain-based music platform Audius raises $5 million from music industry giants

  • Audius, a blockchain-based music streaming platform with over six million monthly users, announced Thursday that it raised $5 million from some of the music industry’s top people.
  • Investors in Audius include artists such as Katy Perry, The Chainsmokers, Nas, Jason Derulo, Pusha T, Mark Gillespie, as well as industry leaders like former Sony Music CEO Martin Bandier, CEO of the investment firm K5 Global Michael Kives, and CEO of the performance rights organization SESAC John Josephson. 

 

Yearn UI v3.0

  • “We’ve rebuilt yearn.finance from the ground up. We’ve worked to address feedback and pain points from v2, and a lot more. v3 is built with user experience, composability, and the multi-chain future in mind, and the beta is live now: beta.yearn.finance.” 

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