A popular crypto strategist and trader is unveiling potential breakout plays for Polygon (MATIC), Polkadot (DOT) and VeChain (VET) as we head into the new year.
In a new strategy session, analyst Justin Bennett says he’s watching the price action of Polygon, a scaling solution designed to enable the widescale adoption of decentralized apps on the Ethereum (ETH) blockchain.
According to the crypto trader, MATIC is trading within an ascending channel and must take out a strong resistance area to continue its uptrend.
“Ultimately, anytime a market is testing its all-time high and also carving higher highs and higher lows like this, it is technically a bullish structure to the market. But at the same time, you have to understand that $2.70 is a confluence of resistance and therefore, it’s going to be a very strong level in that MATIC needs to get above it on a daily closing basis to flip that area to support.”
Bennett says a convincing move above $2.70 on the daily chart could potentially send MATIC between $4 and $4.50.
Next up is Polkadot, a project that connects multiple blockchains into one unified network, allowing users on different blockchains to send and receive transfers of any type of data or asset.
According to Bennett, DOT must reclaim a key price level to reverse its bearish trend.
“The only thing to reverse a downtrend, which is just a series of lower highs and lower lows, the only thing to reverse that is the opposite – so higher highs and higher lows. So we need to see the market break the [diagonal] trendline, come up here, take out $31 to $32, close above that, flip it to support and then move toward $38.”
The last coin on Bennett’s list is supply chain management platform VeChain (VET), which he says is potentially gearing up for a massive breakout next year.
“This is one scenario I’m playing with right now is, potentially, the idea that VET has formed this triangle pattern here over really the entire year. So if that is the case and we see VET stay above this area down here, right around $0.07, maybe just above it, this could play out. We could just see a market that consolidates this way here, comes up, retest resistance ($0.15) and then potentially we get a breakout in 2022.”
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Wyoming Republican Senator Cynthia Lummis has made a name for herself within the cryptocurrency community for her favorable stance on the matter. Now, she will reportedly introduce a comprehensive bill next year.
Sen. Cynthia Lummis – a well-known Bitcoin HODLer – will reportedly introduce a cryptocurrency bill next year.
It will be covering everything from consumer protections to how crypto is taxed and categorized.
The main purpose of the bill would be to provide regulators with clear and concise guidance on which assets belong to various asset classes, to regulate stablecoins, and to protect consumers.
Also, the bill would also see the creation of a new organization that would be under the joint jurisdiction of the US Securities and Exchange Commission and the Commodity Futures Trading Commission.
CryptoPotato reported that Cynthia Lummis will be serving on the US Senate Banking Committee.
Bloomberg reports, though, that the proposed bill would likely face a tough path in the Senate which is split evenly on partisan lines on the matters of cryptocurrency.
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Amid the last days of 2021, Bitcoin is struggling around the $50K price area. The primary cryptocurrency is facing a huge options expiration event on the last day of 2021; hence, the next days are expected to be volatile.
Option Market Analysis
This Friday, 31st December, about $5.7 B worth of bitcoin’ options contracts will expire on Deribit Exchange.
The notional value of all expirations is approximately $10.7B. So comparing to 31 DEC‘s notional value, we can call it a massive expiry. The ‘max pain’ price is $48k. Moreover, the Call sellers for the $58k & $60k strike prices are not optimistic about a possible end-of-the-year Santa rally. Therefore, a high level of volatility is expected in the market in the coming days.
Technical Analysis
Following the recent drop from the ATH set in November, bitcoin broke above the MA-21 line by a 14% daily candle this week.
The Momentum indicator is above the zero-baseline, which could signify that the bulls are gradually stepping back into the market.
Short-Term Technical Analysis: The 1-Hour Chart
Following its recent daily uptrend, the BTC price is now retesting the most recent short-term support levels on the lower timeframe.
After getting rejected by the MA200 line on the 4-hour timeframe, the price is expected to find support at the static zone (marked by green area), which has played an essential role since hitting $42K. Any drop towards the $48.7K – $49.5K levels (yellow circle) will be considered a healthy correction to gain the required momentum before continuing the price recovery.
Onchain Analysis
The NVT Ratio values the Bitcoin network using the investor volume as seen on the blockchain. NVT Ratio is the ratio of on-chain volume to its market cap, something like a PE Ratio.
The NVT price level has been a useful BUY/SELL indicator for mid-term investors. Historically, whenever market price remained below the NVT price for an extended timeframe, later it had proven to be a great chance to accumulate more Bitcoin.
The above analysis was complied by analysts @GrizzlyBTClover, @N__E__D__A, and @CryptoVizArt exclusively for CryptoPotato.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
An under-the-radar crypto asset built on Ethereum is in the middle of an explosion after the altcoin project reached some big milestones.
Cratos (CRTS) is an ERC-20 token with a market capitalization of less than $500 million and currently ranks as the 185th-largest crypto asset.
CRTS is a utility token designed to facilitate citizen participation in the Cratos mobile app, a real-time live vote platform, where users can generate vote topics according to their preference, and other users can participate in the vote.
Last week, Cratos launched the global version of its app, after previously only being available in Korea.
According to the announcement, users can earn CRTS by registering, generating votes, commenting, or participating in votes, among other ways.
Market participants responded positively to the launch of the Cratos app by sending CRTS to a new record high. Sitting at about $0.0035 before the launch, CRTS started running until it hit a new all-time high of $0.0074 three days later for a gain of about 111%.
In the middle of CRTS’ rally, Asian crypto exchange MEXC decided to list the Ethereum-based altcoin.
At time of writing, CRTS is trading at $0.007, only 5% off its all-time high, and is up 234% in the last month, one of the more considerable gains in the top 200 cryptos by market cap.
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This being the week of Christmas, Crypto Twitter wasn’t its usual raucous and polyphonic self. There were fewer announcements, attacks, and gossip than usual.
But one debate dominated the chatter: former Twitter CEO Jack Dorsey took on Web3’s venture capitalists and found an ally in Elon Musk. And it all happened after Cardi B asked her followers an innocuous crypto question.
Read on for the play-by-play summary of the debate and to find out what else happened on Crypto Twitter this week.
Jack vs Web3 VCs
Cardi B arguably ignited the Web3 war of words between Jack Dorsey and venture capital firms like Andreessen Horowitz. It all started on Tuesday, when Cardi tweeteda simple question to her 20 million followers: “Do you think crypto is going to replace the dollar?”
Dorsey, a vocal Bitcoin maximalist, replied within seven minutes: “Yes, Bitcoin will.” (Bitcoin, not crypto.)
Dorsey wasn’t done drawing a distinction between Bitcoin and the rest of crypto. Three hours later he jumped back on Twitter and declared: “You don’t own ‘web3.’ The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.”
You don’t own “web3.”
The VCs and their LPs do. It will never escape their incentives. It’s ultimately a centralized entity with a different label.
Know what you’re getting into…
— jack⚡️ (@jack) December 21, 2021
The tweet attracted a gaggle of industry pundits into the fray, including Rug Radio founderFarokh Sarmadh, Dogecoin co-founderBilly Markusand Tesla CEO Elon Musk. At first, Musk entered on Dorsey’s side: “Has anyone seen web3? I can’t find it…”
Dorsey continued to argue with people on Twitter well into Thursday, burning a few bridges on the way. On Wednesday the Square CEO tweeted that he’d beenblocked by Marc Andreessen, co-founder of Andreessen Horowitz, the firm behind nearly every crypto startup these days. Dorsey alsounfollowed various corporate figuresin the sector, including Gemini co-founder Tyler Winklevoss and Coinbase CEO Brian Armstrong.
It wasn’t just Web3 in Dorsey’s crosshairs. He also managed to throw shade on Ethereum. At one point, NFT maker Rahilla Zafar accused Dorsey of being anti-Ethereum. Dorsey denied the charge, qualifying his point of view with: “I’m not anti ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate controlled lies. If your goal is anti establishment, I promise you it isn’t ethereum.”
I’m not anti ETH. I’m anti-centralized, VC-owned, single point of failure, and corporate controlled lies. If your goal is anti establishment, I promise you it isn’t ethereum. Don’t believe or trust me! Just look at the fundamentals.
— jack⚡️ (@jack) December 23, 2021
Dogecoin co-founder Billy Markus took umbrage with Dorsey’s Bitcoin maximalism and chipped in his two cents. He wrote: “My goal is to build stuff and make money and have fun I’m used to the corporate establishment and don’t really see any meaningful break away from it ~ bitcoin just gives power to new rich people.”
I mean my goal is to build stuff and make money and have fun I’m used to the corporate establishment and don’t really see any meaningful break away from it ~ bitcoin just gives power to new rich people 🤷♂️
— Shibetoshi Nakamoto (@BillyM2k) December 23, 2021
Musk flattered Markus by jumping in: “That’s why I’m pro Doge.” Dorsey replied to Musk’s comment with somemore Bitcoin praise, but Musk tapped out of the thread.
Bukele Buys MOAR
Dorsey’s tweet storm was pretty outrageous, but it’s not quite as outrageous as a head of state announcing to his followers at random moments that he’s just bought loads more Bitcoin. That could be interpreted as financial advice. And it’s exactly what El Salvador’s Bitcoin-pumping president Nayib Bukele has repeatedly done.
Bukele prefaced his latest announcement on December 21 with a little teaser: he enigmatically shared the fact that his country has an area of 21,000 square km. “Coincidence? I don’t think so!”
El Salvador’s entire size is 21,000 km2
Coincidence? I don’t think so!#Bitcoin🇸🇻
— Nayib Bukele 🇸🇻 (@nayibbukele) December 22, 2021
Things became clearer just over an hour later. Bukele told his followers that he planned to buy 21 Bitcoins to commemorate the final 21st day of a month in the 21st year of the 21st century. He later tweeted the receipt. (The last time he bought, in October, he made it a 420 joke.)
OpenSea users get their SOS
On Christmas Eve, with the crypto scene relatively quiet, OpenDAO took the opportunity to make some noise.
The DAO, which says it formed in an effort to reward OpenSea users for their spending and for suffering through various scams, airdropped new SOS tokens to anyone who has spent money on OpenSea transactions prior to December 23. You can claim your SOS by heading to OpenDAO’s site, connect your crypto wallet and hitting “initiate claim.” Your amount of SOS will depend on much ETH, DAI, or USDC you’ve spent on OpenSea. That figure will be compounded by a multiplier.
And SOS rapidly multiplied. The token rose more than 1,000% in just two days and became the talk of Crypto Twitter by Sunday.
Alexis Ohanian, the Reddit cofounder and NFT collector, devoted a Twitter thread to the SOS airdop, saying it’s an example of “how EVERYONE will value their time and spending online… u’re finally rewarded 4 using… Because everything is in a public database, it allows anyone to show up and reward behavior stored there.”
OK — b4 all the VC thinkpieces start…. these airdrops (like $ENS before it) flip script on how EVERYONE will value their time + spending online👉 u’re finally rewarded 4 using. It’s bringing incentives that I love (as a founder/investor) to the COMMUNITY that makes it all work
— Alexis Ohanian 7️⃣7️⃣6️⃣ (@alexisohanian) December 25, 2021
Altogether it was a quiet week on Crypto Twitter until Christmas—and now you can expect a lot more SOS chatter in the week to come.
The developers of meme crypto asset Dogecoin (DOGE) are publishing the coin’s first-ever roadmap eight years after its initial launch.
In an update posted on the Dogecoin Foundation website, DOGE developers say that utility is the key to the meme coin’s adoption, leading them to announce four new DOGE projects.
The first project involves the complete overhaul of the Dogecoin.com webpage, which would include Dogepedia, a compilation of frequently asked questions (FAQ) about the meme coin.
The redesign would be followed by the construction of libdogecoin, a library that would allow anyone to create DOGE-compliant products without needing to know the deeper specifics of crypto functions.
The third project is the creation of the “Dogecoin Standard,” which would lower the difficulty barrier for potential developers in hopes of seeing a rise in the number of developers moving over to Dogecoin.
The fourth project is the launch of the GigaWallet project, which would allow developers to seamlessly integrate DOGE transactions into their platform the same way they would other distinguished payment providers.
According to the developers, the projects will pave the way for payment providers, game developers, social platforms and retailers DOGE into their payment infrastructure.
“Essentially the more utility the more useful, the more useful the more adoption, the more adoption the more Dogecoin gains traction as a serious universal currency for people everywhere.”
The roadmap also mentions two other projects, one proposal and a partnership. The developers say they will provide more details in 2022.
DOGE is exchanging hands at $0.187 at time of writing, a 15.5% increase from its seven-day low of $0.162.
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For NFL fans, 2021 was a great year. Stadiums returned to capacity crowds after the 2020 season was shortened with limited attendance. Stadium parking lots were again filled with the enthusiastic anticipation of tailgaters and their barbequed camaraderie.
It was also a great year for Bitcoin (BTC) investors as the largest cryptocurrency by market capitalization reached all-time high prices multiple times throughout 2021, eventually topping out at $69,000 in early November. This led to a dramatic increase in media coverage of Bitcoin.
Seven NFL players in 2021 decided to call the audible and begin either being paid in crypto or having their cash salary partially converted to crypto. These players have capitalized on the return of the regular season and the increased profitability of Bitcoin.
Aaron Rodgers
The reigning 2020 NFL MVP announced via a Nov. 1 video post on Twitter that he was partnering with Cash App payment service to accept a portion of his salary in Bitcoin. Rodgers will earn roughly $22.3 million this year.
The video depicted Rodgers dressed as John Wick for a Halloween party. If that wasn’t strange enough, likely by design, Rodgers also told viewers that he would donate $1 million in BTC.
In Rodgers’ case, he will have a portion of his salary sent to his Cash App account, which he will then use to buy BTC.
The Twitter profile for the star quarterback for the Green Bay Packers features a picture of himself on the field during a game with the iconic laser eyes, further signaling his support for BTC.
Tom Brady
Tom Brady is another very high-profile NFL star quarterback who dabbled heavily in cryptocurrency in 2021. Brady has not yet said that he is being paid in BTC by the NFL, but he will be paid in crypto by FTX exchange after he took an equity stake in Sam Bankman-Fried’s exchange, and will serve as a brand ambassador.
Brady has not reserved himself to crypto assets alone, however. The iconic football star launched his own NFT platform, called Autograph, in April to attract the top talent in sports, entertainment, fashion and pop culture.
Tom Brady getting into Crypto was a top signal pic.twitter.com/hc6qxQou9o
— Tom Brady (@TomBrady) October 20, 2021
It doesn’t end there for Brady and crypto, though. Late in October, Brady threw the 600th passing touchdown of his career, marking an all-time high for the NFL, and helping to secure Brady’s position as the all-time leading touchdown passer in the league’s history. Brady paid 1 BTC to the fan who was initially given the ball by the receiver who completed the touchdown.
That BTC was worth about $62,000 at the time of the game, but the ball itself may be worth over $500,000 according to Goldin Auctions sports memorabilia auction company.
Odell Beckham Jr.
Odell Beckham Jr. (OBJ) followed in Aaron Rodgers’ footsteps by announcing late in November that he had partnered with Cash App to receive his salary from the NFL in BTC. His contract stipulates that he should receive about $4.25 million from the NFL this season.
The Los Angeles Rams’ wide receiver told fans that he would give back $1 million in BTC as part of his new partnership with Cash App. Beckham appears to be no stranger to the crypto and NFT scene as his Twitter profile dons a Crypto Punk NFT.
In case you haven’t noticed, Jack Dorsey’s Cash App is involved with both OBJ’s and Aaron Rodgers’ BTC salary deal. The payment service app has had a great 2021 through the first three quarters of the year by raking in nearly $10 billion in revenue from 36 million active users and 100 million downloads.
Trevor Lawrence
The Carolina Panthers’ new star quarterback joined the ranks of NFL superstars who are publicly accepting crypto payments. Lawrence’s deal, however, is not with the NFL directly. The 2021 NFL top draft pick’s crypto salary comes from an endorsement deal with the crypto portfolio app FTX (formerly Blockfolio).
Congrats on being the #1 pick @Trevorlawrencee!
We’ve got a surprise for you — check your @blockfolio account for $25k of SOL.
Tonight is on crypto, thanks to you! pic.twitter.com/ci8yHp3e8W
— SBF (@SBF_FTX) April 30, 2021
The value of his deal has not been made public, but if Lawrence has been hodling his crypto earnings, there is a good chance he has enjoyed an appreciation in value, especially from the Solana (SOL) coins. The total crypto market cap has increased by about $500 billion since late April when the deal was announced.
Saquon Barkley
Saquon Barkley, the superstar running back from the New York Giants, revealed in July that he was converting all of his endorsement pay into BTC. As with most others on this list, Barkley is not being paid directly with crypto. Instead, he is swapping some of his cash earnings for crypto.
Barkley is using the Strike payment app to acquire his BTC. He is not the first NFL player to use Strike to buy BTC with his salary, however. Last year, former NFL offensive lineman Russel Okung became the first player to publicly share that he was using Strike to convert his NFL salary to BTC.
Barkley’s reasoning for trying to amass wealth with BTC revolved around the lack of longevity among NFL athletes. He told The Best Business Show host Anthony Pompliano on July 15:
“When you see the KD’s, the Lebrons and Bradys of the world and you want to create generational wealth, you can’t do that with the sport that I play and the position that I play and coming off of injuries. When you sit out of football for a whole year, you realize that this game could be taken away from you.”
Sean Culkin
Kansas City Chiefs’ tight end Sean Culkin went public with his plans to convert his entire salary from the NFL into BTC. While others on this list committed to converting only a portion of their salary into Bitcoin or being paid for endorsements with cryptos, Culkin is swapping 100% of his salary.
I fully believe Bitcoin is the future of finance and I wanted to prove that I have real skin in the game — not just trying to make a quick buck. I will be converting my entire 2021 NFL salary to #Bitcoin.
— Sean Culkin (@culkin22) April 26, 2021
Like with Saquon Barkley, Culkin’s reasoning for turning to crypto has to do with the short half-life common among players in the league. The average time most athletes spend in the NFL is 3.3 years, according to Statista. Culkin said in a statement:
“Considering my career—particularly its physical demands, and brevity–it makes the most sense to be paid in sound money that I believe protects its purchasing power over time.”
Aaron Jones
Last but certainly not least on the list of NFL stars earning crypto is the Green Bay Packers’ Aaron Jones. The running back signed a deal with FTX to become an ambassador for the exchange in September. Like with Tom Brady’s deal, Jones purchased an equity stake in the exchange.
Jones will also integrate the FTX Pay platform into his own charity’s website to enable it to accept crypto donations.
Got my first NFT Shout out to @MaisonDeGOAT thank you for welcoming me to the herd #GOATz
Excited to be apart of the community !!! pic.twitter.com/oLRquKjGRE
— Aaron Jones 3️⃣3️⃣ (@Showtyme_33) December 9, 2021
In the spirit of Christmas, American football rookie quarterback Michael McCorkle “Mac” Jones gifted his teammates with Bitcoin (BTC) as he played the role of Santa Claus on Christmas Eve.
Bitcoin as a Christmas Gift
Although the amount he shared was not disclosed, Jones gifted bitcoin to 12 of his teammates, making them Bitcoiners for the first time. The list includes Ted Karras, David Andrews, Trent Brown, Yodny Cajuste, Yasir Durant, James Ferentz, Justin Herron, Shaq Mason, Mike Onwenu, Alex Redmond, Will Sherman, and Isaiah Wynn.
The 23-year old, who plays for the New England Patriots in the National Football League (NFL), said that he has been researching Bitcoin for some time now, so he decided to give out some to his teammates as Christmas presents.
New England Patriots quarterback Mac Jones Image by AP Photo, Greg M. Cooper
Jones said he used Bitcoin service provider Swan Private to distribute coins, with help from Bitcoin Magazine.
“I’ve been studying Bitcoin for a while now. This year I just knew I had to give some Bitcoin to my teammates… So I reached out to Bitcoin Magazine and asked for help on how to give Bitcoin as a gift,” the Patriots rookie quarterback said.
Commenting on the development, Cory Klippsten, CEO of Swan Bitcoin, said:
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“Our mission at Swan is to create 10 million new Bitcoiners, not just people who own Bitcoin, but people who understand how important it is. That’s why we’re so focused on education and world class service. Our Swan Private concierge team is very excited to partner with Mac and his squad on their Bitcoin journey.”
Crypto Marries Sports
Meanwhile, as Bitcoin continues to go mainstream, it is increasingly gaining acceptance from sports stars and professionals.
Mac Jones is not the first NFL player or sportsperson to gain interest in Bitcoin. In early November, Green Bay Packers quarterback Aaron Rodgers announced that he wished to receive part of his salary in bitcoin by partnering with Cash App.
That same month, Los Angeles Rams wide receiver Odell Beckham Jr. took a similar step and signed a partnership deal with Cash App that allows him to receive his entire paycheck in BTC.
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