The cryptocurrency market is down 7% over the last 24 hours.
Bitcoin, Ethereum, and Solana have all lost value today, along with gaming and metaverse tokens.
The cryptocurrency market was in the green over the weekend asBitcoinneared a return to $52,000 and the total crypto market cap nudged back above $2.5 trillion. However, much of the market hasseen deepening losses today, with leading coins like Bitcoin andEthereumdown, along with metaverse and gaming tokens.
Bitcoin (BTC) sits at $47,950 as of this writing, according toCoinGecko, after dropping more than 6% over the last 24 hours. It’s still up slightly on the week at 1.5% higher than seven days ago, but is down more than 12% during the 30-day span.
With $50,000 seen as a key resistance level, it’s not surprising to see Bitcoin drop back below that level after surpassing the milestone figure over the weekend. It may also be due in part to post-Christmas profit taking ahead of the new year.
The tumbling market has led to significant liquidations of leveraged positions, according to data fromCoinGlass, likely leading to further losses in the process. The site shows nearly $523 million worth of futures contract liquidations over the last 24 hours from more than 165,000 traders, including over $167 million in Bitcoin positions alone.
In any case, it’s not just Bitcoin that’s suffering in the markets today. Overall, the total cryptocurrency market cap is down 7% as of this writing. Ethereum (ETH) is also down more than 6% at a current price of $3,827, while the third-largest cryptocurrencyBinance Coin(BNB) is down nearly 6% at $537 per coin.
Solana(SOL) has experienced an even more pronounced drop at almost 10% over the last 24 hours, down to a current price of $181, withCardano(ADA) down nearly 9% andPolkadot(DOT) dropping nearly 12% over the last day.
Some metaverse and crypto gaming-related coins and tokens, which have seen volatile swings of lateamidst significant recent gains, are also down double-digits today.
Gala Games (GALA) is down 13%, for example, withDecentraland(MANA) and Enjin Coin (ENJIN) each losing about 12% of their respective value over 24 hours.The Sandbox(SAND), meanwhile, is down a more modest 8% during the span.
After the price topped at $52K on Monday, Bitcoin had lost over $4000 in just a day. Is BTC entering a deeper correction, or where is the local bottom?
Technical Analysis
Short-Term Analysis
Last week the bitcoin price broke above a mid-term descending trend line on the 4-hour timeframe. After completing a pullback, the price increased again and touched $52k resistance (Monday).
However, the market did not have enough momentum to continue the rally (low volume), and the bears won the battle. For now, BTC is supported by the static support zone – as can be seen on the following chart.
If BTC loses the first support zone, the $45k-46k range will be the next critical supporting level. Additionally, looking at the RSI indicator, we can see that the lower band of the Bollinger is getting closer to the oversold territory; hence, we likely see a positive correction at some point.
Daily Analysis
Bitcoin could not break out of the Ichimoku Cloud on the daily time frame. Now, the primary cryptocurrency had lost Tenkan-Sen as support.
Based on the historical reactions that the price has shown before, bitcoin must break above the Ichimoku Cloud in order to regain its bullish momentum. As shown on the chart below, the green zones might serve as strong supports levels on the daily time frame.
Onchain Analysis
Currently, 26% of the supply is in the loss territory. Historically, the market saw 32% supply-in-loss at $29K bottom in July.
Therefore, there is a high possibility that the $40K-$42K range will be retested, and likely become a local bottom for the midterm. As a matter of fact, the lowest level was reached amid the March-2020 COVID crash, where almost 60% of the supply was in loss.
The above analysis was complied by analysts @GrizzlyBTClover, @N__E__D__A, and @CryptoVizArt exclusively for CryptoPotato.
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Cryptocurrency derivatives exchange FTX is calling on banks to reach out and discuss the possibility of accepting stablecoins in exchange for a $1 million reward.
In a Tuesday Twitter post, FTX said it was exploring forming relationships with banks in different regions to allow users to have “near-instant and near-free deposits and withdrawals” through stablecoins. The exchange floated the idea of offering a $1 million prize for the first bank in each region to accept the tokens but hinted it would be open to giving more.
How much would it cost to convince a bank to accept stablecoins?
If we offered a $1m prize for the first bank in each region that does it is that enough?
Do you work for a bank and want to discuss this?
— FTX – Built By Traders, For Traders (@FTX_Official) December 28, 2021
The pitch to the exchange’s more than 350,000 Twitter followers came following FTX CEO Sam Bankman-Fried, or SBF, suggesting additional regulatory clarity was needed for the crypto space — including stablecoins — to move forward as an industry. According to the CEO, creating a “reporting/transparency/auditing based framework” to confirm how the coins are backed would “solve 80% of the problems while allowing stablecoins to thrive onshore.”
FTX said it aimed for an audience including but not limited to U.S. banks in calling for an agreement on stablecoins, and would be open to speaking to credit unions. The exchange is incorporated in Antigua and Barbuda and headquartered in The Bahamas but also operates FTX US for U.S. users.
“We just acquired a bank and this is a good idea,” said Oliver von Landsberg-Sadie, CEO of the London-based BCB Group. “No prize required by us, you are already a client of ours, and we all gain in the long run.”
Related:Regulators are coming for stablecoins, but what should they start with?
This year, many U.S. regulators have turned their attention to stablecoins, with The President’s Working Group on Financial Markets releasing a report in November suggesting that issuers should be subject to “appropriate federal oversight” akin to that of banks. Nellie Liang, the Undersecretary of the Treasury for Domestic Finance, has also hinted at additional laws affecting the coins.
A popular crypto strategist and trader is saying that one Ethereum rival is poised for a breakout and one little-known altcoin is positioning for a rally.
Pseudonymous crypto analyst Smart Contracter tells his 198,400 Twitter followers that he’s keeping an eye on Solana (SOL), a blockchain focused on being scalable while remaining secure and decentralized.
According to the analyst, Solana looks ready to break out from an ascending triangle pattern and ignite a strong rally against Bitcoin (SOL/BTC).
“SOL/BTC on the weekly looks like it’s gagging for a breakout and new high. Four touches of the upper level.
Only so long it can hold before it breaks.”
Source: Smart Contracter/Twitter
The crypto strategist relies on the Elliott Wave theory, a technical analysis approach that forecasts future price action by following the psychology of market participants that tends to manifest in waves.
Based on the trader’s chart, SOL/BTC is currently in the early innings of its wave five rally that could take the pair to as high as 0.0068 BTC ($338.84). With the pair’s current price of 0.0038 BTC ($189.35), a move to Smart Contracter’s target represents a potential upside of nearly 80%.
Another coin on the trader’s list is Synapse (SYN), a cross-chain protocol that enables users to transfer and swap crypto assets across layer-1 and layer-2 ecosystems. According to Smart Contracter, he sees Synapse massively outperforming Ethereum (SYN/ETH) in the coming weeks.
“With all the layer-1s competing against each other, accumulating something that bridges them all together feels like a picks and shovels play to me.
SYNchart looks amazing against ETH here on the weekly and allows you to bridge to almost every single chain from any chain.”
Source: Smart Contracter/Twitter
At time of writing, SYN is exchanging hands at $2.94, up over 13% in the last 24 hours.
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Centrifuge’s Real World Assets Market is now live on Aave.
The RWA Market is intended to allow users to earn yield against real-world assets such as real estate.
Centrifuge has a history of bridging the DeFi space with real-world assets.
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Centrifuge, a platform that allows real-world assets to be bridged to DeFi protocols, has announced a collaboration with Aave to launch its Real World Assets Market.
Aave and Centrifuge Launch Real World Assets Market
Centrifuge announced Tuesday morning in aMedium postthat its Real World Assets (RWA) Market on Aave had officially launched. These real-world asset markets allow investors to earn yield against real-world assets that are not correlated to crypto assets.
The Aave protocol allows investors to borrow tokens against collateral they deposit, with interest rates fluctuating depending on supply and demand. Owners of RWAs can create asset pools (e.g. a real estate pool) from which other investors could buy tokens by depositing stablecoins into the pools. These deposited stablecoins can then be borrowed against the real-world assets.
Centrifuge’s RWA Market also includes non-crypto assets like tokenizedReal Estate Bridge Loansand Cargo and Freight Forwarding Invoices.
The founder of Aave, Stani Kulechov, said:
“The RWA Market is a much needed building block not only for protocols such as Aave, but across DeFi as a whole. Knocking down barriers of entry and making DeFi accessible to all is part of the Aave Companies’ vision, and we are excited to be fulfilling this through the collateralization of real-world assets, made possible by Centrifuge.”
This is not the first time Centrifuge supported the bridging of RWAs to the DeFi sphere. It announced its introduction of RWAs as collateral for Maker in April. The Centrifugeplatformcurrently has over 50 million DAI (the Maker Protocol’s Ethereum-based stablecoin) in total value locked, with a current estimated yield of 24% annually.
Aave has frequently helped increase the options afforded to DeFi users. Earlier this month, another DeFi staple, Balancer,launchedBoosted Pools with Aave, potentially allowing liquidity providers to attain higher yields.
Disclosure: At the time of writing, the author of this piece owned ETH and several other cryptocurrencies.
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KATWIJK, NETHERLANDS – NOVEMBER 15: In this photo illustration, a visual representation of the … [+]digital Cryptocurrency, Bitcoin, is placed on top of an one hundred Chinese yuan banknote with a portrait of former Chinese leader Mao Zedong, on November 15, 2020 in Katwijk, Netherlands. (Photo by Yuriko Nakao/Getty Images)
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Slowly, the Chinese state has been building up the e-CNY or the digital yuan to where it has some real-world capacity now. During the Winter Olympics, the Chinese state aims to evangelize the digital yuan to a broader international audience, trying to get the government-controlled payment rail into the hands of international visitors for a soft pilot of what is a long-standing Party goal: to more broadly internationalize the Yuan.
Visitors to the Winter Olympics will be allowed to access the digital yuan with their passports, even if they don’t have any domestic Chinese banking accounts.
Yet concerns remain for the digital yuan. Foremost is that it is still in pilot mode and hasn’t in fact been stress-tested at scale yet. Bitcoin has passed many times more in daily transaction value than the total trial amount passed through the e-CNY ($9.7bn in USD value over the course of 12 trials as of November 2021). Now, to be clear, daily on-chain transaction value can be murky: transfers between stakeholders can be to the same nominal owners — yet it speaks to the pilot nature of China’s e-CNY and how far it should go to be anywhere near “production-ready”.
Bitcoin, ethereum and plenty of smaller cryptocurrencies have been subjected to a plethora of attacks: early in its history, one particular attack led ethereum to split and almost destroyed the whole project. These different attacks, from individual phishing attacks on holders to exchange hacks, have tested the chain at various levels — yet the foundational thesis that a host of decentralized providers could come together to unlock economic value solely through a well-tuned set of incentives has lasted through more than a decade of testing.
There have been strong incentives placed for many to attack the system — Satoshi’s cache of initial wallets for example, are available for those looking through a block explorer to what could essentially be a multi-billion dollar fortune. Yet, nobody has signed for or moved that amount — in what has amounted to now a multi-billion dollar bounty for any bitcoin attacker.
It’s hard to imagine that the Chinese e-yuan will be able to inspire the level of enthusiasm, open-source collaboration, and the complete suite of security focus that ten plus years of bitcoin in the wild has provided. The “trial” phase of the digital yuan is still very much relevant, no matter what efforts are made for visitors to integrate with it.
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Secondly, the state’s imprimatur has very little relevance in a world where essential data and systems are attacked by state-level or even private entities all the time. In the case of the Chinese state, encryption law that allows for backdoors in order for state surveillance has led to an atrophy of commercial encryption — and points to another central issue for the digital yuan: the level and need for central control diluting even further the standards under which digital payments are conducted.
One can only hope that the same agencies responsible for ensuring that Chinese state media doesn’t adopt HTTPs connections and secure connections by default and which consider “locally” produced to be analogous to “secure” aren’t also responsible for the cryptography research required for the “dual mandate” of the digital yuan: placating the central government’s need for control with the user’s needs for privacy, autonomy, and trust in no backdoors.
With the Chinese state clearly broadcasting the level of control it has on the digital yuan, and flipping payments control from Chinese companies that had rejected (some) government inquiries for data and whose leadership has questioned the central state such as Alibaba and Alipay’s founder Jack Ma, the digital yuan has also been lauded by state figures for its ability to create individual blocks and censorship.
Its ability to maintain privacy and encryption aside, and its lack of “production” experience — this should be centrally concerning even for casual users. After all, the Chinese state has proven more and more unpredictable when it comes to imprisoning nationals of other states for somewhat arbitrary purposes: and it has used mass surveillance, largely through recording of biometrics, malware and other devices to spy on regions and diasporas across the world. That the same entity has designed this system with control in mind should leave anybody concerned that use may be weaponized.
Thirdly, in terms of environmental impact: the Chinese state should answer the same critiques of energy efficiency that have been tossed at proof-of-work blockchains or proof-of-stake. There have been indications that the Chinese state is looking to implement “blockchain” strategies for everything from tracking carbon emissions to being a cornerstone of new innovation and technologies.
What are the consensus algorithms, setup, KW/hr measures? There is no objective analysis of these energy efficiency standards that should escape use cases just because they have state backing — if anything it is ever the more reason to be suspicious, with a state that has long priced carbon lower in its carbon trading scheme (close to $50 USD per ton), and which has simultaneously promised long-term emissions cuts while delivering increases in coal power. This system of power generation, or at least some portion, will go towards an extension of the state’s monetary authority rather than a differentiated, secured product with known international demand. Analysis of environmental efficiency should be heightened here to match some of the standard analyses long done on both proof-of-work and proof-of-stake standards.
Finally, the People’s Bank of China, the issuer of the e-CNY cannot be considered as nominally independent as other central banks — its alignment with political objectives ensured by its reporting structure to the State Council as well as “Party discipline”. If this is a form of theater to partially disguise who really controls economic and political goals, it could well be a very expensive one technologically speaking — and in energy cost. The international audience the e-CNY is aimed at — and the Chinese people (68% of whom expressed some concern for their digital privacy in one study) deserve much better.
The Chinese state wants to assure individuals using its digital yuan that it is finally a “reliable” way of transacting digitally in a digital manner. Yet it falls short of the true ecosystem of wallets, education, and production-ready experience that digital cryptocurrencies have long had, needs to be audited from an energy efficiency and centralization/decentralization of power aspect — and though the Chinese state has endorsed this new central bank digital currency, it suffers from many of the problems any central bank digital currency would have — and adds some deep, specific concerns around encryption, user privacy and user autonomy to boot.
E11EVEN Partners – the brand behind the famous disco club in Downtown Miami, the E11EVEN Voda, and the E11EVEN Hotel & Residences, purchased Ape #11 of the Bored Ape Yacht Club for 99ETH ($396,000 at the moment of the transaction). Thus, the company put its name next to Steph Curry, Post Malone, and others who acquired NFTs from the same collection.
E11EVEN Deepens Crypto Foray
According to a recent press release, Bored Ape number 11, one of the 10,000 NFTs in the Bored Ape Yacht Club (BAYC) collection, was purchased by the Miami nightclub – E11EVEN. The non-fungible token depicts a monkey dressed in a red bathrobe. The animal has a laurel wreath and smokes a cigarette, just in line with the nightlife style which the entertainment brand represents.
Dennis DeGori, Michael Simkins, and Marc Roberts – some of the executives at E11EVEN – said they are “thrilled to have Bored Ape #11” as their first NFT acquisition, hinting the company might purchase more digital collectibles soon.
The popular brand is not a newbie in the cryptocurrency industry. In April this year, it became the first major nightclub in the United States to accept digital assets as a payment method.
“E11EVEN has always dedicated itself to being cutting edge and staying ahead of the curve. We have seen tremendous success in the eight months we have accepted cryptocurrencies (as a form of payment) and see opportunities like this as a natural transition for the business to continue to expand,” the aforementioned partners stated.
The company has processed more than $4,000,000 in digital assets since adopting digital assets. In addition, E11EVEN Hotel & Residences also embraced cryptocurrencies as a means of settlement, while E11EVEN Vodka sponsored the International Bitcoin Conference in Miami earlier this year. The latter became the largest event focused on the primary digital asset.
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Who Else Is a BAYC Collector?
Based on the Ethereum blockchain, Bored Ape Yacht Club has become a household name for prominent sportsmen, athletes, and celebrities who want to jump into the NFT bandwagon.
In August, Golden State Warriors star Stephen Curry spent 55 ETH worth about $180,000 (at the time) to acquire one of those Apes. His non-fungible token represents a monkey with zombie eyes wearing a tweed suit.
The basketball icon did not stop his NFT engagements there. A few days ago, he scored his 2,974 3-pointer in his career and thus surpassed Ray Allen’s record. To celebrate this achievement, Curry launched an NFT collection consisting of every 3-pointer he has netted.
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It looks as though the year-end rally that many crypto traders had hoped for will have to wait until 2022, as Bitcoin (BTC) bears gained the upper hand on Dec. 28 and hammered the price of BTC below support at $48,000.
Data from Cointelegraph Markets Pro and TradingView shows that an early morning wave of selling broke through BTC support at $50,000 and was followed by a second wave in the early afternoon that dropped the top cryptocurrency to a daily low of $47,318 before bulls managed to stem the outflow.
BTC/USDT 4-hour chart. Source: TradingView
Here’s a look at what several market analysts are saying about the reasons behind this latest correction and what to look out for as 2021 comes to a close.
A bearish RSI divergence prior to the reversal
Insight into the technical reasons for the year-end correction for BTC price was offered by options trader and pseudonymous Twitter user “John Wick,” who posted the following chart highlighting a bearish “fake out” as the price of Bitcoin began to reverse.
BTC/USDT 4-hour chart. Source: Twitter
Wick explained:
“We formed a double top that was clearly defined by bearish RSI divergence. Notice how price action trends up, while RSI was trending down. We also had a bearish Alpha Thrust & Squeeze fakeout.”
Possible dip to $44,000
Bitcoin’s continued struggles at the 21-week exponential moving average (EMA) was highlighted in the following chart from market analyst and pseudonymous Twitter user “Rekt Capital.” The weekly chart shows the difficulty BTC has had in breaking above the technical indicator.
BTC/USD 1-week chart. Source: Twitter
According to Rekt Capital, the price action for Bitcoin is similar to a scenario that occurred back in May “whereby Bitcoin is experiencing a multi-week consolidation between the two bull market EMAs,” and the price could soon revisit the $44,000 level. He continued:
“Historically, BTC has performed downside wicks into the orange area during this red retest so there’s scope for another revisit of orange.”
Related:Bitcoin daily losses near $4K as S&P 500 hits 69th all-time high of 2021
Waiting for a breakout above $52,000
Suggestions as to what traders should be on the lookout for in the days and weeks ahead were offered by analyst and pseudonymous Twitter user “Don Alt,” who posted the following chart showing that Bitcoin is in a “pretty clean downtrend, for now.”
BTC/USD 1-day chart. Source: Twitter
Don Alt indicated that there is not much to see with BTC continuing to trade in a range at these current levels. He is now waiting for a clear break above the first red resistance zone on the chart above, which is located near $52,000. Don Alt further explained:
“I start getting hopeful above $52,000, above $60,000 the raging bull market is back on. Until either of those happens I’m gonna look for deep wicks and focus on other more exciting things.”
The overall cryptocurrency market cap now stands at $2.234 trillion and Bitcoin’s dominance rate is 40.3%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Real Vision chief executive Raoul Pal thinks the institutional forces driving crypto’s recent market volatility are finished taking profits, opening the doors for digital assets to start the new year strong.
In a YouTube interview with The Stakeborg Talks, Pal identifies the marginal drivers of the current crypto markets.
“I step back and look at it and think who is the marginal driver of this market right now?
It is not retail. Why not? The new wallet addresses and stuff are below highs now, and I think it’s to do with this consumption issue.
You’ve raised prices on retail in terms of fuel… energy fixed costs, so their marginal ability to invest has gone down as well as [the ability to] consume.”
The inflation of retail prices, argues Pal, has taken marginal crypto investment money off the table, leaving only institutional players to influence market prices.
As Pal points out, many large investors are incentivized to take profits at the end of calendar years.
“So you’ve taken marginal money out of the market.
If you’ve taken them [retail traders] out of it, and then the institutions are at the year-end, and they’re incentivized differently…
Again, they’re not saying they don’t believe in the market, they’re saying I believe in getting paid.
And so I want to protect my profits.”
The result, says Pal, is an uneven market. However, the macro guru thinks the profit-taking may have ended last week.
“It created a lopsided market.
Now the question is: are they done?
It looks like they’re done because the market has been kind of just chopping around since last week, which was the traditional last week of everybody squaring their books.”
Even so, Pal warns that the crypto market correction may not be complete. Regardless, he still predicts a strong start for crypto in 2022.
“Could have another leg lower, potentially.
Could that come out of Asia, which is where a lot of the selling has also come from?
Again, possibly… but the probability is is that next year ends up being a strong start.”
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On December 17, 2021, the DAO Global Hackathon chose Grindery as the second-place finalist in the ‘finance and operations’ track. The award recognizes Grindery’s novel solution for helping DAOs to ‘get things done’ by doing the following.
Enabling batch payouts for salaries, grants and bounties
Integration with Gnosis, Aragon and other leading DAO frameworks
Sam of Superfluid and track judge at the DAO Global Hackathon said,
“Overall, I think this aspect of DAO tooling is going to be very important moving forward. The Grindery team is championing the process of building [these] tools and making it easier to manage payments and create reports – and they build a lot of integrations. We’re excited to experiment with it.”
The Hackathon had over fifty entries and was sponsored by partners including Aragon, Gitcoin, NEAR, Polygon, BitDAO, MetaCartel and other leading web 3.0 projects. It was also the first Hackathon dedicated exclusively to DAOs.
In the context of the event, Eyal, CEO of DeepDAO, said that,
“Assets under management by DAOs have multiplied 300 times in less than two years.”
According to Tim Delhaes, co-founder of Grindery, we will see a “Cambrian explosion” of DAOs in the coming months. According to many web 3.0 insiders, DAOs are where NFTs were about a year ago.
Delhaes continues,
“However, DAOs still lack basic tools that are common in any company or startup – payouts, timesheets, reporting. All of these are not only productivity-enhancing gimmicks but a true requirement to enable trustless collaboration at scale. Grindery is building the framework, chain and token independent tools these DAOs need.”
Pete Abilla of Harmony added,
“Grindery is building a swiss army knife for existing DAO frameworks. Grindery complements existing DAO frameworks like Aragon. This is why we provided them with funds through the Harmony grant program earlier this year when we ported Aragon to the Harmony blockchain.”
About the DAO Global Hackathon
The DAO Global Hackathon is a virtual sprint to build governance primitives, sponsored by leading DAO infrastructure providers. The objective is to resolve technical limitations of the existing DAO tooling and to build the next frontier of coordination primitives. Winners were selected by a reputable group of judges, with a chance to take home a combined prize pool in value of $200,000.
About Grindery
Grindery builds software that helps DAOs to be more productive and transparent by simplifying payments and reporting. Grindery has released its first product as a Chrome extension in the Google Chrome Store. The team of serial entrepreneurs and seasoned developers has already won several Hackathons and is on track to become one of the leading tools of its category.
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Tim Delhaes, co-founder of Grindery
This content is sponsored and should be regarded as promotional material. Opinions and statements expressed herein are those of the author and do not reflect the opinions of The Daily Hodl. The Daily Hodl is not a subsidiary of or owned by any ICOs, blockchain startups or companies that advertise on our platform. Investors should do their due diligence before making any high-risk investments in any ICOs, blockchain startups or cryptocurrencies. Please be advised that your investments are at your own risk, and any losses you may incur are your responsibility.
