Author: dfmines

After a flash crash, last Tuesday as El Salvador officially made Bitcoin legal tender, the leading cryptoasset has steadied around $45K. What was expected to be a historic day of celebration became one of the most volatile days of the year. The party was cut short by technical problems, and Bitcoin dropped by $10K in a matter of hours. It then clawed back losses over the next few days as Panama revealed its own Bitcoin legislation and Ukraine moved ahead with legalization. Only a few altcoins had the strength to swim against the bearish tide: Tezos pushed 30% higher on the launch of an NFT collection from American rapper Doja Cat, and Algorand added an astonishing 60% on the back of a new DeFi fund. This Week’s Highlights Algorand adds 60% in defiance of market downturn Cardano falls on smart contract debut Algorand adds 60% in defiance of market downturn As the crypto market turned red, Algorand came up green. The token topped $2.50 on Sunday, marking year-to-date gains of more than 630%. The rally was driven by a flurry of positive news, including the announcement of a DeFi fund that aims to put $300 million towards helping Algorand contend with Ethereum and other smart contract platforms. Only two weeks ago, Algorand was hitting headlines for another big announcement, as it was selected by El Salvador for the development of its government blockchain infrastructure. Cardano falls on smart contract debut Weeks of consecutive wins have made Cardano the third-largest cryptoasset by market cap, but it fell 12% this week on the long-awaited launch of smart contracts. The Alonzo hard fork went off without a hitch on Sunday. This marks Cardano’s most significant technical upgrade yet and lays the foundations for a new era of DeFi smart contracts and non-fungible tokens (NFTs) on the blockchain. According to eToro Crypto Market Analyst Simon Peters, “this critical upgrade could lead Cardano to take some market share away from ‘competing’ networks such as Ethereum, and potentially lead to “appreciation of the price of ADA.” Week Ahead Although Bitcoin has fallen over 10% since last week, El Salvador’s adoption is likely to have a bullish effect in the long term. This is the view of Bloomberg’s September Crypto Outlook, which suggests that $100K price levels for BTC represent “the path of least resistance.” In the short-term, markets are braced for the release of the Consumer Price Index (CPI) on Tuesday. This could give a clearer indication of U.S. inflation levels, potentially revealing the macroeconomic landscape that Bitcoin will need to navigate over the next few months.   Image by Wolfgang Borchers from Pixabay

RGT, CRV and SNX saw double-digit rallies after new governance proposals and migrations to layer-2 platforms.

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“High, unpredictable fees can make crypto trading really dangerous for people who aren’t rich,” said Senator Warren.

According to reports on social media, crypto forums, onchain metrics, and the Solana Status Twitter account indicate that Solana’s blockchain has stalled. Solana mainnet-beta suffered a four-hour downtime and is still down after a technical glitch. Solana’s Network Stalls In recent times, solana (SOL) joined the top ten crypto assets by market valuation and today, […]

Making its way up to the higher levels of its current range, Bitcoin records a 5.6% profit in 24 hours. BTC’s price took a heavy loss, as the implementation of its legal tender status in El Salvador became a “buy the rumor, sell the news” event. At the time of writing, the first cryptocurrency by market cap trades at $46,529 with an 11.8% loss in the 7-day chart. Previous to this event, Bitcoin made a quick move to the $52,000 zone. This moved the Fear & Greed Index back to the green area, as the general sentiment in the market turned bullish. Related Reading | TA: Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $46K According to a recent Arcane Research report, the Index has flipped red, back to fear levels once again. Bitcoin has experienced a week of volatility, mostly to the upside, but the violent bearish price action has made investors fearful, as seen below. Arcane Research found that most of the action is taking place in the derivatives sector. The BTC Spot to Futures Volume indicates a decline in the trading volume for the spot market. This doesn’t necessarily suggest a rise in the trading volume for futures, but a steady dropped in spot trading over a period of 5 months, as derivatives trading volume remains stable. As NewsBTC reported, much of the recent price action and volatility is related to an increase in over-leverage positions for futures. This correlates with periods of bearish momentum, retail futures traders fuel the liquidation cascade that leaves the crypto market open for downside risk. Two Possible Scenarios For Bitcoin As Fear Re-Enters The Market On the other hand, analyst Ben Lilly from Jarvis Labs recently examined Bitcoin’s price action. The cryptocurrency has been trading in a crap-like PA indicating before yesterday’s sudden move to the upside and downside, almost immediately. This corresponds with an increase in liquidity around those levels. Thus, Ben Lilly argued that market movers or large players attempt to push BTC’s price into a specific direction to grab the liquidity and eventually exhausted. Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course The market is currently at that stage, as seen below, “bone dry” out of liquidity. In this case, the analyst recommended trading in the spot market, as derivatives could continue moving without a clear direction. This is the best-case scenario, a sustain crab-like PA for a few weeks, as Bitcoin prepares for another retest of the $50,000 mark. Before that, the market could see another sweep at yesterday’s low: And this scenario is currently the one we are leaning towards. Meaning we think a retest of $42kish might be in the cards. The worst-case scenario could occur by the end of this month with a return to BTC’s previous range in the $30,000 mid-area. Ben Lilly said: This type of price action would be vicious. It will create a lot of liquidity lower very fast. It’s often times known as exit liquidity.

Honestly any bullshit can be posted and people jump on it. No wonder there are so many paper hands. Some of you believe any fud or rumor before doing any fact checking. The fake Walmart story was jumped on. The fake FTX story was jumped on. Now the total reaction to the SOL story and…
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