Hey guys, Im Spragg, I do deep dives into various different coins/tokens on youtube (SpraggTalksMoney), I thought since I’ve already written the scripts for my video anyway I’d post the summary on here too. If anyone’s interested in the full un-summarized version the link is here: https://youtu.be/j5cEdmAeICU Preface In the top 40 tokens ranked by…
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On-chain data shows Bitcoin miner reserve has showed a sharp spike recently, suggesting that miners are currently loading up on the crypto. Bitcoin Miner Reserve Shoots Up; Trend Of Accumulation From Last Year Continues As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has shown strong uptrend recently. This seems to be a continuation of the accumulation trend from the last year. The “miner reserve” is an indicator that tells us the total amount of Bitcoin currently stored in the wallets of miners. When the trend in the metric is towards up, it means miner inventories are growing as they stock up on more of the coin. Such a trend can be bullish for the price of the coin as it shows miners are currently accumulating BTC. On the other hand, a downtrend in the indicator implies miners have started to dump their Bitcoin. This kind of trend is naturally bearish for the price of the crypto as miners usually sell in big amounts. Related Reading | Why Sovereign Nation States May Begin Acquiring Bitcoin In 2022 Now, here is a chart that shows the trend in the BTC miner reserve over the past couple of years: Looks like the value of the indicator has showed sharp uptrend recently | Source: CryptoQuant As you can see in the above graph, the miner reserve has been gradually moving up since May. A few days back, when the price of Bitcoin dropped down to $39k, the metric showed a huge spike up as miners bought the dip. Related Reading | Jack Dorsey’s Block To Democratize Bitcoin Mining With Open Source Mining System Miners have traditionally been big sellers in the market as they have had to sell some of what they mine to keep their operations running. However, as BTC’s price has risen, and their machines have gotten more advanced and efficient, miners have started selling lesser as it’s enough to sustain electricity and other mining costs. Miners, who have originally always brought selling pressure to the market, have been shifting towards becoming hodlers for a coupe of years now. This can be quite bullish for the price of the coin in the long term. BTC Price At the time of writing, Bitcoin’s price floats around $42k, down 0.6% in the last seven days. Over the past month, the crypto has lost 10% in value. The below chart shows the trend in the price of BTC over the last few days. BTC’s price plunges down after breaking above $44k | Source: BTCUSD on TradingView BTC managed to reach as high as $44.4k in its recent move up, but today the crypto has once again come back down, erasing the gains of the past couple of days. Featured image from Unsplash.com, charts from TraadingView.com, CryptoQuant.com
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Right now, bulls are buying each dip and bears are selling the top of each rally, suggesting that BTC and altcoins will remain range-bound for some time.
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Gen Z and growing interest throughout Asia have helped NFTs to shine brightly amidst volatility, according to a report from DappRadar.
One of the most anticipated NFT projects has finally reached its scheduled launch date. With 6,000 disguises inspired by favorite Halloween costumes, movies, and characters, Ernest In Disguise released the annual Halloween collection on the 28th of November. Bear in mind, these disguises are all one-of-a-kind, with the rarest being based on some of the most well-known Halloween figures like Chucky, Jason, Venom, and others. So what’s Ernest all about? It’s all about an extraterrestrial from the Cryzal Galaxy who discovered love and connection during his explorations on Earth and vowed to return to share these feelings with the rest of humankind during festive times. In the wake of the team’s Marvel artist Carlos Dattoli’s success selling out two NFT projects, Ernest’s popularity has drastically risen. With over 15,000 followers on Instagram and discord, people are already clamoring for Carlos to take action on his outstanding and mind-blowing artworks in the hot NFT area. In response to popular demand and the generosity of the Ernest team, the notorious ghost face NFT will also be included in the giveaway, along with an additional $12,000 in cash. For more information, visit the Ernest team’s Instagram page. In order to do this, the project will develop a brand that will link people all over the world via the use of non-fungible tokens. Since its inception, NFTs have been used to represent money, power, and affluence. However, the Ernest team, together with their community, is swiftly demonstrating how the NFT space is evolving towards a more community-oriented crossroads. With a variety of cash giveaways, ranging from 66 Solana at the first 25% coined to a 1000 Solana gift at 100% minted, it is evident that these guys are devoted to rewarding their loyal community. A mysterious airdrop will deliver a spacecraft to all Ernest holders at an unannounced point after the coin’s mint, so be sure to hang onto your Ernest NFT to take advantage of this opportunity. There will be a ceiling of 100 coins per wallet, with a restriction of 10 per transaction. In the aftermath of their first mint event on 29th November 2021, they have decided to pursue further this path and offer their community the chance to engage in the minting process. If someone purchased Ernest for 2 or 3 SOL, they’ll get a free Ernest NFT for every one possession as a thank you for the rocky road and to compensate for their earlier sale, the team has chosen to decrease the future mint price of Ernest to 1.5 SOL. So, they’re making money, they’re selling merchandise, what else are they doing? A full-fledged comic will be produced by the Ernest team after they reach 75% of sales. Holders will be allowed to utilize their NFTs from this point forward, and they may even have the opportunity to have their own customized Ernest NFTs included in a finished comic book (to see a preview of the two-part origin story you can check it out on the Ernest In Disguise website). Overall, this is a welcome addition to the Ernest In Disguise series’ already impressive list of customizability! This isn’t the only great thing about the Ernest NFT community! After selling out half of their supply, they’ll be launching a limited-edition merchandise line, with 10% of the minters getting their hands-on personalized Ernest merchandise. The best way to show your love for Ernest is by making your own and wearing it on an apparel item of your choice! It’s not only the comic and the merchandise drop and the cash giveaways that they have planned for the post-mint. For the first three months, Ernest expects to take home 90% of the royalties from secondary sales. By purchasing low-priced NFTs on secondary markets, they will aggressively increase the value of those who own Ernest. Besides, there will be an airdrop of a free spacecraft NFT for everyone who has an Ernest NFT after the minting date. The project will develop a brand that will link people all over the world via the use of non-fungible tokens. Since its inception, NFTs have been used to represent money, power, and affluence. However, the Ernest team, together with their community, is swiftly demonstrating how the NFT space is evolving towards a more community-oriented crossroads. With a variety of cash giveaways, ranging from 66 Solana at the first 25% coined to a 1000 Solana gift at 100% minted, it is evident that these guys are devoted to rewarding their loyal community. A mysterious airdrop will deliver a spacecraft to all Ernest holders at an unannounced point after the coin’s mint, so people should make sure to hang onto their Ernest NFT to take advantage of this opportunity. There will be a ceiling of 100 coins per wallet, with a restriction of 10 per transaction. So, they’re making money, they’re selling merchandise, what else are they doing? A full-fledged comic will be produced by the Ernest team after they reach 75% of sales. Holders will be allowed to utilize their NFTs from this point forward, and they may even have the opportunity to have their own customized Ernest NFTs included in a finished comic book (to see a preview of the two-part origin story you can check it out on the Ernest In Disguise website). Overall, this is a welcome addition to the Ernest In Disguise series’ already impressive list of customizability! This isn’t the only great thing about the Ernest NFT community! After selling out half of their supply, they’ll be launching a limited-edition merchandise line, with 10% of the minters getting their hands-on personalized Ernest merchandise. The best way to show your love for Ernest is by making your own and wearing it on an apparel item of your choice! It’s not only the comic and the merchandise drop and the cash giveaways that they have planned for the post-mint. For the first three months, Ernest expects to take home 90% of the royalties from secondary sales. By purchasing low-priced NFTs on secondary markets, they will aggressively increase the value of those who own Ernest. Besides, there will be an airdrop of a free spacecraft NFT for everyone who has an Ernest NFT after the minting date, and there are wild guesses as to where this spaceship will take their frightening alien buddy. Well, it is obvious that the Ernest team is all about building a prosperous community. With this in mind, the Ernest Insiders DAO is the last piece of their future ambitions. Those who own two Ernest NFTs will be able to participate in future initiatives for the project and community and gain exposure to sensitive and important information on anything trading and cryptocurrency-related. Having been in the crypto community for so long, this is another opportunity for token holders to get involved and help develop a genuinely innovative business. Be sure to stick around, for Ernest’s quest is far from done. Ernest now has a unified group of people that support the project.
The Kingdom of Tonga may adopt bitcoin as legal tender, according to a former member of Tonga’s parliament, Lord Fusitu’a, who tweeted about a possible timeline for this event to occur. Fusitu’a believes that by next fall a bill will be passed by Tonga’s parliament and bitcoin could be legal tender in the region by […]
