WARNING – This is long, but I make no apologies. Try to understand and ask questions if unclear. This may not be for everyone and so feel free to give it a miss, but hopefully some people find it useful. Liquid staking derivatives, not lysergic acid diethylamide You may have noticed a recent trend…
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The year 2023 is starting off better for Bitcoin and the broader crypto market than last year ended. Even though most crypto prices are still trading in a very depressed, narrow range, BTC is at least showing a year-to-date performance of 1.55% and Ethereum of 4.5%. However, as QCP Capital writes in its latest market analysis, there are early signs that should caution crypto investors. While the gold price is currently performing extremely strongly, the trading firm raises the question of whether this will continue if the expected wave five of the USD rally takes place based on the Elliott wave theory. According to the theory, the fifth wave is the final leg in the direction of the prevailing trend. And a resurgent USD could mean further price losses not only for gold but also Bitcoin and crypto. As QCP Capital elicits, it remains to be seen if this will impact the other alternative asset classes as well. Related Reading: These Altcoins Will Be Hit The Hardest If DCG And Grayscale Fall Currently, total liquidity in the market, as measured by M2 money supply annual growth, has shrunk to 0% for the first time in history. “Not to mention the liquidity within crypto itself which is an even smaller factor of that,” the firm states based on the following chart. 7/ And overall liquidity, measured by M2 YoY growth, has shrunk to 0% for the first time in history! Not to mention the liquidity within crypto itself which is an even smaller factor of that pic.twitter.com/grwcAdPLn6 — QCP Capital (@QCPCapital) January 4, 2023 Price Targets For Bitcoin And Ethereum Nonetheless, Bitcoin and Ethereum are in somewhat of a catch-up rally at the beginning of the year, much like gold. Despite the mini-rally, BTC is still trading in an extremely tight falling wedge, with 18k as the key breakout level on the upside, according to the firm. In the medium-term, $28,000 is looking more and more key – as the head and shoulders neckline, and 61.8% fibonacci retracement level of the $3,858 2020 low to $69,000 2021 high. According to QCP Capital, Ethereum “remains significantly more bullish than BTC,” though ETH is also trading in a consolidation pattern. Investors should keep an eye on the top of the triangle at $1,400 for now, before the key resistance zone between $1,700 and $2,000 could be targeted. On the downside, the company expects $1,000-$1,100 to be a very good support. The Macro Outlook For 2023 Probably decisive for whether 2023 will be a continuation of 2022 will be the macro environment. QCP Capital believes that inflation in the U.S. will fall significantly, but not enough to reach the Fed’s 2% target. This will cause the Fed to delay cutting rates as long as possible, as Jerome Powell does not want to be the guy in charge who makes the same mistake as in the 1970-80s when there was a “double-dip inflation era.” Related Reading: Ethereum Price Gains Momentum, Why ETH Could Rise To $1,300 This will lead to the Fed developing a “blinkered” mentality toward the far better numbers and making another mistake by easing monetary policy too late. “In a sad twist of fate, they will again wait too long and have to go into overdrive again,” the firm claims and concludes: We expect this could only come in Oct-Nov again this year, but remain open minded to markets bottoming sooner than that. At press time, the BTC price stood at $16,847, seeing a slight gain of 0,59% in the last 24 hours. Featured image from Pierre Porthiry-Peiobty / Unsplash, Charts from QCP Capital (Twitter) and TradingView.com
Optimism (OP) has opened the year on an optimistic note as it enjoys a bull run. On the flip side, it has suffered sluggishness in terms of total value locked (TVL). Here’s a quick snapshot of Optimism: OP price spikes by 5.76% OP down in terms of TVL; now only $500 million Users save as much as 99.4% on ETH Arbitrum is seen to have blazed past the other leading Layer 2 blockchains including Optimism and Polygon when it comes to TVL. Regardless, the former remains unfazed as it still accelerates in tempo and dominates the L2 space. 🔥 THE TVL BETWEEN TOP LAYER 2 ON ETHEREUM 🔥 By overcoming #Polygon and #Optimism, @arbitrum has naturally risen to the top 1 Layer 2 in TVL through 2022. Do you think @arbitrum will become the new home of DeFi. (💙,🧡)? Let’s comment below 👇#Arbitrum #DeFi pic.twitter.com/AAtP0g8e2V — Arbitrum Space (💙,🧡) (@Arbitrum_Space) January 1, 2023 Optimism On A Bull Run According to CoinMarketCap, OP price is up by 5.76% or trading at $1.02 as of press time. On the contrary, its TVL isn’t too impressive as it dwindled down $550 million to now only $511 million as seen in the past 30 days, which also negatively impacted revenue. Chart: DeFi Llama The term “Layer 2” is used to describe an additional framework or protocol that is implemented on top of an existing blockchain system. These methods are designed to address the problems of transaction throughput and scalability being experienced by the most prominent bitcoin networks. Crypto total market cap at $778 billion on the daily chart | Chart: TradingView.com Optimism has been swinging and switching back and forth to higher lows and bullish highs. Evidently, OP price has spiked by as much as 15% overnight and is now green with the price range at $1.02. In the event that the bulls can hold on to its optimistic price momentum, Optimism could shoot to as much as $1.45 in the coming days. Can OP Barrel Past Key Resistance? There is an increased positive price action seen with Optimism as it is predicted to rally to as much as $1.53 in the next couple of weeks, and barreling past the key resistance. OP is going through an obvious uptrend and could retest the key resistance zone at $1.45. Meanwhile, Optimism has the ace in terms of gas efficiency compared to its rivals. One of the perceived reasons behind the incrementing growth usage on Ethereum is that users can save more ETH whenever they use Optimism. Chart: Dune Analytics Optimism was able to use less gas than other L2s, despite having a lower TVL and lower income, as reported by Dune Analytics. Even when compared to Arbitrum, the Layer 2 solution performed better. Customers’ aggregated savings from using Optimism for transactions also kept rising. As of this writing, the Ethereum scaling solution helped its customers save up to 98%. Related Reading: Avalanche: Will 2023 Bring A Fruitful Recovery For The AVAX Ecosystem? Chart: Dune Analytics Related Reading: Ol’ Reliable Litecoin Up By 7% As LTC Flexes Muscles For 2023 OP’s network, on the other hand, is faltering in terms of growth which hints the plunge in transactions and new user addresses. More so, development activity has also declined which could get in the way of its chances to attract new users. On the brighter side, OP is spiking in terms of market capitalization as it is up by 6.74%. -Featured image: The Coin Republic
Is there any wallet which supports various EVM chains (e.g. Ethereum, BSC, Arbitrum, etc) and has a "watch only" mode (like in Electrum for BTC wallet) ? I would like to be able to impersonate any account so I can go to a DApp like Uniswap, start a transaction like swap and extract the transaction…
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submitted by /u/Section9_Rookie [link] [comments]
After tasking multiple committees over the years, the Israeli Authority is ready for public comment on its proposal of crypto legal framework
submitted by /u/PublicFreak_An [link] [comments]
Fresh Bitcoin support and resistance levels crystalize amid an “extremely tight” trading range while ETH price action sets multi-week highs.
A security firm flagged a now-fixed vulnerability to Uniswap, highlighting the potential for reentrancy attacks on the protocol’s Universal Router smart contract.
If you missed it and are currently feeling fomo, I would advise you to not buy this shitcoin as the top 20 holders own 50% of the supply. That is insane. A dump will occur at any point and retail will be left holding the bag AGAIN. Not long ago Vitalik said that the grifters…
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