Developers have been focusing more on tokens than on making fun games. As a result, GameFi has been dying.
After this hell of a year with literally the most un-predictable things happening that surely caused a lot of havoc and panic all year long in Crypto. From LUNA to FTX, this year has been literal hell for crypto. And in such a situation its completely normal that humans tend to just look at the…
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Bitcoin miners have had a challenging year as the network’s mining difficulty reached an all-time high and the spot market price of bitcoin dropped below the cost of production. Currently, with electricity costs at $0.07 per kilowatt-hour (kWh), only 18 application-specific integrated circuit (ASIC) bitcoin mining rigs are able to turn a profit at current […]
Solana has been on a freefall since the collapse of FTX and has not been able to move upwards because of the FUD (fear, uncertainty and doubt) surrounding the ecosystem and its connections with the former crypto exchange. According to recent news, Solana’s native token SOL has dropped 51.14% since the day FTX fell from grace. Solana: Dead Or Not Dead? The current situation might be confusing to investors. Based on data by CoinGeko, the token shot up by 5.4% in the past 24 hours which might be a signal that investor sentiment is reversing. However, the FUD still remains strong around the ecosystem itself. Messari released an overview of the ecosystem back on December 15. The basic gist of the overview was that Solana is still a solid ecosystem even after the collapse of the Sam Bankman-Fried-led exchange. However, recent Santiment insight on the ecosystem shows that it might be already dead. The most notable on-chain development for the token was the significant drop in developer activity despite a lot of projects being developed on the ecosystem. Although it is difficult to say whether Solana as a whole is dead or near it, it is easier to say that the ecosystem is struggling to keep itself afloat because of its close ties with FTX. Image: Coincu News What This Means For Holders Of SOL The crypto community seems to be very bearish at the moment considering what transpired in the past weeks courtesy of some major macroeconomics news, including the spate of job cuts and bankruptcies by big crypto firms. Those who are bullish for the ecosystem point to ETH’s crash back in 2018 and how SOL’s movement mimics this. For everyone that sold #ETH in 2018 for 88 USD and for everyone who is selling $SOL sub 10 USD! Fundamentals haven’t changed and Solana isn’t FTX! Just sayin! 🫡 pic.twitter.com/IBYzldEaBd — MANDO CT (@XMaximist) December 29, 2022 MANDO CT, a self-declared crypto expert, said the above on his pinned tweet. Others try to refute the claim that Solana only blew up with the help of Bankman-Fried’s dirty money with documents which show SBF supporting competitors of Solana. SOL total market cap at $3.5 billion on the daily chart | Chart: TradingView.com Related Reading: Is Polkadot (DOT) A Must-Have For Your 2023 Portfolio? However, SOL’s price movement reflects investor sentiment on the token itself – fear, uncertainty, and doubt: fear that the ecosystem would inevitably follow the path of FTX. uncertainty on what 2023 will bring for Solana. doubt regarding the ecosystem despite the amount of projects being worked on top of it. However, with several big developments like Solana Pay and the nearing launch of its own mobile phones, we might see 2023 to become a crucial part of Solana’s recovery, or a further catalyst of its downfall. – Featured image: Cryptopolitan
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In this post we are here to discuss and mostly speculate how good or bad the next ear could be in Crypto. I had made a similar post about a year ago and it seems pretty reasonable now that no one could really predict what to happen this year, it was just such a crazy…
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2022 is coming to an end, and our staff at NewsBTC decided to launch this Crypto Holiday Special to provide some perspective on the crypto industry. We will talk with multiple guests to understand this year’s highs and lows for crypto. Related Reading: A Crypto Holiday Special: Past, Present, And Future With Ex BNY Mellon David Schwed In the spirit of Charles Dicken’s classic, “A Christmas Carol,” we’ll look into crypto from different angles, look at its possible trajectory for 2023 and find common ground amongst these different views of an industry that might support the future of finances. Over the last week, we spoke with institutions about their perception of 2022 and their outlook for the coming months. We’ll begin our experts round with Material Indicators, a market data, and analytics firm dedicated to building trading tools for the nascent sector. Material Indicators: “While we have yet to see tradfi (Traditional Finances) price in earnings contraction (~Q1’23) for the last leg down, we are already close to bottoming sentiment-wise.” Material Indicators and their team of analyst gauge market sentiment and liquidity and try to read between the lines of what big players are doing to provide a clear view, absent of noise, about its conditions and possible direction. This is what they told us: Q: What’s the most significant difference for the crypto market today compared to Christmas 2021? Beyond the price of Bitcoin, Ethereum, and others, what changed from that moment of euphoria to today’s perpetual fear? Has there been a decline in adoption and liquidity? Are fundamentals still valid? A: The difference is striking! Since the FTX blowup, the influx of new people to Crypto Twitter has been reduced to a trickle. Salty Youtubers will now advise you to sell your remaining coins to avoid a total loss. Telegram communities have been shrinking. Big accounts who’ve been telling their followers to buy have either quit or rebranded. While we have yet to see tradfi (Traditional Finances) price in earnings contraction (~Q1’23) for the last leg down, we are already close to bottoming sentiment-wise. Q: What are the dominant narratives driving this change in market conditions? And what should be the narrative today? What are most people overlooking? We saw a major crypto exchange blowing up, a hedge fund thought to be untouchable, and an ecosystem that promised a financial utopia. Is Crypto still the future of finance, or should the community pursue a new vision? A: It’s the other way around. Conditions create narratives. Loose monetary policy and abundant cheap credit create bubbles and nurture fraud. It’s only after the tide recedes that we see who has been swimming naked. With an imminent rise in unemployment, people will try to hide in bonds, which actually improves credit-availability for risk assets. So, while earnings-driven assets will feel pain on higher unemployment, credit-driven assets (risk assets) will feel relatively less pain. Q: If you must choose one, what do you think was a significant moment for crypto in 2022? And will the industry feel its consequences across 2023? Where do you see the industry next Christmas? Will it survive this winter? Mainstream is once again declaring the death of the industry. Will they finally get it right? A: Terra/Luna was probably the catalyst for all the subsequent blowups and we have yet to see the full effects of contagion (DCG/Grayscale/Genesis are not fully resolved yet). As with any blowup, this will just invite more regulation that will neither protect investors, nor improve the potential for growth. We wanted institutional adoption and now we see that they had zero risk-management and gambled away their user funds. Related Reading: A Crypto Holiday Special: Past, Present, And Future With Blofin Q: Finally, across social media, you guys at Material Indicators made your bearish bias public. Are you more or less pessimistic than you were at the beginning of 2022? And what will you like to see to shift your bias and lean towards the long side of the market? We know a lot depends on the Federal Reserve, are the chances of a pivot and lower interest rates hikes higher? A: While we’re probably not quite out of the woods yet, we can already almost see the light. On poor earnings & poor forecasts bonds will likely catch a bid in Q1’23, and therefore make credit available to risk assets to dampen their fall or even help them recover (especially if the Treasury manages to relieve the RRP of its ~$2T idle liquidity). Bitcoin could also benefit from this as it’s only subject to credit-availability and not earnings. However, while inflation has been and will likely continue to fall for some time, it is unlikely that we’ve seen the last of it. So, keep an eye out for potentially re-surging inflation sometime in late-’23/early-’24.
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