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After the Dump: Crypto Markets Recover $300 Billion, Bitcoin Eyes $50K

After yesterday’s massive crash, bitcoin bounced off and added nearly $8,000. Most altcoins are also well in the green now, with Ethereum reclaiming $4,200 and Terra surging to yet another all-time high.

Bitcoin’s Recovery Attempts

The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example of that. Bitcoin, for instance, traded around $58,000 after getting rejected at $59,000 a few days in a row when the landscape changed vigorously.

The asset plummeted in the following hours to a daily low of $42,000 (on Bitstamp), prompting many industry experts and analytics to speculate on the possible reasons behind this $16,000 drop.

Nevertheless, bitcoin reacted somewhat positively after touching the $42,000 bottom. It bounced off to around $47,000 initially and another leg up hours later drove it to just shy of $50,000.

So far, BTC is unable to breach that level, but it’s still about 5% up on the day, and its market capitalization has risen well above $900 billion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green After the Bloodbath

The altcoins suffered even more than bitcoin yesterday. Ethereum went from nearly $4,700 to around $3,500. Now, though, the second-largest cryptocurrency trades around $4,200 after a 7.5% daily increase.

Binance Coin also fell hard, but a similar increase has driven it to above $570. Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) also see some daily gains.

Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). Consequently, LUNA even painted a new all-time high earlier at just under $80.

More daily increases are evident from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%), THORChain (15%), The Sandbox (12%), Helium (12%), and many more.

As such, the cryptocurrency market capitalization has recovered over $300 billion since yesterday’s low of $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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3 On-Chain Signs That Flashed Shortly Before Bitcoin’s $16K Daily Crash

Bitcoin’s price plummeted in a day by losing $16,000 of value in hours, and the rest of the market followed. According to the analytics company CryptoQuant, there were several on-chain developments that flashed ahead of the crash that could have foreseen the dump.

The Three On-Chain Factors

As reported earlier today, BTC dumped from a daily high of $58,000 all the way down to $42,000, which became one of the worst crashes in terms of USD. While investors are looking into global developments for the reasoning, such as more fears from the new COVID-19 variant and the weekly stock market sell-off, CryptoQuant provided several on-chain possible reasons.

The first was the number of bitcoins sitting on exchanges, which spiked sharply hours ahead of the drop. This metric was declining gradually over the past several months, leading to new lows. However, as the graph below demonstrates, there were more than 45,000 bitcoins deposited in a day.

Bitcoin All Exchanges Reserve. Source: CryptoQuant
Bitcoin All Exchanges Reserve. Source: CryptoQuant

Secondly, the analytics company broached the All Exchanges Estimated Leverage Ratio, which tracks the open interest on all trading venues divided by their BTC reserve. Essentially, this metric shows the degree of leverage used by investors, which also spiked sharply hours before the crash.

As seen during the most severe hours of the crash, over-leveraged traders suffered the most, as the total liquidations exceeded $2.5 billion on a daily scale.


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Bitcoin All Exchanges Estimated Leverage Ratio. Source: CryptoQuant
Bitcoin All Exchanges Estimated Leverage Ratio. Source: CryptoQuant

The third metric was the Exchange Whale Ratio, which compares the top 10 largest deposits to exchanges with all other deposits. According to CryptoQuant, the indicator tends to stay below 85% in bull markets, while it in bear markets drops below 85%.

Interestingly, it has remained above 85% for the past few weeks and even spiked to north of 90% in the past few days.

Bitcoin Exchange Whale Ratio. Source: CryptoQuant
Bitcoin Exchange Whale Ratio. Source: CryptoQuant

What Else Changed?

Such a massive price crash in a relatively short period led to other abnormal activities. For instance, the Coinbase Premium Index, showing the difference between the price of bitcoin on the largest US-based exchange and other trading venues, skyrocketed.

Typically, the higher the premium gets, the stronger the spot buying pressure is on Coinbase. Interestingly, Ethereum’s premium also surged.

Bitcoin Premium on Coinbase. Source: CryptoQuant
Bitcoin Premium on Coinbase. Source: CryptoQuant

Wu Blockchain also outlined the premium on South Korean exchanges, which the journalist described as retail-oriented trading venues. As the picture below shows, this metric also increased rapidly, suggesting that retail investors rushed in to take a page out of El Salvador’s book and buy the dip.

Bitcoin Premium on Korean Exchanges. Source: CryptoQuant
Bitcoin Premium on Korean Exchanges. Source: CryptoQuant
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Uncategorized

Bitcoin Price Analysis and Overview Following BTC’s Worst Day Since May: The Good and the Bad

Bitcoin had seen its worst day since mid-May. Today’s high lies at $53.8K, whereas the low is below $42K. Keeping in mind Bitcoin is currently over 30% below the ATH recorded on November 10, the following analysis and overview will try to address whether or not the bull market is over and where the next significant support, in case $42K breaks down.

Futures Market Sentiment

As explained just three days ago, the futures market was overheated. Now, we can see one of the main driving forces for today’s sharp dip was the huge flush out in the crypto futures market. Open Interest (OI) drastically plunged, ~$3.7B in the last 8 hours.

btcusd-dec4-cq
Data by CryptoQuant.

Mid-Term Technical Analysis

Let’s look at Heikin-Ashi candlestick on Bitcoin’s weekly timeframe while using Bollinger bands. BTC signaled a correction after touching the upper band at $69K (the current ATH from November 10).

For now, Bitcoin had found support by the middle band, along with the 20-week simple moving average (SMP). If bitcoin loses the middle band as support – there will be a possibility to touch the lower Bollinger band.

btcusd-dec4-p1

Onchain Analysis: The Buy/Sell Price Range

The majority of the Bitcoin sold over the past seven days (~ 77%) were the ones who were last moved (likely bought) above the $60K price range. Therefore, the primary sellers were the youngest buyers who sold at a loss.

btcusd-dec4-onchain1

Considering the above, let’s observe the UTXO Histogram, which represents the supply distribution based on the buy price (last move).

Looking at the following chart, we can extract possible support levels if the current price further drops. $46.2K (~$47K is where lies the 200-day MA), and $40K are the most vital support levels based on the UTXO Histogram chart.

btcusd-dec4-onchain2

Options Market: OI Put/Call Ratio and Implied Volatility

Call and Put options are the two types of options contracts. A Call option is a right to buy at a future set price, and a Put option is a right to sell.

When traders buy more Puts than Calls, there will be a rise in bearish sentiment. Put Call Ratio (PCR), which measures the ratio of Puts to Calls, is a derivative indicator in the options market that can be used to understand the underlying sentiment in the market.

The following chart shows this ratio based on the Open Interest (OI). We can combine this ratio with Implied Volatility (IV) to get a better result.

IV is the forward-looking indicator. It reflects the risk perception in the market. Data show that PCR increased – rising from 0.43 to 0.53 – over the past month, meaning more Puts traded than Calls. IV also increased like PCR: this indicates that whenever the PCR increases together with a rise in IV, the Put activity increases. This short-term bearish signal likely caused the drop in price from $69k to $53.4K.

btcusd-dec4-oi-expiration

btcusd-dec4-atm

These options traders wanted to hedge their portfolios against bitcoin price drops due to other news like a rejection of VanEck’s spot Bitcoin ETF & the new Omicron variant. Bitcoin price dropped roughly 8% immediately after the WHO warned a new covid-19 variant.

The question is, did the options traders decide that this was the market top? For a better understanding:

First, we can compare the PCR in Deribit at the ATH ($69k), which was 0.46, and the PCR (0.98) at the previous ATH ($64k). As the chart shows, we are still at the low levels of this indicator over the long term.

Second, on behalf of the OI, more Calls (green) have traded than Puts (red) following the May 2021 crash for the upcoming expiries. In other words, based on the above, the bull run is not over yet.

Top Instrument Open interest (OI)

Based on data from Deribit Exchange, Top Instrument Open interest in the last two weeks shows that despite the increased demand for Puts in the short-term, options traders are still bullish in the mid-term. They are interested in trading Call options at strike prices higher than $70K in the upcoming months.

btcusd-dec4-oi

The above analysis was complied by @N__E__D__A and @CryptoVizArt. Data provided by @tsypruyan exclusively for CryptoPotato.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

El Salvador Buys the Dip: Purchased Another 150 BTC Worth $7.3 Million

El Salvador’s pro-bitcoin president updated earlier today that the country has reacted to the recent price crash by purchasing 150 more coins at an average price of just over $48,500.

  • It’s safe to say that El Salvador is the most bullish country on bitcoin as it legalized the primary cryptocurrency earlier this year.
  • Since then, the president – Nayib Bukele – and his administration have used every opportunity to take further advantage of the opportunities in the market, such as planning to utilize the BTC profits to build schools and a pet hospital.
  • Most recently, Bukele announced intentions to build a designated Bitcoin City and buy $500 million more worth of the asset through a special bond.
  • Earlier today, Bukele updated that the country has indeed started to accumulate more coins. This purchase of 150 coins came amid BTC’s price crash as the asset dropped below $50,000 for the first time in two months.
  • With an average price of $48,670, this means that El Salvador spent $7.3 million to purchase the 150 bitcoins.
  • It’s worth noting that bitcoin’s correction continued in the hours after president Bukele announced the latest purchase.
  • The cryptocurrency fell to its lowest price since late September of $42,000. Almost altcoins followed suit with massive double-digit price drops as over $600 billion were evaporated from the market cap at one point.
  • As of now, BTC has reclaimed some ground and stands close to $48,000, but it’s still 15% down on the day.

Featured Image Courtesy of ForeignPolicy

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Uncategorized

Bitcoin Price Flash Crashed to $28.8K on Huobi: Over $2.5B Total Liquidations in 24 Hours

A flash crash transpired on Huobi as BTC went all the way down to $28,800 before recovering just as sharply. At the same time, the liquidations are well above $2.5 trillion on a daily scale as the entire market is deep in the red.

  • As reported earlier, bitcoin, and the entire cryptocurrency market, went through one of its worst crashes in recent history. BTC plummeted by $16,000 in a day from around $58,000 to an intraday low of $42,000 on Bitstamp and most exchanges.
  • However, other trading venues saw even more dramatic price drops. Such was the case with the BTC/USDC trading pair on Huobi, where bitcoin dropped all the way down to $28,801, as the picture below shows.
BTC/USDC on Huobi. Source: TradingView
BTC/USDC on Huobi. Source: TradingView
  • Such events are known as flash crashes, in which the price of the underlying asset drops significantly lower on one (or more) exchanges compared to most and recovers immediately.
  • As it happened in previous times that CryptoPotato reported, the price of BTC recovered just as quickly as it fell.
  • Separately, the aforementioned market dump, which caused massive double-digit price nosedives for almost all coins, resulted in severe pain for leveraged traders.
  • According to data from CoinGlass (formerly known as Bybt), the total liquidations are above $2.5 billion on a daily scale. In the past 4 hours alone, the liquidations are over $1.5 billion.
  • The number of traders liquidated is just shy of 400,000, and the largest single liquidation order was worth $28 million and transpired on Bitfinex.
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Uncategorized

Bloodbath: Bitcoin Crashed to $42K, Altcoins See Double-Digit Slumps (Market Watch)

Bitcoin went through one of its worst crashes as it dumped by $16,000 in a matter of hours to a two-month low of $42,000. Most altcoins are deep in red with double-digit price losses, and the market cap went down by $600 billion at one point.

Bitcoin Dumps to $42K

A lot can change in the cryptocurrency market in a day. Just until 24 hours ago, the most bearish case that was made for bitcoin was that it couldn’t breach $59,000 decisively, despite the three attempts in a week.

However, as the asset was preparing for another leg up towards that particular line, the bears came to play big time. The primary cryptocurrency started dumping in value hard. Firstly, it plummeted to $51,000, which was an $8,000 daily price drop, but that was not the worst.

Hours later, BTC found itself dipping to $42,000 (on Bitstamp), which became the lowest price point since late September.

After this massive $16,000 crash in a day, BTC has reclaimed some ground, but it’s still 17% down on the day as it sits around $47,000.

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Its market capitalization, which was near $1.1 trillion yesterday, is now down to well below $900 billion.
Somewhat expectedly, the 24-hour liquidations have skyrocketed to $2.5 billion following this enhanced volatility, with 400,000 traders liquidated.

BTCUSD_2021-12-04_10-09-08
BTC/USD, Bitstamp. Source: TradingView

Altcoins See Nothing but Red

As it typically happens when BTC dumps hard, so do the altcoins. Ethereum, for example, went from a daily high of $4,670 all the way down to $3,500. After this massive dump, ETH has now stalled below $3,900 and is 15% down on the day.

The situation with the rest of the alts is similar, if not worse, as double-digit price drops are evident left and right.

Some of the examples include Binance Coin (-13%), Solana (-18%), Cardano (-20%), Ripple (-26%), Polkadot (-25%), Avalanche (-15%), Terra (-20%), Dogecoin (-25%), and Shiba Inu (-15%).

With almost all lower- and mid-cap alts also in such an adverse state, the cumulative market cap of all assets dumped from above $2.6 trillion to just over $2 trillion on CoinMarketCap. As of now, it’s around $2.2 trillion, which still means a $400 billion decline in a day.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

$100M Liquidated in 10 Minutes As Bitcoin Dipped to $51K

Bitcoin’s slump continues after experiencing a sharp price decline over the last few hours. The dip caused over $200 million worth of long positions to get liquidated.

  • Earlier today, Bitcoin briefly reached $57.5k at 8:44am EST, after stagnantly trading within the $56-57k range.
  • The price suddenly fell afterward, dropping hundreds of dollars by the hour. According to BitStamp, Bitcoin fell to $51.5k. Binance Futures even saw the price drop below $51k.
  • Since then, the price has recovered slightly, trading at $53,372 at the time of writing. $53k is approximately the $1 trillion market cap level for Bitcoin.
  • There were major consequences, however. Data from glassnode shows that $112.4 million worth of long positions were liquidated within ten minutes. Coinglass shows $221 million liquidated in the last 4 hours. That’s the largest liquidation Bitcoin has seen since early September.
  • Bitcoin’s fall seems to correlate with the stock market. The NASDAQ ended in deep red today, with a near 2% drop after a very bad week.
  • On-chain metrics continue to favor a mid to long-term bullish outlook for Bitcoin, in the form of an extended bull market.
Bitcoin 24hr Price. Source: Tradingview
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Uncategorized

Bitcoin Miner TeraWulf Eyes NASDAQ Listing Following a $200 Million Fund Raise

TeraWulf – an American bitcoin mining company – raised around $200 million in debt and equity financing from a group of individual and institutional investors. As a result, the firm expects to achieve a mining capacity of 6 exahash per second or 200 megawatts by the second part of 2022.

Furthermore, TeraWulf eyes public listing on Nasdaq through a business merger with the tech company IKONICS Corporation.

TeraWulf Aims High

As part of the $200 million financing, TeraWulf entered into an approximately $123.5 million three-year senior secured term loan. The bitcoin miner also signed agreements with investors to buy newly issued shares of the company’s common stock for an aggregate purchase price of $76.5 million.

“TeraWulf’s ability to raise private capital underscores the attractiveness of bringing a new paradigm for cryptocurrency mining to the public markets,” said Paul Prager, Chairman and Chief Executive Officer at the company.

He added that his firm aims to become bigger than any other public bitcoin mining organization. TeraWulf also intends to produce BTC powered by “100% zero-carbon energy.”

Earlier this year, the entity revealed plans to become a Nasdaq-listed public company through a business combination with IKONICS Corporation (IKNX). The merge is supposed to be completed later this month, after which TeraWulf will enter the global marketplace under the symbol “WULF.”


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Some of the giants in the field, such as Riot Blockchain and Marathon Digital, already have their shares traded on Nasdaq. The former trades under the ticker “RIOT,” while the latter under “MARA.”

Griid Infrastructure Has The Same Intentions

A few days ago, Griid Infrastructure – another American bitcoin mining company – and the blank check firm – Adit EdTech Acquisition Corp. (ADEX) – announced their merger. As a result, the latter will acquire Griid Holdco LLC – a newly formed holding organization and parent of Griid. Upon finalizing the transaction, the new entity expects to be listed on the New York Stock Exchange (NYSE).

The newly formed company will have a combined value of about $3.3 billion and will trade as “GRDI.”

Similar to TeraWulf, Griid is also orientated towards green bitcoin mining. Throughout its history, it has secured low-cost power pipelines focusing on carbon-free generation partners. David Shrier – CEO of the company – stated:

“Griid’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASIC’s, and market-leading execution position them to generate attractive profitability and growth.”

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Uncategorized

Bitcoin Price Failed at Critical Resistance, Was $69K the Cycle’s Top? BTC Analysis & Overview

Bitcoin’s price action continues to be shaky in the short term, but that might largely be attributed to headwinds caused by the newfound COVID variant.

Despite the recent bearishness, the on-chain metrics and the mid-to-long-term technicals continue to favor extended bull market and show no real signs of worry.

This analysis was compiled by analysts GrizzlyBTClover and CryptoVizArt to CryptoPotato.

Mid-Term Technical Analysis

Bitcoin is moving up inside the uptrend channel on the daily timeframe, and the formation of higher highs and higher lows confirms its bullish bias.

With the recent upside move (~70% from the bottom of the channel), the market has experienced a 20-day correction. Considering the mentioned structure, the current bullish rally is likely to continue because of the difference between waves A and B. Wave A moved with a gentler slope than wave B and reached the top of the channel, while wave B moved with a steeper slope in a shorter time.

On the other hand, the red candles in wave B are weaker than wave A and the depth of the correction of wave B was less than wave A. These all point to a strong uptrend move. Assuming Bitcoin completes its last uptrend wave in the same manner as the past and moves towards the top of the channel, BTC prices may reach 90K.

img4
Chart by TradingView

Short-Term Technical Analysis

As the next step, it’s important to look at lower timeframes to examine the mid-term trend’s reliance. The price has been struggling with the downtrend line (blue line) and crossed it a few hours ago, but this breakout hasn’t yet been confirmed (turned into a fakeout). A reversal move is confirmed when the price crosses its short-term downtrend line and forms a higher high.

As a result of the formation of a higher high at 60,000$, a continuation of the uptrend looks probable. Bearish selling pressure is indicated by upper shadows towards $60K on this timeframe. But, first, the bulls will have to break this line, and on the other hand, hold the next critical support level of $56K and the past week’s low at $53K.

img5

Supply/Demand Analysis

Looking at the rate of change in All Exchange Reserves, it’s possible to estimate the supply & demand strength in the market.

As illustrated, the long-term trend confirms a continuous reserve depletion across all exchanges. The current declining trend started mid-July when the market bounced back from ~30K support level. Since then, the price action has been driven up by the supply shock.

img1
Chart by CryptoQuant

Profit/Loss Realization: Was $69K the Cycle’s Top?

The market saw a 23% dip after recording the new ATH of $69K in late November. The main concern was if this ATH was the cycle top.

To shed some light, we can compare the intensity of profit realization at the new ATH in late November ($69K top) and the previous ATH in April ($64K). The image below presents the weekly profit/loss intensity as a percentage of the realized cap. The recent rally to the $69K has not experienced an intensive profit realization like 2021 Q1.

img3
Chart by CryptoQuant

Risk Analysis

The Mayer Multiple is a multiple of the 200-day moving average and the price. This metric uses the historical price values and estimates if the market price is statistically overheated, fair, or undervalued. The current price is slightly higher than its 200-MA ($46K) and in the low-risk zone. Based on the existing market structure, the high-risk zone is between ~$80-110K.

img2
Chart by Glassnode

Chart by TradingView

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Bitcoin Rejected at $60K Amid Fears of New COVID Variant: This Week’s Recap

The past seven were somewhat successful for Bitcoin, and the total market capitalization managed to increase by some $150 million. Some altcoins are really taking off, while others are seemingly in a stalemate situation.

But let’s start with Bitcoin. The market leader failed to produce any meaningful gains but is up slightly above 2% in the past seven days. This came after an excellent weekly close on Sunday. Unfortunately, bulls didn’t capitalize on the opportunity and failed to break the critical $59K resistance level on three separate occasions on Monday, Tuesday, and Wednesday.

A lot of this volatility had to do with broader market turmoil caused by the discovery of a new COVID variant called Omicron. Stocks are also looking shaky, and it’s likely that they will take some time before the risk-on trade can continue with full force, hence creating temporary headwinds for the crypto market as well.

Some altcoins were completely unfazed by all of the above. Solana is up 10.5% in seven days, while LUNA skyrocketed by almost 60%. However, others felt the weight of the market instability – DOT is down 9%, XRP – 7.3%, ADA – 3%, AVAX – 8.7%, and so forth.

It’s interesting to note that this was the first time when PlanB’s BTC floor model missed by a long shot. However, according to the analyst, his S2F model is still intact. We are heading into a historically bullish month for the cryptocurrency market, in general, and it’s exciting to see what December has in store.

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Market Data

Market Cap: $2,739B | 24H Vol: 132B | BTC Dominance: 38.9%

BTC: $56,283 (+2.1%%) | ETH: $4,531 (+0.4%) | ADA: $1.1.63 (-3%)

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This Week’s Crypto Headlines You Can’t Miss

PlanB’s Floor Model First Miss: Bitcoin Price Closed Way Below $98K In November. PlanB, the analyst who created the famed Bitcoin Stock-to-Flow (S2F) model, also created a “worst-case scenario” one known as the floor model. In November, the latter was off for the first time as the price closed way below its target.

Adidas Enters The Metaverse With BAYC, Punks Comic, and GMoney. Renowned shoemaker Adidas formed three more crypto-related partnerships, diving deeper into the Metaverse hole. Following its collab with Coinbase, Adidas has now joined various NFT projects such as GMoney, Bored Ape Yacht Club (BAYC), and Punks Comic.

Binance Smart Chain Activates Real-Time BNB Burning Mechanism. The Binance Smart Chain (BSC) activated the BEP-95, which integrates a real-time burning mechanism into its tokenomics structure. Going forward a fixed ratio of gas fees that are collected by BSC validators is going to be burned in every single block.

Ex-Chancellor: Crypto Could Give London an Advantage Over European Competitors. Philip Hammond, a former Chancellor for the Exchequer from 2016 to 2019 in the UK, argued that cryptocurrency adoption can give London a competitive advantage over other European competitors. He also added that failure to adopt might leave them behind.

Square Rebrands to Block, Expands Focus on Blockchain Industry. Jack Dorsey-led Square, the financial services company, changed its name to Block, hinting at further involvement in the broader cryptocurrency industry. This happened immediately after Dorsey stepped down from Twitter and is no longer serving as its CEO.

Meta Expands Avenues For Running Crypto Ads On Facebook. After rebranding the company to Meta, the platform has now expanded the range of cryptocurrency ads that are eligible. It now accepts 27 licenses compared to the previous 3, and they are publicly viewable on the policy page.

Charts

This week we have a chart analysis of Ethereum, Binance Coin, Cardano, Solana, and Luna – click here for the full price analysis.

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Cryptocurrency charts by TradingView.


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