A Taste of the Coming Bull Market
Shoddy journalism causes millions in liquidations + spot Bitcoin ETF high hopes pushes BTC back to $30K
What will it be like when a spot Bitcoin ETF finally does get announced for real? It’s inevitable at this point. Add into that growing BTC dominance not seen since April 2021. There is clear appetite for Bitcoin. Are you prepared for when the ETF does get confirmed?
Narrative of the week: Spot BTC ETF
Many are anticipating the same effects on Bitcoin as were experienced by gold after its ETF approval. Source.
In light of the false announcement of a spot BTC ETF by Cointelegraph and the momentary surge it caused in the market, understanding why this is important is crucial. The introduction of a spot Bitcoin ETF holds immense importance in the crypto market, as it could pave the way for wider adoption and acceptance of Bitcoin as a legitimate investment asset
ETFs, a $7 trillion industry, are a significant part of exchange-traded products. The crypto industry is keen on launching spot Bitcoin ETFs, which directly hold Bitcoin, unlike futures-backed Bitcoin ETFs
According to CryptoQuant, the approval of Bitcoin spot ETFs could potentially add $1 trillion to the overall crypto market cap. Institutional adoption of Bitcoin has already commenced, as institutions have begun adding Bitcoin to their balance sheets
If these ETF issuers allocate just 1% of their Assets Under Management (AUM) to Bitcoin ETFs, it could result in approximately $155 billion flowing into the Bitcoin market, equivalent to nearly one-third of Bitcoin's current market capitalization
Current Spot BTC ETFs waiting approval by the SEC, it is likely many of these will be approved all at once by the SEC. Source: Bloomberg.
When do you think a Spot Bitcoin ETF will be approved?
Bitcoin Weekly Outlook
Guest Post from: Kairos Trading
Current Horizontal Trading Range: 24.8k - 31.8k
Top line: 31.8k
Bottom line: 24.8k
BTC has been consolidating in this horizontal channel since March 16, 2023.
Momentum is slowly shifting towards bullish as the price action consolidates above the midline (28.3k) of the horizontal trading range.
Daily and 3-Day candle already closed above the midline at 28.3k. Weekly candle still needs to close above 28.3k to confirm this momentum.
Once weekly closes above 28.3k, BTC will get another chance to test the top range resistance 31k+
Overcoming 28.3k is a huge milestone for BTC because it is also the 0.5 fib retracement level.
BTC Bullish weekly trend IF
1. 50 EMA: weekly close above 27002
2. Bull Market Support Band: weekly close above 28040
3. Gaussian Channel (Upperband): weekly close above 28669
Make sure to confirm all 3.
Lido halts Solana staking services due to funding shortage, citing community vote
Uniswap moving towards KYC Verification in the form of a Hook for Uniswap V4
Uniswap initiates 0.15% swap fee for select tokens, focusing on sustainability
Diva is executing a vampire attack on Lido to bootstrap its network
BOND token from BarnBridge experienced a significant surge, following the project voting to comply with the SEC
Scroll mainnet is live, though it seems the response has been underwhelming with a mere $6.5M being bridged
Base is leading the way with daily active new unique addresses, while Arbitrum has stagnated significantly
Project Spotlight: Liquity
Decentralized lending protocol Liquity has seen its native token LQTY surge in value recently, doubling as investors recognize its stability advantages from only accepting ETH as collateral
Unlike other protocols, Liquity solely utilizes ETH collateral, minimizing risk for users bullish on Ethereum's long-term potential– unlike Maker or Frax, which hold multiple assets
Yields on LQTY have been steadily rising throughout this year, and users have been locking their tokens, indicating confidence in the project
Many of the top DeFi tokens that drove initial growth in the sector have struggled significantly, even with continual development and new product launches. For example, UNI and SNX have continued hitting lower lows, badly underperforming in the market despite their blue-chip status
MKR stands out as one of the only top DeFi tokens that has managed to buck this trend and avoid the severe price drops experienced by peers like UNI and SNX
Frax's FXS has surged following the launch of sFRAX, a yield-bearing stablecoin backed by on-chain US Treasuries. This cements Frax as a leader in "real-world assets" DeFi alongside MakerDAO
Yields from ETH staking have declined, moving from over 5% to 3.5% due to a lackluster level of activity
Degen Token Watchlist
Be sure to monitor Banana Gun Bot, a Telegram tool for fast crypto trading and presale sniping. Returning users making use of the bot have remained consistent as can be seen below
Injective has been one of the top performers in the Cosmos ecosystem, with minimal drawdowns compared to Bitcoin. This price stability makes it one of the most appealing Cosmos network assets for investors looking for safer holds in the current market, YTD Injective has seen a 321% price appreciation
Kujira appears poised for growth, one year post-Terra's collapse given its strong community, solid tokenomics, dedicated team, rising TVL, and lack of major bagholders - the fundamentals and technicals point to it being a promising investment despite current limited marketing
Immutable extends $67M token vesting by one more year, developer rewards to vest monthly from July 2024
Reddit plans to sunset its blockchain-based reward service community points
Art technology firm Artfi has generated interest from over 25,000 collectors with its Genesis Pass Whitelist ahead of its official launch. Genesis Pass NFT holders will gain access to fractionalized art
Arca submitted a forum post on the Blur governance forum to activate the Blur fee switch
Sound.xyz has introduced its tiered editions feature to all users, emphasizing the desire to share music with a broad audience while maintaining scarcity and value
China Daily, a prominent newspaper associated with the CCP, is launching its own metaverse and NFT platform. They are offering approximately $390,000 to a blockchain specialist to develop the Zhongbao Shuzang NFT issuance platform within three months
You're Looking at Crypto Gaming the Wrong Way
We were going to focus on a specific project for this week, but after seeing this insightful status from Lady Of Crypto, we thought rather to explore her idea a bit more
Crypto gaming will melt faces in the next few years, but most people are looking at the wrong games.
So, where should you look? Let's start with this fact...
In 2022 mobile gaming generated $92.2b, while console and PC generated $51.2b and $34.1b, respectively.
Why? Simple 👇… twitter.com/i/web/status/1…
— Lady of Crypto (@LadyofCrypto1)
Oct 17, 2023
It's clear that the convergence of gaming and crypto holds immense potential. While the catalyst for crypto gaming's true breakthrough remains uncertain, experiments like Axie are intriguing
The mobile gaming sector is witnessing substantial growth driven by technological advancements, particularly the integration of Augmented Reality and Virtual Reality technologies into mobile gaming experiences
The integration of crypto and blockchain into mobile technology, exemplified by the Solana mobile, adds a new dimension
The potential of the mobile gaming market is enormous, and it is likely crypto technology will be at the center of these developments.
Blue Chip Token Overview
The prices of blue-chip PFP NFTs have experienced a surge this week, and some new and interesting NFT games have made it on the top gainers list.
Gaming Tokens. Source: Coingecko
Degen Token Watchlist
The World Engine, under development by Argus, aims to be a sharded rollup stack for enhancing on-chain game scalability. Make sure to monitor their Twitter account and stay updated on the games they're involved in
Magic Eden has introduced tokenized digital collectibles, starting with the first drop featuring 100 tokenized Pokemon cards. These cards are 100% physically backed and redeemable. This could be a profitable opportunity for those interested
Zien is launching a new platform on October 25th, offering a Zien Pass for early access to art drops, introducing the $AURA loyalty token, and expanding into hybrid digital-physical art with Expanded NFTs
Keystone, created by the Curio team, is a rollup framework based on the OP Stack, primarily tailored to high-performance real-time strategy games like Age of Empires, with support for different data availability layers, beginning with Celestia
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