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Why Bitcoin Could See A 2020 Like Rally

After a rough couple of months, this week started with a strong upward movement from Bitcoin as the coin broke out above the $45,000 level on Monday to $48,215 before fluctuation, thus erasing yearly losses and anticipating a $50,000 target. Despite the decline over the year, a large amount of the coin was never sold. A scenario that shows how holders strongly believe in the long-term game and remain surprisingly calm over a period of turmoil. Building Up To A Rally Senior Analyst Dylan LeClair noted that, as Bitcoin is trading at around $48,000, “there has only been one other time that the percentage of supply that hadn’t moved in over a year was at this level,” which was during September 2020. On the mentioned date Bitcoin recovered from the dramatic crash of march 2020. The strong bounceback saw a 185% hike in the prices, taking to coin to over $10,000. A high number of committed ‘hodlers’ had also kept their BTC dormant despite the extreme swings in prices during the year. This was followed by a performance that catapulted Bitcoin’s reputation amongst investors as “digital gold”. It closed the year trading at record highs of close to $30,000, outperforming gold with an increase of 416% over the year. Brett Munster at Blockforce Capital had also noted last week a near-record highs percentage of the total Bitcoin supply that hasn’t moved in over a year, further pointing out that it is growing at a much faster pace than the last time Bitcoin was at these levels. “I expect this number to set new all-time highs in coming weeks and months because it’s exactly this cohort that stepped in and aggressively bought in April and May of last year when Bitcoin’s price fell.” Related Reading | Bitcoin Likely To Continue Upward Trajectory, Is $50K Its Next Target? Bitcoin Derivatives Paint A New Picture Furthermore, Dylan LeClair also noted that BTC derivatives “are still somewhat defensive & nowhere near as risk-on as 2021 despite same price levels.” Illustrated by the following chart, the analyst showed the movement of BTC derivatives throughout 2021 “when the price was trading at this current level.” Note that funding rates “represent traders’ sentiments in the perpetual swaps market,” with positive funding rates (over 0) indicating that long position traders are dominant and negative funding rates (under 0) indicating the opposite, CryptoQuant explains. Compared to previous years, the BTC hourly perpetual funding rates are significantly closer to zero. “Excessive long-biased derivative market speculation is near non-existent currently,” says LeClair. What the analyst is pointing out means that excessive speculation and leverage drove the market to these price levels in 2021, and “now its basically nowhere to be seen and bitcoin is rallying.” This could imply that the price is now rising because of demand, not market speculation. Similarly, in the following chart, LeClair displays annualized perpetual future funding rates on a 24-hour Moving Average, while adding that “Traders were paying ~100% annualized to go long BTC early in 2021. A similar but less severe speculative market arose in the fall. Today? Funding has been flat/negative for most all of 2022.” “Lastly, look at the collateral makeup of BTC derivative open interest,” LeClaire adds. “In 2021 up to 70% of OI was collateralized with BTC. Traders were paying outrageous rates to long with BTC collateral, leading to massive liquidations. Now a majority of OI is collateralized with stables.” Related Reading | TA: Bitcoin Saw Key Technical Breakout: Big Reaction From Bulls Imminent

Crypto News

Heroes of Mavia Taps Tribe Gaming To Make Competitive Play-to-earn Gaming Viable in eSports

Heroes of Mavia, the Binance-backed play-to-earn MMO strategy game, explore new opportunities in the eSports vertical. A new partnership with Tribe Gaming will position Mavia as the leading eSports-oriented title in the P2E blockchain gaming segment. Mobile gaming and eSports make for a potent mix. Numerous AAA games have mobile spin-offs that are part of global competitions with fierce competition. Heroes of Mavia wants to establish its position in that space as a blockchain-based play-to-earn game. Mavia offers an MMO strategy game where players battle one another for control over bases and resources. The project has the backing of Binance Labs, Crypto.com Capital, and Genblock Capital. Investors agree eSports and play-to-earn gaming can form a powerful combination capable of gaining global traction. Skrice Studios, the team developing Heroes of Mavia, has partnered the game, its partners, and the players around the eSports and competitive gaming vertical. Skrice Studios Executive Producer Yvan Feusi adds: “Our team could not be happier to have Tribe as an official partner of Mavia. As we continue to push our game further into the space of competitive gaming and esports, it is essential that we work closely with seasoned veterans of this space. Not only does Tribe have the biggest content creators in the mobile gaming space, but they also have the experience and aptitude to help Mavia develop its potential to become a blockbuster blockchain gaming title.” The partnership with Tribe Gaming marks a crucial milestone for Heroes of Mavia. Tribe is one of the largest eSports organizations with millions of followers on YouTube and other platforms. Additionally, the group features the top mobile gaming creators and leading mobile gaming competitive teams globally. Venturing into blockchain gaming is the next step for Tribe, enabling them to acquire dozens of Legendary land plots in Mavia, each of which featuring unique Tribe branding. Tribe Gaming Founder and CEO Patrick Carney comments: “At Tribe, we’ve been carefully examining the right P2E project to integrate Tribe IP inside of, and collaborating with Mavia is an exciting opportunity. We’re bullish on the future of the project, and we’re looking forward to seeing the continued development of Mavia as the game gets closer to launch.” Legendary land plots have the best locations on the Mavia fantasy island and make it easier to remove obstacles. Tribe can establish various bases on the plots to battle other players, rent out plots to players for a fee, or even form strategic partnerships. Either of these options will highlight the potential of Heroes of Mavia in the competitive play-to-earn space. Built on Ethereum, Heroes of Mavia is set in a fantasy-theme island called “Mavia,” where the player is a commander of a base. Each player’s objective is to grow their base and army using resources obtained from attacking others’ bases. It promises to change the NFT gaming landscape with its intricate mechanics, exciting gameplay, and unique monetization features. About Mavia Heroes of Mavia is a play-to-earn MMO Strategy game developed by Skrice Studios. The game takes place in a fantasy-themed island called Mavia, where players build bases on plots of land and battle neighboring bases and armies to earn in-game resources, such as Mavia’s P2E cryptocurrency RUBY. Players must strategically place defensive buildings on their base such as walls, turrets and traps, in order to defend against opportunistic attackers looking to steal resources. Resources can also be stolen from rival bases by attacking opponents with land troops, vehicles and air units. RUBY is earned through battling enemy armies, and can be used to upgrade Land, Statue and Hero NFTs. About Tribe Gaming Tribe Gaming was founded in 2017 by mobile gaming superstar Patrick “Chief Pat” Carney to drive the growth of mobile media, entertainment and esports. Exclusively representing some of the biggest names in mobile content and most talented players in esports, Tribe’s powerhouse of creators has garnered over 29 million fans and 100+ million monthly views on YouTube alone, and Tribe’s esports teams compete in five major mobile titles. Tribe Gaming is based in Austin, Texas with employees located around the world.      

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Blockchain Forensics Firm Uncovers 15 Million Crypto Addresses Tied To Sanctioned Russians

A crypto forensics firm announced the discovery of information on a digital wallet believed to be associated with Russian oligarchs and sanctioned officials. Tom Robinson, co-founder of Elliptic, disclosed Monday that the wallet has large digital asset holdings worth millions of dollars. The blockchain security firm has been collaborating with law enforcement to expose cryptocurrency […]