Bitcoin decoupled from equity markets to the downside on Monday after ending last week as the eighth consecutive weekly loss.
Brands and creators keep close tabs on NFTs, an industry that has grown to over $17 billion in 2021. Entering this industry vertical remains tricky and time-consuming, although Niftables may offer a solution. Letting creators build their own white-label platforms and highlighting them through an interconnect NFT marketplace can facilitate future growth. Elevating The NFT […]
The mainstream appeal of non-fungible tokens has never been more outspoken than it is today. Everyone seeks exposure to NFT assets, representing a market worth roughly $17 billion. The introduction of white-label solutions and an interconnecting marketplace by Niftables may lead to much higher valuations. The NFT Industry Growth Continues The past two years have been rather wild for the cryptocurrency industry. More specifically, the introduction of non-fungible tokens has brought major investors, celebrities, and mainstream users over to this industry. While NFTs are primarily speculative – like cryptocurrencies – several projects have established a long-term presence. Together, all projects combine for an estimated market cap of over $17 billion in 2021. That market cap is a big step up from $82.5 million in 2020. It is uncanny how far the NFT vertical has come in such a short time. Moreover, brands and creators continue to express an interest in this industry. Unfortunately, they are held back by a lack of convenient and automated solutions taking care of everything surrounding the creation of a new collection. Niftables may hold the solution to this pressing matter. Any creator or brand can venture into the NFT segment through its upcoming white-label solution. The framework powering that shift possible is the Niftables metamarket, enabling full automation of NFT utilities and seamless frontend and backend integration into an NFT network. Creators launch collections directly into a market, providing utility through a wider ecosystem. Furthermore, the metamarket approach enables support for VR and AR-compatible 3D galleries. Combined with fiat and crypto payment gateways and integrated custody solutions, the technology stack makes it straightforward for mainstream users to become part of the non-fungible token world. Additionally, creators can distribute NFTs through subscription services, drops, auctions, etc., giving them full control. The Niftables Marketplace Vision Niftables also aims to launch a cross-chain gas-free NFT marketplace to help enthusiasts buy, trade, sell, swap, or redeem NTs and rewards from creators’ white-label platforms. The marketplace will act as a hub to browse verified white-label platforms, stores, profiles, and collections. Furthermore, Niftables’ integration with Rarible and OpenSea will help facilitate secondary market sales. Niftables Co-Founder Jordan Aitali adds: “A one-stop-shop doesn’t mean one-size-fits-all. That’s why Niftables is built to let creators and brands fully customize their white-label NFT platforms from the get-go. We ensure that each creator’s NFT platform is in tandem with their branding and overall vision.” The Niftables $NFT asset will be a crucial aspect of this ecosystem. It is a payment method throughout the ecosystem, including the white-label platforms established by creators and brands. Additionally, $NFT holders will benefit from customized user profiles and discounted purchase rates across all external white-label platforms.
The cryptocurrency market has stabilised a little after an extremely bad week. Its total cap has risen by 8% in the past 24 hours, to […]
As central banks continue to raise rates to rein in prices, investors pull out funds from perceived risky assets. The combination has led to a slump in tech stocks and the increasingly correlated crypto market. Bitcoin Closes In On January Lows Bitcoin on Monday briefly attempted to tap price levels last seen in January, threatening […]
APE must cling tight, or else it falls and suffer a major “injury.” Non-fungible tokens and the metaverse are no longer merely buzzwords in the cryptocurrency industry. In 2021 alone, the market for NFTs was valued at $40 billion, a tremendous increase from the previous year. This market has continued to expand this year with the emergence of new NFT marketplaces. We also observed a new coin — ApeCoin — causing a sector-wide ruckus in tandem with this expansion. Suggested Reading | Moonbirds And Solana NFT Trading Volume Is On A Tear As Sales Rally 45% ApeCoin still makes a lot of noise, despite suffering losses in the market. (DailyCoin) ApeCoin is a recently-launched cryptocurrency on the Ethereum (ETH) network. The coin is the native cryptocurrency of the APE ecosystem, which consists of the ApeCoin DAO and all APE-based services and goods. The developer of the renowned Bored Ape Yacht Club (BAYC) NFT collections, Yuga Labs, has selected APE as the principal token for all new products and services. Despite being the newest cryptocurrency on the market as of April of this year, its market capitalization ranks 47th, at $3.445 billion. Suggested Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over? APE Drops Hard From ATH APE reached an all-time high of $28 at the conclusion of April. But on May 2, 2022, just days after reaching its ATH, the token plunged and reached a low of $16.71. Given the media attention that ApeCoin is already garnering, if the price continues to grow, this token might become one of the finest cryptocurrencies in 2022. APE total market cap at $3.445 billion on the weekend chart | Source: TradingView.com However, in contrast, APE’s price has dropped significantly during the past week, by approximately 50.42 percent. APE’s daily trade volume has also reduced by double digits, falling by approximately 40 percent. The price of APE is getting closer to its 24-hour low. It has a 24-hour high of $13.70 and a low of $12.28. Losing Steam Vs. BTC And ETH As of Sunday midday, the price of APE has declined versus Bitcoin (BTC) and Ethereum (ETH) by around 7.50 percent and 6.30 percent, respectively. APE is currently valued around 0.0003453 BTC and 0.004644 ETH. There are a total of 1 billion APE tokens, and 15% of the token supply is allocated to NFT holders. In addition, about 48 percent of the total supply will be distributed to the DAO’s treasury over the course of 48 months. The stock price of ApeCoin began on March 17 at $5 and increased by more than 250 percent within the first 48 hours of trade. After reaching $18, APE pulled back little and is now returning to re-evaluate this region. Featured image NMK World, chart from TradingView.com
Litecoin major update MimbleWimble (MWEB) has been approved by a majority of the nodes and locked in for activation. This process will be completed in the next two weeks, at the height of block 2 million, or May 19th, according to David Burkett, lead MWEB developer. Related Reading | Bitcoin Collapses By Most In Nearly A Month – Its Golden Days Are Over? Burkett confirmed that users with the updated version (0.21.2) of the software will be able to start transacting with MWEB capabilities. This version is set to be released today after multiple years of development. Burkett said: Anyone interested in using the MWEB, and especially those who installed one of the earlier release candidates, should upgrade to the official v0.21.2 before MWEB activates. If you wait until after MWEB activation to upgrade, you’ll unfortunately be required to resync the blockchain from scratch. The most highly anticipated upgrade since its inception, MimbleWimble will provide Litecoin users with better performance and privacy capabilities. This could create more demand for the underlying cryptocurrency as it currently trades in tandem with larger cryptocurrencies. The lead developer clarified that the upgraded wallet has been “solid”. However, there have been some changes as a result of fixed issues found during the update’s testing phase. In a previous post, Burkett explained in greater detail some of the issues fixed during MWEB’s testing phase. These included fixing the wallet transaction history, issues with the mining logic, and a change in the spend code to prevent a bug with the subtract fee from amount functionality. The developer successfully reported: (…) the consensus logic has been solid for a while now, the wallet has undergone drastic changes these past few months as we worked to resolve issues found during testing. The major workflows all seem to be working well now, and I expect most people to be able to use MWEB without issue Can The Price Of Litecoin Benefit? At the time of writing, Litecoin (LTC) trades at $96 with a 22% loss over the past month and a 73% loss in one year. There seems to be no reaction from market participants over the upcoming release of MimbleWimble. Despite it being one of the most anticipated updates, LTC’s price seems to be following Bitcoin and larger cryptocurrencies in the short term. Data from material indicators point to two important facts for the future of LTC. First, as seen below, retail and small investors (yellow and green in the chart) have been buying into the recent price action which supports the thesis that MWEB is an expected update. Probably, these investors expect appreciation in the long run as MimbleWimble could open the door to new use cases for Litecoin. Other investors classes have been selling into the price action until very recently. Investors (in purple above) with asks orders of over $100,000 seem skeptical about LTC’s price and have been dumping since April. Related Reading | Bitcoin Tumbles Below $36K, Altcoins In Red Too These investors have been slowing down on their selling pressure, at least, for short timeframes. However, buyers could have a hard time getting above $100 as there are almost $10 million in asks orders around those levels.
1. Hi Ivan! Thank you for taking the time to talk to us. But before we dive on in, we’d like to know more about your expertise in the field of blockchain. Hi! Thank you very much for having me on board. I’d like to think of myself as an industry-driven entrepreneur, mainly based in […]
XRP price shoots 6% over the past 24 hours despite suffering a slump of 28% on April 16. The crypto was able to bounce back on May 1 and get stronger by the day with a surge of 12%. XRP is set on its road to recovery in the coming weeks. Suggested Reading | What’s In A Name? Ethereum Domain Name Sales Climb 2,300% XRP’s expected jump would be at 30% in Q2 this year. (Image credit: Dreamstime.com) Ripple (XRP) – Pioneering The Crypto Scene XRP was one of the frontrunners of the early crypto market alongside Bitcoin and Ethereum. It is was one of the pioneers of the early cryptocurrency market, which experienced massive price hikes in early 2017. Recently, the crypto together with all other cryptocurrencies has been experiencing turmoil and stunted growth because of political, environmental, and regulatory issues. The decline was expected but it’s not a happy state as it is for crypto traders all over the globe. However, unlike others, XRP seems to be recovering and gaining momentum. Ripple-SEC Legal Battle XRP is currently trading at $0.61 after experiencing intraday highs of $0.63. Its bullish comeback seems to have been triggered by favorable investor and technical sentiment in spite of setbacks from a lawsuit by the U.S. Securities and Exchange Commission. Ripple was sued by the SEC for selling securities illegally using XRP. Nevertheless, Ripple seems to be winning in market capitalization from this legal battle. The Relative Strength Index (RSI) on XRP seems to have come to a maximum point considered as oversold which signals that the heavy selling activity seems to have drained itself dry. With that scenario, investors would normally turn to other entry-point buying opportunities. XRP total market cap at $29.76 billion on the daily chart | Source: TradingView.com RSI measures current fluctuations or movements in market price to determine whether a specific coin or asset is oversold or overbought. The technical analysis indicator of RSI with a reading below 30 would mean that the asset is oversold. Investors seem unfazed even with the SEC lawsuit going on. Suggested Reading | SEC, Ripple Agree To Extend Legal Battle Until 2023; XRP Bears The Brunt Of Case Momentum Despite Legal Brawl Ripple operates in the perspective that it has already lost the legal battle because it has been dragging for quite some time now. Nevertheless, Ripple is unbothered. Instead, the company is confident that they are set for a breakthrough in growth especially outside of the United States. XRP’s expected jump shot would be at 30% in the second quarter this year. The current buying sentiment climbed to $0.58 which provided solid support in January this year, pushing XRP to go above 50%. XRP/USD tandem on the daily price charts now provides strong support around the $0.58 level. It signals a lower trendline with the pattern of a descending triangle that is getting bearish going for $0.18 in the next couple of months. Overall, XRP seems to have benefited from the ongoing legal tussle with SEC. In turn, XRP has become a speculative asset for traders. Featured image from VOI, chart from TradingView.com
Bitcoin follows a rangebound trajectory as the financial world trends to the downside. The first crypto by market cap is moving around critical areas of support as it was rejected from the low $40,000s. Related Reading | TA: Bitcoin Consolidates Below $39k: What Could Trigger Another Decline At the time of writing, BTC’s price trades at $38,500 with a 2% profit in the last 24 hours. The general sentiment in the crypto market trends downside with the price of larger cryptocurrencies. Market participants seem to be expecting Bitcoin to reach the low $20,000s or even lower at the mid area around $10,000. A recent report from on-chain analytics firm Glassnode supports the bearish thesis but points to Bitcoin’s capacity to stay at its current levels. The macro-outlook is pessimistic. This has been reflected in traditional equities. The S&P 500 and the Nasdaq 100 have been trending to the downside with many recording corrections as they failed to meet earnings expectations. Despite the trend, Bitcoin remains at $38,000 and in a range. It is significant that Bitcoin has been able to hold. Especially, as it has been trading in tandem with big tech equities and as Glassnode records an increase in the number of Long-Term Holders selling their BTC. The on-chain analytics firm claims that the cryptocurrency has experienced the largest capitulation from Long Term Holders in its history. These investors are usually the last to sell their coins in the market, but the macro-outlook seems to be contributing to this trend. In addition, Glassnode records an increase in the number of BTC exchanging hands over the past months. This has changed lifted the threshold at which BTC investors record losses. Those levels are located between $33,000 and $42,000. Therefore, it’s no coincidence that BTC’s price has been moving in that range. This is why those levels could operate as a major support zone in case of further downside. In past bear markets, BTC holders in profit were between 45% to 57% before the cryptocurrency saw a bottom. This metric currently stands at around 70%. If history is to repeat itself, BTC’s price could drop to around $28,000 to $30,000 to reach a key “pain level”, according to Glassnode. Bitcoin Close To Undervalued Levels On the other hand, Bitcoin short-term investors could push the price down to that pain level. These market participants record a cost basis of $46,900 per BTC. They are major losses and could panic sell their assets if the bearish trend extends. Related Reading | Billionaire Ricardo Salinas Fires Back At Warren Buffett’s Bitcoin Slander Glassnode concluded the following on BTC’s price potential for a re-test of lower levels, and when it could see a bottom: The current market structure for Bitcoin remains in an extremely delicate equilibrium, with short-term price action and network profitability leaning bearish, whilst long-term trends remain constructive (…). Whether macro forces and correlations with traditional markets drag Bitcoin lower remains to be seen, however numerous fundamental indicators at or approaching noteworthy points of undervaluation.
The crypto market in recent months has become increasingly sensitive to rate hikes by the Fed. This week’s expectations of even more aggressive rate hikes have seen several altcoins slip considerably in the past 48 hours.
Over time, the crypto market has maintained a close relationship with the stock market. Ethereum, the second-largest cryptocurrency, rose in lockstep with U.S. stocks for the first time in February. As a result, the token’s 40-day correlation coefficient with the S&P 500 reached 0.65. Despite the brake anxious investors have put on price activity in the past week, the Ethereum (ETH) price is poised to rise over the weekend. Although trading volume has increased over the last week, and thus should have resulted in more consistent fluctuations, price responsiveness has been affected by geopolitical news, earnings, and stock market whipsaws. Ethereum Price Witnesses Turbulence The price of Ethereum has had a grueling week for investors and traders, with large swings in response to earnings, geopolitical events, and investors turning from risk-on to risk-off like a light switch. But with volatility comes opportunity, and as all of these events wind down towards the weekend, bulls will have the playground to themselves and can drive the price up to $3,500 if they pick the right entry levels. Expect the RSI to rise over 50 again, with lots of room before trading into overbought territory. According to statistics from Santiment, a crypto market behavior analysis tool, Ethereum has a strong (+ve) correlation with the S&P 500 index. Following a 1.8 percent drop in the S&P 500 index’s figures, the price of ETH increased by 3%. Source: Santiment The tweet from April 29th added, “Aided by a +1.8% day in the SP500, Ethereum has jumped back above $2,930 with its tight correlation to equities markets.” Now, as seen in the graph above, ETH’s most powerful buyers, the whales, have retaliated by buying additional ETH. On that day, the number of whale transactions worth more than $100,000 surged dramatically. In a four-hour period, 1,451 such transactions were documented. The jump, according to Santiment, suggested that key stakeholders were paying attention to the price increase. Suggested Reading | Metaverse Tokens On Overdrive, Outpace Bitcoin And Ethereum Is Equities Market Correlation Good For ETH? This wasn’t the first time ETH had shown signs of a developing relationship with the stock market. The two sank together on March 31st, as reported three weeks earlier, but began climbing again after April 1st. Ether surged in tandem with the SP500 since mid-March. Every positive situation in the crypto-verse is accompanied with a negative counterpart. That is, after all, a fact. This scenario is no exception. Crypto’s strong association with equities, in particular, might work wonders. Different reputable entities, on the other hand, have censored cautionary situations for the same. ETH/USD has remained below $3k. Source: TradingView Arthur Hayes, the former CEO of BitMex, raised warning flags about this link in this instance. Surprisingly, the stock market appears to be headed for a huge drop through 2022 as the Federal Reserve tightens monetary policy to battle inflation. Related Reading | Bitcoin Futures Basis Nears One-Year Lows, How Will This Affect BTC? Featured image from Pixabay, Santiment, chart from TradingView.com
A popular analyst is digging into the charts to see if a diverse trio of crypto assets might be primed for rallies. The pseudonymous crypto trader Altcoin Sherpa tells his 174,200 Twitter followers that if Bitcoin (BTC) maintains its trend of higher lows dating back to late February, he believes the leading cryptocurrency can roar […]
Coming out of the COVID pandemic, sub-Saharan Africa is defying the odds with an explosive level of economic growth that has been unseen for decades. With more people moving about and more goods needing transportation, this growth is putting unprecedented strain on Africa’s logistics. As a result, parcel delivery and taxi driving entrepreneurship have become quite popular, their drivers being able to earn an above-average income. While this is fantastic for the economy, the local environment is suffering. Most logistics entrepreneurs rely on old and cheap imported motorcycles with inefficient single-stroke engines. These engines are not equipped with modern emission-saving technologies, making them especially polluting and costly to fuel. Bob Eco, a crypto-funded renewable energy and electric vehicle company, is trying to make a difference in Africa with its electric motorcycles. Specially designed for the challenges that drivers in developing countries face, these motorcycles are made with practicality in mind. And, featuring slick modern designs and bright orange paint, they are as stylish as they are useful. A single flat fee covers an all-inclusive package for drivers – high-tech safety gear, road safety training, vehicle insurance, and family life insurance all come with a motorcycle lease. Drivers also gain free and unlimited access to Bob Eco’s vast network of battery swapping stations, where drivers can quickly and easily swap their batteries for freshly recharged ones. Thanks to this amazing benefit, Bob Eco drivers skip on refueling costs and nearly quadruple their take-home income on average. As an easy choice for drivers, Bob Eco’s all-inclusive package has been a slam-dunk win since their first bike hit the road in 2020. To keep up with demand, founder Bob Ultee has been hard at work forming partnerships and finding ways to finance new facilities. Most excitingly, Bob Eco has struck a production deal with legendary motorcycle manufacturer Jincheng Suzuki. Jincheng Suzuki is currently producing over 300,000 units per annum for Bob Eco, and has been involved in the designs of Bob Eco’s most popular bikes, the Model E-AX100 and Model-X: The Bob Eco Model E-AX100 Together, Bob Eco and Jincheng Suzuki reinvented the legendary 1984 Suzuki AX100, transforming this classic into a smart electric model that is specially designed for taxi and parcel delivery services in developing countries. Though it is extremely affordable, the E-AX100 is virtually indestructible and reliable on tough terrain. Resembling a dirt bike, it is easy to ride where roads may be sparse or completely off-road travel is required. And, if it were ever to need maintenance, replacement parts for the E-AX100 can be found anywhere. The Bob Eco Model-X As an ultimate strategic motorcycle developed by Bob Eco and Jincheng Suzuki for emerging markets, the Model-X is a next-generation street model created with local land surveys in mind, incorporating design aspects that take into account the real-world traffic environments that drivers face on a day-to-day basis. With an extended flat seat, a second pair of board-style footrests, a high-capacity rear carrier, and suspension capable of handling heavy loads, the Model-X is the perfect e-bike for transporting parcels or tandem riders. Though it is designed for utility, this e-bike is also a fun ride – at the heart of the Model-X is Bob Eco’s proven powertrain, which delivers a thrilling riding experience. How Crypto Is Making Africa Greener To finance its expansion throughout Africa, Bob Eco has begun the sale of BobCoin, a cryptocurrency token that is linked to all of Bob Eco’s assets: from its growing fleet of bikes to the thousands of entrepreneurships that have joined under its wings. Mirroring Bob Eco’s success in Africa, BobCoin is making big moves to the upside. Come April of 2022, BobCoin will be publicly available on primary market exchanges. Soon after, BobCoin utility tokens will be accepted for Bob Eco’s lease-to-own products.
Bitcoin is back below $40,000 as the general sentiment in the market seems to turn pessimistic. The first crypto by market cap has been unable to climb back to the $50,000 area and has been moving in a tight range around its current levels. Related Reading | Bitcoin Follows US Stock Dive, Experts Predict $37,500 Price Level Negative predictions for Bitcoin and other larger cryptocurrencies are increasing. The uncertainty around the war between Ukraine and Russia, and the U.S. Federal Reserve (FED) hike in interest rates seem to be the two main catalysts for the weakness in the global market. Legendary trader Peter Brandt seems to favor the short-term bearish thesis. Pseudonym users shared a Bitcoin price prediction with Brandt which suggest the cryptocurrency could revisit critical areas of support below $30,000. This could BTC’s price to $28,000 or $27,000 as soon as May or June this year. This prediction matches that of BitMEX CEO Arthur Hayes. He expects BTC and ETH to crash to $30,000 and $2,000, respectively. As seen below, in the chart presented to Brandt, Bitcoin would drop to its support zone before resuming its bullish momentum into uncharted territory. In the months after that, the first crypto by market cap could rise by about $100,000. Brandt said: Very possible. This has been my guess for many months. We will see. The crypto market is currently correlated with traditional finances. The price of Bitcoin has been moving in tandem with the Nasdaq 100. When big tech stocks show weakness, so does the price of BTC. In that sense, the bearish thesis could find more support in the following chart. Shared by Brandt, it suggests a bigger drop in big tech equities which could impact the price of Bitcoin and put additional selling pressure on the crypto market. Bitcoin Could See Short Term Relief However, traders should take any prediction with a grain of salt especially coming from Brandt or Hayes. They can change their opinions and forecasts if the market conditions support them. For my uninitiated followers on TwitterI'm guided by following principles as chart trader-Strong opinions, weakly held -Flexible, not dogmatic about anything-An opinion is not a position, a position is not an opinion-A chart is not necessarily my opinion https://t.co/WwfqyYgx3O — Peter Brandt (@PeterLBrandt) April 22, 2022 In the short term, Bitcoin has managed to stay at its current levels despite the increase in selling pressure. Data from Material Indicators shows important support below the price. There are over $33 million in bid orders from $39,000 to $38,000 which suggest BTC could bounce back from here in case of future downside price action. To the upside, $41,500 stands as the potential biggest resistance with around $8 million in asks orders. Related Reading | Bitcoin Follows US Stock Dive, Experts Predict $37,500 Price Level As NewsBTC reported, the options market is positioning for a potential crash. There has been an uptick in calls selling for May and June and an increase in demand for put options. In other words, traders are getting bearish.